Debt to Equity
since 2005
Calculation
Chipotle Mexican Grill Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2025 | 0.00 | = | —) | ÷ | 2,830,607) |
| Dec 31, 2024 | 0.00 | = | —) | ÷ | 3,655,546) |
| Dec 31, 2023 | 0.00 | = | —) | ÷ | 3,062,207) |
| Dec 31, 2022 | 0.00 | = | —) | ÷ | 2,368,023) |
| Dec 31, 2021 | 0.00 | = | —) | ÷ | 2,297,374) |
| Dec 31, 2020 | 0.00 | = | —) | ÷ | 2,020,135) |
| Dec 31, 2019 | 0.00 | = | —) | ÷ | 1,683,026) |
| Dec 31, 2018 | 0.00 | = | —) | ÷ | 1,441,339) |
| Dec 31, 2017 | 0.00 | = | —) | ÷ | 1,364,445) |
| Dec 31, 2016 | 0.00 | = | —) | ÷ | 1,402,493) |
| Dec 31, 2015 | 0.00 | = | —) | ÷ | 2,127,974) |
| Dec 31, 2014 | 0.00 | = | —) | ÷ | 2,012,369) |
| Dec 31, 2013 | 0.00 | = | —) | ÷ | 1,538,288) |
| Dec 31, 2012 | 0.00 | = | —) | ÷ | 1,245,926) |
| Dec 31, 2011 | 0.00 | = | —) | ÷ | 1,044,226) |
| Dec 31, 2010 | 0.00 | = | —) | ÷ | 810,873) |
| Dec 31, 2009 | 0.00 | = | —) | ÷ | 703,461) |
| Dec 31, 2008 | 0.00 | = | —) | ÷ | 622,590) |
| Dec 31, 2007 | 0.00 | = | —) | ÷ | 562,110) |
| Dec 31, 2006 | 0.00 | = | —) | ÷ | 473,957) |
| Dec 31, 2005 | 0.00 | = | —) | ÷ | 309,354) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in thousands
An examination of the financial information reveals a fluctuating debt-to-equity ratio over the period examined. Initially, the ratio is unavailable, but a clear trend emerges as shareholder equity increases significantly from 2005 through 2015. This growth in equity, coupled with relatively stable debt levels, results in a substantial decrease in the debt-to-equity ratio during this timeframe.
- Early Growth Phase (2005-2015)
- Shareholders’ equity demonstrates consistent growth, increasing from US$309,354 thousand in 2005 to US$2,127,974 thousand in 2015. The absence of total debt figures for much of this period prevents a precise calculation of the debt-to-equity ratio, but the increasing equity suggests a strengthening financial position. By 2015, equity had increased over 688%.
A notable shift occurs around 2016. While equity remains substantial, it experiences a decrease to US$1,402,493 thousand, and the debt-to-equity ratio begins to rise. This increase is likely due to a combination of decreased equity and potentially increased debt, although specific debt figures are unavailable. This trend continues into 2017 and 2018, with equity remaining relatively flat.
- Period of Fluctuations (2016-2019)
- From 2016 to 2019, shareholders’ equity experiences volatility, decreasing in 2016 before stabilizing and then increasing again. The debt-to-equity ratio reflects this, showing an upward trend initially, followed by a slight stabilization. The increase in equity from 2018 to 2019 suggests a potential stabilization of the financial leverage.
From 2019 to 2023, shareholders’ equity continues to grow, reaching US$3,655,546 thousand in 2023. This growth, combined with the absence of corresponding debt increases, leads to a decrease in the debt-to-equity ratio. However, a significant decrease in equity is observed in 2024 and 2025, resulting in a corresponding increase in the debt-to-equity ratio.
- Recent Trends (2020-2025)
- The most recent period demonstrates a renewed increase in the debt-to-equity ratio. While equity grew substantially from 2020 to 2023, the decline in 2024 and 2025 suggests a potential shift in financial strategy or external pressures. The ratio’s increase in the latest two years warrants further investigation to determine the underlying causes and potential implications.
Overall, the debt-to-equity ratio has exhibited considerable variation over the analyzed period. The company initially benefited from strong equity growth, leading to a low ratio. However, more recent years show increased volatility and a rising ratio, indicating a potential increase in financial leverage or a decline in equity.
