Analysis of Geographic Areas
Chipotle Mexican Grill Inc. operates in 2 regions: United States and International.
Area Profit Margin
Chipotle Mexican Grill Inc., profit margin by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 22.15% | 23.66% | 22.86% | — | — |
| International | -264.72% | -352.40% | -439.12% | — | — |
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).
The geographic area profit margins exhibit significantly different performance characteristics between the United States and International segments over the observed period. The United States demonstrates a generally positive, though fluctuating, trend, while the International segment consistently reports substantial negative profit margins.
- United States Profit Margin
- The United States segment’s profit margin began reporting in 2023 at 22.86%. It increased to 23.66% in 2024, representing a growth of approximately 3.5%. A subsequent decrease to 22.15% was observed in 2025, indicating a slight contraction in profitability. Overall, the United States segment maintains a consistently positive and relatively stable profit margin.
- International Profit Margin
- The International segment consistently reports negative profit margins throughout the analyzed period. In 2023, the profit margin was -439.12%. This figure improved to -352.40% in 2024, and further to -264.72% in 2025. While the magnitude of the losses decreases year over year, the International segment remains significantly unprofitable. The substantial negative values suggest considerable operational challenges or strategic investments impacting profitability in these regions.
- Comparative Analysis
- A stark contrast exists between the two segments. The United States consistently generates positive returns, while the International segment experiences substantial losses. The trend in the International segment, though moving towards less negative values, does not indicate an imminent path to profitability based on the observed figures. Further investigation into the factors driving these losses within the International segment is warranted.
The observed trends suggest a divergence in the operational and financial performance of the two geographic areas. The United States segment appears to be performing well, while the International segment requires focused attention to address its ongoing unprofitability.
Area Profit Margin: United States
Chipotle Mexican Grill Inc.; United States; area profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income from operations | 2,587,507) | 2,628,599) | 2,222,118) | —) | —) |
| Revenue | 11,679,417) | 11,111,732) | 9,720,369) | —) | —) |
| Area Profitability Ratio | |||||
| Area profit margin1 | 22.15% | 23.66% | 22.86% | — | — |
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).
1 2025 Calculation
Area profit margin = 100 × Income from operations ÷ Revenue
= 100 × 2,587,507 ÷ 11,679,417 = 22.15%
The financial performance of the United States segment reveals a generally positive trajectory in profitability between 2023 and 2025, although with some fluctuation. Income from operations and revenue both increased from 2023 to 2024, followed by a slight decrease in income from operations in 2025 while revenue continued to grow.
- Income from Operations
- Income from operations increased from US$2,222,118 thousand in 2023 to US$2,628,599 thousand in 2024, representing a substantial gain. However, this was followed by a decrease to US$2,587,507 thousand in 2025. This suggests potential cost pressures or a slowdown in operational efficiency in the latter period despite continued revenue growth.
- Revenue
- Revenue demonstrated consistent growth throughout the observed period. It rose from US$9,720,369 thousand in 2023 to US$11,111,732 thousand in 2024, and further increased to US$11,679,417 thousand in 2025. This indicates a sustained ability to generate sales within the United States segment.
- Area Profit Margin
- The area profit margin exhibited an initial increase from 22.86% in 2023 to 23.66% in 2024, indicating improved profitability relative to revenue. However, the margin decreased to 22.15% in 2025. This decline, despite revenue growth, suggests that the cost of goods sold and/or operating expenses increased at a faster rate than revenue, impacting overall profitability. The 2025 margin, while lower than 2024, remains above the 2023 level.
Overall, the United States segment experienced revenue growth throughout the period. However, the slight decrease in income from operations and area profit margin in 2025 warrants further investigation to understand the underlying factors contributing to these changes and to assess their potential impact on future performance.
Area Profit Margin: International
Chipotle Mexican Grill Inc.; International; area profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income from operations | (651,709) | (712,266) | (664,305) | —) | —) |
| Revenue | 246,184) | 202,121) | 151,280) | —) | —) |
| Area Profitability Ratio | |||||
| Area profit margin1 | -264.72% | -352.40% | -439.12% | — | — |
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).
1 2025 Calculation
Area profit margin = 100 × Income from operations ÷ Revenue
= 100 × -651,709 ÷ 246,184 = -264.72%
The financial performance of the international segment demonstrates a consistent pattern of operating losses over the analyzed period, though the magnitude of these losses has decreased year-over-year. Revenue generation has increased concurrently, leading to an improving, though still negative, area profit margin.
