Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Profitability Ratios (Summary)
Chipotle Mexican Grill Inc., profitability 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 profitability metrics demonstrate a consistent upward trend over the observed period, with some moderation in the most recent quarters. Generally, margins and returns improved from early 2022 through late 2024, followed by a stabilization and slight decline in the latest reported periods.
- Gross Profit Margin
- The gross profit margin exhibited a steady increase from 22.20% in March 2022 to a peak of 27.10% in June 2024. Subsequent quarters show a slight retraction, ending at 25.38% in December 2025. This suggests increasing efficiency in cost of goods sold initially, followed by potential pressures on input costs or pricing strategies.
- Operating Profit Margin
- Similar to the gross profit margin, the operating profit margin increased consistently, moving from 10.65% in March 2022 to 16.75% in June 2024. The rate of increase slowed, and the metric decreased slightly to 16.23% by December 2025. This indicates improving operational efficiency and cost control, though recent periods suggest a potential plateauing of these gains.
- Net Profit Margin
- The net profit margin followed the same pattern as the other margin metrics, rising from 8.74% in March 2022 to 13.56% in December 2024, before decreasing to 12.88% in December 2025. This suggests that improvements in core operations translated into higher net profitability, but recent quarters indicate a potential stabilization or slight erosion of net income as a percentage of revenue.
- Return on Equity (ROE)
- ROE demonstrated substantial growth, increasing from 32.06% in March 2022 to a high of 47.69% in September 2025, before reaching 54.26% in December 2025. This indicates increasing effectiveness in generating profits from shareholder investments. The significant increase suggests improved profitability and/or more efficient use of equity.
- Return on Assets (ROA)
- ROA also showed a consistent upward trend, rising from 10.58% in March 2022 to 17.07% in December 2025. This indicates improved efficiency in utilizing assets to generate earnings. The increase suggests better asset management and/or higher profitability relative to the asset base.
In summary, the observed period reflects a period of strong profitability improvement, particularly in terms of returns to shareholders and efficient asset utilization. However, the most recent quarters suggest a potential moderation of this trend, with margins stabilizing or experiencing slight declines. Further investigation into the factors driving these recent changes may be warranted.
Return on Sales
Return on Investment
Gross Profit Margin
Chipotle Mexican Grill Inc., gross profit margin 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) | |||||||||||||||||||||
| Gross profit | |||||||||||||||||||||
| Revenue | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||
| 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
Gross profit margin = 100
× (Gross profitQ4 2025
+ Gross profitQ3 2025
+ Gross profitQ2 2025
+ Gross profitQ1 2025)
÷ (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The gross profit margin exhibited a generally positive trend over the analyzed period, spanning from March 31, 2022, to December 31, 2025. Initial values demonstrated consistent growth, followed by a period of stabilization and a slight decline towards the end of the observation window.
- Initial Growth Phase (Mar 31, 2022 – Dec 31, 2022)
- The gross profit margin began at 22.20% in March 2022 and steadily increased to 23.88% by December 2022. This indicates improving efficiency in managing the cost of goods sold relative to revenue during this period. The increases, while incremental, are consistent quarter over quarter.
- Peak and Stabilization (Mar 31, 2023 – Sep 30, 2023)
- The margin continued its upward trajectory, reaching a peak of 25.91% in September 2023. This was preceded by a value of 25.05% in March 2023 and 25.67% in June 2023. This suggests sustained improvements in profitability. The rate of increase slowed during this phase.
- Recent Decline (Dec 31, 2023 – Dec 31, 2025)
- Following the peak, the gross profit margin experienced a gradual decline. It decreased from 26.20% in December 2023 to 25.38% by December 2025. While remaining above the levels observed in early 2022, this trend warrants further investigation to determine the underlying causes, such as increased input costs or pricing pressures. The decline is not precipitous, but consistent.
- Quarterly Fluctuations
- Within each year, some quarterly fluctuations were observed. For example, a dip occurred in the gross profit margin between September 30, 2024 (26.87%) and December 31, 2024 (26.67%). These fluctuations may be attributable to seasonal variations in sales or changes in product mix. Similar, though smaller, fluctuations are visible in other periods.
