Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
Chipotle Mexican Grill Inc., profitability 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 profitability metrics exhibit a distinct cyclical pattern characterized by a period of expansion from early 2022 through early 2025, followed by a gradual contraction in margins and asset efficiency through September 2026. While margin percentages peaked in the mid-cycle, equity returns reached their zenith toward the end of the observed period, suggesting a divergence between operational profitability and capital efficiency.
- Gross Profit Margin
- A consistent upward trajectory was maintained from March 2022 (22.20%) until June 2024, where the margin peaked at 27.10%. Subsequently, a steady decline is observed over the final ten quarters, with the margin retreating to 23.84% by September 2026.
- Operating and Net Profit Margins
- Both metrics follow a parallel trend to the gross margin, showing significant improvement throughout 2022 and 2023. Operating profit margin peaked at 17.01% in March 2025, while net profit margin reached its maximum of 13.59% during the same period. Following these peaks, both margins entered a downward trend, ending at 14.12% and 10.83%, respectively, by the end of the period.
- Return on Equity (ROE)
- ROE demonstrated the most aggressive growth among all measured ratios. Starting at 32.06% in March 2022, it climbed substantially to peak at 64.52% in June 2026. Despite a sharp correction to 56.09% in the final quarter, the overall period reflects a significant expansion in the returns generated on shareholder equity.
- Return on Assets (ROA)
- ROA showed a steady increase from 10.58% in March 2022 to a peak of 17.26% in March 2025. This indicates an improvement in asset utilization efficiency during the first three years of the analysis. However, a subsequent decline is observed, with the ratio falling to 14.60% by September 2026, mirroring the contraction seen in the profit margins.
The data indicates that while the company successfully optimized its cost structure and pricing power between 2022 and early 2025, these gains were partially eroded in the latter half of the period. However, the sustained high levels of ROE relative to ROA suggest a strategic shift or the influence of financial leverage that continued to benefit equity holders even as operational margins tightened.
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Gross Profit Margin
Chipotle Mexican Grill Inc., gross profit margin 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) | |||||||||||||||||||||||||
| Gross profit | 768,157) | 844,565) | 718,961) | 698,772) | 735,583) | 838,230) | 753,622) | 704,261) | 712,181) | 859,400) | 741,850) | 638,304) | 649,843) | 690,855) | 607,090) | 522,542) | 562,546) | 558,085) | 418,946) | ||||||
| Revenue | 3,293,162) | 3,348,562) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | 23.84% | 24.13% | 24.64% | 25.38% | 25.72% | 25.98% | 26.37% | 26.67% | 26.87% | 27.10% | 26.66% | 26.20% | 25.91% | 25.67% | 25.05% | 23.88% | 23.00% | 22.49% | 22.20% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 82.90% | 82.91% | 82.96% | 83.04% | 83.23% | 83.05% | 83.08% | 83.07% | 82.59% | 82.86% | 82.83% | 82.67% | 82.33% | 82.04% | 82.15% | 81.95% | 81.58% | 80.89% | ||||||
| DoorDash, Inc. | 51.91% | 51.41% | 50.89% | 50.88% | 50.49% | 50.04% | 49.19% | 48.31% | 47.62% | 46.93% | 46.78% | 46.86% | 46.33% | 46.03% | 45.63% | 45.50% | 47.09% | 49.23% | 51.81% | ||||||
| McDonald’s Corp. | — | 57.38% | 57.35% | 57.41% | 57.42% | 56.99% | 56.82% | 56.75% | 56.62% | 56.97% | 57.01% | 57.12% | 57.24% | 57.45% | 57.53% | 56.97% | 56.13% | 55.29% | 54.54% | ||||||
| Starbucks Corp. | 22.07% | 21.63% | 21.90% | 22.77% | 23.68% | 24.97% | 26.05% | 26.84% | 27.54% | 27.67% | 27.81% | 27.37% | 26.52% | 26.22% | 25.78% | 25.96% | 26.87% | 27.72% | 28.59% | ||||||
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
Gross profit margin = 100
× (Gross profitQ3 2026
+ Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025)
÷ (RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025)
= 100 × (768,157 + 844,565 + 718,961 + 698,772)
÷ (3,293,162 + 3,348,562 + 3,088,242 + 2,983,511)
= 23.84%
2 Click competitor name to see calculations.
Revenue exhibited a consistent growth trajectory over the analyzed period, increasing from approximately $2.02 billion in March 2022 to $3.29 billion by September 2026. Gross profit followed a similar upward trend, despite recurring quarterly fluctuations, rising from $418.9 million to $768.2 million. However, the relationship between revenue growth and gross profit shifted over time, as evidenced by the fluctuations in the gross profit margin.
