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.

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

US$ in thousands

3 months ended:	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	3,047,754)	2,859,831)	2,829,990)	2,778,034)	2,954,913)	2,684,447)	2,499,567)	2,456,039)	2,497,509)	2,351,009)	2,163,907)	2,202,336)	2,192,802)	1,998,956)	1,939,405)	1,932,409)	1,869,365)	1,715,990)	1,586,905)	1,581,335)	1,350,188)	1,402,117)
Delivery service revenue	15,639)	15,422)	15,322)	15,542)	18,204)	17,401)	16,753)	15,909)	17,292)	17,571)	16,692)	17,839)	20,537)	21,583)	21,228)	19,906)	23,173)	25,585)	20,805)	20,079)	14,550)	8,655)
Revenue	3,063,393)	2,875,253)	2,845,312)	2,793,576)	2,973,117)	2,701,848)	2,516,320)	2,471,948)	2,514,801)	2,368,580)	2,180,599)	2,220,175)	2,213,339)	2,020,539)	1,960,633)	1,952,315)	1,892,538)	1,741,575)	1,607,710)	1,601,414)	1,364,738)	1,410,772)
Food, beverage and packaging	(885,989)	(838,403)	(866,252)	(855,515)	(873,673)	(779,076)	(747,155)	(734,186)	(738,664)	(692,559)	(638,851)	(662,540)	(673,928)	(626,926)	(620,150)	(591,332)	(574,478)	(522,671)	(498,450)	(517,261)	(454,756)	(462,299)
Labor	(756,261)	(718,226)	(716,865)	(696,847)	(716,627)	(659,450)	(629,228)	(616,282)	(611,678)	(583,794)	(558,914)	(557,178)	(549,926)	(531,940)	(516,829)	(502,757)	(464,506)	(433,669)	(408,364)	(405,818)	(385,266)	(393,565)
Occupancy	(154,250)	(149,841)	(146,442)	(142,570)	(138,663)	(135,699)	(131,167)	(126,269)	(123,897)	(121,931)	(118,648)	(115,826)	(113,919)	(112,032)	(107,184)	(104,223)	(103,430)	(101,769)	(99,213)	(97,694)	(95,576)	(95,279)
Other operating costs	(428,663)	(415,161)	(411,492)	(386,463)	(384,754)	(385,773)	(370,466)	(345,368)	(349,707)	(363,206)	(341,644)	(322,085)	(317,481)	(330,695)	(320,452)	(294,650)	(287,242)	(294,710)	(288,456)	(268,416)	(262,378)	(210,762)
Restaurant operating costs, exclusive of depreciation and amortization	(2,225,163)	(2,121,631)	(2,141,051)	(2,081,395)	(2,113,717)	(1,959,998)	(1,878,016)	(1,822,105)	(1,823,946)	(1,761,490)	(1,658,057)	(1,657,629)	(1,655,254)	(1,601,593)	(1,564,615)	(1,492,962)	(1,429,656)	(1,352,819)	(1,294,483)	(1,289,189)	(1,197,976)	(1,161,905)
Gross profit	838,230)	753,622)	704,261)	712,181)	859,400)	741,850)	638,304)	649,843)	690,855)	607,090)	522,542)	562,546)	558,085)	418,946)	396,018)	459,353)	462,882)	388,756)	313,227)	312,225)	166,762)	248,867)
General and administrative expenses	(172,151)	(172,783)	(191,216)	(126,614)	(175,028)	(204,625)	(169,247)	(159,501)	(156,496)	(148,340)	(135,073)	(140,896)	(140,820)	(147,402)	(159,777)	(145,930)	(146,044)	(155,103)	(124,024)	(133,150)	(102,647)	(106,470)
Depreciation and amortization	(90,945)	(87,211)	(83,876)	(84,349)	(83,562)	(83,243)	(85,492)	(78,546)	(78,771)	(76,585)	(74,012)	(71,416)	(69,733)	(71,665)	(66,262)	(63,191)	(62,082)	(63,122)	(59,956)	(60,180)	(60,024)	(58,374)
Pre-opening costs	(10,610)	(8,210)	(12,905)	(12,786)	(8,995)	(7,211)	(13,590)	(9,605)	(7,538)	(6,198)	(11,341)	(7,618)	(5,253)	(5,348)	(6,984)	(5,894)	(4,965)	(3,421)	(4,497)	(3,808)	(3,644)	(3,566)
Impairment, closure costs, and asset disposals	(5,467)	(6,168)	(532)	(15,176)	(5,762)	(5,479)	(6,528)	(7,241)	(16,240)	(8,361)	(5,785)	(6,363)	(4,681)	(4,310)	(4,699)	(4,658)	(4,266)	(5,668)	(7,864)	(7,991)	(5,386)	(9,336)
Income (loss) from operations	559,057)	479,250)	415,732)	473,256)	586,053)	441,292)	363,447)	394,950)	431,810)	367,606)	296,331)	336,253)	337,598)	190,221)	158,296)	239,680)	245,525)	161,442)	116,886)	107,096)	(4,939)	71,121)
Interest and other income (expense), net	18,355)	22,253)	23,365)	29,307)	21,861)	19,364)	18,906)	18,392)	16,446)	8,949)	7,057)	3,712)	10,572)	(213)	9,263)	(126)	851)	(2,168)	846)	(595)	623)	2,743)
Income (loss) before income taxes	577,412)	501,503)	439,097)	502,563)	607,914)	460,656)	382,353)	413,342)	448,256)	376,555)	303,388)	339,965)	348,170)	190,008)	167,559)	239,554)	246,376)	159,274)	117,732)	106,501)	(4,316)	73,864)
(Provision) benefit for income taxes	(141,285)	(114,904)	(107,333)	(115,175)	(152,243)	(101,369)	(100,267)	(100,125)	(106,466)	(84,911)	(79,661)	(82,827)	(88,228)	(31,714)	(34,084)	(35,120)	(58,402)	(32,173)	73,227)	(26,257)	12,491)	2,524)
Net income	436,127)	386,599)	331,764)	387,388)	455,671)	359,287)	282,086)	313,217)	341,790)	291,644)	223,727)	257,138)	259,942)	158,294)	133,475)	204,434)	187,974)	127,101)	190,959)	80,244)	8,175)	76,388)

