Stock Analysis on Net

Chipotle Mexican Grill Inc. (NYSE:CMG)

Adjustments to Financial Statements

Microsoft Excel

Adjustments to Current Assets

Chipotle Mexican Grill Inc., adjusted current assets

US$ in thousands

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Current assets 1,780,587 1,620,713 1,175,837 1,381,564 1,420,237
Adjustments
Add: Allowance for credit losses 2,953 2,742 1,180 1,950 1,588
After Adjustment
Adjusted current assets 1,783,540 1,623,455 1,177,017 1,383,514 1,421,825

Based on: 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), 10-K (reporting date: 2020-12-31).


Adjustments to Total Assets

Chipotle Mexican Grill Inc., adjusted total assets

US$ in thousands

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Total assets 9,204,374 8,044,362 6,927,504 6,652,958 5,982,896
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Add: Allowance for credit losses 2,953 2,742 1,180 1,950 1,588
After Adjustment
Adjusted total assets 9,207,327 8,047,104 6,928,684 6,654,908 5,984,484

Based on: 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), 10-K (reporting date: 2020-12-31).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »


Adjustments to Current Liabilities

Chipotle Mexican Grill Inc., adjusted current liabilities

US$ in thousands

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Current liabilities 1,168,768 1,030,625 921,880 873,682 822,199
Adjustments
Less: Current unearned revenue 238,577 209,680 183,071 156,351 127,750
Less: Current restructuring liability
After Adjustment
Adjusted current liabilities 930,191 820,945 738,809 717,331 694,449

Based on: 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), 10-K (reporting date: 2020-12-31).


Adjustments to Total Liabilities

Chipotle Mexican Grill Inc., adjusted total liabilities

US$ in thousands

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Total liabilities 5,548,828 4,982,155 4,559,481 4,355,584 3,962,761
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1
Less: Deferred income tax liabilities2 46,208 89,109 98,623 141,765 149,422
Less: Unearned revenue 238,577 209,680 183,071 156,351 127,750
Less: Restructuring liability
After Adjustment
Adjusted total liabilities 5,264,043 4,683,366 4,277,787 4,057,468 3,685,589

Based on: 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), 10-K (reporting date: 2020-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred income tax liabilities. See details »


Adjustments to Stockholders’ Equity

Chipotle Mexican Grill Inc., adjusted shareholders’ equity

US$ in thousands

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Shareholders’ equity 3,655,546 3,062,207 2,368,023 2,297,374 2,020,135
Adjustments
Less: Deferred income tax assets (liabilities)1 (46,208) (89,109) (98,623) (141,765) (149,422)
Add: Allowance for credit losses 2,953 2,742 1,180 1,950 1,588
Add: Unearned revenue 238,577 209,680 183,071 156,351 127,750
Add: Restructuring liability
After Adjustment
Adjusted shareholders’ equity 3,943,284 3,363,738 2,650,897 2,597,440 2,298,895

Based on: 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), 10-K (reporting date: 2020-12-31).

1 Deferred income tax assets (liabilities). See details »


Adjustments to Capitalization Table

Chipotle Mexican Grill Inc., adjusted capitalization table

US$ in thousands

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Total reported debt
Shareholders’ equity 3,655,546 3,062,207 2,368,023 2,297,374 2,020,135
Total reported capital 3,655,546 3,062,207 2,368,023 2,297,374 2,020,135
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1
Add: Current operating lease liabilities2 277,836 248,074 236,248 218,713 204,756
Add: Long-term operating lease liabilities3 4,262,782 3,803,551 3,495,162 3,301,601 2,952,296
Adjusted total debt 4,540,618 4,051,625 3,731,410 3,520,314 3,157,052
Adjustments to Equity
Less: Deferred income tax assets (liabilities)4 (46,208) (89,109) (98,623) (141,765) (149,422)
Add: Allowance for credit losses 2,953 2,742 1,180 1,950 1,588
Add: Unearned revenue 238,577 209,680 183,071 156,351 127,750
Add: Restructuring liability
Adjusted shareholders’ equity 3,943,284 3,363,738 2,650,897 2,597,440 2,298,895
After Adjustment
Adjusted total capital 8,483,902 7,415,363 6,382,307 6,117,754 5,455,947

Based on: 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), 10-K (reporting date: 2020-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current operating lease liabilities. See details »

3 Long-term operating lease liabilities. See details »

4 Deferred income tax assets (liabilities). See details »


Adjustments to Revenues

Chipotle Mexican Grill Inc., adjusted revenue

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Revenue 11,313,853 9,871,649 8,634,652 7,547,061 5,984,634
Adjustment
Add: Increase (decrease) in unearned revenue 28,897 26,609 26,720 28,601 32,555
After Adjustment
Adjusted revenue 11,342,750 9,898,258 8,661,372 7,575,662 6,017,189

Based on: 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), 10-K (reporting date: 2020-12-31).


Adjustments to Reported Income

Chipotle Mexican Grill Inc., adjusted net income

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Net income 1,534,110 1,228,737 899,101 652,984 355,766
Adjustments
Add: Deferred income tax expense (benefit)1 (47,331) (17,130) (39,671) (19,829) 101,401
Add: Increase (decrease) in allowance for credit losses 211 1,562 (770) 362 1,581
Add: Increase (decrease) in unearned revenue 28,897 26,609 26,720 28,601 32,555
Add: Increase (decrease) in restructuring liability (30)
Add: Other comprehensive income (loss), net of income taxes (3,625) 1,231 (2,534) (1,125) 1,134
After Adjustment
Adjusted net income 1,512,262 1,241,009 882,846 660,993 492,407

Based on: 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), 10-K (reporting date: 2020-12-31).

1 Deferred income tax expense (benefit). See details »