Analysis of Revenues
Revenues as Reported
Chipotle Mexican Grill Inc., income statement, revenues
US$ in thousands
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall revenue demonstrates a consistent upward trajectory between 2021 and 2025. While food and beverage revenue constitutes the vast majority of total revenue, a closer examination of individual revenue streams reveals nuanced trends. Consolidated revenue increased from US$7,547,061 thousand in 2021 to US$11,925,601 thousand in 2025, representing a substantial growth rate over the five-year period.
- Food and Beverage Revenue
- Food and beverage revenue exhibits strong and steady growth, increasing from US$7,457,169 thousand in 2021 to US$11,620,085 thousand in 2025. This represents the primary driver of overall revenue expansion. The rate of increase appears relatively consistent year-over-year.
- Delivery Service Revenue
- Delivery service revenue peaked in 2021 at US$89,892 thousand before experiencing a consistent decline through 2025, reaching US$59,332 thousand. This suggests a potential shift in consumer behavior, possibly with customers returning to in-restaurant dining or utilizing alternative delivery platforms. The decline, while consistent, warrants further investigation.
- U.S. Segment Revenue
- Revenue from the U.S. segment mirrors the overall consolidated revenue trend, growing from US$7,547,061 thousand in 2021 to US$11,679,417 thousand in 2025. This indicates that growth is primarily fueled by performance within the domestic market. The U.S. segment consistently represents the largest portion of total revenue.
- All Other Revenue
- “All other revenue” demonstrates significant growth, albeit from a smaller base, increasing from an unrecorded value in 2021 to US$246,184 thousand in 2025. This suggests diversification of revenue streams beyond core food and beverage sales and delivery services. The accelerating growth rate in this category is notable.
- Consolidated Revenue Composition
- The composition of consolidated revenue reveals a growing reliance on food and beverage sales and the U.S. segment. While delivery revenue declines, “all other revenue” is becoming a more substantial contributor, partially offsetting the decline. The overall trend indicates a strengthening core business coupled with emerging revenue diversification.
In summary, the revenue performance indicates a healthy and expanding business. The consistent growth in food and beverage revenue and the U.S. segment is particularly encouraging. The decline in delivery service revenue and the growth in “all other revenue” suggest evolving business dynamics that merit continued monitoring.