Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

Long-term Activity Ratios (Summary)
Net Fixed Asset Turnover
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Total Asset Turnover
Equity Turnover

Chipotle Mexican Grill Inc., long-term (investment) activity ratios (quarterly data)

	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
Net fixed asset turnover	4.39	4.45	4.54	4.62	4.71	4.73	4.73	4.71	4.63	4.55	4.56	4.59	4.53	4.43	4.50	4.49	4.40
Net fixed asset turnover (including operating lease, right-of-use asset)	1.64	1.67	1.69	1.73	1.76	1.77	1.75	1.77	1.74	1.72	1.69	1.70	1.69	1.64	1.62	1.62	1.59
Total asset turnover	1.38	1.33	1.27	1.25	1.27	1.23	1.22	1.20	1.21	1.23	1.21	1.23	1.27	1.25	1.23	1.24	1.21
Equity turnover	5.04	4.21	3.66	3.28	3.29	3.09	3.04	2.87	3.04	3.22	3.30	3.36	3.62	3.65	3.62	3.78	3.67

An analysis of long-term activity ratios indicates a period of fluctuating asset efficiency and a significant shift in equity utilization between March 2022 and March 2026. While fixed asset efficiency peaked in late 2024 before entering a decline, total asset and equity turnover demonstrated an accelerating upward trend toward the end of the observed period.

Net Fixed Asset Turnover: A gradual increase in efficiency is observed from March 2022 (4.40) through December 2024, where the ratio peaked at 4.73. This indicates a period of optimized revenue generation relative to fixed asset investment. However, a consistent downward trend follows throughout 2025, concluding at 4.39 by March 2026. The inclusion of right-of-use assets significantly lowers these ratios, though the pattern remains identical, peaking at 1.77 in 2024 before declining to 1.64 by March 2026, suggesting that lease-related assets place a substantial weight on the asset base.
Total Asset Turnover: The total asset turnover remained relatively stable for the majority of the period, oscillating between 1.20 and 1.27 from March 2022 through March 2025. A notable improvement in efficiency occurs in the final three quarters, with the ratio rising to 1.38 by March 2026. This suggests a late-stage increase in the company's ability to generate sales from its overall asset base.
Equity Turnover: Equity turnover exhibits the most significant volatility of all analyzed ratios. A sustained decline is observed from early 2022 (3.67) to a trough of 2.87 in June 2024. Following this low point, the ratio enters a period of rapid acceleration, climbing to 4.21 in September 2025 and reaching 5.04 by March 2026. This sharp increase suggests a substantial rise in revenue generation relative to shareholder equity, or a strategic contraction of the equity base relative to sales growth.

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Chipotle Mexican Grill Inc., net fixed asset turnover calculation (quarterly data)

	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)
Revenue	3,088,242)	2,983,511)	3,003,444)	3,063,393)	2,875,253)	2,845,312)	2,793,576)	2,973,117)	2,701,848)	2,516,320)	2,471,948)	2,514,801)	2,368,580)	2,180,599)	2,220,175)	2,213,339)	2,020,539)
Leasehold improvements, property and equipment, net	2,767,047)	2,679,361)	2,594,005)	2,503,429)	2,436,762)	2,390,126)	2,320,395)	2,265,694)	2,202,739)	2,170,038)	2,093,011)	2,021,964)	1,981,329)	1,951,147)	1,871,623)	1,813,348)	1,779,521)
Long-term Activity Ratio
Net fixed asset turnover¹	4.39	4.45	4.54	4.62	4.71	4.73	4.73	4.71	4.63	4.55	4.56	4.59	4.53	4.43	4.50	4.49	4.40
Benchmarks
Net Fixed Asset Turnover, Competitors²
Airbnb Inc.	—	114.40	97.89	87.73	81.39	75.52	65.30	61.79	59.89	61.98	65.31	68.85	71.38	69.41	67.78	62.54	46.34
Booking Holdings Inc.	35.32	33.35	31.87	29.51	28.11	28.53	26.14	25.60	27.33	27.25	28.14	26.42	26.00	25.55	18.23	17.07	14.82
DoorDash, Inc.	12.89	12.86	12.95	13.13	13.29	13.78	13.85	13.71	12.93	12.13	11.81	11.35	10.92	10.33	10.31	10.66	11.58
McDonald’s Corp.	0.97	0.95	0.96	0.96	1.00	1.02	1.01	1.04	1.04	1.02	1.05	1.00	0.98	0.98	1.02	1.01	0.97
Starbucks Corp.	5.10	4.38	4.13	4.12	4.16	4.17	4.51	4.67	4.82	4.87	4.96	4.99	4.91	4.92	4.99	4.85	4.75

¹ Q1 2026 Calculation
Net fixed asset turnover = (Revenue_{Q1 2026} + Revenue_{Q4 2025} + Revenue_{Q3 2025} + Revenue_{Q2 2025}) ÷ Leasehold improvements, property and equipment, net
= (3,088,242 + 2,983,511 + 3,003,444 + 3,063,393) ÷ 2,767,047 = 4.39

² Click competitor name to see calculations.

