Chipotle Mexican Grill key statistics and ratios

In fiscal 2025, Chipotle Mexican Grill had return on equity of 47.4%, an operating margin of 16.2%, debt equal to 0.0% of equity and a current ratio of 1.23. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Chipotle Mexican Grill: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Operating margin	0.9%	6.0%	5.3%	7.9%	4.8%	10.7%	13.4%	15.8%	16.9%	16.2%	14.1%
Net margin	0.6%	3.9%	3.6%	6.3%	5.9%	8.7%	10.4%	12.4%	13.6%	12.9%	10.8%
Free-cash-flow margin	2.5%	5.6%	6.9%	6.9%	4.9%	11.1%	9.8%	12.4%	13.4%	12.1%	11.9%
Return on equity	1.6%	12.7%	12.6%	22.4%	19.2%	30.2%	38.5%	45.3%	45.7%	47.4%	52.1%
Return on assets	1.1%	8.7%	8.2%	9.5%	6.4%	10.3%	13.2%	16.4%	17.8%	16.9%	14.9%
Asset turnover	1.93	2.20	2.26	1.52	1.08	1.19	1.27	1.32	1.31	1.31	1.38
Current ratio	1.85	1.94	1.81	1.61	1.73	1.58	1.28	1.57	1.52	1.23	0.81
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Effective tax rate	40.8%	36.1%	−34.2%	23.6%	−21.1%	19.7%	23.9%	24.2%	23.7%	23.6%	24.7%
Capital spending as % of revenue	6.6%	4.8%	5.9%	6.0%	6.2%	5.9%	5.5%	5.7%	5.2%	5.6%	6.6%
Free cash flow ÷ net income	419.9%	142.7%	189.3%	110.7%	81.7%	128.6%	93.9%	99.5%	98.5%	94.3%	109.6%
Dividends and buybacks ÷ free cash flow	868.7%	113.4%	48.2%	49.2%	18.7%	55.6%	98.4%	48.4%	66.3%	167.6%	146.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Chipotle Mexican Grill: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Operating margin	14.6%	16.7%	18.2%	15.9%	14.1%	12.9%	15.7%	13.7%
Net margin	11.7%	13.4%	14.2%	12.7%	11.1%	9.8%	12.1%	10.3%
Free-cash-flow margin	12.4%	14.3%	13.1%	13.5%	7.7%	15.3%	13.8%	10.5%
Current ratio	1.52	1.52	1.65	1.54	1.23	0.92	0.72	0.81
Debt to equity	0.0%	—	—	—	0.0%	—	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 2 checks passed · September 30, 2026

What it owns · $9.4bn

Short-term assets $1.2bnLonger-term assets $8.3bn

What it owes, and who funded it · $9.4bn

Short-term liabilities $1.4bnLonger-term liabilities $5.5bnShareholders' equity $2.5bn

Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $1.4bn of liabilities due within a year.
Short-term assets cover long-term liabilities $1.2bn short-term assets against $5.5bn of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Chipotle Mexican Grill's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

77 /100

Strong moat

How hard Chipotle Mexican Grill's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 19 / 20

Net income has been a median 11.3% of total assets over 10 years.
Durability 8 / 20

Operating margin has been a median 12.1%; its worst year was 4.7%.
Cash conversion 15 / 20

Free cash flow was positive in 9 of 9 years, at a median 10.7% of revenue.
Discipline 19 / 20

The diluted share count fell 8.3% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Chipotle Mexican Grill's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Chipotle Mexican Grill.