Stock Analysis on Net

Chipotle Mexican Grill Inc. (NYSE:CMG)

Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Chipotle Mexican Grill Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in thousands

Microsoft Excel
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
Accounts payable 216,347 217,406 210,695 221,301 203,480 196,866 197,646 207,541 162,041 182,606 184,566 167,842 158,581 168,905 163,161 171,712 140,251 147,417 121,990 157,324 160,523 130,423
Accrued payroll and benefits 236,947 154,429 261,913 184,367 223,410 142,425 227,537 155,015 177,475 116,465 170,456 128,495 161,052 172,454 162,405 190,912 225,104 221,677 203,054 194,877 130,306 132,273
Accrued liabilities 185,090 185,307 179,747 181,354 169,631 171,612 147,688 151,148 141,291 160,436 147,539 156,455 148,614 136,655 173,052 153,233 143,469 145,627 164,649 158,234 146,229 147,242
Unearned revenue 206,635 203,744 238,577 180,288 182,331 187,317 209,680 156,320 158,959 157,898 183,071 133,118 132,446 132,421 156,351 120,423 113,016 110,197 127,750 91,467 88,924 77,499
Current operating lease liabilities 287,252 284,505 277,836 270,574 264,304 254,144 248,074 244,994 244,061 239,029 236,248 231,947 230,930 223,303 218,713 214,684 213,646 209,086 204,756 199,815 197,196 178,358
Income tax payable 46,147 44,989 172,689 98,423 37,658
Current liabilities 1,132,271 1,091,538 1,168,768 1,037,884 1,043,156 997,353 1,030,625 1,087,707 982,250 894,092 921,880 817,857 831,623 833,738 873,682 850,964 835,486 834,004 822,199 801,717 723,178 665,795
Long-term operating lease liabilities 4,493,334 4,348,574 4,262,782 4,212,868 4,014,454 3,903,353 3,803,551 3,773,087 3,643,931 3,532,566 3,495,162 3,497,221 3,393,423 3,331,319 3,301,601 3,274,875 3,134,555 3,040,176 2,952,296 2,891,140 2,809,178 2,764,778
Deferred income tax liabilities 36,297 38,879 46,208 79,519 83,298 84,229 89,109 111,089 106,440 98,137 98,623 133,255 126,239 127,729 141,765 148,395 133,510 135,929 149,422 95,221 96,502 64,851
Other liabilities 78,697 74,231 71,070 67,501 67,107 64,985 58,870 53,296 52,928 46,892 43,816 41,723 39,852 40,511 38,536 42,425 42,745 41,419 38,844 37,976 36,775 39,044
Long-term liabilities 4,608,328 4,461,684 4,380,060 4,359,888 4,164,859 4,052,567 3,951,530 3,937,472 3,803,299 3,677,595 3,637,601 3,672,199 3,559,514 3,499,559 3,481,902 3,465,695 3,310,810 3,217,524 3,140,562 3,024,337 2,942,455 2,868,673
Total liabilities 5,740,599 5,553,222 5,548,828 5,397,772 5,208,015 5,049,920 4,982,155 5,025,179 4,785,549 4,571,687 4,559,481 4,490,056 4,391,137 4,333,297 4,355,584 4,316,659 4,146,296 4,051,528 3,962,761 3,826,054 3,665,633 3,534,468
Preferred stock, $0.01 par value, no shares issued
Common stock, $0.01 par value 13,414 13,498 13,586 13,635 13,713 376 375 375 375 374 373 373 373 373 371 371 370 369 367 367 367 365
Additional paid-in capital 2,157,080 2,117,803 2,078,010 2,030,178 2,023,802 1,994,950 1,956,160 1,917,868 1,880,933 1,849,683 1,829,304 1,807,938 1,782,303 1,753,328 1,729,312 1,690,806 1,654,195 1,606,501 1,549,909 1,526,955 1,506,785 1,483,224
Treasury stock, at cost (5,042,319) (4,944,656) (4,798,748) (4,569,152) (4,480,833) (4,282,014) (4,076,555) (3,969,221) (3,702,023) (3,356,102) (3,170,798) (3,067,458) (2,908,111) (2,802,075) (2,801,496) (2,801,467) (2,801,150)
Accumulated other comprehensive loss (7,341) (9,847) (10,282) (7,440) (8,514) (7,950) (6,657) (8,080) (6,952) (7,431) (7,888) (8,896) (6,639) (5,159) (5,354) (5,143) (4,187) (4,492) (4,229) (5,444) (6,149) (7,204)
Retained earnings 1,365,042 1,369,418 1,574,232 1,577,525 1,682,819 6,416,272 6,056,985 5,774,899 5,461,682 5,119,892 4,828,248 4,604,521 4,347,383 4,087,441 3,929,147 3,795,672 3,591,238 3,403,264 3,276,163 3,085,204 3,004,960 2,996,785
Shareholders’ equity 3,528,195 3,490,872 3,655,546 3,613,898 3,711,820 3,361,329 3,062,207 2,886,314 2,766,886 2,481,685 2,368,023 2,327,381 2,154,199 2,133,960 2,297,374 2,310,908 2,174,158 2,097,531 2,020,135 1,805,586 1,704,496 1,672,020
Total liabilities and shareholders’ equity 9,268,794 9,044,094 9,204,374 9,011,670 8,919,835 8,411,249 8,044,362 7,911,493 7,552,435 7,053,372 6,927,504 6,817,437 6,545,336 6,467,257 6,652,958 6,627,567 6,320,454 6,149,059 5,982,896 5,631,640 5,370,129 5,206,488

