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:	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
Food and beverage revenue	3,072,730)	2,969,211)	2,989,255)	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)
Delivery service revenue	15,512)	14,300)	14,189)	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)
Revenue	3,088,242)	2,983,511)	3,003,444)	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)
Food, beverage and packaging	(913,346)	(900,155)	(902,445)	(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)
Labor	(805,411)	(760,524)	(756,669)	(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)
Occupancy	(169,881)	(162,493)	(158,314)	(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)
Other operating costs	(480,643)	(461,567)	(450,433)	(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)
Restaurant operating costs, exclusive of depreciation and amortization	(2,369,281)	(2,284,739)	(2,267,861)	(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)
Gross profit	718,961)	698,772)	735,583)	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)
General and administrative expenses	(203,720)	(160,341)	(146,742)	(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)
Depreciation and amortization	(96,718)	(92,702)	(90,524)	(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)
Pre-opening costs	(11,641)	(16,946)	(13,741)	(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)
Impairment, closure costs, and asset disposals	(9,819)	(8,464)	(7,404)	(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)
Income from operations	397,063)	420,319)	477,172)	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)
Interest and other income (expense), net	8,742)	13,324)	19,789)	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)
Income before income taxes	405,805)	433,643)	496,961)	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)
Provision for income taxes	(102,981)	(102,711)	(114,858)	(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)
Net income	302,824)	330,932)	382,103)	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)

Revenue demonstrates a consistent upward trajectory over the analyzed period, increasing from approximately 1.74 billion US dollars in the first quarter of 2021 to 3.09 billion US dollars by the first quarter of 2026. This growth is primarily attributed to food and beverage revenue, while delivery service revenue has exhibited a gradual downward trend, decreasing from 25.6 million US dollars to 15.5 million US dollars.

Operating Cost Analysis: Direct operating costs have scaled in alignment with revenue growth. Food, beverage, and packaging expenses rose from 522.7 million US dollars to 913.3 million US dollars. Labor costs showed a significant increase, rising from 433.7 million US dollars to 805.4 million US dollars. Occupancy costs also followed a steady incline, increasing from 101.8 million US dollars to 169.9 million US dollars, which is consistent with an expanding physical footprint.
Profitability and Margin Trends: Gross profit expanded from 388.8 million US dollars in March 2021 to 719.0 million US dollars in March 2026. Income from operations reached a peak of 586.1 million US dollars in June 2024 before experiencing a moderate decline and stabilization in the subsequent quarters, ending at 397.1 million US dollars in March 2026.
Overhead and Expansion Indicators: General and administrative expenses remained relatively volatile but generally stayed within a range of 126.6 million to 204.6 million US dollars. A sustained increase in pre-opening costs, moving from 3.4 million US dollars to 11.6 million US dollars, coupled with a steady rise in depreciation and amortization from 63.1 million US dollars to 96.7 million US dollars, indicates ongoing capital investment and store openings.
Net Income Performance: Net income grew from 127.1 million US dollars in March 2021 to a peak of 455.7 million US dollars in June 2024. In the final quarters of the period, net income observed a downward correction, settling at 302.8 million US dollars by March 2026. This suggests that while long-term profitability has increased substantially since 2021, recent margins have contracted relative to the 2024 highs.

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Chipotle Mexican Grill Inc. (NYSE:CMG)

Income StatementQuarterly Data

Income Statement
Quarterly Data