Chipotle Mexican Grill Inc. (NYSE:CMG)

The analyzed financial data reveals several noteworthy trends and patterns over the five-year period from 2020 to 2024.

Revenue Trends

Food and beverage revenue displays a consistent upward trajectory, increasing steadily each year from approximately $5.92 billion in 2020 to about $11.25 billion in 2024. Delivery service revenue shows more fluctuation, peaking in 2021 at nearly $90 million before declining steadily through 2024 to roughly $66 million. Total revenue follows the general trend of food and beverage revenue, growing from about $6.0 billion in 2020 to over $11.3 billion by 2024, indicating strong overall revenue growth.

Cost of Goods and Operating Expenses

The costs associated with food, beverage, and packaging rise consistently each year, increasing from about $1.93 billion in 2020 to approximately $3.37 billion in 2024, which aligns with the revenue growth. Labor costs show a similar pattern, increasing from approximately $1.59 billion in 2020 to nearly $2.79 billion in 2024. Occupancy costs also increase steadily, though at a lower absolute level, from $388 million to $563 million over the period.

Other operating costs rise gradually from $1.03 billion in 2020 to roughly $1.57 billion in 2024. Restaurant operating costs exclusive of depreciation and amortization follow a consistent upward trend, moving from about $4.94 billion in 2020 to $8.30 billion in 2024. This reflects increased operating scale or inflationary pressures in key cost areas.

Profitability Measures

Gross profit shows consistent growth, doubling from about $1.04 billion in 2020 to approximately $3.02 billion in 2024. This robust increase in gross profit corresponds with rising revenues and controlled cost increases relative to sales growth.

General and administrative expenses exhibit fluctuations, increasing from approximately $466 million in 2020 to a peak near $607 million in 2021, then slightly decreasing in 2022 before rising again to $697 million in 2024. Depreciation and amortization expenses steadily increase from $239 million in 2020 to $335 million in 2024, implying ongoing investments in assets.

Pre-opening costs steadily rise, reflecting increased investment in expansion activities. Impairment, closure costs, and asset disposals are variable but tend to remain within a close range, peaking in 2023 at around $38 million.

Operating and Net Income

Income from operations more than sextuples, from approximately $290 million in 2020 to about $1.92 billion in 2024, evidencing strong improvements in operational efficiency and scale. Interest and other income also increase notably, from under $4 million in 2020 to nearly $94 million in 2024, contributing positively to overall earnings.

Income before income taxes follows a similar upward trend, rising from about $294 million in 2020 to over $2 billion in 2024. The provision for income taxes swings to an expense position after 2020, growing in magnitude from a tax benefit of $62 million in 2020 to an expense of $476 million in 2024, consistent with rising pre-tax income.

Net income demonstrates significant growth, increasing from approximately $356 million in 2020 to over $1.53 billion in 2024, indicating improved profitability and value generation for stakeholders.