The relationship between revenue generation and fixed asset investment exhibits two distinct phases of operational efficiency between March 2022 and March 2026.

Revenue and Asset Expansion: Revenue demonstrated a consistent upward trajectory, increasing from 2,020,539 thousand USD in March 2022 to 3,088,242 thousand USD by March 2026. Parallel to this growth, net fixed assets—consisting of leasehold improvements, property, and equipment—rose steadily from 1,779,521 thousand USD to 2,767,047 thousand USD. This indicates a sustained capital expenditure strategy aimed at expanding the physical footprint of operations.
Efficiency Gains and Peak Performance: The net fixed asset turnover ratio experienced a period of improvement from March 2022 through late 2024. The ratio climbed from 4.40 to a peak of 4.73 in September and December 2024. This trend indicates that revenue growth initially outpaced the growth of the fixed asset base, resulting in higher productivity and more efficient utilization of invested capital.
Trend Reversal and Asset Productivity: A gradual decline in the net fixed asset turnover ratio is observed starting in March 2025, with the value dropping from 4.71 to 4.39 by March 2026. This downward shift suggests that the rate of investment in fixed assets began to exceed the rate of revenue growth during the final periods. Such a pattern often reflects a period of heavy infrastructure investment where the new assets have not yet reached their full revenue-generating capacity.

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Chipotle Mexican Grill Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)

	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)
Revenue	3,088,242)	2,983,511)	3,003,444)	3,063,393)	2,875,253)	2,845,312)	2,793,576)	2,973,117)	2,701,848)	2,516,320)	2,471,948)	2,514,801)	2,368,580)	2,180,599)	2,220,175)	2,213,339)	2,020,539)

Leasehold improvements, property and equipment, net	2,767,047)	2,679,361)	2,594,005)	2,503,429)	2,436,762)	2,390,126)	2,320,395)	2,265,694)	2,202,739)	2,170,038)	2,093,011)	2,021,964)	1,981,329)	1,951,147)	1,871,623)	1,813,348)	1,779,521)
Operating lease assets	4,614,939)	4,463,010)	4,385,099)	4,203,989)	4,075,748)	4,000,127)	3,954,689)	3,770,997)	3,670,983)	3,578,548)	3,555,808)	3,433,719)	3,334,277)	3,302,402)	3,309,051)	3,209,934)	3,147,061)
Leasehold improvements, property and equipment, net (including operating lease, right-of-use asset)	7,381,986)	7,142,371)	6,979,104)	6,707,418)	6,512,510)	6,390,253)	6,275,084)	6,036,691)	5,873,722)	5,748,586)	5,648,819)	5,455,683)	5,315,606)	5,253,549)	5,180,674)	5,023,282)	4,926,582)
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)¹	1.64	1.67	1.69	1.73	1.76	1.77	1.75	1.77	1.74	1.72	1.69	1.70	1.69	1.64	1.62	1.62	1.59
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors²
Airbnb Inc.	—	47.63	43.91	41.96	40.55	38.15	41.37	38.48	36.32	35.54	35.56	34.55	33.49	32.43	29.45	26.12	16.30
Booking Holdings Inc.	19.90	18.71	18.31	17.37	17.06	17.07	15.55	14.81	14.99	14.35	14.99	14.43	13.76	13.01	12.51	11.24	9.40
DoorDash, Inc.	9.32	9.12	9.21	9.17	9.14	9.19	9.12	8.88	7.90	7.52	7.44	7.03	6.69	6.14	5.92	5.90	6.51
Starbucks Corp.	2.41	2.09	1.99	1.99	2.00	2.02	2.16	2.21	2.26	2.28	2.30	2.26	2.22	2.21	2.21	2.14	2.08

¹ Q1 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = (Revenue_{Q1 2026} + Revenue_{Q4 2025} + Revenue_{Q3 2025} + Revenue_{Q2 2025}) ÷ Leasehold improvements, property and equipment, net (including operating lease, right-of-use asset)
= (3,088,242 + 2,983,511 + 3,003,444 + 3,063,393) ÷ 7,381,986 = 1.64

² Click competitor name to see calculations.

