Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Chipotle Mexican Grill Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
The analysis of liquidity ratios reveals a distinct three-phase cycle characterized by an initial period of stability, a subsequent phase of significant strengthening, and a final period of sharp deterioration. Throughout the observed timeline, there is a strong correlation between the current, quick, and cash ratios, indicating that cash and cash equivalents are the primary drivers of short-term solvency.
- Current Ratio Trends
- Between March 2022 and December 2022, the current ratio remained relatively stable, fluctuating between 1.26 and 1.32. A strengthening phase began in early 2023, with the ratio ascending to a peak of 1.71 by June 2024. After maintaining levels above 1.50 through most of 2025, a precipitous decline occurred in early 2026, with the ratio falling to a low of 0.72 by June 2026 before a marginal recovery to 0.81 by September 2026.
- Quick and Cash Ratio Dynamics
- The quick ratio and cash ratio exhibit nearly identical trajectories, mirroring the movement of the current ratio. The quick ratio peaked at 1.52 in June 2024 and contracted to 0.59 by June 2026. Simultaneously, the cash ratio peaked at 1.43 in June 2024 and reached a low of 0.52 in June 2026. The minimal variance between these two metrics suggests that inventory levels have a negligible impact on liquidity, as the vast majority of liquid assets are held in cash.
- Liquidity Position Analysis
- A significant shift in the financial position is observable starting in late 2025. The company transitioned from a position of high liquidity—where current assets comfortably exceeded current liabilities—to a state of potential short-term stress in 2026. The descent of the current ratio below the 1.0 threshold in March 2026 marks a critical reversal, indicating that current liabilities began to exceed current assets for the remainder of the period.
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Current Ratio
Chipotle Mexican Grill Inc., current ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Current assets | 1,172,043) | 940,739) | 1,137,319) | 1,466,953) | 1,773,780) | 1,869,125) | 1,661,648) | 1,780,587) | 1,680,256) | 1,786,298) | 1,645,769) | 1,620,713) | 1,669,343) | 1,556,419) | 1,261,442) | 1,175,837) | 1,077,432) | 1,046,299) | 1,096,493) | ||||||
| Current liabilities | 1,446,606) | 1,315,080) | 1,237,353) | 1,188,142) | 1,150,064) | 1,132,271) | 1,091,538) | 1,168,768) | 1,037,884) | 1,043,156) | 997,353) | 1,030,625) | 1,087,707) | 982,250) | 894,092) | 921,880) | 817,857) | 831,623) | 833,738) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 0.81 | 0.72 | 0.92 | 1.23 | 1.54 | 1.65 | 1.52 | 1.52 | 1.62 | 1.71 | 1.65 | 1.57 | 1.53 | 1.58 | 1.41 | 1.28 | 1.32 | 1.26 | 1.32 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 1.41 | 1.44 | 1.38 | 1.39 | 1.23 | 1.27 | 1.69 | 1.62 | 1.41 | 1.44 | 1.66 | 1.78 | 1.47 | 1.55 | 1.86 | 1.85 | 1.58 | 1.61 | ||||||
| Booking Holdings Inc. | 1.11 | 1.09 | 1.06 | 1.33 | 1.33 | 1.25 | 1.22 | 1.31 | 1.23 | 1.17 | 1.22 | 1.28 | 1.44 | 1.55 | 1.59 | 1.86 | 1.45 | 1.45 | 1.72 | ||||||
| DoorDash, Inc. | 1.46 | 1.37 | 1.43 | 1.41 | 2.04 | 2.07 | 1.72 | 1.66 | 1.65 | 1.64 | 1.64 | 1.64 | 1.72 | 1.69 | 1.73 | 1.86 | 2.12 | 2.39 | 2.51 | ||||||
| McDonald’s Corp. | — | 1.08 | 1.14 | 0.95 | 1.00 | 1.30 | 1.18 | 1.19 | 0.78 | 1.08 | 0.83 | 1.16 | 1.71 | 1.35 | 1.47 | 1.43 | 1.65 | 1.41 | 1.10 | ||||||
| Starbucks Corp. | 0.76 | 0.92 | 1.05 | 0.72 | 0.76 | 0.64 | 0.75 | 0.75 | 0.89 | 0.86 | 0.70 | 0.78 | 0.78 | 0.77 | 0.75 | 0.77 | 0.84 | 0.83 | 0.81 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 1,172,043 ÷ 1,446,606 = 0.81