The analysis of the quarterly financial data reveals notable trends and shifts in various aspects of the operations and profitability throughout the period under review.

Revenue Trends: Total revenue displayed a general upward trajectory from early 2020 to mid-2025, growing from approximately $1.41 billion in March 2020 to over $3.06 billion by June 2025. Both food and beverage revenue and delivery service revenue contributed to this growth, with the former showing a more pronounced increase, reflecting expansion or increased sales volume. Delivery service revenue, while much smaller in magnitude, also trended upward but with some fluctuations.
Cost of Goods Sold (COGS) and Operating Costs: Food, beverage and packaging costs increased steadily from $462 million in March 2020 to about $886 million in June 2025, consistent with the revenue growth but indicating some improvement in cost control as it rose at a somewhat lower relative pace than revenue in some periods. Labor costs rose similarly, from roughly $394 million to $756 million, suggesting increased staffing or wage pressures potentially tied to business expansion or labor market conditions.; Occupancy expenses saw a gradual climb from $95 million to $154 million, indicative of higher facility-related expenditures, consistent with business growth. Other operating costs also rose, reaching over $428 million, reflecting higher general expenditure likely associated with expanded operations and inflationary pressures.; Overall restaurant operating costs (excluding depreciation and amortization) moved from $1.16 billion to about $2.23 billion, doubling over the timeframe, mirroring scaling of business activities.
Profitability Metrics: Gross profit improved notably from $249 million in early 2020 to $838 million by mid-2025, demonstrating successful top-line growth and managing direct costs to some degree despite rising expenses. However, there were periods of volatility and slight contractions reflecting operational or market challenges.; General and administrative expenses fluctuated, with some significant increases, notably jumping to over $204 million at one point but then declining to around $172 million, which may reflect variable overhead management efforts and strategic investments.; Depreciation and amortization showed a steady increase from $58 million to $91 million, consistent with asset base expansion or increased capital expenditures over time.; Pre-opening costs and impairment-related expenses experienced variability, highlighting periods of investment in new locations and occasional write-offs or closure costs, impacting operating income in some quarters.; The income from operations improved substantially from $71 million to $559 million, indicating enhanced operational efficiency and stronger earnings generation over the period despite periodic dips.
Net Income and Taxation: Net income exhibited a generally positive trend, growing from $76 million to $436 million. Despite fluctuations, this reflects robust profitability, supported by operational performance and income before income taxes, which also rose significantly.; The provision for income taxes generally presented as a substantial negative figure, increasing in magnitude over time and suggesting higher tax obligations commensurate with improved earnings. This impacted net income growth but was consistent with the pattern of rising pre-tax incomes.
Additional Income and Expense Considerations: Interest and other income (expense), net, showed variability but trended positively in later periods, contributing incrementally to overall profitability.
Summary of Overall Financial Health: The company demonstrated considerable revenue growth and improved profitability over the quarters analyzed, supported by increases in gross profit and income from operations. Rising operating and administrative expenses reflect ongoing investment and scale, while profitability measures show the entity effectively managing costs relative to revenue expansion. The upward trajectory in net income underscores a strong financial position, albeit with some periodic fluctuations related to operating costs, taxes, and one-off expenses.

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Chipotle Mexican Grill Inc. (NYSE:CMG)

Income Statement Quarterly Data

Income Statement
Quarterly Data