- Margin Expansion Phase (March 2022 – June 2024)
- A period of sustained margin improvement is observed starting in March 2022, where the gross profit margin stood at 22.20%. The margin climbed steadily over the following two years, reflecting increased operational efficiency or successful pricing strategies. This upward trend culminated in a peak margin of 27.10% by June 30, 2024.
- Peak Performance and Transition
- The maximum profitability per dollar of revenue was achieved in the second quarter of 2024. Following this peak, the margin began a marginal decline to 26.87% in September 2024 and 26.67% in December 2024, marking the end of the expansionary phase.
- Margin Contraction Phase (March 2025 – September 2026)
- From March 2025 onward, a consistent downward trend in the gross profit margin is evident. The margin decreased from 26.37% in March 2025 to 23.84% by September 2026. This contraction indicates that the cost of goods sold increased at a rate that outpaced revenue growth during this period, leading to a gradual erosion of gross profitability despite the overall increase in total revenue and gross profit dollars.
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Operating Profit Margin
Chipotle Mexican Grill Inc., operating profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Income from operations | 451,964) | 525,595) | 397,063) | 420,319) | 477,172) | 559,057) | 479,250) | 415,732) | 473,256) | 586,053) | 441,292) | 363,447) | 394,950) | 431,810) | 367,606) | 296,331) | 336,253) | 337,598) | 190,221) | ||||||
| Revenue | 3,293,162) | 3,348,562) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 14.12% | 14.65% | 15.27% | 16.23% | 16.38% | 16.65% | 17.01% | 16.94% | 16.97% | 16.75% | 15.99% | 15.78% | 15.63% | 15.42% | 14.89% | 13.44% | 12.15% | 11.36% | 10.65% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 20.81% | 20.49% | 20.78% | 22.65% | 22.50% | 22.17% | 23.00% | 15.01% | 15.21% | 15.86% | 15.31% | 23.42% | 21.53% | 20.69% | 21.45% | 20.46% | 17.49% | 13.17% | ||||||
| Booking Holdings Inc. | — | 32.87% | 32.63% | 32.79% | 32.74% | 32.85% | 32.49% | 31.83% | 27.92% | 28.39% | 28.07% | 27.31% | 31.85% | 31.29% | 29.59% | 29.85% | 28.74% | 27.56% | 23.83% | ||||||
| DoorDash, Inc. | 5.25% | 4.48% | 4.88% | 5.27% | 5.48% | 4.56% | 1.58% | -0.35% | -2.40% | -4.78% | -5.15% | -6.71% | -10.55% | -13.79% | -15.67% | -17.07% | -14.97% | -12.41% | -9.99% | ||||||
| McDonald’s Corp. | — | 46.22% | 46.27% | 46.10% | 46.09% | 45.80% | 45.22% | 45.19% | 44.90% | 45.29% | 45.99% | 45.68% | 45.68% | 45.40% | 40.96% | 40.42% | 39.48% | 39.87% | 43.71% | ||||||
| Starbucks Corp. | 7.77% | 7.62% | 7.18% | 7.90% | 10.81% | 12.51% | 13.96% | 14.95% | 15.92% | 16.08% | 16.64% | 16.32% | 15.31% | 14.92% | 14.26% | 14.32% | 15.33% | 16.27% | 16.92% | ||||||
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
Operating profit margin = 100
× (Income from operationsQ3 2026
+ Income from operationsQ2 2026
+ Income from operationsQ1 2026
+ Income from operationsQ4 2025)
÷ (RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025)
= 100 × (451,964 + 525,595 + 397,063 + 420,319)
÷ (3,293,162 + 3,348,562 + 3,088,242 + 2,983,511)
= 14.12%
2 Click competitor name to see calculations.
The analysis of financial performance between March 2022 and September 2026 reveals a distinct cycle of operating margin expansion followed by a steady contraction, occurring against a backdrop of consistent revenue growth.
