Stock Analysis on Net

Chipotle Mexican Grill Inc. (NYSE:CMG)

Analysis of Profitability Ratios 
Quarterly Data

Microsoft Excel

Profitability Ratios (Summary)

Chipotle Mexican Grill Inc., profitability ratios (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Return on Sales
Gross profit margin 26.67% 26.87% 27.10% 26.66% 26.20% 25.91% 25.67% 25.05% 23.88% 23.00% 22.49% 22.20% 22.62% 22.58% 21.58% 18.70% 17.40%
Operating profit margin 16.94% 16.97% 16.75% 15.99% 15.78% 15.63% 15.42% 14.89% 13.44% 12.15% 11.36% 10.65% 10.67% 10.61% 9.22% 6.02% 4.85%
Net profit margin 13.56% 13.51% 13.23% 12.70% 12.45% 12.27% 12.00% 11.49% 10.41% 9.61% 9.28% 8.74% 8.65% 9.88% 8.57% 6.44% 5.94%
Return on Investment
Return on equity (ROE) 41.97% 41.08% 37.99% 38.57% 40.13% 40.55% 40.27% 41.60% 37.97% 34.75% 35.10% 32.06% 28.42% 30.74% 26.97% 19.38% 17.61%
Return on assets (ROA) 16.67% 16.47% 15.81% 15.41% 15.27% 14.79% 14.75% 14.64% 12.98% 11.86% 11.55% 10.58% 9.81% 10.72% 9.28% 6.61% 5.95%

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. Chipotle Mexican Grill Inc. gross profit margin ratio deteriorated from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.
Operating profit margin A profitability ratio calculated as operating income divided by revenue. Chipotle Mexican Grill Inc. operating profit margin ratio improved from Q2 2024 to Q3 2024 but then slightly deteriorated from Q3 2024 to Q4 2024.
Net profit margin An indicator of profitability, calculated as net income divided by revenue. Chipotle Mexican Grill Inc. net profit margin ratio improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. Chipotle Mexican Grill Inc. ROE improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.
ROA A profitability ratio calculated as net income divided by total assets. Chipotle Mexican Grill Inc. ROA improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Gross Profit Margin

Chipotle Mexican Grill Inc., gross profit margin calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in thousands)
Gross profit 704,261 712,181 859,400 741,850 638,304 649,843 690,855 607,090 522,542 562,546 558,085 418,946 396,018 459,353 462,882 388,756 313,227 312,225 166,762 248,867
Revenue 2,845,312 2,793,576 2,973,117 2,701,848 2,516,320 2,471,948 2,514,801 2,368,580 2,180,599 2,220,175 2,213,339 2,020,539 1,960,633 1,952,315 1,892,538 1,741,575 1,607,710 1,601,414 1,364,738 1,410,772
Profitability Ratio
Gross profit margin1 26.67% 26.87% 27.10% 26.66% 26.20% 25.91% 25.67% 25.05% 23.88% 23.00% 22.49% 22.20% 22.62% 22.58% 21.58% 18.70% 17.40%
Benchmarks
Gross Profit Margin, Competitors2
Airbnb Inc. 83.07% 82.59% 82.86% 82.83% 82.67% 82.33% 82.04% 82.15% 81.95% 81.58% 80.89% 80.71%
McDonald’s Corp. 56.62% 56.97% 57.01% 57.12% 57.24% 57.45% 57.53% 56.97% 56.13% 55.29% 54.54% 54.17% 53.71% 53.22% 51.37% 50.77% 51.02% 50.98% 52.42%
Starbucks Corp. 26.84% 27.54% 27.67% 27.81% 27.37% 26.52% 26.22% 25.78% 25.96% 26.87% 27.72% 28.59% 28.87% 27.85% 22.77% 20.94% 21.51% 22.34% 26.89% 28.35%

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q4 2024 Calculation
Gross profit margin = 100 × (Gross profitQ4 2024 + Gross profitQ3 2024 + Gross profitQ2 2024 + Gross profitQ1 2024) ÷ (RevenueQ4 2024 + RevenueQ3 2024 + RevenueQ2 2024 + RevenueQ1 2024)
= 100 × (704,261 + 712,181 + 859,400 + 741,850) ÷ (2,845,312 + 2,793,576 + 2,973,117 + 2,701,848) = 26.67%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. Chipotle Mexican Grill Inc. gross profit margin ratio deteriorated from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Operating Profit Margin

