Chipotle
(NYSE:CMG)

Chipotle Mexican Grill, Inc., together with its subsidiaries, owns and operates Chipotle Mexican Grill restaurants. As of December 31, 2020, it owned and operated 2,724 Chipotle restaurants in the United States, 40 international Chipotle restaurants, and 4 non-Chipotle restaurants. The company was f...

Website: http://www.chipotle.com

Founded: 1993

Full Time Employees: 104,958 (Dec 2022)

CEO: Brian Niccol

Sector: Consumer Cyclical

Industry: Restaurants

Restaurants Mexican Food

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At a glance:

Same-Store Sales Supported by Pricing and Traffic: Comparable sales trends are driven by a mix of menu price actions and continued customer traffic, reflecting resilient demand for fast-casual meals.
Restaurant Expansion Remains a Key Growth Lever: Ongoing new store openings—often with a focus on drive-thru-enabled formats—support unit growth and broader geographic penetration.
Margins Influenced by Food, Labor, and Efficiency Initiatives: Restaurant-level profitability is shaped by ingredient and wage inflation, partially offset by operational efficiencies, throughput improvements, and scale benefits.
Digital and Loyalty Ecosystem Strengthens Engagement: Digital ordering and the loyalty program help drive repeat visits and higher frequency, while improving convenience and supporting targeted marketing.
Key Risks: Input Costs, Supply Chain Volatility, and Competition: Results remain sensitive to commodity cost swings (e.g., beef, dairy, avocados), supply disruptions, and competitive intensity across quick-service and fast-casual peers.

Bull Thesis:

Robust Digital Sales & Loyalty Program Growth: Chipotle has successfully transformed its digital presence, with a significant portion of sales now coming through its app and website. The Chipotle Rewards loyalty program continues to expand, driving repeat business, higher average checks, and providing valuable customer data for targeted marketing and menu innovation.
Strong Pricing Power & Menu Innovation: Despite inflationary pressures, Chipotle has demonstrated an ability to implement price increases without significant customer pushback, indicating strong brand loyalty and perceived value. Consistent menu innovation, such as new protein options (e.g., Chicken Al Pastor) and limited-time offers, keeps the brand fresh and attracts new customers while driving incremental sales.
Excellent Unit Economics & Expansion Potential: Chipotle boasts industry-leading average unit volumes (AUVs) and strong restaurant-level operating margins. The success of 'Chipotlanes' (drive-thru digital order pickup lanes) significantly enhances throughput and customer convenience, providing a clear runway for continued new store expansion and market penetration, particularly in suburban areas.
Resilient Brand & Alignment with Health Trends: Chipotle's commitment to 'Food with Integrity' and its focus on fresh, customizable ingredients resonates strongly with health-conscious consumers and broader wellness trends. This strong brand identity and perceived quality help differentiate it in a competitive market and foster deep customer loyalty.

Bear Thesis:

Premium Valuation & High Growth Expectations: Chipotle trades at a significantly high valuation multiple (P/E, EV/EBITDA) compared to its peers and the broader market. This premium valuation implies continued rapid growth and flawless execution, leaving little room for error or any slowdown in same-store sales or unit expansion, making it vulnerable to market corrections or missed expectations.
Intense Competition & Market Saturation: The fast-casual dining segment is increasingly crowded with numerous competitors offering similar fresh, customizable, and health-oriented options. As Chipotle expands, it faces the challenge of maintaining market share and growth in potentially saturated markets, which could lead to increased marketing spend or slower unit growth.
Rising Labor & Food Costs: Persistent inflationary pressures on wages (especially minimum wage increases) and key food ingredients (e.g., avocados, beef) could compress Chipotle's restaurant-level operating margins. While the company has demonstrated pricing power, there's a limit to how much cost can be passed on to consumers before impacting demand.
Operational Challenges & Throughput Limitations: Despite improvements, maintaining consistent speed, quality, and customer experience across a rapidly expanding footprint, especially during peak hours, remains an operational challenge. Long lines or inconsistent service can deter customers and impact sales, particularly in high-volume urban locations.

