Stock Analysis on Net
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Stock Analysis on Net

Chipotle Mexican Grill Inc. (NYSE:CMG)

$24.99

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Chipotle Mexican Grill Inc., consolidated income statement (quarterly data)

US$ in thousands

Microsoft Excel
3 months ended: 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
Food and beverage revenue
Delivery service revenue
Revenue
Food, beverage and packaging
Labor
Occupancy
Other operating costs
Restaurant operating costs, exclusive of depreciation and amortization
Gross profit
General and administrative expenses
Depreciation and amortization
Pre-opening costs
Impairment, closure costs, and asset disposals
Income (loss) from operations
Interest and other income (expense), net
Income (loss) before income taxes
(Provision) benefit for income taxes
Net income

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).

Revenue Trends
Overall revenue demonstrated a consistent upward trajectory from the first quarter of 2020 through the first quarter of 2025. Food and beverage revenue, the primary component, showed steady growth with fluctuations largely aligned with seasonal or operational factors. Delivery service revenue, while significantly smaller in comparison, exhibited more volatility but maintained a gradual increase over the long term.
Cost of Goods Sold and Operating Costs
Food, beverage, and packaging costs rose steadily in line with the revenue increase, reflecting increased sales volume and pricing effects. Labor expenses also showed a continuous upward trend, indicating either increased staffing levels, wage inflation, or both. Occupancy costs increased gradually, consistent with business expansion or increased rental obligations. Other operating costs exhibited some fluctuations but trended upward overall, suggesting rising costs in maintenance, marketing, or other operational areas.
Gross Profit and Profitability
Gross profit showed marked growth over the periods, increasing from early 2020 levels to substantially higher values by 2025. There were some fluctuations, particularly during the earlier quarters, but the overall trend indicated improving operational efficiency or better pricing power. Profit margins, inferred from gross profit relative to revenue, suggest the company was able to manage costs effectively despite rising expenses.
Operating Expenses
General and administrative expenses increased over time but with variability, possibly reflecting strategic investments or fluctuations in administrative cost control. Depreciation and amortization expenses saw a steady incremental rise, consistent with asset additions or capital expenditures. Pre-opening costs showed irregular but generally increasing values, supporting ongoing expansion and new restaurant openings. Costs related to impairment, closure, and asset disposals were relatively low and fluctuated without a clear trend, indicating occasional asset write-offs or restructuring activities.
Operating Income and Net Income
Operating income presented a solid upward trend albeit with some quarter-to-quarter variability, highlighting overall improving operational performance. Income before taxes followed a similar pattern, demonstrating growth aligned with operating income increases. The provision for income taxes showed volatility, with occasional large provisions likely linked to profitability swings. Net income increased substantially over the analyzed period, reflecting robust earnings growth and strong bottom-line performance.
Other Income/Expense
Interest and other income/expense, net, remained relatively small compared to operational results but showed periods of significant positive impact, especially in later quarters, contributing positively to income before taxes.
Summary
The financial data exhibits a company experiencing steady growth in revenue and profitability over the analyzed quarters. Rising costs associated with expansion and operations were generally managed efficiently, as reflected in improving gross profit and net income levels. The company also continuously invested in pre-opening activities, indicating an ongoing strategy of growth. While there were some fluctuations in tax provisions and other income, the overall financial health and operational strength appear to be improving progressively throughout the period.