Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Chipotle Mexican Grill Inc., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported	1.23	1.25	1.13	1.00	1.09
Adjusted	1.23	1.25	1.14	1.01	1.10
Liquidity Ratio
Current Ratio
Reported	1.57	1.28	1.58	1.73	1.61
Adjusted	1.98	1.59	1.93	2.05	1.88
Solvency Ratios
Debt to Equity
Reported	0.00	0.00	0.00	0.00	0.00
Adjusted	1.20	1.41	1.36	1.37	1.57
Debt to Capital
Reported	0.00	0.00	0.00	0.00	0.00
Adjusted	0.55	0.58	0.58	0.58	0.61
Financial Leverage
Reported	2.63	2.93	2.90	2.96	3.03
Adjusted	2.39	2.61	2.56	2.60	2.81
Profitability Ratios
Net Profit Margin
Reported	12.45%	10.41%	8.65%	5.94%	6.27%
Adjusted	12.54%	10.19%	8.73%	8.18%	7.12%
Return on Equity (ROE)
Reported	40.13%	37.97%	28.42%	17.61%	20.81%
Adjusted	36.89%	33.30%	25.45%	21.42%	22.00%
Return on Assets (ROA)
Reported	15.27%	12.98%	9.81%	5.95%	6.86%
Adjusted	15.42%	12.74%	9.93%	8.23%	7.83%

Based on: 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), 10-K (reporting date: 2019-12-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Chipotle Mexican Grill Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Chipotle Mexican Grill Inc. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Chipotle Mexican Grill Inc. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Chipotle Mexican Grill Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Chipotle Mexican Grill Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Chipotle Mexican Grill Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Chipotle Mexican Grill Inc. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Chipotle Mexican Grill Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Chipotle Mexican Grill Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Revenue	9,871,649)	8,634,652)	7,547,061)	5,984,634)	5,586,369)
Total assets	8,044,362)	6,927,504)	6,652,958)	5,982,896)	5,104,604)
Activity Ratio
Total asset turnover¹	1.23	1.25	1.13	1.00	1.09
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted revenue²	9,898,258)	8,661,372)	7,575,662)	6,017,189)	5,611,090)
Adjusted total assets³	8,047,104)	6,928,684)	6,654,908)	5,984,484)	5,104,611)
Activity Ratio
Adjusted total asset turnover⁴	1.23	1.25	1.14	1.01	1.10

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Total asset turnover = Revenue ÷ Total assets
= 9,871,649 ÷ 8,044,362 = 1.23

² Adjusted revenue. See details »

³ Adjusted total assets. See details »

⁴ 2023 Calculation
Adjusted total asset turnover = Adjusted revenue ÷ Adjusted total assets
= 9,898,258 ÷ 8,047,104 = 1.23

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Chipotle Mexican Grill Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Current assets	1,620,713)	1,175,837)	1,381,564)	1,420,237)	1,072,204)
Current liabilities	1,030,625)	921,880)	873,682)	822,199)	666,593)
Liquidity Ratio
Current ratio¹	1.57	1.28	1.58	1.73	1.61
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets²	1,623,455)	1,177,017)	1,383,514)	1,421,825)	1,072,211)
Adjusted current liabilities³	820,945)	738,809)	717,331)	694,449)	571,368)
Liquidity Ratio
Adjusted current ratio⁴	1.98	1.59	1.93	2.05	1.88

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 1,620,713 ÷ 1,030,625 = 1.57

² Adjusted current assets. See details »

³ Adjusted current liabilities. See details »

⁴ 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 1,623,455 ÷ 820,945 = 1.98

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Chipotle Mexican Grill Inc. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Total debt	—)	—)	—)	—)	—)
Shareholders’ equity	3,062,207)	2,368,023)	2,297,374)	2,020,135)	1,683,026)
Solvency Ratio
Debt to equity¹	0.00	0.00	0.00	0.00	0.00
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	4,051,625)	3,731,410)	3,520,314)	3,157,052)	2,851,513)
Adjusted shareholders’ equity³	3,363,738)	2,650,897)	2,597,440)	2,298,895)	1,816,072)
Solvency Ratio
Adjusted debt to equity⁴	1.20	1.41	1.36	1.37	1.57

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 0 ÷ 3,062,207 = 0.00

² Adjusted total debt. See details »

³ Adjusted shareholders’ equity. See details »

⁴ 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity
= 4,051,625 ÷ 3,363,738 = 1.20

