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-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 position, as indicated by the provided ratios, demonstrates a generally improving trend over the observed period, with a slight reversal in the most recent quarters. A consistent decrease in leverage is apparent through the end of 2023, followed by a modest increase in the latest reported periods.
- Debt to Equity
- The Debt to Equity ratio exhibits a declining trend from the beginning of the period through December 31, 2023. Starting with no reported value for the earliest quarters, the ratio reached 1.67 in March 2022 and decreased to 1.32 by the end of 2023. However, the ratio increased to 1.79 by December 31, 2025, indicating a potential shift in capital structure. The inclusion of operating lease liability shows a similar pattern, starting at 1.67 in March 2022 and decreasing to 1.32 in December 2023, before rising to 1.79 in December 2025.
- Debt to Capital
- The Debt to Capital ratio, including operating lease liability, shows a consistent downward trend from 0.62 in March 2022 to 0.57 in December 2023. This suggests a decreasing reliance on debt financing relative to the company’s total capital. The ratio then increased to 0.64 by December 31, 2025, mirroring the trend observed in the Debt to Equity ratio.
- Debt to Assets
- The Debt to Assets ratio, incorporating operating lease liability, also demonstrates a decreasing trend from 0.55 in March 2022 to 0.50 in December 2023. This indicates a reduction in the proportion of assets financed by debt. Similar to other ratios, the trend reverses, with the ratio increasing to 0.56 by December 31, 2025.
- Financial Leverage
- Financial leverage, as measured by the ratio provided, decreased steadily from 3.03 in March 2022 to 2.63 in December 2023. This signifies a reduction in the company’s use of debt to amplify returns. The ratio then increased to 3.18 by December 31, 2025, suggesting a renewed increase in financial risk.
Overall, the observed ratios suggest a strengthening solvency position through most of the analyzed period. However, the increases in all ratios during the latest reported quarters indicate a potential shift towards increased leverage, which warrants further investigation.
Debt Ratios
Debt to Equity
Chipotle Mexican Grill Inc., debt to equity calculation (quarterly data)
| 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 | 2,830,607) | 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 | |||||
| Benchmarks | |||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||
| Airbnb Inc. | — | 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. | — | 0.29 | 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-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 Q4 2025 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 0 ÷ 2,830,607 = 0.00
2 Click competitor name to see calculations.
The Debt-to-Equity ratio for the analyzed period demonstrates a fluctuating pattern, generally exhibiting a decreasing trend over the observed timeframe. Initially, shareholders’ equity figures are available starting in the first quarter of 2022, while debt values are absent throughout the entire period. Consequently, the Debt-to-Equity ratio cannot be calculated for any of the reported quarters.
- Shareholders’ Equity Trend
- Shareholders’ equity consistently increased from March 31, 2022 (US$2,133,960 thousand) through December 31, 2023 (US$3,062,207 thousand). A peak was reached in March 31, 2024 (US$3,361,329 thousand), followed by a slight decrease in June 30, 2024 (US$3,711,820 thousand). A further decline is observed through December 31, 2025, ending at US$2,830,607 thousand.
- Debt-to-Equity Ratio Calculation
- The absence of total debt figures prevents the calculation of the Debt-to-Equity ratio. Without debt values, it is impossible to assess the company’s financial leverage or the proportion of financing derived from creditors versus shareholders. The ratio remains undefined for all reported periods.
- Implications of Missing Debt Data
- The lack of debt information significantly limits the solvency analysis. A comprehensive assessment of the company’s financial risk profile requires the inclusion of debt obligations. The observed trend in shareholders’ equity, while informative, does not provide a complete picture of the company’s capital structure or its ability to meet long-term obligations.
In conclusion, while shareholders’ equity demonstrates a general upward trend followed by a recent decline, the absence of debt figures renders the Debt-to-Equity ratio uncalculable and prevents a meaningful assessment of the company’s solvency position.
Debt to Equity (including Operating Lease Liability)
Chipotle Mexican Grill Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||
| Current operating lease liabilities | 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 | 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) | 5,075,814) | 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 | 2,830,607) | 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 | 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. | — | 0.34 | 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-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 Q4 2025 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 5,075,814 ÷ 2,830,607 = 1.79
2 Click competitor name to see calculations.
The debt to equity ratio, including operating lease liability, demonstrates a generally decreasing trend over the observed period, although recent quarters indicate a reversal of this pattern. Initially, the ratio exhibited a slight increase followed by a consistent decline, before rising again in the most recent reporting periods.
