Stock Analysis on Net
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Stock Analysis on Net

Chipotle Mexican Grill Inc. (NYSE:CMG)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

Chipotle Mexican Grill Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Accounts payable 2.80 2.33 2.40 2.29 2.46 2.28 2.34 2.46 2.62 2.15 2.59 2.66 2.46 2.42 2.61 2.45 2.59 2.22 2.40 2.04 2.79 2.99 2.51
Accrued payroll and benefits 2.08 2.56 1.71 2.85 2.05 2.50 1.69 2.83 1.96 2.35 1.65 2.46 1.88 2.46 2.67 2.44 2.88 3.56 3.61 3.39 3.46 2.43 2.54
Accrued liabilities 2.12 2.00 2.05 1.95 2.01 1.90 2.04 1.84 1.91 1.87 2.27 2.13 2.29 2.27 2.11 2.60 2.31 2.27 2.37 2.75 2.81 2.72 2.83
Unearned revenue 2.23 2.23 2.25 2.59 2.00 2.04 2.23 2.61 1.98 2.10 2.24 2.64 1.95 2.02 2.05 2.35 1.82 1.79 1.79 2.14 1.62 1.66 1.49
Current operating lease liabilities 3.16 3.10 3.15 3.02 3.00 2.96 3.02 3.08 3.10 3.23 3.39 3.41 3.40 3.53 3.45 3.29 3.24 3.38 3.40 3.42 3.55 3.67 3.43
Income tax payable 0.00 0.00 0.51 0.00 0.00 0.00 0.53 0.00 2.18 1.30 0.53 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current liabilities 12.39% 12.22% 12.07% 12.70% 11.52% 11.69% 11.86% 12.81% 13.75% 13.01% 12.68% 13.31% 12.00% 12.71% 12.89% 13.13% 12.84% 13.22% 13.56% 13.74% 14.24% 13.47% 12.79%
Long-term operating lease liabilities 50.50 48.48 48.08 46.31 46.75 45.01 46.41 47.28 47.69 48.25 50.08 50.45 51.30 51.84 51.51 49.63 49.41 49.59 49.44 49.35 51.34 52.31 53.10
Deferred income tax liabilities 1.51 0.39 0.43 0.50 0.88 0.93 1.00 1.11 1.40 1.41 1.39 1.42 1.95 1.93 1.98 2.13 2.24 2.11 2.21 2.50 1.69 1.80 1.25
Other liabilities 0.89 0.85 0.82 0.77 0.75 0.75 0.77 0.73 0.67 0.70 0.66 0.63 0.61 0.61 0.63 0.58 0.64 0.68 0.67 0.65 0.67 0.68 0.75
Long-term liabilities 52.90% 49.72% 49.33% 47.59% 48.38% 46.69% 48.18% 49.12% 49.77% 50.36% 52.14% 52.51% 53.86% 54.38% 54.11% 52.34% 52.29% 52.38% 52.33% 52.49% 53.70% 54.79% 55.10%
Total liabilities 65.29% 61.93% 61.40% 60.28% 59.90% 58.39% 60.04% 61.93% 63.52% 63.36% 64.82% 65.82% 65.86% 67.09% 67.00% 65.47% 65.13% 65.60% 65.89% 66.23% 67.94% 68.26% 67.89%
Preferred stock, $0.01 par value, no shares issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $0.01 par value 0.14 0.14 0.15 0.15 0.15 0.15 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 23.46 23.27 23.42 22.58 22.53 22.69 23.72 24.32 24.24 24.90 26.22 26.41 26.52 27.23 27.11 25.99 25.51 26.17 26.13 25.91 27.11 28.06 28.49
Treasury stock, at cost 0.00 0.00 0.00 0.00 0.00 0.00 -59.95 -61.47 -60.66 -60.50 -63.53 -61.81 -59.80 -60.64 -57.24 -50.45 -47.84 -48.53 -47.29 -46.83 -49.75 -52.17 -53.80
Accumulated other comprehensive loss -0.09 -0.08 -0.11 -0.11 -0.08 -0.10 -0.09 -0.08 -0.10 -0.09 -0.11 -0.11 -0.13 -0.10 -0.08 -0.08 -0.08 -0.07 -0.07 -0.07 -0.10 -0.11 -0.14
Retained earnings 11.19 14.73 15.14 17.10 17.51 18.87 76.28 75.29 72.99 72.32 72.59 69.70 67.54 66.42 63.20 59.06 57.27 56.82 55.35 54.76 54.78 55.96 57.56
Shareholders’ equity 34.71% 38.07% 38.60% 39.72% 40.10% 41.61% 39.96% 38.07% 36.48% 36.64% 35.18% 34.18% 34.14% 32.91% 33.00% 34.53% 34.87% 34.40% 34.11% 33.77% 32.06% 31.74% 32.11%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Liabilities structure and trends
The proportion of current liabilities as a percentage of total liabilities and shareholders’ equity fluctuated moderately, ranging between approximately 11.5% and 14.2% over the periods. Notably, there was a gradual decline from around 13.75% in late 2021 to lows near 11.52% in late 2023, with a slight rebound back toward 12.7% early in 2025.