- Income from Operations
- Income from operations for the international segment is negative for the years 2023, 2024, and 2025. The losses totaled US$664.305 million in 2023, US$712.266 million in 2024, and decreased to US$651.709 million in 2025. While still substantial, the reduction in operating loss from 2024 to 2025 indicates some improvement in operational efficiency or cost management.
- Revenue
- Revenue from the international segment has shown consistent growth. It was US$151.280 million in 2023, increasing to US$202.121 million in 2024, and further rising to US$246.184 million in 2025. This upward trend suggests increasing market penetration or sales volume within international markets.
- Area Profit Margin
- The area profit margin for the international segment is negative throughout the period. In 2023, the margin was -439.12%, improving to -352.40% in 2024, and further improving to -264.72% in 2025. The consistent improvement in the area profit margin, despite continued operating losses, is directly attributable to the faster rate of revenue growth compared to the growth of operating losses. However, the margin remains significantly negative, indicating substantial unprofitability.
The trend suggests that while the international segment is experiencing revenue growth, it continues to operate at a loss. The decreasing magnitude of the operating loss and the improving area profit margin indicate a positive trajectory, but significant improvements are still required to achieve profitability in this segment.
Area Return on Assets (Area ROA)
Chipotle Mexican Grill Inc., ROA by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 37.31% | 42.08% | 39.42% | — | — |
| International | -313.65% | -498.62% | -596.56% | — | — |
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).
The area return on assets exhibits a stark contrast between the United States and International segments over the observed period. The United States demonstrates positive and fluctuating returns, while the International segment consistently reports substantial negative returns.
- United States Area ROA
- The United States area ROA began reporting in 2023 at 39.42%. This increased to 42.08% in 2024, representing a growth of approximately 6.8%. A subsequent decrease to 37.31% was observed in 2025. While fluctuations are present, the United States consistently maintains a positive return on assets throughout the analyzed timeframe.
- International Area ROA
- The International area ROA consistently reports negative values. In 2023, the return was -596.56%. This figure improved to -498.62% in 2024, a substantial, though still negative, change. Further improvement was noted in 2025, with the return increasing to -313.65%. Despite these increases, the International segment continues to demonstrate significant losses relative to its assets.
- Comparative Analysis
- The difference in performance between the two areas is considerable. The United States consistently generates positive returns, while the International segment experiences substantial negative returns. The magnitude of the negative returns in the International segment suggests potential challenges in asset utilization or profitability within those markets. The trend of improving, but still negative, returns in the International segment warrants further investigation to determine the underlying causes and potential for future improvement.
Overall, the area ROA indicates a strong performance in the United States and ongoing difficulties in the International segment. The trend in the International segment, while showing improvement, remains a significant area of concern.
Area ROA: United States
Chipotle Mexican Grill Inc.; United States; area ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income from operations | 2,587,507) | 2,628,599) | 2,222,118) | —) | —) |
| Long-lived tangible assets | 6,934,590) | 6,247,406) | 5,637,230) | —) | —) |
| Area Profitability Ratio | |||||
| Area ROA1 | 37.31% | 42.08% | 39.42% | — | — |
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).
1 2025 Calculation
Area ROA = 100 × Income from operations ÷ Long-lived tangible assets
= 100 × 2,587,507 ÷ 6,934,590 = 37.31%
The financial performance of the United States area, as measured by Return on Assets (ROA), demonstrates a generally positive trend with a recent decline. Income from operations and long-lived tangible assets have both increased over the observed period, contributing to fluctuations in the area ROA.
- Income from Operations
- Income from operations began to be reported in 2023 at US$2,222,118 thousand. This figure increased to US$2,628,599 thousand in 2024, representing a substantial gain. However, in 2025, income from operations decreased to US$2,587,507 thousand, indicating a potential moderation in growth.
- Long-Lived Tangible Assets
- Long-lived tangible assets also commenced reporting in 2023 at US$5,637,230 thousand. A consistent upward trend is observed, with values increasing to US$6,247,406 thousand in 2024 and further to US$6,934,590 thousand in 2025. This suggests ongoing investment in the area’s physical infrastructure.
- Area ROA
- The area ROA began at 39.42% in 2023. It increased to 42.08% in 2024, signifying improved efficiency in asset utilization. However, in 2025, the area ROA decreased to 37.31%. This decline, despite continued growth in both income from operations and long-lived tangible assets, suggests a potential shift in the relationship between profitability and asset base, or a slower rate of income growth relative to asset investment.