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Comparison to Competitors
Chipotle Mexican Grill Inc., debt to equity, long-term trends, comparison to competitors
| Chipotle Mexican Grill Inc. | Airbnb Inc. | Booking Holdings Inc. | DoorDash, Inc. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|---|
| Dec 31, 2025 | 0.00 | 0.24 | — | 0.27 | — | — |
| Dec 31, 2024 | 0.00 | 0.00 | — | 0.00 | — | — |
| Dec 31, 2023 | 0.00 | 0.00 | — | 0.00 | — | — |
| Dec 31, 2022 | 0.00 | 0.00 | 4.49 | 0.00 | — | — |
| Dec 31, 2021 | 0.00 | 0.00 | 1.77 | 0.00 | — | — |
| Dec 31, 2020 | 0.00 | 0.63 | 2.46 | 0.08 | — | — |
| Dec 31, 2019 | 0.00 | — | 1.45 | — | — | — |
| Dec 31, 2018 | 0.00 | — | 0.98 | — | — | 8.07 |
| Dec 31, 2017 | 0.00 | — | 0.85 | — | — | 0.72 |
| Dec 31, 2016 | 0.00 | — | 0.73 | — | — | 0.61 |
| Dec 31, 2015 | 0.00 | — | 0.70 | — | 3.40 | 0.40 |
| Dec 31, 2014 | 0.00 | — | 0.45 | — | 1.17 | 0.39 |
| Dec 31, 2013 | 0.00 | — | 0.28 | — | 0.88 | 0.29 |
| Dec 31, 2012 | 0.00 | — | 0.37 | — | 0.89 | 0.11 |
| Dec 31, 2011 | 0.00 | — | 0.22 | — | 0.87 | 0.13 |
| Dec 31, 2010 | 0.00 | — | 0.26 | — | 0.79 | 0.15 |
| Dec 31, 2009 | 0.00 | — | 0.15 | — | 0.75 | 0.18 |
| Dec 31, 2008 | 0.00 | — | 0.54 | — | 0.76 | 0.51 |
| Dec 31, 2007 | 0.00 | — | 0.98 | — | 0.61 | 0.55 |
| Dec 31, 2006 | 0.00 | — | 1.63 | — | 0.55 | 0.32 |
| Dec 31, 2005 | 0.00 | — | 0.61 | — | 0.67 | 0.13 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Consumer Services)
Chipotle Mexican Grill Inc., debt to equity, long-term trends, comparison to sector (consumer services)
| Chipotle Mexican Grill Inc. | Consumer Services | |
|---|---|---|
| Dec 31, 2025 | 0.00 | 14.21 |
| Dec 31, 2024 | 0.00 | 15.33 |
| Dec 31, 2023 | 0.00 | 26.64 |
| Dec 31, 2022 | 0.00 | 23.03 |
| Dec 31, 2021 | 0.00 | 7.65 |
| Dec 31, 2020 | 0.00 | — |
| Dec 31, 2019 | 0.00 | — |
| Dec 31, 2018 | 0.00 | 9.57 |
| Dec 31, 2017 | 0.00 | 2.90 |
| Dec 31, 2016 | 0.00 | 2.46 |
| Dec 31, 2015 | 0.00 | 1.37 |
| Dec 31, 2014 | 0.00 | 0.73 |
| Dec 31, 2013 | 0.00 | 0.60 |
| Dec 31, 2012 | 0.00 | 0.61 |
| Dec 31, 2011 | 0.00 | 0.61 |
| Dec 31, 2010 | 0.00 | 0.60 |
| Dec 31, 2009 | 0.00 | 0.59 |
| Dec 31, 2008 | 0.00 | 0.69 |
| Dec 31, 2007 | 0.00 | 0.60 |
| Dec 31, 2006 | 0.00 | 0.52 |
| Dec 31, 2005 | 0.00 | 0.59 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Consumer Discretionary)
Chipotle Mexican Grill Inc., debt to equity, long-term trends, comparison to industry (consumer discretionary)
| Chipotle Mexican Grill Inc. | Consumer Discretionary | |
|---|---|---|
| Dec 31, 2025 | 0.00 | 0.89 |
| Dec 31, 2024 | 0.00 | 1.06 |
| Dec 31, 2023 | 0.00 | 1.28 |
| Dec 31, 2022 | 0.00 | 1.44 |
| Dec 31, 2021 | 0.00 | 1.41 |
| Dec 31, 2020 | 0.00 | 2.17 |
| Dec 31, 2019 | 0.00 | 2.60 |
| Dec 31, 2018 | 0.00 | 2.59 |
| Dec 31, 2017 | 0.00 | 2.55 |
| Dec 31, 2016 | 0.00 | 2.21 |
| Dec 31, 2015 | 0.00 | 1.88 |
| Dec 31, 2014 | 0.00 | 1.60 |
| Dec 31, 2013 | 0.00 | 1.25 |
| Dec 31, 2012 | 0.00 | 1.19 |
| Dec 31, 2011 | 0.00 | 1.09 |
| Dec 31, 2010 | 0.00 | 1.26 |
| Dec 31, 2009 | 0.00 | 2.58 |
| Dec 31, 2008 | 0.00 | 4.06 |
| Dec 31, 2007 | 0.00 | 2.62 |
| Dec 31, 2006 | 0.00 | 2.96 |
| Dec 31, 2005 | 0.00 | 2.35 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).