Long-term liabilities showed a slight downward trend from just over 55% in early 2020 to around 52.9% by late 2025, indicating some reduction in long-term obligations relative to the total equity and liabilities base.
Total liabilities combined thus decreased slightly as a percentage of total capital base, falling from close to 68% at the start of 2020 to fluctuating in the low 60% range by the end of the available data, indicating a modest strengthening of the equity position relative to liabilities.
Within liabilities, current operating lease liabilities remained relatively stable around the 3% to 3.6% range, while long-term operating lease liabilities showed a gradual decline from over 53% to just above 50%, suggesting some easing or restructuring of lease commitments over time.
Deferred income tax liabilities decreased steadily from about 2.5% early in 2020 to below 1% by late 2024, implying lower deferred tax obligations relative to the company’s capital structure.
Short-term liabilities components
Accounts payable as a percentage of total liabilities and equity displayed minor fluctuations around the 2.3% to 2.8% range without a clear upward or downward trajectory.
Accrued payroll and benefits exhibited notable volatility, initially rising from about 2.5% in early 2020 to peaks over 3.6% in mid-2021 before declining sharply to under 2% in subsequent periods. The pattern suggests variability in payroll-related obligations, possibly tied to operational adjustments.
Accrued liabilities decreased slightly over the horizon, trending down from near 2.8% to close to 2.0%, indicating modest management or timing of accrued expenses.
Unearned revenue showed some fluctuations but generally remained in the 1.5% to 2.6% band, reflecting relatively stable deferred revenue balances as a portion of the capital structure.
Income tax payable was inconsistently reported but presented temporary increases, peaking around 2.18% in mid-2023, suggesting periods of heightened tax liabilities.
Equity and shareholder-related items
Shareholders’ equity increased somewhat from approximately 32% at the beginning of the period to a peak near 41.6% around mid-2024, before retreating back to about 34.7% by the end of the data. This indicates a strengthening equity base for most of the timeframe followed by partial contraction.
Retained earnings grew steadily from around 55.3% to a peak above 76% in early 2024 but then showed a steep decline to near 11% by late 2025. This sudden reversal likely points to significant distributions, write-offs, or other equity-impairing transactions toward the end of the dataset.
Additional paid-in capital hovered near 23% to 28%, showing minor declines over time that suggest relatively stable capital contributions without large new equity issuances.
Treasury stock increased in magnitude as a negative component of equity from approximately -47% to over -63% in late 2022, then the data for this item is not consistently available. This reflects substantial repurchases or holdings of treasury stock, impacting total equity levels.
Common stock remained negligible in proportion relative to total capital, generally near zero to 0.15%, indicating a small par value relative to total equity.
Accumulated other comprehensive loss slightly fluctuated but remained a small negative component near -0.1%, suggesting minimal impact from comprehensive income adjustments compared to other equity items.