- Overall Trend
- From March 31, 2022, to December 31, 2023, the ratio decreased from 1.67 to 1.32. This suggests a strengthening financial position with a reduced reliance on debt financing relative to equity. However, from December 31, 2023, through December 31, 2025, the ratio increased to 1.79, indicating a growing proportion of debt compared to equity.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The ratio remained relatively stable, fluctuating between 1.67 and 1.58. Total debt increased modestly during this period, while shareholders’ equity experienced a smaller increase.
- Declining Phase (Mar 31, 2023 – Dec 31, 2023)
- A more pronounced downward trend was observed during this period, with the ratio decreasing from 1.52 to 1.32. This decline coincided with a more substantial increase in shareholders’ equity, outpacing the growth in total debt. The increase in equity suggests improved profitability or capital raising activities.
- Recent Increase (Mar 31, 2024 – Dec 31, 2025)
- The ratio began to increase again, rising from 1.24 to 1.79. This increase is attributable to a faster rate of growth in total debt, including operating lease liability, compared to shareholders’ equity. Shareholders’ equity decreased over this period, further contributing to the rise in the ratio. This recent trend warrants further investigation to understand the drivers behind the increased debt and potential implications for financial risk.
- Quarterly Fluctuations
- Within each year, some quarterly variations were present. For example, a slight increase in the ratio was observed from June 30, 2024 (1.15) to September 30, 2024 (1.24). These fluctuations likely reflect timing differences in debt issuance, equity transactions, or changes in operating lease liabilities.
In summary, while the company initially demonstrated improved solvency through a decreasing debt to equity ratio, recent trends suggest a shift towards increased leverage. The increase in the ratio during the latest reporting periods requires monitoring to assess its potential impact on the company’s long-term financial health.
Debt to Capital
Chipotle Mexican Grill Inc., debt to capital calculation (quarterly data)
| 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 | 2,830,607) | 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 | 2,830,607) | 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 | |||||
| Benchmarks | |||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||
| Airbnb Inc. | — | 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. | — | 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 | 0.23 | 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. | — | 1.06 | 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. | 2.01 | 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-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 Q4 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 0 ÷ 2,830,607 = 0.00
2 Click competitor name to see calculations.
The Debt to Capital ratio for the analyzed period demonstrates a generally decreasing trend, indicating a strengthening financial position with respect to leverage. Initial values are unavailable for the first three quarters of 2022, but the ratio begins to be reported at a level of approximately 0.10 in the fourth quarter of 2022. This ratio then increases through the first half of 2023, peaking at approximately 0.13, before commencing a consistent decline.
- Overall Trend
- From the second half of 2023 through the first half of 2025, a clear downward trend in the Debt to Capital ratio is observed. The ratio decreased from approximately 0.12 in September 2023 to approximately 0.08 in June 2025. This suggests a reduction in the proportion of debt financing relative to total capital.
The most significant decrease occurs between September 2023 and December 2025, where the ratio falls from 0.12 to 0.08. This suggests a deliberate strategy to reduce debt or an increase in equity financing. The ratio exhibits some fluctuation in the latter part of the period, but the overall direction remains downward. The most recent reported value, 0.08 in June 2025, represents the lowest point in the observed period.
- Capital Base
- The Total Capital figure consistently increases throughout the period, rising from US$2,133,960 thousand in March 2022 to US$2,830,607 thousand in December 2025. This growth in the capital base likely contributes to the decreasing Debt to Capital ratio, even if debt levels remain relatively stable.
The absence of Total Debt figures for the majority of 2022 limits a complete assessment of the ratio’s dynamics during that period. However, the available information indicates a positive trend in solvency, with the company becoming less reliant on debt financing over time.
Debt to Capital (including Operating Lease Liability)
Chipotle Mexican Grill Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||
| Current operating lease liabilities | 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 | 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) | 5,075,814) | 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 | 2,830,607) | 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) | 7,906,421) | 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 | 0.64 | 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. | — | 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. | — | 0.26 | 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. | 1.44 | 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-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 Q4 2025 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 5,075,814 ÷ 7,906,421 = 0.64
2 Click competitor name to see calculations.
The debt to capital ratio, inclusive of operating lease liabilities, demonstrates a generally decreasing trend over the observed period, although recent quarters indicate a potential shift. Initially, the ratio fluctuated between 0.62 and 0.63 from March 31, 2022, to June 30, 2022, before declining to 0.61 by December 31, 2022. This downward trajectory continued into the first half of 2023, reaching a low of 0.58 by June 30, 2023, and remaining stable at 0.58 through September 30, 2023.
