perform horizontal and vertical analysis, and perform a SWOT analysis on Chipotle.

12/31/2022 12/31/2021 12/31/2020 Gross Margin Profit Margin Return on equity EPS-Basic EPS-Diluted Current ratio Asset turnover Debt to equity ratio P/E ratio

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands 12 Months Ended Increase (Decrease) Dec. 31, 2022 Dec. 31, 2021 Dollars Percent Total revenue $ 8,634,652 $ 7,547,061 $ 1,087,591 14.4% Restaurant operating costs (exclusive of depreciation and amortization shown separately below): Food, beverage and packaging 2,602,245 2,308,631 Labor 2,197,958 1,917,761 Occupancy 460,425 416,606 Other operating costs 1,311,905 1,197,054 General and administrative expenses 564,191 606,854 Depreciation and amortization 286,826 254,657 Pre-opening costs 29,560 21,264 Impairment, closure costs, and asset disposals 21,139 19,291 Total operating expenses 7,474,249 6,742,118 Income from operations 1,160,403 804,943 Interest and other income, net 21,128 7,820 Income before income taxes 1,181,531 812,763 Benefit/(provision) for income taxes (282,430) (159,779) Net income $ 899,101 $ 652,984 Earnings per share: Basic $ 32.28 $ 23.21 Diluted $ 32.04 $ 22.90 Weighted-average common shares outstanding: Basic 27,851 28,132 Diluted 28,062 28,511 Other comprehensive income (loss), net of income taxes: Foreign currency translation adjustments $ (2,534) $ (1,125) Comprehensive income 896,567 651,859 Food and Beverage [Member] Total revenue 8,558,001 7,457,169 Delivery Service [Member] Total revenue $ 76,651 $ 89,892

Consolidated Balance Sheets - USD ($) $ in Thousands Dec. 31, 2022 Dec. 31, 2021 Current assets: Cash and cash equivalents $ 384,000 5.5% $ 815,374 12.3% Accounts receivable, net 106,880 99,599 Inventory 35,668 32,826 Prepaid expenses and other current assets 86,412 78,756 Income tax receivable 47,741 94,064 Investments 515,136 260,945 Total current assets 1,175,837 1,381,564 Leasehold improvements, property and equipment, net 1,951,147 1,769,278 Long-term investments 388,055 274,311 Restricted cash 24,966 30,856 Operating lease assets 3,302,402 3,118,294 Other assets 63,158 56,716 Goodwill 21,939 21,939 Total assets 6,927,504 100.0% 6,652,958 Current liabilities: Accounts payable 184,566 163,161 Accrued payroll and benefits 170,456 162,405 Accrued liabilities 147,539 173,052 Unearned revenue 183,071 156,351 Current operating lease liabilities 236,248 218,713 Total current liabilities 921,880 873,682 Commitments and contingencies (Note 11) Long-term operating lease liabilities 3,495,162 3,301,601 Deferred income tax liabilities 98,623 141,765 Other liabilities 43,816 38,536 Total liabilities 4,559,481 4,355,584 Shareholders' equity: Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of December 31, 2022 and December 31, 2021, respectively 0 0 Common stock, $0.01 par value, 230,000 shares authorized, 37,320 and 37,132 shares issued as of December 31, 2022 and December 31, 2021, respectively 373 371 Additional paid-in capital 1,829,304 1,729,312 Treasury stock, at cost, 9,693 and 9,052 common shares as of December 31, 2022 and December 31, 2021, respectively (4,282,014) (3,356,102) Accumulated other comprehensive loss (7,888) (5,354) Retained earnings 4,828,248 3,929,147 Total shareholders' equity 2,368,023 2,297,374 Total liabilities and shareholders' equity $ 6,927,504 $ 6,652,958 Consolidated Balance Sheets (Parenthetical) - $ / shares Dec. 31, 2022 Dec. 31, 2021 Consolidated Balance Sheets [Abstract] Preferred stock, par value $ 0.01 $ 0.01 Preferred stock, shares authorized 600,000,000 600,000,000 Preferred stock, shares issued 0 0 Common stock, par value $ 0.01 $ 0.01 Common stock, shares authorized 230,000,000 230,000,000 Common stock, shares issued 37,320,000 37,132,000 Treasury stock, shares at cost 9,693,000 9,052,000

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands 12 Months Ended Dec. 31, 2022 Dec. 31, 2021 Total revenue $ 8,634,652 100.00% $ 7,547,061 100.00% Restaurant operating costs (exclusive of depreciation and amortization shown separately below): Food, beverage and packaging 2,602,245 30.14% 2,308,631 30.59% Labor 2,197,958 1,917,761 Occupancy 460,425 416,606 Other operating costs 1,311,905 1,197,054 General and administrative expenses 564,191 606,854 Depreciation and amortization 286,826 254,657 Pre-opening costs 29,560 21,264 Impairment, closure costs, and asset disposals 21,139 19,291 Total operating expenses 7,474,249 6,742,118 Income from operations 1,160,403 804,943 Interest and other income, net 21,128 7,820 Income before income taxes 1,181,531 812,763 Benefit/(provision) for income taxes (282,430) (159,779) Net income $ 899,101 $ 652,984 Earnings per share: Basic $ 32.28 $ 23.21 Diluted $ 32.04 $ 22.90 Weighted-average common shares outstanding: Basic 27,851 28,132 Diluted 28,062 28,511 Other comprehensive income (loss), net of income taxes: Foreign currency translation adjustments $ (2,534) $ (1,125) Comprehensive income 896,567 651,859 Food and Beverage [Member] Total revenue 8,558,001 7,457,169 Delivery Service [Member] Total revenue $ 76,651 $ 89,892