Chipotle Mexican Grill Inc (CMG)

Pretax margin

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	2,010,230	1,953,486	1,864,265	1,704,607	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
Revenue (ttm)	US$ in thousands	11,313,860	10,984,870	10,663,240	10,204,920	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
Pretax margin		17.77%	17.78%	17.48%	16.70%	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%

December 31, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $2,010,230K ÷ $11,313,860K
= 17.77%

The pretax margin of Chipotle Mexican Grill Inc has shown a positive trend over the past few years, indicating improving profitability before taxes. From March 31, 2020, to December 31, 2024, the pretax margin has increased steadily from 7.36% to 17.77%.

The company's pretax margin saw fluctuations in the initial periods, with a slight decrease in the middle of 2020 but then a consistent upward trajectory from March 31, 2021, onwards. Notably, there was a significant increase in the pretax margin from September 30, 2022, to December 31, 2024, reaching the highest point of 17.77%.

This upward trend in the pretax margin reflects the company's ability to effectively manage costs and generate higher revenue, resulting in improved profitability before taxes. Overall, the consistent growth in the pretax margin demonstrates Chipotle Mexican Grill Inc's strength in enhancing its operational efficiency and financial performance over the analyzed period.