- Overall Trend
- Despite the recent decline, the overall trend for the gross profit margin is positive over the analyzed timeframe. The margin increased from 22.20% to 25.38%, representing a net improvement of 3.18 percentage points. However, the recent deceleration in growth and the subsequent decline suggest potential challenges to maintaining profitability.
Operating Profit Margin
Chipotle Mexican Grill Inc., operating profit margin 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) | |||||||||||||||||||||
| Income from operations | |||||||||||||||||||||
| Revenue | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||
| 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
Operating profit margin = 100
× (Income from operationsQ4 2025
+ Income from operationsQ3 2025
+ Income from operationsQ2 2025
+ Income from operationsQ1 2025)
÷ (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The operating profit margin demonstrates a consistent upward trend over the analyzed period, spanning from March 31, 2022, to December 31, 2025. Initially, the margin exhibited moderate growth, accelerating in later periods. Fluctuations are minimal, suggesting a stable improvement in operational efficiency.
- Initial Trend (Mar 31, 2022 – Dec 31, 2022)
- The operating profit margin began at 10.65% and increased to 13.44% over this period. This represents a steady improvement, indicating enhanced profitability from core operations. The largest single-quarter increase occurred between June 30, 2022, and September 30, 2022.
- Acceleration (Mar 31, 2023 – Jun 30, 2024)
- The rate of increase accelerated, with the margin rising from 14.89% to 16.75%. This suggests that initiatives to improve operational efficiency and cost control were gaining traction. The margin peaked at 16.75% in June 2024.
- Recent Performance (Sep 30, 2024 – Dec 31, 2025)
- While still remaining at a high level, a slight deceleration and eventual leveling off is observed. The margin decreased from 16.97% to 16.23% over this period. This could indicate increasing costs or competitive pressures, though the margin remains significantly higher than at the beginning of the analyzed timeframe. The decrease is relatively small, suggesting continued strong operational performance.
- Overall Observation
- The operating profit margin consistently expanded throughout the majority of the period, indicating improved profitability. While a minor decrease is noted in the most recent quarters, the overall trend remains positive. The company appears to be effectively managing its costs relative to revenue, resulting in increased operational profitability.
The income from operations also increased over the period, contributing to the improved operating profit margin. Revenue growth was also consistent, but the margin expansion indicates that operational improvements outpaced revenue increases in many quarters.
Net Profit Margin
Chipotle Mexican Grill Inc., net profit margin 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) | |||||||||||||||||||||
| Net income | |||||||||||||||||||||
| Revenue | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||
| 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
Net profit margin = 100
× (Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025)
÷ (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The net profit margin exhibited a consistent upward trend over the analyzed period, spanning from March 31, 2022, to December 31, 2025. Initially, the margin demonstrated incremental increases, accelerating in later periods. Fluctuations were minimal, suggesting a stable improvement in profitability relative to revenue.
- Initial Trend (Mar 31, 2022 – Dec 31, 2022)
- The net profit margin began at 8.74% in March 2022 and increased to 10.41% by December 2022. This represents a 1.67 percentage point increase over nine months, indicating a positive initial trajectory.
- Acceleration (Mar 31, 2023 – Dec 31, 2023)
- The rate of increase accelerated in the following year. The net profit margin rose from 11.49% in March 2023 to 12.45% by December 2023, a gain of 0.96 percentage points. This suggests improving operational efficiency or pricing strategies.
- Peak and Stabilization (Mar 31, 2024 – Dec 31, 2025)
- The margin continued to climb, reaching a peak of 13.56% in December 2024. While subsequent quarters saw slight variations, the margin remained within a narrow range of 13.04% to 13.59%. The final reported value, 12.88% in December 2025, indicates a slight pullback from the peak but remains significantly higher than the initial value in March 2022.
- Overall Change
- From March 31, 2022, to December 31, 2025, the net profit margin increased by 4.14 percentage points. This demonstrates a substantial improvement in the company’s ability to convert revenue into profit over the observed timeframe.
The consistent positive trend in net profit margin suggests effective cost management, successful pricing strategies, or a favorable shift in the revenue mix. The stabilization in the later periods indicates a maturing profitability level, though continued monitoring is recommended to assess the sustainability of these results.