Main Competitors:

Qdoba Mexican Eats (Burritos, bowls, quesadillas), Directly competes with Chipotle by offering a similar build-your-own menu of burritos, bowls, and quesadillas. Qdoba often differentiates itself with free guacamole and queso, appealing to customers seeking a similar fast-casual Mexican experience.
Moe's Southwest Grill (Burritos, bowls, tacos), Another direct competitor in the fast-casual Mexican space, Moe's offers customizable burritos, bowls, and tacos. It distinguishes itself with its 'Welcome to Moe's!' greeting and free chips and salsa with every order, fostering a distinct brand personality.
Sweetgreen ($SG) (Salads, warm bowls), Competes for the health-conscious, fast-casual diner by offering customizable salads and warm bowls made with fresh, often locally sourced ingredients. Sweetgreen appeals to a similar demographic looking for quick, nutritious, and transparently sourced meals, albeit with a different cuisine.
Cava Group, Inc. ($CAVA) (Mediterranean bowls, pitas), Offers a Mediterranean-inspired fast-casual experience with customizable bowls and pitas. Cava attracts customers seeking fresh, healthy, and flavorful options in a quick-service setting, directly competing for the 'healthy fast-casual' dollar with Chipotle.
Taco Bell ($YUM) (Tacos, burritos, quesadillas), While a traditional fast-food chain, Taco Bell (owned by Yum! Brands) competes for the same meal occasions, particularly for value-conscious consumers seeking Mexican-inspired food quickly. Its extensive menu, drive-thru convenience, and aggressive pricing offer a different value proposition.

Moat:

Chipotle's primary moat lies in its strong brand recognition, perceived quality of ingredients ('Food with Integrity'), efficient assembly-line service model, and a loyal customer base built on its early mover advantage in the fast-casual segment. Competition is fierce and multi-faceted, coming from direct fast-casual Mexican rivals (Qdoba, Moe's), adjacent healthy fast-casual concepts (Sweetgreen, Cava) that vie for similar demographics, and traditional fast-food chains (Taco Bell) that compete on price and convenience. Chipotle differentiates itself through its commitment to fresh, simple ingredients, customizable menu, and a consistent, high-quality experience, further bolstered by its digital ordering and loyalty programs.

