Stock Analysis on Net
Stock Analysis on Net

Chipotle Mexican Grill Inc. (NYSE:CMG)

$24.99

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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Chipotle Mexican Grill Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

Microsoft Excel
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
Net income
Depreciation and amortization
Deferred income tax provision (benefit)
Impairment, closure costs, and asset disposals
Provision for credit losses
Stock-based compensation expense
Other
Accounts receivable
Inventory
Prepaid expenses and other current assets
Operating lease assets
Other assets
Accounts payable
Accrued payroll and benefits
Accrued liabilities
Unearned revenue
Income tax payable/receivable
Operating lease liabilities
Other long-term liabilities
Changes in operating assets and liabilities
Adjustments to reconcile net income to net cash provided by operating activities
Net cash provided by operating activities
Purchases of leasehold improvements, property and equipment
Purchases of investments
Maturities of investments
Proceeds from sale of equipment
Net cash (used in) provided by investing activities
Repurchase of common stock
Tax withholding on stock-based compensation awards
Other financing activities
Net cash used in financing activities
Effect of exchange rate changes on cash, cash equivalents and restricted cash
Net change in cash, cash equivalents, and restricted cash

Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).

The operational cash flow exhibits a sustained upward trajectory over the analyzed period, reflecting strong earnings growth and efficient cash conversion. Net income demonstrates a general increase, progressing from a range of $127 million to $204 million per quarter in 2021 to peaks exceeding $450 million in 2024. This growth is mirrored in the net cash provided by operating activities, which climbed from approximately $305 million in early 2021 to a peak of $651 million by March 2026.

Operating Cash Flow Dynamics
A consistent positive correlation exists between net income and operating cash flow. Non-cash adjustments, particularly depreciation and amortization, have steadily risen from $63 million to $96 million, aligning with the expansion of the physical asset base. Changes in operating assets and liabilities introduce quarterly volatility, notably in income tax payables and accrued payroll, but these are typically offset by strong core cash generation.
Capital Investment and Expansion
Investment in leasehold improvements, property, and equipment shows a steady increase, rising from $86 million per quarter in 2021 to $180 million by March 2026. This indicates a consistent strategy of capacity expansion. Investing activities also reflect active treasury management, characterized by significant fluctuations in the purchase and maturity of short-term investments, which often offset capital expenditures.
Capital Allocation and Shareholder Returns
A strategic shift in financing activities is evident, specifically regarding the repurchase of common stock. Buyback expenditures accelerated significantly starting in late 2024, moving from quarterly averages of $100 million to $200 million in the 2021-2023 period to consistently exceeding $600 million to $700 million per quarter in 2025 and 2026. This aggressive repurchase program has become the primary driver of net cash outflows in financing activities.
Liquidity and Net Cash Position
The net change in cash fluctuates significantly, driven by the timing of large-scale share repurchases and investment cycles. While operating activities provide a robust cash surplus, the scale of financing outflows in recent quarters has led to periodic net decreases in cash and restricted cash balances, most notably in the latter half of 2025.