Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Chipotle Mexican Grill Inc., solvency ratios (quarterly data)
Based on: 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 solvency profile exhibits a distinct U-shaped trajectory over the observed period, characterized by a sustained phase of deleveraging from March 2022 through June 2024, followed by a significant and accelerating increase in leverage through June 2026.
- Debt to Equity and Debt to Capital
- A consistent downward trend is observed in the debt-to-equity ratio, which decreased from 1.67 in March 2022 to a low of 1.15 by June 2024. This is complemented by the debt-to-capital ratio, which fell from 0.62 to 0.54 during the same window. Starting in September 2024, these metrics reversed course sharply; the debt-to-equity ratio climbed to 2.46 and the debt-to-capital ratio rose to 0.71 by June 2026, indicating a substantial increase in the reliance on debt relative to equity and total capital.
- Debt to Assets
- The ratio of debt to assets, including operating lease liabilities, remained relatively stable with a slight downward bias in the first half of the period, moving from 0.55 in March 2022 to 0.48 in June 2024. A gradual increase followed, with the ratio reaching 0.61 by June 2026. This progression suggests that a larger portion of the asset base is being financed through liabilities in the latter stages of the analysis.
- Financial Leverage
- Financial leverage mirrors the broader solvency trend, declining from 3.03 in March 2022 to a minimum of 2.40 in June 2024. The most pronounced shift occurs between December 2024 and June 2026, where leverage accelerated from 2.52 to 4.03. This rapid increase indicates a significant expansion of the total asset base relative to shareholder equity, marking a shift toward a more aggressive capital structure.
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Debt Ratios
Debt to Equity
Chipotle Mexican Grill Inc., debt to equity calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Shareholders’ equity | 2,199,791) | 2,407,635) | 2,830,607) | 3,221,838) | 3,528,195) | 3,490,872) | 3,655,546) | 3,613,898) | 3,711,820) | 3,361,329) | 3,062,207) | 2,886,314) | 2,766,886) | 2,481,685) | 2,368,023) | 2,327,381) | 2,154,199) | 2,133,960) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to equity1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||
| Airbnb Inc. | 0.32 | 0.32 | 0.24 | 0.23 | 0.26 | 0.25 | 0.24 | 0.23 | 0.25 | 0.25 | 0.24 | 0.22 | 0.39 | 0.38 | 0.36 | 0.36 | 0.38 | 0.42 | ||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | 11.29 | 4.49 | 2.50 | 2.37 | 2.23 | ||||||
| DoorDash, Inc. | 0.27 | 0.27 | 0.27 | 0.29 | 0.30 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 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 Q2 2026 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 0 ÷ 2,199,791 = 0.00
2 Click competitor name to see calculations.
An analysis of the solvency components reveals a distinct cycle of expansion and contraction in shareholders' equity over the period from March 2022 through June 2026. Although total debt figures and the resulting debt-to-equity ratios are not available for calculation, the fluctuations in the equity base provide critical insights into the company's financial structure.
- Equity Growth Phase
- A consistent upward trajectory in shareholders' equity is observed from March 31, 2022, through June 30, 2024. During this period, equity rose from 2,133,960 thousand US$ to a peak of 3,711,820 thousand US$, indicating a period of significant capital accumulation and strengthening of the company's net worth.
- Equity Contraction Phase
- Following the peak in mid-2024, a sustained downward trend is evident. Shareholders' equity declined steadily, reaching 2,199,791 thousand US$ by June 30, 2026. This contraction effectively returns the equity level to a position similar to that recorded at the start of the analysis period in early 2022.
- Solvency Implications
- The substantial reduction in shareholders' equity between 2024 and 2026 suggests a potential increase in financial leverage. Because the equity base serves as the denominator in the debt-to-equity ratio, this decline would result in a higher solvency ratio—and thus a higher risk profile—provided that total debt remained constant or increased during this interval.