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31

food and beverage revenue	3,072,730,000	2,969,211,000	2,989,255,000	3,047,754,000	2,859,831,000	2,829,988,000	2,778,034,000	2,954,913,000	2,684,447,000	2,499,567,000	2,456,039,000	2,497,509,000	2,351,009,000	2,163,907,000	2,202,336,000	2,192,802,000	1,998,956,000	1,939,405,000	1,932,409,000	1,869,365,000	1,715,990,000	1,586,905,000	1,581,335,000
delivery service revenue	15,512,000	14,300,000	14,189,000	15,639,000	15,422,000	15,322,000	15,542,000	18,204,000	17,401,000	16,753,000	15,909,000	17,292,000	17,571,000	16,692,000	17,839,000	20,537,000	21,583,000	21,228,000	19,906,000	23,173,000	25,585,000	20,805,000	20,079,000
total revenue	3,088,242,000	2,983,511,000	3,003,444,000	3,063,393,000	2,875,253,000	2,845,310,000	2,793,576,000	2,973,117,000	2,701,848,000	2,516,320,000	2,471,948,000	2,514,801,000	2,368,580,000	2,180,599,000	2,220,175,000	2,213,339,000	2,020,539,000	1,960,633,000	1,952,315,000	1,892,538,000	1,741,575,000	1,607,710,000	1,601,414,000																																															345,344,000	340,543,000	340,754,000	305,327,000	288,910,000	286,431,000	274,346,000	236,095,000	219,719,000	211,260,000	204,936,000	187,015,000
yoy	7.41%	4.86%	7.51%	3.04%	6.42%	13.07%	13.01%	18.22%	14.07%	15.40%	11.34%	13.62%	17.23%	11.22%	13.72%	16.95%	16.02%	21.95%	21.91%																																																			19.53%	18.89%	24.21%	29.32%	31.49%	35.58%	33.87%	26.24%
qoq	3.51%	-0.66%	-1.96%	6.54%	1.05%	1.85%	-6.04%	10.04%	7.37%	1.80%	-1.70%	6.17%	8.62%	-1.78%	0.31%	9.54%	3.06%	0.43%	3.16%	8.67%	8.33%	0.39%																																																1.41%	-0.06%	11.60%	5.68%	0.87%	4.41%	16.20%	7.45%	4.00%	3.09%	9.58%
restaurant operating costs
food, beverage and packaging	913,346,000	900,155,000	902,445,000	885,989,000	838,403,000	866,252,000	855,515,000	873,673,000	779,076,000	747,155,000	734,186,000	738,664,000	692,559,000	638,851,000	662,540,000	673,928,000	626,926,000	620,150,000	591,332,000	574,478,000	522,671,000	498,450,000	517,261,000	454,756,000	462,299,000	476,769,000	466,496,000	483,284,000	421,367,000	406,536,000	409,213,000	413,096,000	371,915,000	379,914,000	394,567,000	399,152,000	361,795,000	365,612,000	363,900,000	341,902,000	294,166,000	337,065,000	401,051,000	396,693,000	369,026,000	373,991,000	372,063,000	363,148,000	311,792,000	285,912,000	277,503,000	270,510,000	239,589,000	234,330,000	228,566,000	221,517,000	206,590,000	191,898,000	195,793,000	188,121,000	162,908,000	149,589,000	145,688,000	141,922,000	123,908,000	116,463,000	119,473,000	120,207,000	109,884,000	110,944,000	112,412,000	109,697,000	98,894,000	92,184,000	92,075,000	87,463,000	74,671,000	69,989,000	65,436,000	63,341,000	59,232,000