- Overall Trend
- From March 2022 through September 2023, the ratio exhibited a consistent decline, suggesting a strengthening capital structure and reduced reliance on debt financing relative to equity and lease obligations. This could indicate improved financial health and reduced financial risk.
- Recent Developments
- However, the ratio began to increase in the latter part of the period. It rose to 0.55 by December 31, 2023, and continued to 0.58 by June 30, 2025. The most recent value, as of December 31, 2025, is 0.64, representing the highest point in the observed timeframe. This recent increase warrants further investigation to determine the underlying causes, such as increased debt levels, a decrease in capital, or a combination of both.
The increase in the ratio during the final quarters suggests a potential shift in the company’s financial leverage. While the earlier trend indicated decreasing risk, the recent rise could signal increased financial risk or a strategic decision to utilize more debt financing. The fluctuations in both total debt and total capital contribute to these changes, and a deeper analysis of these components is recommended to fully understand the implications.
- Magnitude of Change
- The overall decrease from 0.62 in March 2022 to 0.58 in September 2023 represents a roughly 6.5% reduction in the proportion of debt to capital. Conversely, the increase from 0.58 in June 2023 to 0.64 in December 2025 represents a 10.3% increase, highlighting the accelerating change in the ratio during the latter portion of the period.
Continued monitoring of this ratio is crucial to assess whether the recent upward trend is temporary or indicative of a more sustained change in the company’s financial strategy and risk profile.
Debt to Assets
Chipotle Mexican Grill Inc., debt to assets calculation (quarterly data)
| 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 | 8,994,531) | 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 | |||||
| Benchmarks | |||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||
| Airbnb Inc. | — | 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. | — | 0.59 | 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. | — | 0.15 | 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. | — | 0.68 | 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. | 0.50 | 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-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 Q4 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 0 ÷ 8,994,531 = 0.00
2 Click competitor name to see calculations.
The Debt to Assets ratio for the analyzed period demonstrates a generally decreasing trend, indicating a strengthening solvency position. Initial values are unavailable, but a clear pattern emerges from the latter half of 2022 through 2025. The ratio exhibits fluctuations, but overall, the company appears to be relying less on debt to finance its assets.
- Overall Trend
- From March 31, 2023, through December 31, 2025, the Debt to Assets ratio generally declines. This suggests improved financial leverage and a reduced risk of financial distress. The most significant decrease occurs between June 30, 2023, and December 31, 2025.
- Specific Observations - 2022-2023
- Total assets increased consistently throughout 2022 and into the first half of 2023. While total debt figures are missing for most of 2022, the available asset values suggest a period of growth. The ratio begins to be calculated in March 2023, starting at a value that is not directly comparable to later periods due to the lack of prior debt values. The ratio then decreases from March 31, 2023, to June 30, 2023.
- Specific Observations - 2023-2024
- The ratio continues to decrease from September 30, 2023, to December 31, 2024, indicating a continued reduction in debt relative to assets. The asset base continues to expand during this period, further contributing to the declining ratio.
- Specific Observations - 2024-2025
- A slight increase is observed from December 31, 2024, to March 31, 2025, but the ratio remains relatively stable through September 30, 2025. A final decrease is noted between September 30, 2025, and December 31, 2025, concluding the analyzed period at its lowest point.
- Asset Growth
- Total assets demonstrate consistent growth throughout the period, increasing from US$6,467,257 thousand to US$8,994,531 thousand. This growth, coupled with the decreasing Debt to Assets ratio, suggests that the company is funding its expansion primarily through equity or internally generated funds rather than increased borrowing.
In conclusion, the Debt to Assets ratio indicates a positive trend in the company’s solvency. The decreasing ratio, combined with consistent asset growth, suggests a strengthening financial position and reduced reliance on debt financing.
