Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Chipotle Mexican Grill Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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Chipotle Mexican Grill Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 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).
The composition of liabilities and shareholders’ equity exhibited several notable shifts between March 2021 and December 2025. A significant portion of the capital structure consistently comprised long-term liabilities, primarily related to operating leases, alongside substantial retained earnings within shareholders’ equity. Current liabilities, while representing a smaller overall percentage, demonstrated fluctuations throughout the period.
- Long-Term Liabilities
- Long-term liabilities, particularly long-term operating lease liabilities, consistently accounted for approximately half of the total liabilities and shareholders’ equity, ranging from 50.45% to 53.86% between March 2021 and December 2022. A gradual decline was observed through March 2024, reaching 46.69%, before a slight increase to 55.32% by December 2025. Deferred income tax liabilities decreased steadily over the period, falling from 2.21% in March 2021 to 1.40% in December 2025. Other liabilities remained relatively stable, fluctuating between 0.67% and 0.89%.
- Current Liabilities
- Current liabilities demonstrated more variability. They began at 13.56% in March 2021, decreased to a low of 11.52% in June 2024, and then increased to 13.21% by December 2025. Accounts payable and accrued payroll and benefits, the largest components of current liabilities, showed independent fluctuations. Accrued payroll and benefits decreased significantly from 3.61% to 1.65% between March 2021 and March 2022, then exhibited volatility before stabilizing around 2.56% in June 2025. Income tax payable was initially absent but increased to 2.18% in September 2023 before decreasing again.
- Shareholders’ Equity
- Shareholders’ equity represented a substantial portion of the capital structure, generally between 32.91% and 36.64%. Retained earnings were the dominant component, consistently exceeding 50% of shareholders’ equity and peaking at 75.29% in September 2023, before declining to 6.89% in December 2025. This decline in retained earnings coincided with a significant increase in treasury stock, which became a substantial negative component of shareholders’ equity, reaching -61.47% in September 2023. Additional paid-in capital remained relatively stable, decreasing from 26.13% to 24.51% over the period. Common stock remained a minimal percentage of the total.
The substantial shift in retained earnings and the corresponding increase in treasury stock suggest significant share repurchase activity, particularly in the latter half of the analyzed period. The increasing proportion of long-term operating lease liabilities indicates a reliance on lease financing. Overall, the company’s capital structure experienced a notable evolution, with a shift away from retained earnings and towards long-term debt and share repurchases.