labor	805,411,000	760,524,000	756,669,000	756,261,000	718,226,000	716,865,000	696,847,000	716,627,000	659,450,000	629,228,000	616,282,000	611,678,000	583,794,000	558,914,000	557,178,000	549,926,000	531,940,000	516,829,000	502,757,000	464,506,000	433,669,000	408,364,000	405,818,000	385,266,000	393,565,000	381,520,000	373,645,000	368,053,000	348,842,000	332,509,000	332,865,000	341,842,000	318,863,000	305,428,000	306,862,000	305,851,000	287,851,000	284,250,000	286,144,000	276,926,000	257,681,000	260,585,000	270,076,000	270,914,000	244,151,000	237,310,000	230,360,000	228,529,000	208,208,000	193,818,000	188,709,000	185,804,000	171,469,000	167,301,000	162,655,000	159,895,000	151,985,000	142,080,000	138,046,000	137,705,000	125,288,000	119,532,000	115,234,000	114,790,000	104,017,000	99,697,000	96,419,000	95,389,000	93,567,000	91,783,000	89,534,000	88,278,000	81,410,000	77,452,000	75,395,000	71,116,000	65,454,000	61,627,000	59,629,000	56,941,000	52,937,000
occupancy	169,881,000	162,493,000	158,314,000	154,250,000	149,841,000	146,442,000	142,570,000	138,663,000	135,699,000	131,167,000	126,269,000	123,897,000	121,931,000	118,648,000	115,826,000	113,919,000	112,032,000	107,184,000	104,223,000	103,430,000	101,769,000	99,213,000	97,694,000	95,576,000	95,279,000	92,970,000	91,409,000	89,923,000	88,770,000	88,404,000	86,691,000	86,772,000	85,256,000	84,650,000	83,199,000	80,321,000	78,962,000	76,489,000	74,201,000	72,354,000	70,592,000	68,143,000	66,391,000	64,693,000	63,185,000	60,930,000	58,838,000	56,254,000	54,846,000	52,795,000	50,128,000	48,564,000	47,620,000	45,391,000	43,777,000	41,758,000	40,509,000	38,647,000	37,117,000	36,195,000	35,315,000	33,977,000	32,096,000	31,772,000	31,088,000	30,417,000	28,677,000	28,167,000	26,957,000	28,351,000	24,483,000	23,404,000	21,833,000	20,536,000	19,745,000	18,322,000	17,288,000	15,554,000	15,040,000	14,338,000	13,872,000
other operating costs	480,643,000	461,567,000	450,433,000	428,663,000	415,161,000	411,490,000	386,463,000	384,754,000	385,773,000	370,466,000	345,368,000	349,707,000	363,206,000	341,644,000	322,085,000	317,481,000	330,695,000	320,452,000	294,650,000	287,242,000	294,710,000	288,456,000	268,416,000	262,378,000	210,762,000	212,520,000	180,259,000	193,309,000	174,743,000	189,303,000	167,488,000	175,171,000	148,069,000	175,038,000	162,312,000	163,685,000	150,609,000	168,563,000	166,045,000	152,156,000	155,189,000	136,184,000	134,879,000	130,359,000	113,541,000	112,732,000	110,957,000	115,418,000	95,137,000	95,389,000	89,060,000	86,296,000	76,656,000	80,350,000	73,728,000	66,353,000	66,179,000	68,435,000	63,167,000	62,221,000	57,385,000	54,281,000	51,977,000	52,968,000	43,678,000	45,955,000	44,118,000	43,845,000	40,663,000	41,369,000	41,379,000	42,897,000	38,373,000	34,849,000	33,240,000	33,665,000	29,758,000	27,890,000	25,744,000	25,873,000	23,238,000