Based on: 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).


Current Liabilities
Current liabilities showed an overall increasing trend from March 31, 2020 (approximately 666 million USD) to June 30, 2025 (around 1.13 billion USD). Fluctuations were observed during the periods, especially notable were peaks near the end of years 2022 and 2024. Accounts payable exhibited a generally positive trend with a significant increase towards late 2023 and 2024. Accrued payroll and benefits fluctuated considerably with some declines in mid-2022 but a sharp increase in early 2025 suggesting seasonal or operational shifts. Unearned revenue displayed growth with notable jumps in late 2020, 2022, and 2024, indicative of increased advance customer payments or deferred income recognition. Current operating lease liabilities consistently rose each quarter, reflecting new or extended lease obligations. Income tax payable values were sporadically reported but showed large spikes in late 2022 and mid-2023.
Long-Term Liabilities
Long-term liabilities steadily increased from approximately 2.87 billion USD in March 2020 to around 4.61 billion USD in June 2025. Long-term operating lease liabilities were a major contributor, increasing consistently quarter-over-quarter, indicating growth in lease commitments possibly tied to expansion. Deferred income tax liabilities decreased over the period, suggesting potential tax strategy changes or asset revaluations. Other liabilities presented a gradual increase, consistent with growing operational complexity or contingent liabilities.
Total Liabilities
Total liabilities rose from about 3.53 billion USD in March 2020 to roughly 5.74 billion USD by June 2025, reflecting both current and long-term liability growth. This consistent increase suggests ongoing investments, expansion, or increased borrowing requirements.
Equity and Capital Structure
Shareholders' equity increased steadily from approximately 1.67 billion USD in March 2020 to 3.53 billion USD by June 2025, indicating retained earnings accumulation and capital appreciation. Retained earnings increased markedly through early 2023 but showed a significant drop in value in 2024 and 2025, which may reflect large distributions, losses, or accounting adjustments. The common stock value remained relatively stable over the period while additional paid-in capital gradually increased, indicating new equity issuances or capital injections. Treasury stock value deepened substantially until early 2024, signifying large stock repurchases before the value appears to stop being reported.
Overall Financial Position
Total liabilities and shareholders’ equity rose steadily over the observation period, from about 5.21 billion USD to approximately 9.27 billion USD, denoting growth in the company’s balance sheet size. The increasing lease liabilities and accumulated liabilities alongside the rising shareholders’ equity demonstrate a balance between external financing and equity growth. However, the volatility in accrued payroll, retained earnings, and treasury stock in later periods suggest areas for further investigation regarding operational efficiency, profitability, and capital management policies.