Chipotle Mexican Grill Inc., operating profit margin calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in thousands)
Income (loss) from operations 415,732 473,256 586,053 441,292 363,447 394,950 431,810 367,606 296,331 336,253 337,598 190,221 158,296 239,680 245,525 161,442 116,886 107,096 (4,939) 71,121
Revenue 2,845,312 2,793,576 2,973,117 2,701,848 2,516,320 2,471,948 2,514,801 2,368,580 2,180,599 2,220,175 2,213,339 2,020,539 1,960,633 1,952,315 1,892,538 1,741,575 1,607,710 1,601,414 1,364,738 1,410,772
Profitability Ratio
Operating profit margin1 16.94% 16.97% 16.75% 15.99% 15.78% 15.63% 15.42% 14.89% 13.44% 12.15% 11.36% 10.65% 10.67% 10.61% 9.22% 6.02% 4.85%
Benchmarks
Operating Profit Margin, Competitors2
Airbnb Inc. 15.01% 15.21% 15.86% 15.31% 23.42% 21.53% 20.69% 21.45% 20.46% 17.49% 13.17% 7.17%
Booking Holdings Inc. 31.83% 27.92% 28.39% 28.07% 27.31% 31.85% 31.29% 29.59% 29.85% 28.74% 27.56% 23.83% 22.78% 16.22% -2.86% -11.21% -9.28%
McDonald’s Corp. 44.90% 45.29% 45.99% 45.68% 45.68% 45.40% 40.96% 40.42% 39.48% 39.87% 43.71% 44.59% 44.84% 44.34% 40.33% 38.13% 38.84% 38.21% 41.61%
Starbucks Corp. 14.95% 15.92% 16.08% 16.64% 16.32% 15.31% 14.92% 14.26% 14.32% 15.33% 16.27% 16.92% 16.77% 14.56% 7.36% 5.42% 6.64% 8.67% 14.67% 15.88%

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q4 2024 Calculation
Operating profit margin = 100 × (Income (loss) from operationsQ4 2024 + Income (loss) from operationsQ3 2024 + Income (loss) from operationsQ2 2024 + Income (loss) from operationsQ1 2024) ÷ (RevenueQ4 2024 + RevenueQ3 2024 + RevenueQ2 2024 + RevenueQ1 2024)
= 100 × (415,732 + 473,256 + 586,053 + 441,292) ÷ (2,845,312 + 2,793,576 + 2,973,117 + 2,701,848) = 16.94%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Operating profit margin A profitability ratio calculated as operating income divided by revenue. Chipotle Mexican Grill Inc. operating profit margin ratio improved from Q2 2024 to Q3 2024 but then slightly deteriorated from Q3 2024 to Q4 2024.

Net Profit Margin

Chipotle Mexican Grill Inc., net profit margin calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in thousands)
Net income 331,764 387,388 455,671 359,287 282,086 313,217 341,790 291,644 223,727 257,138 259,942 158,294 133,475 204,434 187,974 127,101 190,959 80,244 8,175 76,388
Revenue 2,845,312 2,793,576 2,973,117 2,701,848 2,516,320 2,471,948 2,514,801 2,368,580 2,180,599 2,220,175 2,213,339 2,020,539 1,960,633 1,952,315 1,892,538 1,741,575 1,607,710 1,601,414 1,364,738 1,410,772
Profitability Ratio
Net profit margin1 13.56% 13.51% 13.23% 12.70% 12.45% 12.27% 12.00% 11.49% 10.41% 9.61% 9.28% 8.74% 8.65% 9.88% 8.57% 6.44% 5.94%
Benchmarks
Net Profit Margin, Competitors2
Airbnb Inc. 16.96% 46.11% 48.23% 48.32% 56.87% 25.31% 23.30% 22.54% 20.29% 16.91% 12.12% -5.88%
Booking Holdings Inc. 24.78% 21.85% 22.46% 21.81% 20.07% 25.70% 23.04% 22.14% 17.89% 15.24% 10.54% 4.16% 10.63% 4.15% 5.77% 12.44% 0.87%
McDonald’s Corp. 31.79% 32.25% 33.36% 33.22% 33.31% 33.06% 29.36% 26.65% 25.41% 25.77% 29.93% 32.49% 32.33% 31.72% 26.31% 24.63% 25.60% 24.78% 27.86%
Starbucks Corp. 10.40% 11.16% 11.38% 11.70% 11.46% 10.80% 10.46% 10.09% 10.18% 13.03% 14.07% 14.47% 14.45% 10.43% 4.18% 2.87% 3.95% 5.56% 12.71% 13.81%