general and administrative expenses	203,720,000	160,341,000	146,742,000	172,151,000	172,783,000	191,216,000	126,614,000	175,028,000	204,625,000	169,247,000	159,501,000	156,496,000	148,340,000	135,073,000	140,896,000	140,820,000	147,402,000	159,777,000	145,930,000	146,044,000	155,103,000	124,024,000	133,150,000	102,647,000	106,470,000	112,416,000	115,070,000	121,395,000	102,671,000	103,720,000	109,524,000	85,153,000	77,063,000	57,690,000	99,182,000	70,075,000	69,441,000	65,069,000	78,405,000	70,756,000	62,010,000	46,875,000	70,066,000	70,212,000	63,061,000	60,929,000	71,172,000	74,879,000	66,917,000	55,844,000	52,726,000	50,952,000	44,211,000	43,174,000	48,606,000	42,295,000	49,334,000	37,988,000	37,254,000	41,968,000	32,216,000	28,733,000	33,522,000	30,141,000	26,194,000	25,078,000	24,555,000	25,797,000	23,719,000	24,266,000	22,645,000	20,684,000	21,560,000	20,641,000	19,279,000	18,109,000	17,009,000	16,651,000	15,723,000	17,643,000	15,267,000
depreciation and amortization	96,718,000	92,702,000	90,524,000	90,945,000	87,211,000	83,876,000	84,349,000	83,562,000	83,243,000	85,492,000	78,546,000	78,771,000	76,585,000	74,012,000	71,416,000	69,733,000	71,665,000	66,262,000	63,191,000	62,082,000	63,122,000	59,956,000	60,180,000	60,024,000	58,374,000	55,149,000	52,206,000	51,642,000	53,781,000	53,217,000	52,654,000	49,193,000	46,915,000	41,442,000	41,546,000	41,081,000	39,279,000	38,072,000	37,434,000	36,074,000	34,788,000	34,140,000	33,145,000	32,440,000	30,643,000	29,750,000	27,961,000	27,009,000	25,754,000	24,903,000	24,618,000	23,597,000	22,936,000	22,141,000	21,362,000	20,543,000	20,084,000	19,198,000	18,741,000	18,505,000	18,494,000	17,815,000	17,319,000	17,053,000	16,734,000	15,940,000	15,451,000	15,197,000	14,720,000	14,124,000	13,769,000	12,707,000	12,170,000	11,688,000	11,167,000	10,576,000	10,164,000	9,265,000	8,676,000	8,309,000	8,003,000
pre-opening costs	11,641,000	16,946,000	13,741,000	10,610,000	8,210,000	12,905,000	12,786,000	8,995,000	7,211,000	13,590,000	9,605,000	7,538,000	6,198,000	11,341,000	7,618,000	5,253,000	5,348,000	6,984,000	5,894,000	4,965,000	3,421,000	4,497,000	3,808,000	3,644,000	3,566,000	4,986,000	3,064,000	2,118,000	940,000	1,756,000	2,127,000	2,014,000	2,649,000	2,577,000	2,792,000	2,903,000	4,069,000	4,118,000	4,490,000	4,133,000	4,421,000	5,452,000	4,367,000	3,668,000	3,435,000	4,088,000	3,829,000	3,392,000	4,300,000	4,775,000	4,604,000	3,246,000	2,886,000	3,383,000	2,772,000	3,306,000	2,448,000	3,145,000	2,448,000	1,606,000	1,296,000	2,598,000	1,943,000	1,724,000	1,502,000	2,405,000	2,535,000	1,568,000	1,893,000	2,506,000	2,884,000	3,403,000	2,831,000	2,855,000	2,350,000	2,570,000	1,810,000	2,110,000	2,053,000	1,505,000	1,110,000
impairment, closure costs, and asset disposals	9,819,000	8,464,000	7,404,000	5,467,000	6,168,000	532,000	15,176,000	5,762,000	5,479,000	6,528,000	7,241,000	16,240,000	8,361,000	5,785,000	6,363,000	4,681,000	4,310,000	4,699,000	4,658,000	4,266,000	5,668,000	7,864,000	7,991,000	5,386,000	9,336,000	5,738,000	5,927,000	4,487,000	6,942,000	10,004,000	6,454,000	45,322,000