The increase in long-lived tangible assets, coupled with the decrease in area ROA in 2025, warrants further investigation to determine if the investments are generating commensurate returns. The slight decrease in income from operations in 2025, while not substantial, also contributes to the observed ROA decline.
Area ROA: International
Chipotle Mexican Grill Inc.; International; area ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income from operations | (651,709) | (712,266) | (664,305) | —) | —) |
| Long-lived tangible assets | 207,781) | 142,847) | 111,356) | —) | —) |
| Area Profitability Ratio | |||||
| Area ROA1 | -313.65% | -498.62% | -596.56% | — | — |
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).
1 2025 Calculation
Area ROA = 100 × Income from operations ÷ Long-lived tangible assets
= 100 × -651,709 ÷ 207,781 = -313.65%
The financial performance of the international segment, as measured by Return on Assets (ROA), demonstrates a consistent pattern of negative returns over the analyzed period. While income from operations and long-lived tangible assets were not reported for 2021 and 2022, a clear trend emerges from 2023 onwards.
- Income from Operations
- Income from operations in the international segment is negative for the years 2023, 2024, and 2025. The magnitude of the loss decreased from US$664.305 million in 2023 to US$651.709 million in 2025, although a slight increase in losses was observed between 2023 and 2024 (US$712.266 million).
- Long-Lived Tangible Assets
- Long-lived tangible assets in the international segment have increased steadily from US$111.356 million in 2023 to US$142.847 million in 2024, and further to US$207.781 million in 2025. This indicates continued investment in tangible assets within the international operations.
- Area ROA
- Area ROA is significantly negative throughout the observed period. The ROA improved from -596.56% in 2023 to -498.62% in 2024, and continued to improve to -313.65% in 2025. This improvement, however, is relative and still represents a substantial loss in relation to the assets employed. The increasing asset base, coupled with continued operational losses, contributes to the negative ROA, but the rate of decline in ROA is slowing.
The trend suggests that while the international segment is experiencing ongoing losses, the rate of loss is diminishing. The consistent investment in long-lived tangible assets, despite negative profitability, may indicate a long-term strategic commitment to international expansion, or potentially, a delayed return on investment. Further investigation into the drivers of the operational losses is warranted.
Area Asset Turnover
Chipotle Mexican Grill Inc., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 1.68 | 1.78 | 1.72 | — | — |
| International | 1.18 | 1.41 | 1.36 | — | — |
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).
An examination of area asset turnover reveals differing performance between the United States and International segments over the observed period. The United States demonstrates a generally stable, though slightly fluctuating, turnover ratio, while the International segment exhibits a more pronounced trend.
- United States Asset Turnover
- The United States area asset turnover ratio began at 1.72 in 2023, increasing to 1.78 in 2024, and then decreasing slightly to 1.68 in 2025. This suggests a relatively efficient utilization of assets to generate sales within the United States, with a minor peak in efficiency in 2024 followed by a modest decline. The fluctuations are within a narrow range, indicating consistent performance.
- International Asset Turnover
- The International area asset turnover ratio started at 1.36 in 2023, rose to 1.41 in 2024, and then decreased to 1.18 in 2025. This indicates an initial improvement in asset utilization in the International segment, followed by a more substantial decline. The ratio in 2025 is notably lower than both prior years and the United States ratio, suggesting a potential decrease in the efficiency of asset use in international operations.
- Comparative Analysis
- Throughout the period, the United States consistently exhibits a higher asset turnover ratio than the International segment. This difference suggests that assets in the United States generate more sales per dollar invested compared to those in International locations. The decreasing trend in the International ratio warrants further investigation to identify potential causes, such as changes in sales strategies, asset composition, or operational inefficiencies.
The observed trends suggest a divergence in asset utilization performance between the two geographic areas. While the United States maintains a stable level of efficiency, the International segment experienced a decline in asset turnover during the latter part of the period.
Area Asset Turnover: United States
Chipotle Mexican Grill Inc.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Revenue | 11,679,417) | 11,111,732) | 9,720,369) | —) | —) |
| Long-lived tangible assets | 6,934,590) | 6,247,406) | 5,637,230) | —) | —) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 1.68 | 1.78 | 1.72 | — | — |
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Long-lived tangible assets
= 11,679,417 ÷ 6,934,590 = 1.68
The area asset turnover for the analyzed period demonstrates a generally stable, though slightly fluctuating, performance. Revenue and long-lived tangible assets both increased over the observed years, providing the basis for calculating this ratio.