- Revenue Growth Trends
- Revenue exhibited a sustained upward trajectory throughout the period, increasing from 2.02 billion USD in March 2022 to 3.29 billion USD by September 2026. This reflects a consistent expansion of the top-line scale over the analyzed timeframe.
- Operating Profit Margin Expansion
- A period of significant margin improvement is observed from March 2022 through March 2025. The operating profit margin rose from an initial 10.65% to a peak of 17.01%. This growth phase was characterized by steady sequential increases, with the margin surpassing the 15% threshold in June 2023 and maintaining levels above 16% from June 2024 through December 2025.
- Operating Profit Margin Contraction
- Following the peak in March 2025, a consistent downward trend is evident. The operating profit margin declined over the final six quarters of the period, dropping from 17.01% to 14.12% by September 2026. This contraction suggests that operating costs began to scale faster than revenue, leading to a reduction in operational efficiency despite the continued growth in total sales.
- Operating Income Volatility
- While revenue climbed steadily, income from operations showed more volatility. Operating income increased from 190.22 million USD in March 2022 to a peak of 586.05 million USD in June 2024. However, in the final period, operating income failed to keep pace with revenue growth, ending at 451.96 million USD in September 2026, which correlates with the observed decline in the operating profit margin.
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Net Profit Margin
Chipotle Mexican Grill Inc., net profit margin 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) | |||||||||||||||||||||||||
| Net income | 339,874) | 403,547) | 302,824) | 330,932) | 382,103) | 436,127) | 386,599) | 331,764) | 387,388) | 455,671) | 359,287) | 282,086) | 313,217) | 341,790) | 291,644) | 223,727) | 257,138) | 259,942) | 158,294) | ||||||
| Revenue | 3,293,162) | 3,348,562) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 10.83% | 11.42% | 11.96% | 12.88% | 13.04% | 13.32% | 13.59% | 13.56% | 13.51% | 13.23% | 12.70% | 12.45% | 12.27% | 12.00% | 11.49% | 10.41% | 9.61% | 9.28% | 8.74% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 20.45% | 19.90% | 20.51% | 22.03% | 22.67% | 22.60% | 23.85% | 16.96% | 46.11% | 48.23% | 48.32% | 56.87% | 25.31% | 23.30% | 22.54% | 20.29% | 16.91% | 12.12% | ||||||
| Booking Holdings Inc. | — | 25.53% | 22.23% | 20.08% | 19.37% | 19.23% | 22.58% | 24.78% | 21.85% | 22.46% | 21.81% | 20.07% | 25.70% | 23.04% | 22.14% | 17.89% | 15.24% | 10.54% | 4.16% | ||||||
| DoorDash, Inc. | 6.23% | 5.29% | 6.29% | 6.82% | 6.83% | 6.57% | 3.02% | 1.15% | -1.69% | -4.24% | -4.61% | -6.46% | -12.81% | -16.47% | -18.98% | -20.74% | -14.51% | -12.17% | -9.97% | ||||||
| McDonald’s Corp. | — | 31.72% | 31.62% | 31.85% | 32.04% | 32.21% | 31.75% | 31.72% | 31.79% | 32.25% | 33.36% | 33.22% | 33.31% | 33.06% | 29.36% | 26.65% | 25.41% | 25.77% | 29.93% | ||||||
| Starbucks Corp. | 5.17% | 3.89% | 3.63% | 4.99% | 7.18% | 8.61% | 9.73% | 10.40% | 11.16% | 11.38% | 11.70% | 11.46% | 10.80% | 10.46% | 10.09% | 10.18% | 13.03% | 14.07% | 14.47% | ||||||
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
Net profit margin = 100
× (Net incomeQ3 2026
+ Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025)
÷ (RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025)
= 100 × (339,874 + 403,547 + 302,824 + 330,932)
÷ (3,293,162 + 3,348,562 + 3,088,242 + 2,983,511)
= 10.83%
2 Click competitor name to see calculations.
The net profit margin exhibited a distinct cyclical trajectory over the analyzed period, characterized by a sustained phase of expansion followed by a period of gradual contraction. While revenue demonstrated a consistent long-term upward trend, increasing from 2.02 billion USD in March 2022 to 3.29 billion USD by September 2026, the net profit margin did not follow a linear path, indicating fluctuating operational efficiency and cost pressures.
