Chipotle Mexican Grill Inc (CMG)

Pretax 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
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	1,620,506	1,541,541	1,468,164	1,368,078	1,181,531	1,045,702	945,291	843,497	812,763	762,936	629,883	379,191	293,781	277,045	290,576	418,859	458,285	216,993	157,445	103,758
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
Pretax margin		16.42%	16.17%	15.81%	15.23%	13.68%	12.43%	11.60%	10.78%	10.77%	10.60%	9.20%	6.00%	4.91%	4.76%	5.17%	7.36%	8.20%	4.04%	3.03%	2.06%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $1,620,506K ÷ $9,871,650K
= 16.42%

The pretax margin of Chipotle Mexican Grill has shown a consistent improvement over the past eight quarters, reaching 16.42% in Q4 2023 from 10.78% in Q1 2022. This indicates that the company has been effectively managing its operating expenses and generating higher profits before taxes. The steady increase in pretax margin reflects the company's ability to enhance operational efficiency and control costs, ultimately leading to improved profitability. Chipotle's consistent growth in pretax margin is a positive indicator of its financial performance and management effectiveness.