- Revenue
- Revenue figures are available from 2023 through 2025, showing consistent growth. Revenue increased from US$9,720,369 thousand in 2023 to US$11,111,732 thousand in 2024, and further to US$11,679,417 thousand in 2025. This indicates a positive trend in sales generation.
- Long-lived Tangible Assets
- Long-lived tangible assets also exhibited a consistent upward trend. The value rose from US$5,637,230 thousand in 2023 to US$6,247,406 thousand in 2024, and continued to increase to US$6,934,590 thousand in 2025. This suggests ongoing investment in property, plant, and equipment.
- Area Asset Turnover
- The area asset turnover ratio was 1.72 in 2023. It increased to 1.78 in 2024, representing improved efficiency in asset utilization. However, the ratio decreased to 1.68 in 2025. While still indicating effective asset management, the 2025 value suggests a slight reduction in the revenue generated per dollar of long-lived tangible assets compared to the prior year. The fluctuations suggest a sensitivity to the relative growth rates of revenue and assets.
Overall, the observed trends suggest a business that is growing both in terms of revenue and asset base. The area asset turnover ratio remains above 1.0 throughout the period, indicating that the assets are effectively generating revenue. The slight decrease in the ratio in 2025 warrants further investigation to determine if it represents a temporary fluctuation or the beginning of a more significant trend.
Area Asset Turnover: International
Chipotle Mexican Grill Inc.; International; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Revenue | 246,184) | 202,121) | 151,280) | —) | —) |
| Long-lived tangible assets | 207,781) | 142,847) | 111,356) | —) | —) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 1.18 | 1.41 | 1.36 | — | — |
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Long-lived tangible assets
= 246,184 ÷ 207,781 = 1.18
The financial performance related to international operations demonstrates a period of growth followed by a moderation in asset utilization. Revenue and long-lived tangible assets both increased significantly between 2023 and 2025, but the rate of asset turnover decreased over the same period.
- Revenue
- Revenue from international operations increased from US$151.28 million in 2023 to US$202.12 million in 2024, representing a growth of approximately 33.7%. This growth continued into 2025, with revenue reaching US$246.18 million, an increase of roughly 21.8% compared to the prior year.
- Long-lived Tangible Assets
- Long-lived tangible assets associated with international operations also experienced substantial growth. The value increased from US$111.36 million in 2023 to US$142.85 million in 2024, a rise of approximately 28.3%. Further expansion occurred in 2025, with assets reaching US$207.78 million, representing a 45.3% increase from the previous year.
- Area Asset Turnover
- The area asset turnover ratio, which measures the efficiency with which assets are used to generate revenue, initially improved from 1.36 in 2023 to 1.41 in 2024. However, this positive trend reversed in 2025, with the ratio declining to 1.18. This suggests that while revenue increased in 2025, the growth in assets outpaced revenue growth, resulting in a less efficient utilization of assets.
The increasing asset base suggests continued investment in international expansion. However, the declining asset turnover ratio in 2025 warrants further investigation to determine the underlying causes and potential implications for future profitability and capital allocation strategies.
Revenue
Chipotle Mexican Grill Inc., revenue by geographic area
US$ in thousands
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 11,679,417) | 11,111,732) | 9,720,369) | —) | —) |
| International | 246,184) | 202,121) | 151,280) | —) | —) |
| Total | 11,925,601) | 11,313,853) | 9,871,649) | —) | —) |
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).
Revenue figures demonstrate a clear pattern of growth between 2023 and 2025. The majority of revenue is consistently generated within the United States, with international revenue representing a significantly smaller, though growing, portion of the total.
- United States Revenue
- Revenue from the United States increased from US$9,720,369 thousand in 2023 to US$11,679,417 thousand in 2025. This represents a cumulative growth of approximately 20.1% over the three-year period. The growth rate appears to be decelerating, with a larger increase from 2023 to 2024 (14.3%) than from 2024 to 2025 (5.0%).
- International Revenue
- International revenue experienced substantial growth, rising from US$151,280 thousand in 2023 to US$246,184 thousand in 2025. This constitutes a cumulative growth of approximately 62.8% over the period. The growth rate also decelerated, with a larger percentage increase from 2023 to 2024 (33.7%) than from 2024 to 2025 (21.7%).