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Debt to Equity (including Operating Lease Liability)
Chipotle Mexican Grill Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Current operating lease liabilities | 317,002) | 310,151) | 302,380) | 293,027) | 287,252) | 284,505) | 277,836) | 270,574) | 264,304) | 254,144) | 248,074) | 244,994) | 244,061) | 239,029) | 236,248) | 231,947) | 230,930) | 223,303) | ||||||
| Long-term operating lease liabilities | 5,102,194) | 4,935,729) | 4,773,434) | 4,687,090) | 4,493,334) | 4,348,574) | 4,262,782) | 4,212,868) | 4,014,454) | 3,903,353) | 3,803,551) | 3,773,087) | 3,643,931) | 3,532,566) | 3,495,162) | 3,497,221) | 3,393,423) | 3,331,319) | ||||||
| Total debt (including operating lease liability) | 5,419,196) | 5,245,880) | 5,075,814) | 4,980,117) | 4,780,586) | 4,633,079) | 4,540,618) | 4,483,442) | 4,278,758) | 4,157,497) | 4,051,625) | 4,018,081) | 3,887,992) | 3,771,595) | 3,731,410) | 3,729,168) | 3,624,353) | 3,554,622) | ||||||
| Shareholders’ equity | 2,199,791) | 2,407,635) | 2,830,607) | 3,221,838) | 3,528,195) | 3,490,872) | 3,655,546) | 3,613,898) | 3,711,820) | 3,361,329) | 3,062,207) | 2,886,314) | 2,766,886) | 2,481,685) | 2,368,023) | 2,327,381) | 2,154,199) | 2,133,960) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 2.46 | 2.18 | 1.79 | 1.55 | 1.35 | 1.33 | 1.24 | 1.24 | 1.15 | 1.24 | 1.32 | 1.39 | 1.41 | 1.52 | 1.58 | 1.60 | 1.68 | 1.67 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | 11.79 | 4.69 | 2.58 | 2.45 | 2.31 | ||||||
| DoorDash, Inc. | 0.33 | 0.32 | 0.33 | 0.34 | 0.36 | 0.06 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.07 | 0.07 | 0.09 | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 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 Q2 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 5,419,196 ÷ 2,199,791 = 2.46
2 Click competitor name to see calculations.
The financial data indicates a two-phase shift in the company's solvency profile between March 31, 2022, and June 30, 2026. The initial period is characterized by an improving debt-to-equity position, followed by a significant deterioration in leverage starting in the second half of 2024.
- Total Debt Trends
- A consistent and uninterrupted upward trajectory in total debt, including operating lease liabilities, is observed throughout the analyzed period. Liabilities grew from 3.55 billion US dollars in March 2022 to 5.42 billion US dollars by June 2026, representing a steady increase in the company's total obligations.
- Shareholders' Equity Fluctuations
- Shareholders' equity exhibited a non-linear trend. An initial growth phase occurred from March 2022, with equity rising from 2.13 billion US dollars to a peak of 3.71 billion US dollars by June 30, 2024. Subsequently, a sustained decline followed, with equity falling back to 2.20 billion US dollars by June 30, 2026, nearly returning to the levels seen at the start of the period.
- Debt to Equity Ratio Analysis
- The debt-to-equity ratio mirrors the interaction between the rising debt and the fluctuating equity. From March 2022 to June 2024, the ratio declined from 1.67 to a period low of 1.15, suggesting a period of strengthened solvency as equity growth outpaced debt accumulation. However, from June 2024 onward, the ratio accelerated upward, reaching 2.46 by June 2026. This sharp increase is the result of the simultaneous rise in total liabilities and the contraction of shareholders' equity.
The transition from a ratio of 1.15 in mid-2024 to 2.46 in mid-2026 marks a substantial shift in the capital structure, indicating a higher reliance on debt and lease obligations relative to equity financing toward the end of the observed timeframe.