2 Click competitor name to see calculations.
The liquidity position of the organization exhibits three distinct phases: a period of steady improvement, a phase of relative stability, and a subsequent sharp contraction in the current ratio.
- Liquidity Expansion and Peak
- Between March 2022 and June 2024, a positive trend in liquidity is observed, with the current ratio increasing from 1.32 to a peak of 1.71. This growth was primarily driven by a substantial increase in current assets, which rose from approximately $1.10 billion to $1.79 billion. During this period, current liabilities grew at a slower pace, thereby strengthening the organization's ability to meet short-term obligations.
- Stability Phase
- From June 2024 through March 2025, the current ratio remained relatively stable, fluctuating between 1.52 and 1.65. Current assets generally remained above $1.6 billion, while current liabilities were maintained within the $1.0 billion to $1.17 billion range, indicating a consistent and healthy liquidity buffer.
- Liquidity Contraction and Deterioration
- A significant reversal in the liquidity trend began in June 2025. The current ratio declined precipitously from 1.65 in June 2025 to a low of 0.72 by June 2026. This deterioration is the result of a sharp contraction in current assets, which fell to $940.7 million by June 2026, occurring simultaneously with a steady increase in current liabilities, which reached $1.45 billion by September 2026.
- Working Capital Implications
- The transition of the current ratio below the 1.0 threshold, starting in December 2025, indicates a shift toward a working capital deficit. By the final reporting period ending September 30, 2026, the ratio of 0.81 confirms that current assets are no longer sufficient to cover total current liabilities, marking a substantial decline from the solvency levels maintained during the 2022-2024 period.
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Quick Ratio
Chipotle Mexican Grill Inc., quick ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Cash and cash equivalents | 634,210) | 228,199) | 246,636) | 350,545) | 698,743) | 844,524) | 725,597) | 748,537) | 698,547) | 806,528) | 727,394) | 560,609) | 602,307) | 504,866) | 409,727) | 384,000) | 366,623) | 520,933) | 615,863) | ||||||
| Accounts receivable, net | 99,544) | 100,307) | 94,934) | 156,466) | 95,844) | 105,004) | 101,594) | 143,963) | 93,202) | 97,542) | 89,836) | 115,535) | 71,122) | 60,985) | 65,869) | 106,880) | 71,276) | 83,636) | 89,295) | ||||||
| Current investments | 268,354) | 449,658) | 624,786) | 698,591) | 722,531) | 701,968) | 689,125) | 674,378) | 668,676) | 683,287) | 692,474) | 734,838) | 851,699) | 851,142) | 652,858) | 515,136) | 417,278) | 240,684) | 240,379) | ||||||
| Total quick assets | 1,002,108) | 778,164) | 966,356) | 1,205,602) | 1,517,118) | 1,651,496) | 1,516,316) | 1,566,878) | 1,460,425) | 1,587,357) | 1,509,704) | 1,410,982) | 1,525,128) | 1,416,993) | 1,128,454) | 1,006,016) | 855,177) | 845,253) | 945,537) | ||||||
