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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
Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 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
Accounts payable 2.88 2.81 2.37 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
Accrued payroll and benefits 3.21 2.19 2.78 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
Accrued liabilities 2.47 2.63 2.03 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
Unearned revenue 2.47 2.36 2.67 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
Current operating lease liabilities 3.58 3.52 3.36 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
Income tax payable 0.23 0.55 0.00 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
Current liabilities 14.84% 14.06% 13.21% 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%
Long-term operating lease liabilities 57.56 56.07 53.07 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
Deferred income tax liabilities 1.84 1.63 1.40 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
Other liabilities 0.95 0.90 0.85 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
Long-term liabilities 60.35% 58.59% 55.32% 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%
Total liabilities 75.18% 72.65% 68.53% 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%
Common stock, $0.01 par value 0.14 0.15 0.15 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
Additional paid-in capital 25.53 25.39 24.51 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
Treasury stock, at cost 0.00 0.00 0.00 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
Accumulated other comprehensive loss -0.10 -0.09 -0.08 -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
Retained earnings (accumulated deficit) -0.76 1.90 6.89 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
Shareholders’ equity 24.82% 27.35% 31.47% 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%
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%

Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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 capital structure exhibits a significant transition over the observed period, moving from a relatively stable balance between liabilities and equity toward an increasing reliance on liabilities. Total liabilities remained largely consistent between 60% and 67% from early 2021 through late 2023, but subsequently climbed to 75.18% by June 30, 2026. This shift corresponds with a simultaneous contraction in shareholders' equity, which peaked at 41.61% in June 2024 before declining to 24.82% by the end of the period.

Liability Composition and Trends
Long-term operating lease liabilities represent the most substantial component of the balance sheet. While these liabilities fluctuated between 45% and 51% of total assets and equity for several years, a marked upward trend emerged after March 2024, reaching 57.56% by June 2026. This suggests a strategic expansion of leased facilities or a revaluation of lease obligations. Other long-term liabilities remained stable, while deferred income tax liabilities showed a general decline from 2.21% in early 2021 to 1.84% by mid-2026, despite some volatility in the final year.
Current Liability Analysis
Current liabilities maintained a consistent profile, generally oscillating between 11.5% and 14.8% of the total balance sheet. Accounts payable and accrued liabilities remained stable, reflecting consistent operational management. Unearned revenue showed a slight upward trajectory, moving from 1.79% in March 2021 to 2.47% by June 2026. Income tax payable appeared sporadically, peaking at 2.18% in September 2023, indicating periodic settlement cycles.
Equity and Retained Earnings Volatility
The most significant fluctuation occurred within shareholders' equity, specifically regarding retained earnings. Retained earnings grew steadily from 55.35% in March 2021 to a peak of 76.28% in March 2024. However, a precipitous decline followed, with the value dropping to 18.87% by June 2024 and eventually entering a deficit of -0.76% by June 2026. This dramatic reversal suggests substantial capital distributions, such as dividends or share repurchases, or significant accounting adjustments. The absence of treasury stock figures after March 2024 further indicates a major restructuring of equity accounts.
Overall Solvency and Leverage
The increase in the total liabilities ratio, coupled with the depletion of retained earnings, points to a higher leverage position by the end of the analyzed period. The balance sheet has shifted from being predominantly equity-funded to being heavily influenced by lease-driven liabilities, reducing the equity cushion and altering the overall risk profile of the entity.

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