Return on Equity (ROE)
since 2005
Calculation
Chipotle Mexican Grill Inc., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 54.26% | = | 100 | × | 1,535,761) | ÷ | 2,830,607) |
| Dec 31, 2024 | 41.97% | = | 100 | × | 1,534,110) | ÷ | 3,655,546) |
| Dec 31, 2023 | 40.13% | = | 100 | × | 1,228,737) | ÷ | 3,062,207) |
| Dec 31, 2022 | 37.97% | = | 100 | × | 899,101) | ÷ | 2,368,023) |
| Dec 31, 2021 | 28.42% | = | 100 | × | 652,984) | ÷ | 2,297,374) |
| Dec 31, 2020 | 17.61% | = | 100 | × | 355,766) | ÷ | 2,020,135) |
| Dec 31, 2019 | 20.81% | = | 100 | × | 350,158) | ÷ | 1,683,026) |
| Dec 31, 2018 | 12.25% | = | 100 | × | 176,553) | ÷ | 1,441,339) |
| Dec 31, 2017 | 12.92% | = | 100 | × | 176,253) | ÷ | 1,364,445) |
| Dec 31, 2016 | 1.64% | = | 100 | × | 22,938) | ÷ | 1,402,493) |
| Dec 31, 2015 | 22.35% | = | 100 | × | 475,602) | ÷ | 2,127,974) |
| Dec 31, 2014 | 22.13% | = | 100 | × | 445,374) | ÷ | 2,012,369) |
| Dec 31, 2013 | 21.29% | = | 100 | × | 327,438) | ÷ | 1,538,288) |
| Dec 31, 2012 | 22.31% | = | 100 | × | 278,000) | ÷ | 1,245,926) |
| Dec 31, 2011 | 20.58% | = | 100 | × | 214,945) | ÷ | 1,044,226) |
| Dec 31, 2010 | 22.07% | = | 100 | × | 178,981) | ÷ | 810,873) |
| Dec 31, 2009 | 18.03% | = | 100 | × | 126,845) | ÷ | 703,461) |
| Dec 31, 2008 | 12.56% | = | 100 | × | 78,202) | ÷ | 622,590) |
| Dec 31, 2007 | 12.55% | = | 100 | × | 70,563) | ÷ | 562,110) |
| Dec 31, 2006 | 8.74% | = | 100 | × | 41,423) | ÷ | 473,957) |
| Dec 31, 2005 | 12.19% | = | 100 | × | 37,696) | ÷ | 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
The Return on Equity (ROE) exhibited significant fluctuations over the analyzed period, spanning from 2005 to 2025. Initially, ROE demonstrated an increasing trend, peaking in the late 2000s before experiencing a substantial decline and subsequent recovery. A detailed examination reveals distinct phases in the company’s profitability relative to shareholder investment.
- Early Growth (2005-2009)
- From 2005 to 2009, ROE generally increased. Starting at 12.19% in 2005, it experienced a dip in 2006 to 8.74%, but then rose steadily, reaching a high of 18.03% in 2009. This period suggests improving profitability and efficient utilization of shareholder equity.
- Peak and Decline (2010-2016)
- ROE continued to climb, peaking at 22.35% in 2015, after reaching 22.07% in 2010. However, 2016 witnessed a dramatic decrease to 1.64%. This sharp decline coincided with a significant reduction in shareholders’ equity, indicating potential challenges or restructuring within the company that negatively impacted earnings relative to the equity base.
- Recovery and Expansion (2017-2025)
- Following the low in 2016, ROE began a strong recovery, reaching 12.92% in 2017 and continuing to increase. From 2017 to 2025, ROE demonstrated consistent growth, culminating in a high of 54.26% in 2025. This period reflects a successful turnaround and improved profitability, driven by substantial increases in both net income and shareholders’ equity. The rate of increase accelerated in the later years of the period.
Net income and shareholders’ equity both generally increased over the period, but the ROE fluctuations indicate that the relationship between these two components was not always consistent. The substantial ROE increase in the latter part of the period suggests that the company became increasingly effective at generating profits from shareholder investments. The significant drop in 2016 warrants further investigation to understand the underlying causes and their impact on the company’s financial health.
Overall, the ROE trend demonstrates a company that experienced periods of growth, a significant setback, and a robust recovery. The recent high ROE values suggest strong financial performance and efficient capital allocation.