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Debt to Capital
Chipotle Mexican Grill Inc., debt to capital calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Shareholders’ equity | 2,199,791) | 2,407,635) | 2,830,607) | 3,221,838) | 3,528,195) | 3,490,872) | 3,655,546) | 3,613,898) | 3,711,820) | 3,361,329) | 3,062,207) | 2,886,314) | 2,766,886) | 2,481,685) | 2,368,023) | 2,327,381) | 2,154,199) | 2,133,960) | ||||||
| Total capital | 2,199,791) | 2,407,635) | 2,830,607) | 3,221,838) | 3,528,195) | 3,490,872) | 3,655,546) | 3,613,898) | 3,711,820) | 3,361,329) | 3,062,207) | 2,886,314) | 2,766,886) | 2,481,685) | 2,368,023) | 2,327,381) | 2,154,199) | 2,133,960) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to capital1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||
| Airbnb Inc. | 0.24 | 0.24 | 0.20 | 0.19 | 0.20 | 0.20 | 0.19 | 0.19 | 0.20 | 0.20 | 0.20 | 0.18 | 0.28 | 0.27 | 0.26 | 0.26 | 0.27 | 0.30 | ||||||
| Booking Holdings Inc. | 2.15 | 1.90 | 1.42 | 1.39 | 1.56 | 1.62 | 1.32 | 1.29 | 1.34 | 1.32 | 1.24 | 1.05 | 1.05 | 0.92 | 0.82 | 0.71 | 0.70 | 0.69 | ||||||
| DoorDash, Inc. | 0.22 | 0.21 | 0.21 | 0.22 | 0.23 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| McDonald’s Corp. | 1.03 | 1.03 | 1.05 | 1.06 | 1.07 | 1.10 | 1.11 | 1.15 | 1.14 | 1.15 | 1.14 | 1.15 | 1.16 | 1.18 | 1.20 | 1.23 | 1.23 | 1.21 | ||||||
| Starbucks Corp. | 2.28 | 2.09 | 2.01 | 1.80 | 1.96 | 1.92 | 1.92 | 2.04 | 2.18 | 2.35 | 2.08 | 2.18 | 2.22 | 2.39 | 2.37 | 2.34 | 2.21 | 2.34 | ||||||
Based on: 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 Q2 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 0 ÷ 2,199,791 = 0.00
2 Click competitor name to see calculations.
The analysis of the solvency metrics reveals a capital structure characterized by the complete absence of reported debt throughout the observed period. This results in a debt-to-capital ratio of zero, indicating that the organization relies exclusively on equity to fund its operations and growth.
- Capital Accumulation and Peak
- Total capital exhibited a consistent upward trajectory beginning in March 2022, rising from 2,133,960 thousand US dollars to a peak of 3,711,820 thousand US dollars by June 30, 2024. This expansion represents a significant increase in the organization's total resource base over a two-year period.
- Capital Contraction Phase
- Following the peak in mid-2024, a sustained downward trend in total capital is observed. The value declined steadily from June 2024 through June 2026, ending at 2,199,791 thousand US dollars. This contraction suggests a reduction in equity or a strategic reallocation of capital during the latter half of the analyzed timeframe.
- Solvency and Leverage Profile
- Due to the lack of total debt across all quarters, the company maintains an exceptionally conservative solvency profile. The absence of leverage minimizes financial risk associated with interest obligations and debt repayment, regardless of the fluctuations observed in total capital.
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Debt to Capital (including Operating Lease Liability)
Chipotle Mexican Grill Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Current operating lease liabilities | 317,002) | 310,151) | 302,380) | 293,027) | 287,252) | 284,505) | 277,836) | 270,574) | 264,304) | 254,144) | 248,074) | 244,994) | 244,061) | 239,029) | 236,248) | 231,947) | 230,930) | 223,303) | ||||||
| Long-term operating lease liabilities | 5,102,194) | 4,935,729) | 4,773,434) | 4,687,090) | 4,493,334) | 4,348,574) | 4,262,782) | 4,212,868) | 4,014,454) | 3,903,353) | 3,803,551) | 3,773,087) | 3,643,931) | 3,532,566) | 3,495,162) | 3,497,221) | 3,393,423) | 3,331,319) | ||||||
| Total debt (including operating lease liability) | 5,419,196) | 5,245,880) | 5,075,814) | 4,980,117) | 4,780,586) | 4,633,079) | 4,540,618) | 4,483,442) | 4,278,758) | 4,157,497) | 4,051,625) | 4,018,081) | 3,887,992) | 3,771,595) | 3,731,410) | 3,729,168) | 3,624,353) | 3,554,622) | ||||||
| Shareholders’ equity | 2,199,791) | 2,407,635) | 2,830,607) | 3,221,838) | 3,528,195) | 3,490,872) | 3,655,546) | 3,613,898) | 3,711,820) | 3,361,329) | 3,062,207) | 2,886,314) | 2,766,886) | 2,481,685) | 2,368,023) | 2,327,381) | 2,154,199) | 2,133,960) | ||||||
| Total capital (including operating lease liability) | 7,618,987) | 7,653,515) | 7,906,421) | 8,201,955) | 8,308,781) | 8,123,951) | 8,196,164) | 8,097,340) | 7,990,578) | 7,518,826) | 7,113,832) | 6,904,395) | 6,654,878) | 6,253,280) | 6,099,433) | 6,056,549) | 5,778,552) | 5,688,582) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.71 | 0.69 | 0.64 | 0.61 | 0.58 | 0.57 | 0.55 | 0.55 | 0.54 | 0.55 | 0.57 | 0.58 | 0.58 | 0.60 | 0.61 | 0.62 | 0.63 | 0.62 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||
| Booking Holdings Inc. | 2.09 | 1.85 | 1.41 | 1.37 | 1.54 | 1.59 | 1.31 | 1.28 | 1.33 | 1.30 | 1.23 | 1.05 | 1.05 | 0.92 | 0.82 | 0.72 | 0.71 | 0.70 | ||||||
| DoorDash, Inc. | 0.25 | 0.24 | 0.25 | 0.26 | 0.27 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.06 | 0.08 | ||||||
| Starbucks Corp. | 1.53 | 1.49 | 1.44 | 1.38 | 1.41 | 1.41 | 1.41 | 1.46 | 1.51 | 1.54 | 1.48 | 1.52 | 1.53 | 1.57 | 1.58 | 1.57 | 1.54 | 1.55 | ||||||
Based on: 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 Q2 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 5,419,196 ÷ 7,618,987 = 0.71