- Margin Expansion Phase (March 2022 – December 2023)
- A consistent upward trend is observed during this interval, with the net profit margin rising from 8.74% to 12.45%. This growth indicates that net income grew at a faster rate than revenue, suggesting successful cost optimization or an increase in pricing power during the early stages of the period.
- Peak Profitability Period (March 2024 – March 2025)
- Profitability reached its highest levels during this window, with the net profit margin peaking at 13.59% in March 2025. During this time, the margin remained stable above 13%, reflecting a period of maximum operational efficiency where revenue growth was effectively translated into bottom-line profit.
- Margin Compression Phase (June 2025 – September 2026)
- A persistent downward trend is evident in the final six quarters, with the margin declining from 13.32% to 10.83%. Notably, this contraction occurred even as revenue continued to climb, reaching a period high of 3.35 billion USD in June 2026. This divergence suggests that operating expenses or costs of goods sold grew at a pace exceeding revenue gains, resulting in diminished net profitability per dollar of sales.
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Return on Equity (ROE)
Chipotle Mexican Grill Inc., ROE 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) | |||||||||||||||||||||||||
| Net income | 339,874) | 403,547) | 302,824) | 330,932) | 382,103) | 436,127) | 386,599) | 331,764) | 387,388) | 455,671) | 359,287) | 282,086) | 313,217) | 341,790) | 291,644) | 223,727) | 257,138) | 259,942) | 158,294) | ||||||
| Shareholders’ equity | 2,455,144) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 56.09% | 64.52% | 60.31% | 54.26% | 47.69% | 43.70% | 44.73% | 41.97% | 41.08% | 37.99% | 38.57% | 40.13% | 40.55% | 40.27% | 41.60% | 37.97% | 34.75% | 35.10% | 32.06% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 34.50% | 32.96% | 30.63% | 30.56% | 33.73% | 31.98% | 31.48% | 21.65% | 60.53% | 62.55% | 58.69% | 59.85% | 45.46% | 38.34% | 34.05% | 29.40% | 23.80% | 16.92% | ||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 374.67% | 109.92% | 66.51% | 38.58% | 11.89% | ||||||
| DoorDash, Inc. | 9.92% | 8.48% | 9.08% | 9.32% | 9.09% | 8.75% | 4.04% | 1.58% | -2.27% | -5.68% | -6.00% | -8.20% | -15.92% | -19.79% | -20.85% | -20.21% | -12.89% | -9.26% | -11.29% | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
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
ROE = 100
× (Net incomeQ3 2026
+ Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025)
÷ Shareholders’ equity
= 100 × (339,874 + 403,547 + 302,824 + 330,932)
÷ 2,455,144 = 56.09%
2 Click competitor name to see calculations.
The financial data indicates a significant long-term expansion in the Return on Equity (ROE), which rose from 32.06% in March 2022 to a peak of 64.52% in June 2026. This growth occurred in two distinct phases: a period of steady incremental growth followed by a period of rapid acceleration driven by a contraction in the equity base.
- Net Income Performance
- Net income exhibited a general upward trajectory throughout the analyzed period. Initial quarterly figures fluctuated between 158 million and 259 million USD in 2022, before establishing a higher baseline exceeding 300 million USD per quarter starting in 2023. Despite some seasonal volatility—most notably peaks in June of each year—the earnings capacity remained robust, reaching a high of 455 million USD in June 2024 and maintaining figures above 300 million USD through September 2026.
- Shareholders' Equity Dynamics
- A clear inflection point is observed in the equity trend. From March 2022 to June 2024, shareholders' equity grew consistently from 2.13 billion USD to a peak of 3.71 billion USD. However, following this peak, a sustained contraction occurred, with equity declining to 2.20 billion USD by June 2026. This downward trend suggests a strategic shift, potentially involving increased share repurchases or dividend distributions that reduced the total equity book value.