total operating expenses	2,691,179,000	2,563,192,000	2,526,272,000	2,504,336,000	2,396,003,000	2,429,578,000	2,320,320,000	2,387,064,000	2,260,556,000	2,152,873,000	2,076,998,000	2,082,991,000	2,000,974,000	1,884,268,000	1,883,922,000	1,875,741,000	1,830,318,000	1,802,337,000	1,712,635,000	1,647,013,000	1,580,133,000	1,490,824,000	1,494,318,000	1,369,677,000	1,339,651,000	1,342,068,000	1,288,076,000	1,314,211,000	1,198,056,000	1,185,449,000	1,167,016,000	1,198,563,000	1,055,589,000	1,050,071,000	1,097,207,000	1,062,684,000	995,656,000	1,004,010,000	1,027,256,000	957,488,000	881,063,000	893,894,000	982,131,000	970,367,000	891,242,000	881,939,000	876,786,000	870,231,000	768,513,000	715,043,000	689,753,000	670,368,000	606,707,000	596,973,000	582,865,000	557,142,000	538,379,000	502,881,000	493,844,000	487,698,000	434,563,000	408,529,000	399,290,000	391,882,000	348,390,000
income from operations	397,063,000	420,319,000	477,172,000	559,057,000	479,250,000	415,732,000	473,256,000	586,053,000	441,292,000	363,447,000	394,950,000	431,810,000	367,606,000	296,331,000	336,253,000	337,598,000	190,221,000	158,296,000	239,680,000	245,525,000	161,442,000	116,886,000	107,096,000	-4,939,000	71,121,000	98,156,000	115,621,000	120,020,000	110,161,000	39,612,000	57,991,000	67,957,000	92,808,000	60,029,000	30,867,000	106,725,000	73,173,000	30,550,000	9,726,000	40,895,000	-46,604,000	103,613,000	234,759,000	227,416,000	197,801,000	187,872,000	207,436,000	179,842,000	135,650,000	129,104,000	137,154,000	146,418,000	120,044,000	102,188,000	117,663,000	133,790,000	102,224,000	93,868,000	98,010,000	83,863,000	74,821,000	73,992,000	77,584,000	74,959,000	61,296,000	50,385,000	54,809,000	57,322,000	41,189,000	27,874,000	31,058,000	38,314,000	26,793,000	27,456,000	31,396,000	30,682,000	18,649,000	15,496,000	17,853,000	15,870,000	12,733,000
yoy	-17.15%	1.10%	0.83%	-4.61%	8.60%	14.39%	19.83%	35.72%	20.04%	22.65%	17.46%	27.91%	93.25%	87.20%	40.29%	37.50%	17.83%	35.43%	123.80%	-5071.15%	127.00%	19.08%	-7.37%	-104.12%	-35.44%	147.79%	99.38%	76.61%	18.70%	-34.01%	87.87%	-36.33%	26.83%	96.49%	217.37%	160.97%	-257.01%	-70.52%	-95.86%	-82.02%	-123.56%	-44.85%	13.17%	26.45%	45.82%	45.52%	51.24%	22.83%	13.00%	26.34%	16.57%	9.44%	17.43%	8.86%	20.05%	59.53%	36.62%	26.86%	26.33%	11.88%	22.07%	46.85%	41.55%	30.77%	48.82%	80.76%	76.47%	49.61%	53.73%	1.52%	-1.08%	24.87%	43.67%	77.18%	75.86%	93.33%	46.46%
qoq	-5.53%	-11.91%	-14.65%	16.65%	15.28%	-12.15%	-19.25%	32.80%	21.42%	-7.98%	-8.54%	17.47%	24.05%	-11.87%	-0.40%	77.48%	20.17%	-33.96%	-2.38%	52.08%	38.12%	9.14%	-2268.37%	-106.94%	-27.54%	-15.11%	-3.67%	8.95%	178.10%	-31.69%	-14.67%	-26.78%	54.61%	94.48%	-71.08%	45.85%	139.52%	214.11%	-76.22%	-187.75%	-144.98%	-55.86%	3.23%	14.97%	5.28%	-9.43%	15.34%	32.58%	5.07%	-5.87%	-6.33%	21.97%	17.47%	-13.15%	-12.05%	30.88%	8.90%	-4.23%	16.87%	12.08%	1.12%	-4.63%	3.50%	22.29%	21.66%	-8.07%	-4.38%	39.17%	47.77%	-10.25%	-18.94%	43.00%	-2.41%	-12.55%	2.33%	64.52%	20.35%	-13.20%	12.50%	24.64%
operating margin %	12.86%	14.09%	15.89%	18.25%	16.67%	14.61%	16.94%	19.71%	16.33%	14.44%	15.98%	17.17%	15.52%	13.59%	15.15%	15.25%	9.41%	8.07%	12.28%	12.97%	9.27%	7.27%	6.69%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	8.07%	9.12%	11.24%	8.78%	9.50%	10.96%	11.18%	7.90%	7.05%	8.45%	7.74%	6.81%