The financial performance over the analyzed period demonstrates a simultaneous increase in revenue and long-term asset investments, with the efficiency of asset utilization peaking in mid-2024 before entering a period of gradual decline.

Revenue and Asset Growth Trends: Revenue increased from approximately 2.02 billion USD in March 2022 to 3.09 billion USD by March 2026. During this same timeframe, net fixed assets, including right-of-use assets, grew consistently from 4.93 billion USD to 7.38 billion USD. This indicates a sustained capital investment strategy focused on expanding the company's physical infrastructure and leasehold improvements.
Net Fixed Asset Turnover Evolution: The net fixed asset turnover ratio exhibited a positive trend during the first half of the period, rising from 1.59 in March 2022 to a peak of 1.77 in June 2024. This growth suggests that revenue gains initially outpaced the expansion of the asset base, resulting in higher efficiency in generating sales from long-term investments.
Analysis of Recent Efficiency Decline: Following the peak in June 2024, a steady contraction in the turnover ratio is observed, ending at 1.64 in March 2026. This trend indicates that the rate of increase in net fixed assets has begun to exceed the rate of revenue growth. This pattern typically reflects a phase of aggressive investment where new assets are being deployed but have not yet reached their full revenue-generating capacity, leading to a temporary dilution of asset productivity.

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Chipotle Mexican Grill Inc., total asset turnover calculation (quarterly data)

	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)
Revenue	3,088,242)	2,983,511)	3,003,444)	3,063,393)	2,875,253)	2,845,312)	2,793,576)	2,973,117)	2,701,848)	2,516,320)	2,471,948)	2,514,801)	2,368,580)	2,180,599)	2,220,175)	2,213,339)	2,020,539)
Total assets	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)
Long-term Activity Ratio
Total asset turnover¹	1.38	1.33	1.27	1.25	1.27	1.23	1.22	1.20	1.21	1.23	1.21	1.23	1.27	1.25	1.23	1.24	1.21
Benchmarks
Total Asset Turnover, Competitors²
Airbnb Inc.	0.47	0.55	0.52	0.43	0.45	0.53	0.49	0.40	0.42	0.48	0.45	0.43	0.44	0.52	0.50	0.39	0.39
Booking Holdings Inc.	1.00	0.92	0.91	0.82	0.89	0.86	0.82	0.78	0.79	0.88	0.80	0.73	0.72	0.67	0.73	0.60	0.56
DoorDash, Inc.	0.75	0.70	0.70	0.70	0.83	0.83	0.83	0.81	0.80	0.80	0.81	0.80	0.74	0.67	0.63	0.57	0.77
McDonald’s Corp.	0.46	0.45	0.43	0.44	0.46	0.47	0.46	0.48	0.48	0.45	0.48	0.48	0.45	0.46	0.48	0.48	0.47
Starbucks Corp.	1.17	1.16	1.09	1.15	1.13	1.15	1.21	1.24	1.26	1.22	1.22	1.19	1.16	1.15	1.14	1.08	1.05

¹ Q1 2026 Calculation
Total asset turnover = (Revenue_{Q1 2026} + Revenue_{Q4 2025} + Revenue_{Q3 2025} + Revenue_{Q2 2025}) ÷ Total assets
= (3,088,242 + 2,983,511 + 3,003,444 + 3,063,393) ÷ 8,803,219 = 1.38

² Click competitor name to see calculations.

Revenue demonstrates a consistent upward trajectory, increasing from 2,020,539 thousand US$ in March 2022 to 3,088,242 thousand US$ by March 2026. During the same period, the total asset base experienced an expansion phase, rising from 6,467,257 thousand US$ to a peak of 9,281,848 thousand US$ in June 2025, followed by a moderate contraction to 8,803,219 thousand US$ by the end of the observed timeframe.

Asset Utilization Stability (2022–2024): Between March 2022 and June 2024, the total asset turnover ratio remained relatively stable, oscillating within a narrow band between 1.20 and 1.27. This suggests that during this phase, the growth in revenue was closely aligned with the investment in assets, maintaining a consistent level of operational efficiency relative to the company's resource base.
Efficiency Optimization (2025–2026): A notable increase in asset productivity is observed starting in the second half of 2024. While revenue continued to grow, total assets began a downward trend after June 2025. This inverse movement—increasing revenue coupled with a reducing asset base—led to a sharp rise in the total asset turnover ratio, which reached a period maximum of 1.38 by March 2026.

