Operating Profit Margin
since 2005
Calculation
Chipotle Mexican Grill Inc., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Income from operations1 | ÷ | Revenue1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 16.23% | = | 100 | × | 1,935,798) | ÷ | 11,925,601) |
| Dec 31, 2024 | 16.94% | = | 100 | × | 1,916,333) | ÷ | 11,313,853) |
| Dec 31, 2023 | 15.78% | = | 100 | × | 1,557,813) | ÷ | 9,871,649) |
| Dec 31, 2022 | 13.44% | = | 100 | × | 1,160,403) | ÷ | 8,634,652) |
| Dec 31, 2021 | 10.67% | = | 100 | × | 804,943) | ÷ | 7,547,061) |
| Dec 31, 2020 | 4.85% | = | 100 | × | 290,164) | ÷ | 5,984,634) |
| Dec 31, 2019 | 7.95% | = | 100 | × | 443,958) | ÷ | 5,586,369) |
| Dec 31, 2018 | 5.31% | = | 100 | × | 258,368) | ÷ | 4,864,985) |
| Dec 31, 2017 | 6.05% | = | 100 | × | 270,794) | ÷ | 4,476,412) |
| Dec 31, 2016 | 0.89% | = | 100 | × | 34,567) | ÷ | 3,904,384) |
| Dec 31, 2015 | 16.96% | = | 100 | × | 763,589) | ÷ | 4,501,223) |
| Dec 31, 2014 | 17.30% | = | 100 | × | 710,800) | ÷ | 4,108,269) |
| Dec 31, 2013 | 16.57% | = | 100 | × | 532,720) | ÷ | 3,214,591) |
| Dec 31, 2012 | 16.69% | = | 100 | × | 455,865) | ÷ | 2,731,224) |
| Dec 31, 2011 | 15.45% | = | 100 | × | 350,562) | ÷ | 2,269,548) |
| Dec 31, 2010 | 15.68% | = | 100 | × | 287,831) | ÷ | 1,835,922) |
| Dec 31, 2009 | 13.42% | = | 100 | × | 203,705) | ÷ | 1,518,417) |
| Dec 31, 2008 | 9.31% | = | 100 | × | 124,039) | ÷ | 1,331,968) |
| Dec 31, 2007 | 9.96% | = | 100 | × | 108,183) | ÷ | 1,085,782) |
| Dec 31, 2006 | 7.53% | = | 100 | × | 61,952) | ÷ | 822,930) |
| Dec 31, 2005 | 4.94% | = | 100 | × | 30,994) | ÷ | 627,695) |
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.
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Comparison to Competitors
Chipotle Mexican Grill Inc., operating profit margin, 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 | 16.23% | 20.78% | 32.79% | 5.27% | 46.10% | 7.90% |
| Dec 31, 2024 | 16.94% | 23.00% | 31.83% | -0.35% | 45.19% | 14.95% |
| Dec 31, 2023 | 15.78% | 15.31% | 27.31% | -6.71% | 45.68% | 16.32% |
| Dec 31, 2022 | 13.44% | 21.45% | 29.85% | -17.07% | 40.42% | 14.32% |
| Dec 31, 2021 | 10.67% | 7.17% | 22.78% | -9.25% | 44.59% | 16.77% |
| Dec 31, 2020 | 4.85% | -106.27% | -9.28% | -15.11% | 38.13% | 6.64% |
| Dec 31, 2019 | 7.95% | — | 35.48% | — | 43.03% | 15.38% |
| Dec 31, 2018 | 5.31% | — | 36.77% | — | 41.96% | 15.71% |
| Dec 31, 2017 | 6.05% | — | 35.79% | — | 41.86% | 18.47% |
| Dec 31, 2016 | 0.89% | — | 27.05% | — | 31.45% | 19.57% |
| Dec 31, 2015 | 16.96% | — | 35.33% | — | 28.12% | 18.79% |
| Dec 31, 2014 | 17.30% | — | 36.41% | — | 28.97% | 18.73% |
| Dec 31, 2013 | 16.57% | — | 35.51% | — | 31.18% | -2.19% |
| Dec 31, 2012 | 16.69% | — | 34.78% | — | 31.21% | 15.02% |
| Dec 31, 2011 | 15.45% | — | 32.12% | — | 31.58% | 14.77% |
| Dec 31, 2010 | 15.68% | — | 25.50% | — | 31.04% | 13.26% |
| Dec 31, 2009 | 13.42% | — | 20.14% | — | 30.08% | 5.75% |
| Dec 31, 2008 | 9.31% | — | 15.36% | — | 27.39% | 4.85% |
| Dec 31, 2007 | 9.96% | — | 9.79% | — | 17.02% | 11.20% |
| Dec 31, 2006 | 7.53% | — | 5.52% | — | 20.59% | 11.48% |
| Dec 31, 2005 | 4.94% | — | 3.73% | — | 19.66% | 12.26% |
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).