Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Chipotle Mexican Grill Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
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).
- Net Income
- The net income exhibits significant fluctuations throughout the periods. Starting at $76.4 million in Q1 2020, it dropped sharply in Q2 2020 to $8.2 million but recovered in subsequent quarters, reaching a peak of approximately $455.7 million in Q2 2024. Despite some quarters showing decline, the overall trend from 2020 to 2025 is upward, indicating growth in profitability over time.
- Depreciation and Amortization
- Depreciation and amortization expenses steadily increased from about $58.4 million in Q1 2020 to $90.9 million by Q2 2025. This gradual rise suggests continuous investment in property and equipment or growing intangible assets.
- Deferred Income Tax Provision (Benefit)
- The deferred income tax provision shows volatility with alternating positive and negative values. Significant benefits were seen in Q3 2020 and Q4 2022, while larger provisions appeared in Q4 2020 and Q4 2021. There is no clear long-term trend, indicating variability in tax strategies or underlying tax liabilities.
- Impairment, Closure Costs, and Asset Disposals
- Amounts related to impairment and asset disposals fluctuate moderately with peaks such as $16 million in Q2 2023. The figures do not show a persistent trend but may reflect discrete events impacting financial health periodically.
- Provision for Credit Losses
- Provision for credit losses remains relatively low and inconsistent, oscillating around zero with minor gains and losses, indicating a stable credit risk environment with minimal impact on the financials.
- Stock-Based Compensation Expense
- This expense category shows variability, initially increasing sharply in early 2021 and again rising notably in 2024, peaking near $45 million. These fluctuations may indicate changes in employee compensation strategies or stock price volatility affecting valuation.
- Operating Lease Assets and Liabilities
- Operating lease assets increased steadily from about $43 million to $78.4 million by mid-2025. Conversely, operating lease liabilities show fluctuations with no consistent trend, fluctuating between negative $40.9 million and negative $65.6 million, which could reflect changes in leasing obligations or lease accounting implementations.
- Accounts Receivable
- Accounts receivable values demonstrate high volatility, with multiple quarters showing negative values, suggesting possible adjustments or write-offs. However, there are periods of strong positive balances, reflecting fluctuations in credit sales or collection efficiency.
- Inventory
- Inventory figures are generally low relative to total assets, with frequent negative values, indicating possible inventory write-downs or adjustments. Periodic positive spikes appear without sustained trends, suggesting inventory management challenges or operational variability.
- Operating Cash Flow
- Net cash provided by operating activities reveals an overall growth trend from $182 million in Q1 2020 to consistently above $500 million by 2025, peaking at approximately $582.5 million in Q2 2023. This improvement indicates strengthening operational cash generation.
- Investing Activities
- Net cash used in investing activities is consistently negative, with significant outflows primarily driven by purchases of property, equipment, and investments. These investments increase notably in 2023 and 2024, suggesting aggressive capital expenditure and acquisitions.
- Financing Activities
- Net cash used in financing activities is predominantly negative, with large cash outflows related to repurchase of common stock and tax withholdings on stock-based compensation. The substantial stock repurchases especially in 2022 to 2025 highlight an active capital return policy to shareholders.
- Other Observations
- The effect of exchange rate changes on cash remains minimal and inconsistent. Changes in operating assets and liabilities display large swings, sometimes positive, sometimes negative, reflecting working capital volatility. Adjustments reconciling net income to cash provided by operating activities display significant fluctuations, which may reflect timing differences, non-cash charges, or other accounting adjustments.