CHIPOTLE MEXICAN GRILL INC Earnings Per Share Disclosure
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net income | $ | 1,535,761 | $ | 1,534,110 | $ | 1,228,737 | |||||||||||
| Shares: | |||||||||||||||||
| Weighted-average number of common shares outstanding (for basic calculation) | 1,337,336 | 1,368,343 | 1,377,768 | ||||||||||||||
| Dilutive stock awards | 5,280 | 8,212 | 7,732 | ||||||||||||||
| Weighted-average number of common shares outstanding (for diluted calculation) | 1,342,616 | 1,376,555 | 1,385,500 | ||||||||||||||
| Basic earnings per share | $ | 1.15 | $ | 1.12 | $ | 0.89 | |||||||||||
| Diluted earnings per share | $ | 1.14 | $ | 1.11 | $ | 0.89 | |||||||||||
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Stock awards subject to performance conditions | 2,054 | 2,179 | 2,517 | ||||||||||||||
| Stock awards that were antidilutive | 4,290 | 2,210 | 3,565 | ||||||||||||||
| Total stock awards excluded from diluted earnings per share | 6,344 | 4,389 | 6,082 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 4, 2026 | Showing above |
| 2024 | Feb 5, 2025 | |
| 2023 | Feb 8, 2024 | |
| 2022 | Feb 9, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 10, 2021 | |
| 2019 | Feb 5, 2020 | |
| 2018 | Feb 8, 2019 | |
| 2017 | Feb 8, 2018 | |
| 2016 | Feb 7, 2017 | |
| 2015 | Feb 5, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.