Chipotle Mexican Grill Inc (CMG)

Operating 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
Operating income (ttm)	US$ in thousands	1,557,813	1,490,697	1,432,000	1,337,788	1,160,403	1,022,368	925,795	833,722	804,943	763,533	630,949	380,485	290,164	271,434	279,959	404,918	443,958	385,414	327,784	275,721
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
Operating profit margin		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%	4.67%	4.98%	7.12%	7.95%	7.18%	6.31%	5.49%

December 31, 2023 calculation

Operating profit margin = Operating income (ttm) ÷ Revenue (ttm)
= $1,557,813K ÷ $9,871,650K
= 15.78%

Chipotle Mexican Grill's operating profit margin has shown a positive trend over the past eight quarters. The operating profit margin has steadily increased from 10.88% in Q1 2022 to 16.17% in Q4 2023. This indicates that the company has been able to effectively control its operating expenses and improve efficiency in generating profits from its operations. The consistent improvement in operating profit margin reflects positively on Chipotle's operational performance and management's ability to drive profitability. It suggests that the company is effectively managing its costs and increasing its revenue relative to its expenses, which is a favorable sign for investors and stakeholders.