Chipotle Mexican Grill Inc (CMG)

Operating return on assets (Operating ROA)

		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
Total assets	US$ in thousands	8,044,360	7,911,490	7,552,440	7,053,370	6,927,500	6,817,440	6,545,340	6,467,260	6,652,960	6,627,570	6,320,450	6,149,060	5,982,900	5,631,640	5,370,130	5,206,490	5,104,600	4,937,940	4,659,310	4,625,480
Operating ROA		19.37%	18.84%	18.96%	18.97%	16.75%	15.00%	14.14%	12.89%	12.10%	11.52%	9.98%	6.19%	4.85%	4.82%	5.21%	7.78%	8.70%	7.81%	7.04%	5.96%

December 31, 2023 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $1,557,813K ÷ $8,044,360K
= 19.37%

Chipotle Mexican Grill's operating return on assets (Operating ROA) has shown a consistent upward trend over the past eight quarters, indicating improved operational efficiency and profitability. The Operating ROA has increased steadily from 13.17% in Q1 2022 to 19.84% in Q4 2023. This upward trend suggests that Chipotle's management has been effectively utilizing its assets to generate operating profits. Overall, the increasing Operating ROA underscores the company's ability to generate more earnings from its assets, which is a positive indication of its operational performance and efficiency.