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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Chipotle Mexican Grill Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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
- The total revenue demonstrated an overall upward trend from March 31, 2020, through March 31, 2025, increasing from approximately $1.41 billion to $2.88 billion. Food and beverage revenue consistently made up the majority of the total revenue with a steady increase across the periods, rising from about $1.40 billion to nearly $2.86 billion. Delivery service revenue exhibited fluctuations but generally showed a slight increase over time, contributing a smaller portion relative to food and beverage revenue.
- Cost of Goods Sold and Operating Costs
- Food, beverage and packaging costs increased steadily, reflecting rising revenue but also potentially increased expenses in supply or ingredient costs. Labor costs also trended upward, rising from about $393 million in early 2020 to over $718 million by early 2025, suggesting increased staffing or wage pressures. Occupancy costs consistently grew, indicating rising expenses related to property or store maintenance. Other operating costs varied but showed a general upward pattern, contributing to an increase in overall restaurant operating costs, which rose substantially from approximately $1.16 billion to over $2.12 billion over the period.
- Profitability Metrics
- Gross profit showed significant growth overall, rising from $249 million to $754 million, though it experienced some periods of volatility and decline. Income from operations generally increased, starting from $71 million and growing to $479 million, despite some fluctuations. Net income followed an upward trajectory with some variability, increasing from about $76 million to nearly $387 million. This indicates improving profitability but with occasional impacts likely due to operational or external factors.
- General and Administrative Expenses
- These expenses increased over the period, rising from approximately $106 million to $173 million, with some fluctuations. The increase suggests higher corporate overhead or administrative costs, which may impact operating margins if not controlled effectively.
- Depreciation and Amortization
- Depreciation and amortization expense rose moderately from around $58 million to $87 million, indicating increased investments in fixed assets or intangibles, possibly for store development or technology upgrades.
- Pre-opening, Impairment, Closure Costs, and Asset Disposals
- Pre-opening costs varied over time but generally showed rising peaks, pointing to continued expansion efforts. Impairment, closure costs, and asset disposals exhibited volatility but no clear long-term trend, suggesting episodic costs related to restructuring, closures, or asset write-downs.
- Tax Expenses
- The provision for income taxes presented significant fluctuations, with both provisions and benefits recorded. Periods of substantial tax benefits imply adjustments, deferred taxes, or tax planning strategies affecting net income volatility.
- Interest and Other Income (Expense), Net
- This item was relatively minor compared to operating results but showed improvement over the analyzed period, contributing positively to pre-tax income especially in latter years.
- Summary
- Overall, the company demonstrated consistent revenue growth driven primarily by food and beverage sales, accompanied by increasing operating costs. Despite rising expenses, profitability improved over the five-year period, supported by effective cost management and expanding sales. Fluctuations in tax expenses and operating income suggest sensitivity to external factors and internal strategic decisions. Investment activities appear sustained given rising depreciation and pre-opening costs, indicating a focus on expansion and modernization.