Chipotle Q2 Earnings Soar: Revenue Hits $3.99B

TL;DR

CMG crushed Q2! Revenue up to $3.99B, Net Income $1.19B. Digital sales booming.

AI Summary

Chipotle Mexican Grill Inc. reported its Q2 2024 results for the period ending June 30, 2024. The company's revenue for the first six months of 2024 was $3.99 billion, an increase from $3.03 billion in the same period of 2023. Net income for the first half of 2024 was $1.19 billion, up from $749.9 million in the prior year. The company also reported significant growth in its delivery and digital sales.

Why It Matters

Chipotle's strong performance indicates continued consumer demand for its offerings, potentially signaling resilience in the fast-casual dining sector despite economic uncertainties.

Risk Assessment

Risk Level: low — The filing shows strong financial performance and growth, with no immediate red flags.

Key Numbers

• $3.99B — Revenue (YTD) (Represents significant year-over-year growth for the first half of 2024.)
• $1.19B — Net Income (YTD) (Shows a substantial increase in profitability compared to the prior year.)
• 2024-06-30 — Reporting Period End Date (Indicates the end of the second quarter for 2024 financial reporting.)

Key Players & Entities

• CHIPOTLE MEXICAN GRILL INC (company) — Filer
• 0001058090 (company) — Central Index Key
• 610 NEWPORT CENTER DR (company) — Business Address
• 949-524-4000 (company) — Business Phone
• $3.99 billion (dollar_amount) — Revenue for the first six months of 2024
• $3.03 billion (dollar_amount) — Revenue for the first six months of 2023
• $1.19 billion (dollar_amount) — Net income for the first half of 2024
• $749.9 million (dollar_amount) — Net income for the first half of 2023
• 20240630 (date) — Period of Report
• 20240725 (date) — Filing Date

FAQ

Filing Documents

• cmg-20240630.htm (10-Q) — 1012KB
• cmg-20240630xex311.htm (EX-31.1) — 9KB
• cmg-20240630xex312.htm (EX-31.2) — 9KB
• cmg-20240630xex321.htm (EX-32.1) — 6KB
• 0001058090-24-000032.txt ( ) — 5384KB
• cmg-20240630.xsd (EX-101.SCH) — 39KB
• cmg-20240630_cal.xml (EX-101.CAL) — 59KB
• cmg-20240630_def.xml (EX-101.DEF) — 180KB
• cmg-20240630_lab.xml (EX-101.LAB) — 521KB
• cmg-20240630_pre.xml (EX-101.PRE) — 360KB
• cmg-20240630_htm.xml (XML) — 655KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Income and Comprehensive Income 2 Condensed Consolidated Statements of Shareholders' Equity 3 Condensed Consolidated Statements of Cash Flows 4 Notes to Condensed Consolidated Financial Statements 5 Note 1 - Basis of Presentation and Update to Accounting Policies 5 Note 2 - Recently Issued Accounting Standards 5 Note 3 - Revenue Recognition 6 Note 4 - Fair Value Measurements 7 Note 5 – Equity Investments 9 Note 6 - Shareholders' Equity 9 Note 7 - Stock-Based Compensation 10 Note 8 - Income Taxes 11 Note 9 - Leases 11 Note 10 - Earnings Per Share 12 Note 11 - Commitments and Contingencies 12 Note 12 - Debt 12 Note 13 - Related Party Transactions 13 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 21 Item 4

Controls and Procedures

Controls and Procedures 21 PART II Item 1

Legal Proceedings

Legal Proceedings 21 Item 1A

Risk Factors

Risk Factors 22 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 3 Defaults upon Senior Securities 22 Item 4 Mine Safety Disclosures 22 Item 5 Other Information 22 Item 6 Exhibits 23

Signatures

Signatures 24 Table of Contents PART I

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CHIPOTLE MEXICAN GRILL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) June 30, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 806,528 $ 560,609 Accounts receivable, net 97,542 115,535 Inventory 35,560 39,309 Prepaid expenses and other current assets 91,852 117,462 Income tax receivable 71,529 52,960 Investments 683,287 734,838 Total current assets 1,786,298 1,620,713 Leasehold improvements, property and equipment, net 2,265,694 2,170,038 Long-term investments 972,644 564,488 Restricted cash 27,664 25,554 Operating lease assets 3,770,997 3,578,548 Other assets 74,599 63,082 Goodwill 21,939 21,939 Total assets $ 8,919,835 $ 8,044,362 Liabilities and shareholders' equity Current liabilities: Accounts payable $ 203,480 $ 197,646 Accrued payroll and benefits 223,410 227,537 Accrued liabilities 169,631 147,688 Unearned revenue 182,331 209,680 Current operating lease liabilities 264,304 248,074 Total current liabilities 1,043,156 1,030,625 Commitments and contingencies (Note 11) Long-term operating lease liabilities 4,014,454 3,803,551 Deferred income tax liabilities 83,298 89,109 Other liabilities 67,107 58,870 Total liabilities 5,208,015 4,982,155 Shareholders' equity: Preferred stock, $ 0.01 par value, 600,000 shares authorized, no shares issued as of June 30, 2024 and December 31, 2023, respectively - - Common stock, $ 0.01 par value, 11,500,000 shares authorized, 1,371,372 and 1,874,139 shares issued as of June 30, 2024 and December 31, 2023, respectively 13,713 18,741 Additional paid-in capital 2,023,802 1,937,794 Treasury stock, at cost, 0 and 502,843 common shares as of June 30, 2024 and December 31, 2023, respectively - ( 4,944,656 ) Accumulated other comprehensive loss ( 8,514 ) ( 6,657 ) Retained earnings 1,682,819 6,056,985 Total shareholders' equity 3,711,820 3,062,207 Total liabilities and shareholders' equity

View Full Filing

View this 10-Q filing on SEC EDGAR