- Total Revenue
- Total revenue increased from US$9,871,649 thousand in 2023 to US$11,925,601 thousand in 2025, a cumulative growth of approximately 20.8%. The proportion of revenue derived from international sources remains relatively small, increasing from 1.5% in 2023 to 2.1% in 2025. While growing, international revenue continues to represent a minor contribution to overall revenue.
- Growth Rate Comparison
- The rate of growth in international revenue consistently exceeds that of United States revenue. This suggests a potentially expanding global presence and increasing success in international markets. However, the deceleration in growth rates for both segments warrants further investigation to determine potential contributing factors.
Overall, the revenue trend indicates a healthy expansion, driven primarily by growth within the United States, but with a notable and accelerating contribution from international markets. Continued monitoring of these growth rates is recommended.
Income from operations
Chipotle Mexican Grill Inc., income from operations by geographic area
US$ in thousands
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 2,587,507) | 2,628,599) | 2,222,118) | —) | —) |
| International | (651,709) | (712,266) | (664,305) | —) | —) |
| Total | 1,935,798) | 1,916,333) | 1,557,813) | —) | —) |
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).
The financial performance, as measured by income from operations, exhibits distinct trends across geographic areas between 2021 and 2025. The United States demonstrates consistent growth, while International operations consistently report negative income from operations throughout the analyzed period.
- United States Performance
- Income from operations in the United States increased from US$2,222,118 thousand in 2023 to US$2,628,599 thousand in 2024, representing a substantial year-over-year increase. However, a slight decrease is observed in 2025, with income from operations reported at US$2,587,507 thousand. Despite this minor decline, the United States remains the primary driver of overall profitability.
- International Performance
- International operations consistently generate negative income from operations. The losses increased from US$664,305 thousand in 2023 to US$712,266 thousand in 2024. A modest reduction in the loss is noted in 2025, with a reported loss of US$651,709 thousand. While the magnitude of the loss decreased slightly in the most recent year, the International segment continues to detract from overall company profitability.
- Total Performance
- Total income from operations increased significantly from US$1,557,813 thousand in 2023 to US$1,916,333 thousand in 2024, driven primarily by the growth in the United States. This positive trend continues into 2025, with total income from operations reaching US$1,935,798 thousand. The overall growth is tempered by the consistent losses reported from International operations.
The observed trends suggest a strong and growing domestic market, offset by ongoing challenges and losses in International markets. Further investigation into the factors contributing to the International segment’s underperformance may be warranted.
Long-lived tangible assets
Chipotle Mexican Grill Inc., long-lived tangible assets by geographic area
US$ in thousands
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 6,934,590) | 6,247,406) | 5,637,230) | —) | —) |
| International | 207,781) | 142,847) | 111,356) | —) | —) |
| Total | 7,142,371) | 6,390,253) | 5,748,586) | —) | —) |
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).
Long-lived tangible assets exhibited consistent growth across both the United States and International segments between 2023 and 2025. The United States consistently represents the vast majority of these assets, with significantly larger values than the International segment throughout the observed period.
- United States
- The value of long-lived tangible assets in the United States increased from US$5,637,230 thousand in 2023 to US$6,247,406 thousand in 2024, representing a growth of approximately 10.8%. This growth continued into 2025, reaching US$6,934,590 thousand, an additional increase of roughly 11.1%. This indicates a sustained investment in long-lived assets within the domestic market.
- International
- International long-lived tangible assets demonstrated a more substantial percentage growth, albeit from a smaller base. The value rose from US$111,356 thousand in 2023 to US$142,847 thousand in 2024, a growth of approximately 28.3%. Further expansion occurred in 2025, with the value reaching US$207,781 thousand, representing a growth of approximately 45.4%. This suggests an accelerating investment in long-lived assets in international markets.
- Total Assets
- Total long-lived tangible assets, combining both segments, increased from US$5,748,586 thousand in 2023 to US$6,390,253 thousand in 2024, a growth of approximately 11.1%. This trend continued into 2025, reaching US$7,142,371 thousand, an increase of approximately 11.8%. The United States segment consistently contributed the overwhelming majority to the total asset value.
- Proportional Allocation
- The proportion of total long-lived tangible assets represented by the International segment increased from approximately 1.9% in 2023 to 2.2% in 2024, and further to 2.9% in 2025. While still a small portion of the overall total, this indicates a growing relative investment in international operations.
The observed growth in long-lived tangible assets across both geographic areas suggests ongoing capital expenditure and expansion initiatives. The higher percentage growth in the International segment warrants further investigation to understand the specific drivers of this investment.