2 Click competitor name to see calculations.
The solvency profile exhibits a distinct U-shaped trajectory over the period from March 2022 to June 2026. An initial phase of gradual deleveraging is followed by a pronounced increase in the debt-to-capital ratio during the latter half of the analyzed timeframe.
- Debt Accumulation Trends
- Total debt, including operating lease liabilities, demonstrates a consistent and uninterrupted upward trend. Obligations rose from 3,554,622 thousand US dollars in March 2022 to 5,419,196 thousand US dollars by June 2026. This steady growth indicates a continuous increase in the company's total leveraged obligations over the five-year span.
- Total Capital Fluctuations
- Total capital experienced an overall expansion from March 2022 through late 2024, peaking at 8,196,164 thousand US dollars in December 2024. However, a reversal occurred starting in March 2025, with total capital declining to 7,618,987 thousand US dollars by June 2026. This contraction in the capital base coincided with the continued rise in total debt, intensifying the impact on the solvency ratio.
- Debt to Capital Ratio Analysis
- The ratio began at 0.62 in March 2022 and entered a period of gradual decline, reaching a minimum of 0.54 by June 2024. This improvement suggests that during the first two years, the growth in total capital outpaced the growth in debt. Following this trough, the ratio pivoted upward, climbing steadily from 0.55 in December 2024 to 0.71 by June 2026. This final surge indicates a significant shift toward a more leveraged capital structure, where debt constitutes a larger proportion of the total capital base.
The divergence between the steadily increasing debt and the declining total capital observed from 2025 onward resulted in a sharp increase in the debt-to-capital ratio. The transition from a low of 0.54 to a peak of 0.71 represents a material increase in financial leverage over the final few quarters of the period.
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Debt to Assets
Chipotle Mexican Grill Inc., debt to assets calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Total assets | 8,864,585) | 8,803,219) | 8,994,531) | 9,281,848) | 9,268,794) | 9,044,094) | 9,204,374) | 9,011,670) | 8,919,835) | 8,411,249) | 8,044,362) | 7,911,493) | 7,552,435) | 7,053,372) | 6,927,504) | 6,817,437) | 6,545,336) | 6,467,257) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to assets1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||
| Airbnb Inc. | 0.09 | 0.09 | 0.09 | 0.09 | 0.07 | 0.08 | 0.10 | 0.09 | 0.08 | 0.08 | 0.10 | 0.09 | 0.09 | 0.10 | 0.12 | 0.12 | 0.10 | 0.12 | ||||||
| Booking Holdings Inc. | 0.68 | 0.66 | 0.64 | 0.59 | 0.60 | 0.59 | 0.60 | 0.58 | 0.59 | 0.61 | 0.58 | 0.54 | 0.53 | 0.48 | 0.49 | 0.42 | 0.39 | 0.44 | ||||||
| DoorDash, Inc. | 0.14 | 0.14 | 0.14 | 0.15 | 0.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| McDonald’s Corp. | 0.67 | 0.67 | 0.67 | 0.68 | 0.70 | 0.69 | 0.70 | 0.70 | 0.72 | 0.70 | 0.70 | 0.72 | 0.71 | 0.71 | 0.71 | 0.72 | 0.70 | 0.67 | ||||||
| Starbucks Corp. | 0.49 | 0.50 | 0.50 | 0.51 | 0.49 | 0.49 | 0.50 | 0.52 | 0.53 | 0.51 | 0.52 | 0.54 | 0.54 | 0.53 | 0.54 | 0.54 | 0.55 | 0.51 | ||||||
Based on: 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 Q2 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 0 ÷ 8,864,585 = 0.00
2 Click competitor name to see calculations.
An analysis of the available financial figures reveals a period of significant asset expansion followed by a phase of relative stabilization. Total assets demonstrated a consistent upward trajectory from the first quarter of 2022 through the end of 2024, indicating a substantial growth in the entity's resource base.