The analysis indicates a transition from a period of proportional asset growth to a period of enhanced capital efficiency. The terminal increase in the turnover ratio suggests that the organization is generating significantly more revenue per unit of asset, reflecting an improvement in the productivity of its long-term investments.

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Chipotle Mexican Grill Inc., equity turnover calculation (quarterly data)

	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)
Revenue	3,088,242)	2,983,511)	3,003,444)	3,063,393)	2,875,253)	2,845,312)	2,793,576)	2,973,117)	2,701,848)	2,516,320)	2,471,948)	2,514,801)	2,368,580)	2,180,599)	2,220,175)	2,213,339)	2,020,539)
Shareholders’ equity	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)
Long-term Activity Ratio
Equity turnover¹	5.04	4.21	3.66	3.28	3.29	3.09	3.04	2.87	3.04	3.22	3.30	3.36	3.62	3.65	3.62	3.78	3.67
Benchmarks
Equity Turnover, Competitors²
Airbnb Inc.	1.66	1.49	1.39	1.49	1.42	1.32	1.28	1.31	1.30	1.21	1.05	1.80	1.65	1.51	1.45	1.41	1.40
Booking Holdings Inc.	—	—	—	—	—	—	—	—	—	—	—	—	16.92	6.14	4.37	3.66	2.86
DoorDash, Inc.	1.44	1.37	1.33	1.33	1.34	1.37	1.34	1.34	1.30	1.27	1.24	1.20	1.10	0.97	0.89	0.76	1.13
McDonald’s Corp.	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Starbucks Corp.	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

¹ Q1 2026 Calculation
Equity turnover = (Revenue_{Q1 2026} + Revenue_{Q4 2025} + Revenue_{Q3 2025} + Revenue_{Q2 2025}) ÷ Shareholders’ equity
= (3,088,242 + 2,983,511 + 3,003,444 + 3,063,393) ÷ 2,407,635 = 5.04

² Click competitor name to see calculations.

The financial data reveals a distinct shift in the relationship between revenue generation and the equity base over the analyzed period from March 2022 to March 2026. While revenue maintained a consistent upward trajectory, shareholders' equity experienced a period of expansion followed by a significant contraction, resulting in a sharp acceleration of the equity turnover ratio in the final stages of the period.

Revenue Performance: A sustained growth pattern is observed in revenue, increasing from 2.02 billion USD in March 2022 to 3.09 billion USD by March 2026. This growth was relatively steady, characterized by incremental quarterly gains and a notable surge between December 2023 and June 2024, where revenue rose from 2.52 billion USD to 2.97 billion USD.
Shareholders' Equity Dynamics: Equity levels exhibited two opposing phases. From March 2022 to June 2024, equity grew steadily from 2.13 billion USD to a peak of 3.71 billion USD. However, a reversal occurred after June 2024, with equity declining precipitously to 2.41 billion USD by March 2026. This suggests a substantial reduction in the company's retained earnings or a significant return of capital to shareholders during the latter half of the period.
Equity Turnover Analysis: The equity turnover ratio followed a U-shaped trajectory. Initially, the ratio declined from 3.67 in March 2022 to a low of 2.87 in June 2024, as the growth in the equity base outpaced the growth in revenue. This indicated a period of decreasing efficiency in utilizing shareholder capital to generate sales.; Following June 2024, the ratio underwent a rapid expansion, climbing from 2.87 to 5.04 by March 2026. This surge was primarily driven by the simultaneous occurrence of rising revenues and a shrinking equity base, indicating a significantly higher volume of revenue generated per unit of equity.

The overall trend indicates that the company transitioned from a phase of capital accumulation and ratio compression to a phase of capital optimization or redistribution, resulting in a substantial increase in investment efficiency as measured by equity turnover.

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Chipotle Mexican Grill Inc. (NYSE:CMG)

Analysis of Long-term (Investment) Activity Ratios
Quarterly Data

Long-term Activity Ratios (Summary)

Net Fixed Asset Turnover

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Total Asset Turnover

Equity Turnover

Chipotle Mexican Grill Inc. (NYSE:CMG)

Analysis of Long-term (Investment) Activity Ratios Quarterly Data

Long-term Activity Ratios (Summary)

Net Fixed Asset Turnover

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Total Asset Turnover

Equity Turnover

Analysis of Long-term (Investment) Activity Ratios
Quarterly Data