Return on Equity (ROE)
Chipotle Mexican Grill Inc., ROE 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) | |||||||||||||||||||||
| Net income | |||||||||||||||||||||
| Shareholders’ equity | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| ROE1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||
| 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
ROE = 100
× (Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025)
÷ Shareholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The Return on Equity (ROE) demonstrates a generally positive trajectory over the observed period, with some fluctuations. Initial values indicate a strong performance, which then strengthens before stabilizing and experiencing further growth towards the end of the analyzed timeframe.
- Overall Trend
- ROE exhibited an increasing trend from March 31, 2022, to December 31, 2025. Starting at 32.06% in March 2022, it generally rose, peaking at 54.26% in December 2025. This suggests improving profitability relative to shareholder investment over the period.
- Initial Growth Phase (Mar 31, 2022 – Dec 31, 2022)
- From March 31, 2022, to December 31, 2022, ROE increased from 32.06% to 37.97%. This initial growth phase suggests effective utilization of equity to generate profits. The increase is consistent, though not dramatic, indicating steady improvement.
- Stabilization and Continued Growth (Mar 31, 2023 – Dec 31, 2023)
- The period from March 31, 2023, to December 31, 2023, shows ROE fluctuating between approximately 40% and 41%. While not exhibiting substantial growth, the values remained consistently high, indicating sustained profitability. A slight decrease is observed in the final quarter of 2023.
- Accelerated Growth (Mar 31, 2024 – Dec 31, 2025)
- A more pronounced upward trend is evident from March 31, 2024, through December 31, 2025. ROE increased from 38.57% to 54.26%. This acceleration suggests a significant improvement in the company’s ability to generate profits from shareholder equity during this period. The increase in the final quarter of 2025 is particularly notable.
- Relationship to Net Income and Shareholders’ Equity
- The increase in ROE appears to be driven by a combination of increasing net income and increasing shareholders’ equity. While net income experienced some quarterly variations, the overall trend was positive. Shareholders’ equity consistently increased throughout the period, providing a larger base for generating returns. The accelerated growth in ROE towards the end of the period coincides with both stronger net income and a substantial increase in shareholders’ equity.
In conclusion, the ROE demonstrates a positive trend, indicating improving financial performance and efficient utilization of shareholder investments. The latter portion of the analyzed period shows a particularly strong increase, suggesting enhanced profitability and effective capital management.
Return on Assets (ROA)
Chipotle Mexican Grill Inc., ROA 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) | |||||||||||||||||||||
| Net income | |||||||||||||||||||||
| Total assets | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| ROA1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||
| 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
ROA = 100
× (Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The Return on Assets (ROA) demonstrates a consistent upward trend over the observed period, indicating increasing profitability relative to the company’s total assets. The ROA began at 10.58% in March 2022 and generally increased through December 2025, reaching 17.07%.
- Overall Trend
- A clear and sustained increase in ROA is evident throughout the analyzed timeframe. The rate of increase appears to have moderated slightly in the latter half of the period, but the overall trajectory remains positive. The ROA experienced its lowest value at the beginning of the period and its highest value at the end.
- Short-Term Fluctuations
- While the overall trend is upward, some quarterly fluctuations are present. A slight decrease in ROA is observed between September 2024 (16.47%) and December 2024 (16.67%), followed by a decrease between March 2025 (17.26%) and June 2025 (16.64%). These fluctuations suggest potential short-term variations in profitability or asset utilization.
- Acceleration and Deceleration
- The most significant acceleration in ROA occurred between March 2022 and December 2022, increasing from 10.58% to 12.98%. The rate of increase slowed somewhat between December 2022 and June 2023, but remained positive. A slight deceleration is observed between September 2024 and December 2025, with the ROA increasing from 16.47% to 17.07%.
- Relationship to Net Income and Total Assets
- The increasing ROA is supported by consistent growth in both net income and total assets. However, the growth in net income appears to be outpacing the growth in total assets, driving the improvement in ROA. This suggests the company is becoming more efficient at generating profits from its asset base.
In conclusion, the ROA consistently improved over the analyzed period, indicating enhanced profitability and efficient asset utilization. While minor quarterly variations exist, the overarching trend is strongly positive.