- Total Assets Progression
- The asset base grew from 6.47 billion USD in March 2022 to a peak of approximately 9.20 billion USD by December 2024. This growth represents a significant increase in the total value of resources controlled by the organization over a three-year window. Following this peak, total assets experienced a period of fluctuation, ending at 8.86 billion USD in June 2026, suggesting a consolidation or strategic reallocation of assets in the final phase of the reported period.
- Debt to Assets Ratio Analysis
- The calculation of the debt to assets ratio is not possible due to the absence of reported total debt figures throughout the analyzed period. Because no debt obligations are recorded, the solvency risk associated with long-term leverage cannot be quantified; however, the lack of debt entries suggests a capital structure that is not reliant on borrowed funds to support the asset base.
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Debt to Assets (including Operating Lease Liability)
Chipotle Mexican Grill Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Current operating lease liabilities | 317,002) | 310,151) | 302,380) | 293,027) | 287,252) | 284,505) | 277,836) | 270,574) | 264,304) | 254,144) | 248,074) | 244,994) | 244,061) | 239,029) | 236,248) | 231,947) | 230,930) | 223,303) | ||||||
| Long-term operating lease liabilities | 5,102,194) | 4,935,729) | 4,773,434) | 4,687,090) | 4,493,334) | 4,348,574) | 4,262,782) | 4,212,868) | 4,014,454) | 3,903,353) | 3,803,551) | 3,773,087) | 3,643,931) | 3,532,566) | 3,495,162) | 3,497,221) | 3,393,423) | 3,331,319) | ||||||
| Total debt (including operating lease liability) | 5,419,196) | 5,245,880) | 5,075,814) | 4,980,117) | 4,780,586) | 4,633,079) | 4,540,618) | 4,483,442) | 4,278,758) | 4,157,497) | 4,051,625) | 4,018,081) | 3,887,992) | 3,771,595) | 3,731,410) | 3,729,168) | 3,624,353) | 3,554,622) | ||||||
| Total assets | 8,864,585) | 8,803,219) | 8,994,531) | 9,281,848) | 9,268,794) | 9,044,094) | 9,204,374) | 9,011,670) | 8,919,835) | 8,411,249) | 8,044,362) | 7,911,493) | 7,552,435) | 7,053,372) | 6,927,504) | 6,817,437) | 6,545,336) | 6,467,257) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.61 | 0.60 | 0.56 | 0.54 | 0.52 | 0.51 | 0.49 | 0.50 | 0.48 | 0.49 | 0.50 | 0.51 | 0.51 | 0.53 | 0.54 | 0.55 | 0.55 | 0.55 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||
| Booking Holdings Inc. | 0.70 | 0.68 | 0.66 | 0.61 | 0.62 | 0.61 | 0.62 | 0.60 | 0.61 | 0.63 | 0.61 | 0.56 | 0.55 | 0.50 | 0.51 | 0.43 | 0.40 | 0.45 | ||||||
| DoorDash, Inc. | 0.17 | 0.17 | 0.17 | 0.18 | 0.19 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | ||||||
| Starbucks Corp. | 0.80 | 0.79 | 0.83 | 0.83 | 0.82 | 0.81 | 0.82 | 0.84 | 0.86 | 0.84 | 0.84 | 0.85 | 0.86 | 0.84 | 0.85 | 0.85 | 0.86 | 0.82 | ||||||
Based on: 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 Q2 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 5,419,196 ÷ 8,864,585 = 0.61
2 Click competitor name to see calculations.
An analysis of the solvency profile reveals a shifting relationship between total liabilities and the asset base from March 2022 through June 2026. While total debt increased monotonically throughout the period, the debt-to-assets ratio experienced a period of improvement followed by a notable deterioration.