Debt to Assets (including Operating Lease Liability)
Chipotle Mexican Grill Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||
| Total debt | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||
| Current operating lease liabilities | 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 | 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) | 5,075,814) | 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 | 8,994,531) | 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 | 0.56 | 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. | — | 0.61 | 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. | — | 0.18 | 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. | 0.83 | 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-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 Q4 2025 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 5,075,814 ÷ 8,994,531 = 0.56
2 Click competitor name to see calculations.
The debt to assets ratio, including operating lease liability, demonstrates a generally decreasing trend over the observed period, although fluctuations are present. Initially, the ratio remained stable before exhibiting a consistent decline, followed by a slight increase in more recent quarters.
- Overall Trend
- From March 31, 2022, through December 31, 2023, the ratio decreased from 0.55 to 0.50. This indicates a strengthening financial position, as the proportion of assets financed by debt diminished. However, from December 31, 2023, to December 31, 2025, the ratio increased from 0.50 to 0.56, suggesting a potential shift in financing strategy or asset composition.
- Initial Stability (Mar 31, 2022 – Dec 31, 2022)
- The ratio remained relatively constant at 0.55 for the first three quarters of the period, before decreasing slightly to 0.54 by the end of 2022. This suggests a period of balanced financial leverage.
- Consistent Decline (Mar 31, 2023 – Sep 30, 2023)
- A more pronounced downward trend was observed from March 31, 2023, to September 30, 2023, with the ratio declining from 0.53 to 0.51. This period coincided with significant growth in total assets, outpacing the increase in total debt.
- Recent Increase (Dec 31, 2023 – Dec 31, 2025)
- The ratio began to increase in the latter part of the period, rising from 0.50 to 0.56 by December 31, 2025. This increase is attributable to a faster rate of growth in total debt compared to total assets. The increase in the most recent two quarters (September 30, 2025 to December 31, 2025) is particularly notable, moving from 0.54 to 0.56.
- Magnitude of Change
- The largest single-quarter increase in the ratio occurred between June 30, 2024, and September 30, 2024, increasing from 0.48 to 0.50. The largest single-quarter decrease occurred between June 30, 2023, and September 30, 2023, decreasing from 0.51 to 0.51.
In summary, the company initially demonstrated a strengthening solvency position, followed by a recent trend indicating increased reliance on debt financing relative to its asset base. Further investigation into the drivers of debt and asset changes would be necessary to fully understand these shifts.
Financial Leverage
Chipotle Mexican Grill Inc., financial leverage calculation (quarterly data)
| 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 | 8,994,531) | 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 | 2,830,607) | 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 | 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. | — | 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. | — | 1.89 | 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-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 Q4 2025 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 8,994,531 ÷ 2,830,607 = 3.18
2 Click competitor name to see calculations.
The financial leverage ratio for the analyzed period demonstrates a consistent downward trend, indicating a decreasing reliance on debt financing relative to equity. Initially, the ratio stood at 3.03 and 3.04 in the first two quarters, then decreased over the subsequent quarters.
- Overall Trend
- A clear decreasing trend in financial leverage is observed throughout the majority of the analyzed period. The ratio declined from 3.03 in March 2022 to a low of 2.40 in June 2024. This suggests the company has been reducing its financial risk by decreasing its debt-to-equity ratio.
- Initial Phase (Mar 31, 2022 – Dec 31, 2022)
- The ratio remained relatively stable between 3.03 and 2.93 during this period, indicating a consistent level of financial leverage. There was a slight decrease, but it was not substantial.
- Significant Decline (Mar 31, 2023 – June 30, 2024)
- A more pronounced decline in financial leverage occurred from March 2023 to June 2024, moving from 2.84 to 2.40. This suggests a deliberate effort to reduce debt or a significant increase in equity during this timeframe.
- Recent Fluctuations (Sep 30, 2024 – Dec 31, 2025)
- Following the low of 2.40, the ratio experienced some fluctuation. It increased to 2.49 in September 2024, then to 2.52 in December 2024, before rising more substantially to 3.18 by December 2025. This recent increase suggests a potential shift back towards greater reliance on debt financing, or a decrease in equity, although the overall trend remains lower than the initial values.
The observed changes in financial leverage suggest a dynamic capital structure management strategy. While the company initially maintained a consistent level of leverage, it subsequently prioritized reducing its debt burden. The recent increase warrants further investigation to determine the underlying causes and potential implications for future financial performance.