| Current liabilities | 1,446,606) | 1,315,080) | 1,237,353) | 1,188,142) | 1,150,064) | 1,132,271) | 1,091,538) | 1,168,768) | 1,037,884) | 1,043,156) | 997,353) | 1,030,625) | 1,087,707) | 982,250) | 894,092) | 921,880) | 817,857) | 831,623) | 833,738) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 0.69 | 0.59 | 0.78 | 1.01 | 1.32 | 1.46 | 1.39 | 1.34 | 1.41 | 1.52 | 1.51 | 1.37 | 1.40 | 1.44 | 1.26 | 1.09 | 1.05 | 1.02 | 1.13 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 1.35 | 1.39 | 1.33 | 1.36 | 1.20 | 1.25 | 1.64 | 1.59 | 1.38 | 1.41 | 1.62 | 1.75 | 1.45 | 1.52 | 1.83 | 1.82 | 1.55 | 1.59 | ||||||
| Booking Holdings Inc. | 1.04 | 1.02 | 0.99 | 1.26 | 1.26 | 1.18 | 1.15 | 1.24 | 1.16 | 1.11 | 1.15 | 1.20 | 1.35 | 1.45 | 1.49 | 1.73 | 1.34 | 1.37 | 1.63 | ||||||
| DoorDash, Inc. | 1.17 | 1.10 | 1.14 | 1.12 | 1.80 | 1.83 | 1.49 | 1.41 | 1.36 | 1.35 | 1.35 | 1.35 | 1.42 | 1.41 | 1.43 | 1.54 | 1.87 | 2.14 | 2.23 | ||||||
| McDonald’s Corp. | — | 0.82 | 0.87 | 0.74 | 0.82 | 1.03 | 0.90 | 0.90 | 0.58 | 0.82 | 0.63 | 1.03 | 1.43 | 1.04 | 1.25 | 1.24 | 1.35 | 1.07 | 0.95 | ||||||
| Starbucks Corp. | 0.50 | 0.26 | 0.42 | 0.46 | 0.52 | 0.40 | 0.53 | 0.52 | 0.59 | 0.56 | 0.48 | 0.55 | 0.52 | 0.51 | 0.48 | 0.48 | 0.52 | 0.55 | 0.57 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 1,002,108 ÷ 1,446,606 = 0.69
2 Click competitor name to see calculations.
The liquidity profile exhibits a cyclical progression characterized by an initial period of stability, a phase of significant strengthening, and a subsequent sharp contraction in the ability to meet short-term obligations using liquid assets.
- Liquidity Expansion Phase
- From March 2023 through June 2024, a consistent upward trend in the quick ratio is observed, rising from 1.26 to a peak of 1.52. This improvement was primarily driven by a substantial increase in total quick assets, which grew from approximately 1.13 billion USD to 1.59 billion USD, outpacing the growth of current liabilities during the same period.
- Liquidity Contraction and Deterioration
- A significant reversal in the liquidity trend occurred starting in late 2025. Between June 2025 and June 2026, total quick assets plummeted from 1.65 billion USD to 778 million USD. Simultaneously, current liabilities maintained a steady upward trajectory, increasing from 1.13 billion USD to 1.32 billion USD. This dual pressure resulted in the quick ratio falling from 1.46 in June 2025 to a low of 0.59 in June 2026.
- Critical Threshold Analysis
- The breach of the 1.0 ratio threshold occurred in December 2025, marking a transition from a position of liquidity surplus to a deficit. By the second quarter of 2026, the ratio reached its lowest point of 0.59, indicating that liquid assets covered only a fraction of current liabilities. While a slight recovery to 0.69 is noted by September 2026, the liquidity position remains severely compromised compared to the 2023-2024 average.