- Return on Equity (ROE) Analysis
- The ROE trajectory shifted from stable growth to aggressive acceleration. Between March 2022 and December 2024, ROE climbed steadily from 32.06% to 41.97%, supported by growing net income. The most dramatic increase occurred between March 2025 and June 2026, where ROE surged from 44.73% to 64.52%. This acceleration was primarily driven by the simultaneous maintenance of high net income levels and a shrinking equity denominator. A slight correction to 56.09% was observed in September 2026, coinciding with a modest recovery in shareholders' equity to 2.46 billion USD.
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Return on Assets (ROA)
Chipotle Mexican Grill Inc., ROA 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) | |||||||||||||||||||||||||
| Net income | 339,874) | 403,547) | 302,824) | 330,932) | 382,103) | 436,127) | 386,599) | 331,764) | 387,388) | 455,671) | 359,287) | 282,086) | 313,217) | 341,790) | 291,644) | 223,727) | 257,138) | 259,942) | 158,294) | ||||||
| Total assets | 9,432,683) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 14.60% | 16.01% | 16.49% | 17.07% | 16.55% | 16.64% | 17.26% | 16.67% | 16.47% | 15.81% | 15.41% | 15.27% | 14.79% | 14.75% | 14.64% | 12.98% | 11.86% | 11.55% | 10.58% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 9.36% | 9.38% | 11.31% | 11.41% | 9.73% | 10.13% | 12.63% | 8.29% | 18.40% | 20.13% | 23.21% | 25.47% | 10.85% | 10.13% | 11.80% | 10.13% | 6.55% | 4.70% | ||||||
| Booking Holdings Inc. | — | 24.29% | 22.20% | 18.47% | 17.54% | 15.69% | 20.00% | 21.23% | 18.00% | 17.62% | 17.31% | 17.62% | 20.68% | 16.78% | 15.96% | 12.06% | 11.06% | 6.30% | 2.32% | ||||||
| DoorDash, Inc. | 5.17% | 4.30% | 4.70% | 4.76% | 4.80% | 4.61% | 2.50% | 0.96% | -1.40% | -3.44% | -3.67% | -5.15% | -10.43% | -13.19% | -14.09% | -13.94% | -9.21% | -6.91% | -7.70% | ||||||
| McDonald’s Corp. | — | 14.66% | 14.45% | 14.39% | 13.89% | 14.09% | 14.49% | 14.90% | 14.68% | 15.44% | 16.06% | 15.08% | 16.00% | 15.86% | 13.22% | 12.25% | 12.19% | 12.35% | 13.98% | ||||||
| Starbucks Corp. | 7.01% | 4.89% | 4.25% | 5.80% | 7.82% | 9.89% | 11.03% | 12.00% | 13.52% | 14.16% | 14.71% | 14.01% | 13.17% | 12.43% | 11.75% | 11.73% | 14.80% | 15.19% | 15.24% | ||||||
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
ROA = 100
× (Net incomeQ3 2026
+ Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025)
÷ Total assets
= 100 × (339,874 + 403,547 + 302,824 + 330,932)
÷ 9,432,683 = 14.60%
2 Click competitor name to see calculations.
The financial analysis reveals a period of significant expansion in asset efficiency followed by a phase of stabilization and slight contraction. From March 2022 through March 2025, there was a consistent upward trajectory in the Return on Assets (ROA), indicating an increasing capability to generate net income from the company's asset base.
- Asset Utilization and Growth Trends
- Total assets grew steadily from $6.47 billion in March 2022 to a peak of approximately $9.43 billion by September 2026. During the first three years of the analyzed period, net income growth outpaced the expansion of the asset base, which drove the ROA from 10.58% to a peak of 17.26% in March 2025. This suggests a high degree of operational efficiency and successful scaling during this growth phase.
- Profitability Peak and Subsequent Decline
- The maximum efficiency level was reached in the first quarter of 2025. Following this peak, a gradual decline in ROA is observed, ending at 14.60% in September 2026. This compression is attributed to a divergence where the asset base remained elevated—consistently above $8.8 billion after March 2025—while net income experienced higher volatility and a general downward trend in the final quarters of the period.
- Net Income Volatility
- Net income demonstrated significant quarterly fluctuations, particularly between June 2024 and September 2026, with values ranging from a high of $455.67 million to a low of $302.82 million. Because the asset base remained relatively stable during this latter period, these fluctuations in net income became the primary driver of the volatility seen in the ROA percentages.
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