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Solvency ratio	Description	The company
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Chipotle Mexican Grill Inc. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Total debt	—)	—)	—)	—)	—)
Total capital	3,062,207)	2,368,023)	2,297,374)	2,020,135)	1,683,026)
Solvency Ratio
Debt to capital¹	0.00	0.00	0.00	0.00	0.00
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	4,051,625)	3,731,410)	3,520,314)	3,157,052)	2,851,513)
Adjusted total capital³	7,415,363)	6,382,307)	6,117,754)	5,455,947)	4,667,585)
Solvency Ratio
Adjusted debt to capital⁴	0.55	0.58	0.58	0.58	0.61

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 0 ÷ 3,062,207 = 0.00

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 4,051,625 ÷ 7,415,363 = 0.55

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Chipotle Mexican Grill Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Total assets	8,044,362)	6,927,504)	6,652,958)	5,982,896)	5,104,604)
Shareholders’ equity	3,062,207)	2,368,023)	2,297,374)	2,020,135)	1,683,026)
Solvency Ratio
Financial leverage¹	2.63	2.93	2.90	2.96	3.03
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets²	8,047,104)	6,928,684)	6,654,908)	5,984,484)	5,104,611)
Adjusted shareholders’ equity³	3,363,738)	2,650,897)	2,597,440)	2,298,895)	1,816,072)
Solvency Ratio
Adjusted financial leverage⁴	2.39	2.61	2.56	2.60	2.81

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 8,044,362 ÷ 3,062,207 = 2.63

² Adjusted total assets. See details »

³ Adjusted shareholders’ equity. See details »

⁴ 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 8,047,104 ÷ 3,363,738 = 2.39

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Chipotle Mexican Grill Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Net income	1,228,737)	899,101)	652,984)	355,766)	350,158)
Revenue	9,871,649)	8,634,652)	7,547,061)	5,984,634)	5,586,369)
Profitability Ratio
Net profit margin¹	12.45%	10.41%	8.65%	5.94%	6.27%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	1,241,009)	882,846)	660,993)	492,407)	399,575)
Adjusted revenue³	9,898,258)	8,661,372)	7,575,662)	6,017,189)	5,611,090)
Profitability Ratio
Adjusted net profit margin⁴	12.54%	10.19%	8.73%	8.18%	7.12%

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
Net profit margin = 100 × Net income ÷ Revenue
= 100 × 1,228,737 ÷ 9,871,649 = 12.45%

² Adjusted net income. See details »

³ Adjusted revenue. See details »

⁴ 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted revenue
= 100 × 1,241,009 ÷ 9,898,258 = 12.54%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Chipotle Mexican Grill Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Net income	1,228,737)	899,101)	652,984)	355,766)	350,158)
Shareholders’ equity	3,062,207)	2,368,023)	2,297,374)	2,020,135)	1,683,026)
Profitability Ratio
ROE¹	40.13%	37.97%	28.42%	17.61%	20.81%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	1,241,009)	882,846)	660,993)	492,407)	399,575)
Adjusted shareholders’ equity³	3,363,738)	2,650,897)	2,597,440)	2,298,895)	1,816,072)
Profitability Ratio
Adjusted ROE⁴	36.89%	33.30%	25.45%	21.42%	22.00%

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 1,228,737 ÷ 3,062,207 = 40.13%

² Adjusted net income. See details »

³ Adjusted shareholders’ equity. See details »

⁴ 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity
= 100 × 1,241,009 ÷ 3,363,738 = 36.89%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Chipotle Mexican Grill Inc. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Net income	1,228,737)	899,101)	652,984)	355,766)	350,158)
Total assets	8,044,362)	6,927,504)	6,652,958)	5,982,896)	5,104,604)
Profitability Ratio
ROA¹	15.27%	12.98%	9.81%	5.95%	6.86%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	1,241,009)	882,846)	660,993)	492,407)	399,575)
Adjusted total assets³	8,047,104)	6,928,684)	6,654,908)	5,984,484)	5,104,611)
Profitability Ratio
Adjusted ROA⁴	15.42%	12.74%	9.93%	8.23%	7.83%

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ 2023 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 1,228,737 ÷ 8,044,362 = 15.27%

² Adjusted net income. See details »

³ Adjusted total assets. See details »

⁴ 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 1,241,009 ÷ 8,047,104 = 15.42%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Chipotle Mexican Grill Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Chipotle Mexican Grill Inc. (NYSE:CMG)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

Chipotle Mexican Grill Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)