interest and other income	8,742,000	13,324,000	19,789,000	18,355,000	22,253,000	23,365,000	29,307,000	21,861,000	19,364,000	18,906,000	18,392,000	16,446,000	8,949,000	7,057,000	3,712,000	10,572,000	-213,000	9,263,000	-126,000	851,000	-2,168,000	846,000	-595,000	623,000	2,743,000	2,840,000	4,411,000	3,947,000	3,129,000	3,858,000	2,493,000	2,323,000	1,394,000	1,437,000	1,275,000	1,049,000	1,188,000	588,000	672,000	786,000	2,126,000	1,795,000	1,518,000	1,742,000	1,223,000	885,000	785,000	1,144,000	689,000	390,000	765,000	330,000	266,000	462,000	547,000	377,000	434,000	571,000	567,000	475,000	475,000	402,000	395,000	427,000	275,000	302,000	132,000	293,000	198,000	270,000	931,000
income before income taxes	405,805,000	433,643,000	496,961,000	577,412,000	501,503,000	439,097,000	502,563,000	607,914,000	460,656,000	382,353,000	413,342,000	448,256,000	376,555,000	303,388,000	339,965,000	348,170,000	190,008,000	167,559,000	239,554,000	246,376,000	159,274,000	117,732,000	106,501,000	-4,316,000	73,864,000	100,996,000	120,032,000	123,967,000	113,290,000	43,470,000	60,484,000	70,280,000	94,202,000	61,466,000	32,142,000	107,774,000	74,361,000	31,138,000	10,398,000	41,681,000	-44,478,000	105,408,000	236,277,000	229,158,000	199,024,000	188,757,000	208,221,000	180,986,000	136,339,000	129,494,000	137,919,000	146,748,000	120,310,000	102,650,000	118,210,000	134,167,000	102,658,000	94,282,000	98,458,000	81,857,000	75,108,000	74,303,000	77,965,000	75,301,000	61,492,000	50,615,000	54,867,000	57,429,000	41,314,000	28,069,000	31,911,000	39,164,000	28,062,000	28,881,000	32,919,000	32,138,000	20,064,000	17,389,000	19,800,000	17,427,000	13,639,000
provision for income taxes	102,981,000	102,711,000	114,858,000	141,285,000	114,904,000	107,333,000	115,175,000	152,243,000	101,369,000	-100,267,000	-100,125,000	-106,466,000	-84,911,000	-50,692,250	-82,827,000	-88,228,000	-31,714,000	-31,423,750	-35,120,000			-2,810,500	-26,257,000			-28,580,000	-21,450,000	-32,939,000	-25,158,000	-11,451,000	-22,280,000	-23,396,000						-15,163,000	-2,599,000			-37,534,000	-91,394,000	-88,954,000	-76,383,000	-67,523,000	-77,420,000	-70,716,000	-53,270,000	-49,872,000	-54,540,000	-58,895,000	-43,726,000	-41,297,000	-45,910,000	-52,484,000	-39,994,000	-36,809,000	-38,025,000	-31,200,000	-28,726,000	-27,858,000	-29,737,000	-28,840,000	-23,645,000	-19,019,000	-20,403,000	-22,036,000	-15,922,000	-11,096,000	-12,434,000	-14,696,000	-10,778,000	-8,024,000	-12,315,000	-12,157,000	-7,624,000				-5,651,000
net income	302,824,000	330,932,000	382,103,000	436,127,000	386,599,000	331,764,000	387,388,000	455,671,000	359,287,000	282,086,000	313,217,000	341,790,000	291,644,000	223,727,000	257,138,000	259,942,000	158,294,000	133,475,000	204,434,000	187,974,000	127,101,000	190,959,000	80,244,000	8,175,000	76,388,000	72,416,000	98,582,000	91,028,000	88,132,000	32,019,000	38,204,000	46,884,000	59,446,000	43,793,000	19,610,000	66,730,000	46,120,000	15,975,000	7,799,000	25,596,000	-26,432,000	67,874,000	144,883,000	140,204,000	122,641,000	121,234,000	130,801,000	110,270,000	83,069,000	79,622,000	83,379,000	87,853,000	76,584,000	61,353,000	72,300,000	81,683,000	62,664,000	57,473,000	60,433,000	50,657,000	46,382,000	46,445,000	48,228,000	46,461,000	37,847,000	31,596,000	34,464,000	35,393,000	25,392,000	16,973,000	19,477,000	24,468,000	17,284,000	17,538,000	20,604,000	19,981,000	12,440,000	10,841,000	11,802,000	10,792,000	7,988,000