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Cash Ratio
Chipotle Mexican Grill Inc., cash ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Cash and cash equivalents | 634,210) | 228,199) | 246,636) | 350,545) | 698,743) | 844,524) | 725,597) | 748,537) | 698,547) | 806,528) | 727,394) | 560,609) | 602,307) | 504,866) | 409,727) | 384,000) | 366,623) | 520,933) | 615,863) | ||||||
| Current investments | 268,354) | 449,658) | 624,786) | 698,591) | 722,531) | 701,968) | 689,125) | 674,378) | 668,676) | 683,287) | 692,474) | 734,838) | 851,699) | 851,142) | 652,858) | 515,136) | 417,278) | 240,684) | 240,379) | ||||||
| Total cash assets | 902,564) | 677,857) | 871,422) | 1,049,136) | 1,421,274) | 1,546,492) | 1,414,722) | 1,422,915) | 1,367,223) | 1,489,815) | 1,419,868) | 1,295,447) | 1,454,006) | 1,356,008) | 1,062,585) | 899,136) | 783,901) | 761,617) | 856,242) | ||||||
| Current liabilities | 1,446,606) | 1,315,080) | 1,237,353) | 1,188,142) | 1,150,064) | 1,132,271) | 1,091,538) | 1,168,768) | 1,037,884) | 1,043,156) | 997,353) | 1,030,625) | 1,087,707) | 982,250) | 894,092) | 921,880) | 817,857) | 831,623) | 833,738) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 0.62 | 0.52 | 0.70 | 0.88 | 1.24 | 1.37 | 1.30 | 1.22 | 1.32 | 1.43 | 1.42 | 1.26 | 1.34 | 1.38 | 1.19 | 0.98 | 0.96 | 0.92 | 1.03 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 0.67 | 0.73 | 0.81 | 0.83 | 0.60 | 0.69 | 1.04 | 0.99 | 0.71 | 0.78 | 1.01 | 1.12 | 0.76 | 0.87 | 1.21 | 1.20 | 0.88 | 0.95 | ||||||
| Booking Holdings Inc. | 0.82 | 0.82 | 0.81 | 1.03 | 1.02 | 0.94 | 0.95 | 1.03 | 0.95 | 0.90 | 0.95 | 0.95 | 1.08 | 1.22 | 1.31 | 1.46 | 1.07 | 1.15 | 1.41 | ||||||
| DoorDash, Inc. | 0.98 | 0.92 | 0.97 | 0.94 | 1.62 | 1.65 | 1.32 | 1.25 | 1.21 | 1.21 | 1.20 | 1.20 | 1.28 | 1.27 | 1.28 | 1.38 | 1.72 | 1.97 | 2.04 | ||||||
| McDonald’s Corp. | — | 0.20 | 0.28 | 0.18 | 0.40 | 0.44 | 0.31 | 0.28 | 0.19 | 0.20 | 0.17 | 0.67 | 0.87 | 0.44 | 0.80 | 0.68 | 0.81 | 0.54 | 0.55 | ||||||
| Starbucks Corp. | 0.36 | 0.15 | 0.31 | 0.34 | 0.40 | 0.29 | 0.41 | 0.39 | 0.44 | 0.42 | 0.36 | 0.42 | 0.39 | 0.38 | 0.36 | 0.35 | 0.39 | 0.44 | 0.45 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 902,564 ÷ 1,446,606 = 0.62
2 Click competitor name to see calculations.
The cash ratio exhibits a cyclical trajectory characterized by an initial period of relative stability, a phase of significant liquidity expansion, and a subsequent sharp contraction in the most recent reporting periods.
- Liquidity Accumulation Phase (March 2023 – June 2024)
- A strong upward trend in the cash ratio is observed during this period, climbing from 1.19 to a peak of 1.43. This improvement was driven by a substantial increase in total cash assets, which rose from approximately 1.06 billion to 1.49 billion, significantly outpacing the growth of current liabilities.
- Stabilization Period (September 2024 – June 2025)
- The cash ratio remained consistently above 1.20, indicating a robust ability to cover short-term obligations with cash. While total cash assets fluctuated, peaking at 1.55 billion in June 2025, the ratio remained stable as current liabilities grew at a moderate pace.
- Liquidity Deterioration Phase (September 2025 – September 2026)
- A severe decline in liquidity is evident starting in the latter half of 2025. The cash ratio dropped from 1.24 in June 2025 to a minimum of 0.52 by June 2026. This contraction resulted from a simultaneous decrease in total cash assets, which reached a period low of 677.8 million, and a steady increase in current liabilities, which climbed to 1.45 billion. A marginal recovery to 0.62 was noted in September 2026, though the ratio remains well below historical averages.
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