Stock Analysis on Net
Stock Analysis on Net

Chipotle Mexican Grill Inc. (NYSE:CMG)

$24.99

Operating Profit Margin
since 2005

Microsoft Excel

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Calculation

Chipotle Mexican Grill Inc., operating profit margin, long-term trends, calculation

Microsoft Excel
Operating profit margin = 100 × Income from operations1 ÷ Revenue1
Dec 31, 2025 = 100 × ÷
Dec 31, 2024 = 100 × ÷
Dec 31, 2023 = 100 × ÷
Dec 31, 2022 = 100 × ÷
Dec 31, 2021 = 100 × ÷
Dec 31, 2020 = 100 × ÷
Dec 31, 2019 = 100 × ÷
Dec 31, 2018 = 100 × ÷
Dec 31, 2017 = 100 × ÷
Dec 31, 2016 = 100 × ÷
Dec 31, 2015 = 100 × ÷
Dec 31, 2014 = 100 × ÷
Dec 31, 2013 = 100 × ÷
Dec 31, 2012 = 100 × ÷
Dec 31, 2011 = 100 × ÷
Dec 31, 2010 = 100 × ÷
Dec 31, 2009 = 100 × ÷
Dec 31, 2008 = 100 × ÷
Dec 31, 2007 = 100 × ÷
Dec 31, 2006 = 100 × ÷
Dec 31, 2005 = 100 × ÷

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

The operating profit margin exhibited a generally positive trend over the analyzed period, though with significant fluctuations. Initial values were in the low single digits, increasing substantially before experiencing a dramatic decline and subsequent recovery.

Early Growth (2005-2010)
From 2005 to 2010, the operating profit margin demonstrated consistent growth, increasing from 4.94% to a peak of 15.68%. This period reflects improving operational efficiency and profitability as revenue increased. The rate of increase accelerated between 2008 and 2010.
Peak and Subsequent Decline (2011-2016)
The operating profit margin remained relatively stable at a high level between 2011 and 2014, fluctuating between 15.45% and 17.30%. However, a substantial decline occurred in 2015 and 2016, falling to 0.89%. This sharp decrease coincided with a decrease in income from operations, indicating significant operational challenges during those years.
Recovery and Continued Expansion (2017-2025)
Following the low point in 2016, the operating profit margin began a recovery, reaching 6.05% in 2017. The margin continued to improve, reaching 13.44% in 2021, and further increasing to 16.94% in 2023. The most recent value, for 2025, is 16.23%, indicating a slight decrease from the 2023 peak, but still representing a strong level of profitability. The period from 2017-2025 shows a clear upward trajectory, though with some moderation in the latest year.
Correlation with Revenue
Generally, increases in revenue were accompanied by increases in the operating profit margin, suggesting economies of scale and effective cost management during periods of growth. However, the decline in 2015-2016 demonstrates that revenue growth alone does not guarantee margin improvement; operational issues can significantly impact profitability even with increasing sales.

Overall, the operating profit margin demonstrates a resilient business model capable of recovering from significant setbacks. The recent trend indicates a return to strong profitability, although continued monitoring is warranted to assess the sustainability of these gains.

Comparison to Competitors

Chipotle Mexican Grill Inc., operating profit margin, long-term trends, comparison to competitors

Microsoft Excel
Chipotle Mexican Grill Inc. Airbnb Inc. Booking Holdings Inc. DoorDash, Inc. McDonald’s Corp. Starbucks Corp.
Dec 31, 2025
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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).