Comparison to Competitors
Chipotle Mexican Grill Inc., ROE, 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 | 54.26% | — | — | — | — | — |
| Dec 31, 2024 | 41.97% | 31.48% | — | 1.58% | — | — |
| Dec 31, 2023 | 40.13% | 58.69% | — | -8.20% | — | — |
| Dec 31, 2022 | 37.97% | 34.05% | 109.92% | -20.21% | — | — |
| Dec 31, 2021 | 28.42% | -7.37% | 18.86% | -10.03% | — | — |
| Dec 31, 2020 | 17.61% | -158.00% | 1.21% | -9.81% | — | — |
| Dec 31, 2019 | 20.81% | — | 82.00% | — | — | — |
| Dec 31, 2018 | 12.25% | — | 45.51% | — | — | 386.34% |
| Dec 31, 2017 | 12.92% | — | 20.79% | — | — | 52.93% |
| Dec 31, 2016 | 1.64% | — | 21.74% | — | — | 47.89% |
| Dec 31, 2015 | 22.35% | — | 29.01% | — | 63.90% | 47.39% |
| Dec 31, 2014 | 22.13% | — | 28.27% | — | 37.02% | 39.23% |
| Dec 31, 2013 | 21.29% | — | 27.39% | — | 34.89% | 0.19% |
| Dec 31, 2012 | 22.31% | — | 36.43% | — | 35.73% | 27.09% |
| Dec 31, 2011 | 20.58% | — | 41.04% | — | 38.24% | 28.41% |
| Dec 31, 2010 | 22.07% | — | 29.09% | — | 33.80% | 25.73% |
| Dec 31, 2009 | 18.03% | — | 37.04% | — | 32.43% | 12.83% |
| Dec 31, 2008 | 12.56% | — | 26.49% | — | 32.23% | 12.67% |
| Dec 31, 2007 | 12.55% | — | 27.12% | — | 15.67% | 29.45% |
| Dec 31, 2006 | 8.74% | — | 21.36% | — | 22.93% | 25.32% |
| Dec 31, 2005 | 12.19% | — | 52.22% | — | 17.18% | 23.65% |
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., ROE, long-term trends, comparison to sector (consumer services)
| Chipotle Mexican Grill Inc. | Consumer Services | |
|---|---|---|
| Dec 31, 2025 | 54.26% | — |
| Dec 31, 2024 | 41.97% | 481.49% |
| Dec 31, 2023 | 40.13% | 863.51% |
| Dec 31, 2022 | 37.97% | 506.32% |
| Dec 31, 2021 | 28.42% | 159.36% |
| Dec 31, 2020 | 17.61% | — |
| Dec 31, 2019 | 20.81% | — |
| Dec 31, 2018 | 12.25% | 284.52% |
| Dec 31, 2017 | 12.92% | 71.55% |
| Dec 31, 2016 | 1.64% | 64.84% |
| Dec 31, 2015 | 22.35% | 43.28% |
| Dec 31, 2014 | 22.13% | 33.77% |
| Dec 31, 2013 | 21.29% | 27.00% |
| Dec 31, 2012 | 22.31% | 33.45% |
| Dec 31, 2011 | 20.58% | 35.81% |
| Dec 31, 2010 | 22.07% | 31.52% |
| Dec 31, 2009 | 18.03% | 29.09% |
| Dec 31, 2008 | 12.56% | 28.45% |
| Dec 31, 2007 | 12.55% | 17.62% |
| Dec 31, 2006 | 8.74% | 22.82% |
| Dec 31, 2005 | 12.19% | 18.57% |
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., ROE, long-term trends, comparison to industry (consumer discretionary)
| Chipotle Mexican Grill Inc. | Consumer Discretionary | |
|---|---|---|
| Dec 31, 2025 | 54.26% | — |
| Dec 31, 2024 | 41.97% | 27.93% |
| Dec 31, 2023 | 40.13% | 29.93% |
| Dec 31, 2022 | 37.97% | 20.78% |
| Dec 31, 2021 | 28.42% | 33.71% |
| Dec 31, 2020 | 17.61% | 24.49% |
| Dec 31, 2019 | 20.81% | 34.62% |
| Dec 31, 2018 | 12.25% | 34.33% |
| Dec 31, 2017 | 12.92% | 22.85% |
| Dec 31, 2016 | 1.64% | 28.74% |
| Dec 31, 2015 | 22.35% | 29.03% |
| Dec 31, 2014 | 22.13% | 20.60% |
| Dec 31, 2013 | 21.29% | 20.34% |
| Dec 31, 2012 | 22.31% | 21.97% |
| Dec 31, 2011 | 20.58% | 34.92% |
| Dec 31, 2010 | 22.07% | 24.34% |
| Dec 31, 2009 | 18.03% | 25.32% |
| Dec 31, 2008 | 12.56% | 1.64% |
| Dec 31, 2007 | 12.55% | 16.06% |
| Dec 31, 2006 | 8.74% | 3.84% |
| Dec 31, 2005 | 12.19% | 19.92% |
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).