- Total Debt Trends
- A persistent upward trajectory is observed in total debt, including operating lease liabilities. Obligations rose from $3.55 billion in March 2022 to $5.42 billion by June 2026. This consistent growth indicates a steady accumulation of liabilities over the five-year span.
- Total Asset Trajectory
- Total assets exhibited a general growth trend for the majority of the period, increasing from $6.47 billion in March 2022 to a peak of $9.28 billion in June 2025. However, a reversal occurred in the final quarters, with assets contracting to $8.86 billion by June 2026.
- Debt to Assets Ratio Dynamics
- The debt-to-assets ratio followed a U-shaped pattern. An initial improvement phase is evident from March 2022 to June 2024, where the ratio declined from 0.55 to a minimum of 0.48, as asset growth outpaced the increase in debt. Subsequently, a deterioration phase began in September 2024, with the ratio climbing steadily to 0.61 by June 2026. This late-stage increase is attributed to the combination of rising debt and a shrinking asset base, resulting in a higher proportion of assets being financed through debt.
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Financial Leverage
Chipotle Mexican Grill Inc., financial leverage calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Total assets | 8,864,585) | 8,803,219) | 8,994,531) | 9,281,848) | 9,268,794) | 9,044,094) | 9,204,374) | 9,011,670) | 8,919,835) | 8,411,249) | 8,044,362) | 7,911,493) | 7,552,435) | 7,053,372) | 6,927,504) | 6,817,437) | 6,545,336) | 6,467,257) | ||||||
| Shareholders’ equity | 2,199,791) | 2,407,635) | 2,830,607) | 3,221,838) | 3,528,195) | 3,490,872) | 3,655,546) | 3,613,898) | 3,711,820) | 3,361,329) | 3,062,207) | 2,886,314) | 2,766,886) | 2,481,685) | 2,368,023) | 2,327,381) | 2,154,199) | 2,133,960) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Financial leverage1 | 4.03 | 3.66 | 3.18 | 2.88 | 2.63 | 2.59 | 2.52 | 2.49 | 2.40 | 2.50 | 2.63 | 2.74 | 2.73 | 2.84 | 2.93 | 2.93 | 3.04 | 3.03 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||
| Airbnb Inc. | 3.69 | 3.51 | 2.71 | 2.68 | 3.47 | 3.16 | 2.49 | 2.61 | 3.29 | 3.11 | 2.53 | 2.35 | 4.19 | 3.78 | 2.88 | 2.90 | 3.63 | 3.60 | ||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | 23.47 | 9.12 | 6.01 | 6.12 | 5.12 | ||||||
| DoorDash, Inc. | 1.97 | 1.93 | 1.96 | 1.89 | 1.90 | 1.62 | 1.65 | 1.62 | 1.65 | 1.64 | 1.59 | 1.53 | 1.50 | 1.48 | 1.45 | 1.40 | 1.34 | 1.47 | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 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 Q2 2026 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 8,864,585 ÷ 2,199,791 = 4.03
2 Click competitor name to see calculations.
The financial trajectory of the company reflects two distinct phases of solvency management: an initial period of deleveraging and a subsequent period of aggressive leverage expansion.
- Total Asset Trends
- Total assets exhibited a consistent upward trend from March 31, 2022, when they stood at 6.47 billion US$, reaching a peak of 9.20 billion US$ by December 31, 2024. Following this peak, assets experienced a slight contraction and stabilization, ending at 8.86 billion US$ by June 30, 2026.
- Shareholders' Equity Dynamics
- Shareholders' equity grew steadily from 2.13 billion US$ in March 2022 to a maximum of 3.71 billion US$ in June 2024. However, a significant reversal occurred after this period, with equity declining sharply to 2.20 billion US$ by June 30, 2026, representing a substantial reduction in the equity base relative to the company's total assets.
- Financial Leverage Ratio Analysis
- The financial leverage ratio initially decreased from 3.03 in March 2022 to a low of 2.40 in June 2024, indicating a period where equity growth outpaced asset expansion. This trend reversed abruptly starting in the second half of 2024. From June 2024 onward, the ratio climbed steadily, accelerating sharply in 2025 and 2026 to reach 4.03 by June 30, 2026.
The convergence of stabilizing total assets and rapidly declining shareholders' equity resulted in a marked increase in financial risk during the final quarters of the observed period. The shift from a leverage ratio of 2.40 to 4.03 indicates a significantly higher reliance on debt or other liabilities to finance the asset base by mid-2026.
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