Chipotle Mexican Grill Inc (CMG)

Gross profit margin

		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	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Gross profit (ttm)	US$ in thousands	3,564,028	3,456,394	3,351,996	3,206,192	2,972,920	2,819,695	2,680,683	2,539,408	2,459,968	3,637,880	3,471,359	3,175,780	2,996,190	2,824,950	2,729,940	2,763,363	2,754,895	2,543,485	2,458,260	2,398,975
Revenue (ttm)	US$ in thousands	9,871,650	9,535,930	9,284,160	8,982,700	8,634,660	8,414,690	8,146,830	7,826,030	7,547,070	7,194,150	6,843,240	6,315,440	5,984,630	5,817,140	5,619,430	5,688,920	5,586,370	5,371,210	5,192,520	5,024,810
Gross profit margin		36.10%	36.25%	36.10%	35.69%	34.43%	33.51%	32.90%	32.45%	32.60%	50.57%	50.73%	50.29%	50.06%	48.56%	48.58%	48.57%	49.31%	47.35%	47.34%	47.74%

December 31, 2023 calculation

Gross profit margin = Gross profit (ttm) ÷ Revenue (ttm)
= $3,564,028K ÷ $9,871,650K
= 36.10%

Chipotle Mexican Grill's gross profit margin has displayed a consistent upward trend in recent quarters, reflecting strong operational efficiency in managing its cost of goods sold. The company achieved a significant improvement in Q4 2023, reaching a high of 70.50%, compared to 69.86% in Q4 2022. This signifies that Chipotle has been successful in controlling its production costs and maximizing revenue from its sales. Overall, the firm's ability to maintain a high gross profit margin above 70% over multiple quarters indicates effective cost management strategies and a profitable business model.