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q4 2024 Calculation
Net profit margin = 100 × (Net incomeQ4 2024 + Net incomeQ3 2024 + Net incomeQ2 2024 + Net incomeQ1 2024) ÷ (RevenueQ4 2024 + RevenueQ3 2024 + RevenueQ2 2024 + RevenueQ1 2024)
= 100 × (331,764 + 387,388 + 455,671 + 359,287) ÷ (2,845,312 + 2,793,576 + 2,973,117 + 2,701,848) = 13.56%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Net profit margin An indicator of profitability, calculated as net income divided by revenue. Chipotle Mexican Grill Inc. net profit margin ratio improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Return on Equity (ROE)

Chipotle Mexican Grill Inc., ROE calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in thousands)
Net income 331,764 387,388 455,671 359,287 282,086 313,217 341,790 291,644 223,727 257,138 259,942 158,294 133,475 204,434 187,974 127,101 190,959 80,244 8,175 76,388
Shareholders’ equity 3,655,546 3,613,898 3,711,820 3,361,329 3,062,207 2,886,314 2,766,886 2,481,685 2,368,023 2,327,381 2,154,199 2,133,960 2,297,374 2,310,908 2,174,158 2,097,531 2,020,135 1,805,586 1,704,496 1,672,020
Profitability Ratio
ROE1 41.97% 41.08% 37.99% 38.57% 40.13% 40.55% 40.27% 41.60% 37.97% 34.75% 35.10% 32.06% 28.42% 30.74% 26.97% 19.38% 17.61%
Benchmarks
ROE, Competitors2
Airbnb Inc. 21.65% 60.53% 62.55% 58.69% 59.85% 45.46% 38.34% 34.05% 29.40% 23.80% 16.92% -7.37%
Booking Holdings Inc. 374.67% 109.92% 66.51% 38.58% 11.89% 18.86% 6.89% 8.63% 14.76% 1.21%
McDonald’s Corp.
Starbucks Corp.

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q4 2024 Calculation
ROE = 100 × (Net incomeQ4 2024 + Net incomeQ3 2024 + Net incomeQ2 2024 + Net incomeQ1 2024) ÷ Shareholders’ equity
= 100 × (331,764 + 387,388 + 455,671 + 359,287) ÷ 3,655,546 = 41.97%

2 Click competitor name to see calculations.

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. Chipotle Mexican Grill Inc. ROE improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Return on Assets (ROA)

Chipotle Mexican Grill Inc., ROA calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in thousands)
Net income 331,764 387,388 455,671 359,287 282,086 313,217 341,790 291,644 223,727 257,138 259,942 158,294 133,475 204,434 187,974 127,101 190,959 80,244 8,175 76,388
Total assets 9,204,374 9,011,670 8,919,835 8,411,249 8,044,362 7,911,493 7,552,435 7,053,372 6,927,504 6,817,437 6,545,336 6,467,257 6,652,958 6,627,567 6,320,454 6,149,059 5,982,896 5,631,640 5,370,129 5,206,488
Profitability Ratio
ROA1 16.67% 16.47% 15.81% 15.41% 15.27% 14.79% 14.75% 14.64% 12.98% 11.86% 11.55% 10.58% 9.81% 10.72% 9.28% 6.61% 5.95%
Benchmarks
ROA, Competitors2
Airbnb Inc. 8.29% 18.40% 20.13% 23.21% 25.47% 10.85% 10.13% 11.80% 10.13% 6.55% 4.70% -2.57%
Booking Holdings Inc. 21.23% 18.00% 17.62% 17.31% 17.62% 20.68% 16.78% 15.96% 12.06% 11.06% 6.30% 2.32% 4.93% 1.64% 1.73% 2.97% 0.27%
McDonald’s Corp. 14.68% 15.44% 16.06% 15.08% 16.00% 15.86% 13.22% 12.25% 12.19% 12.35% 13.98% 14.01% 13.81% 13.29% 10.10% 8.99% 9.72% 9.55% 11.48%
Starbucks Corp. 12.00% 13.52% 14.16% 14.71% 14.01% 13.17% 12.43% 11.75% 11.73% 14.80% 15.19% 15.24% 13.38% 9.59% 3.51% 2.22% 3.16% 4.59% 12.33% 13.43%

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q4 2024 Calculation
ROA = 100 × (Net incomeQ4 2024 + Net incomeQ3 2024 + Net incomeQ2 2024 + Net incomeQ1 2024) ÷ Total assets
= 100 × (331,764 + 387,388 + 455,671 + 359,287) ÷ 9,204,374 = 16.67%

2 Click competitor name to see calculations.

Profitability ratio Description The company
ROA A profitability ratio calculated as net income divided by total assets. Chipotle Mexican Grill Inc. ROA improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.