yoy	-21.67%	-0.25%	-1.36%	-4.29%	7.60%	17.61%	23.68%	33.32%	23.19%	26.08%	21.81%	31.49%	84.24%	67.62%	25.78%	38.29%	24.54%	-30.10%	154.77%	2199.38%	66.39%	163.70%	-18.60%	-91.02%	-13.33%	126.17%	158.04%	94.16%	48.26%	-26.89%	94.82%	-29.74%	28.89%	174.13%	151.44%	160.70%	-274.49%	-76.46%	-94.62%	-81.74%	-121.55%	-44.01%	10.77%	27.15%	47.64%	52.26%	56.88%	25.52%	8.47%	29.78%	15.32%	7.55%	22.21%	6.75%	19.64%	61.25%	35.10%	23.74%	25.31%	9.03%	22.55%	47.00%	39.94%	31.27%	49.05%	86.15%	76.95%	44.65%	46.91%	-3.22%	-5.47%	22.46%	38.94%	61.77%	74.58%	85.15%	55.73%
qoq	-8.49%	-13.39%	-12.39%	12.81%	16.53%	-14.36%	-14.99%	26.83%	27.37%	-9.94%	-8.36%	17.19%	30.36%	-12.99%	-1.08%	64.21%	18.59%	-34.71%	8.76%	47.89%	-33.44%	137.97%	881.58%	-89.30%	5.48%	-26.54%	8.30%	3.29%	175.25%	-16.19%	-18.51%	-21.13%	35.74%	123.32%	-70.61%	44.69%	188.70%	104.83%	-69.53%	-196.84%	-138.94%	-53.15%	3.34%	14.32%	1.16%	-7.31%	18.62%	32.75%	4.33%	-4.51%	-5.09%	14.71%	24.83%	-15.14%	-11.49%	30.35%	9.03%	-4.90%	19.30%	9.22%	-0.14%	-3.70%	3.80%	22.76%	19.78%	-8.32%	-2.62%	39.39%	49.60%	-12.86%	-20.40%	41.56%	-1.45%	-14.88%	3.12%	60.62%	14.75%	-8.14%	9.36%	35.10%
net income margin %	9.81%	11.09%	12.72%	14.24%	13.45%	11.66%	13.87%	15.33%	13.30%	11.21%	12.67%	13.59%	12.31%	10.26%	11.58%	11.74%	7.83%	6.81%	10.47%	9.93%	7.30%	11.88%	5.01%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	4.91%	5.72%	7.18%	5.66%	6.07%	7.19%	7.28%	5.27%	4.93%	5.59%	5.27%	4.27%
earnings per share:
basic	0.23	0.25	0.29	0.32	0.29	0.24	0.28	0.33	13.09	10.28	11.37	12.38	10.56	8.08	9.26	9.32	5.64	4.75	7.26	6.68	4.52	6.83	2.87	0.29	2.75	2.6	3.55	3.28	3.18	1.16	1.37	1.69	2.13	1.56	0.69	2.33	1.6	0.54	0.27	0.88	-0.88	2.2	4.65	4.51	3.95	3.91	4.22	3.55	2.67	2.57	2.7	2.84	2.47	1.96	2.28	2.58	2	1.84	1.93	1.63	1.49	1.49	1.55	1.48	1.2	1	1.09	1.11	0.79				0.53				0.38	0.33	0.36
diluted	0.23	0.25	0.29	0.32	0.28	0.24	0.28	0.33	13.01	10.21	11.32	12.32	10.5	8.02	9.2	9.25	5.59	4.68	7.18	6.6	4.45	6.71	2.82	0.29	2.7	2.55	3.47	3.22	3.13	1.14	1.36	1.68	2.13	1.55	0.69	2.32	1.6	0.54	0.27	0.87	-0.88	2.18	4.59	4.45	3.88	3.84	4.15	3.5	2.64	2.54	2.66	2.82	2.45	1.95	2.27	2.56	1.97	1.8	1.9	1.59	1.46	1.46	1.52	1.46	1.19	0.99	1.08	1.1	0.78				0.52				0.38	0.33	0.36
weighted-average common shares outstanding:
basic	1,298,220	1,337,336	1,335,000	1,344,955	1,354,518	1,368,343	1,367,038	1,372,800	27,444	27,555	27,550	27,604	27,624	27,851	27,773	27,905	28,043	28,132	28,150	28,134	28,125	27,917	27,973	27,911	27,792	27,740	27,775	27,720	27,696	27,823	27,802	27,819	27,911	28,491	28,415	28,649	28,750	29,265	29,063	29,207	29,893	31,092	31,187	31,120	31,036	31,038	31,020	31,049	31,061	30,957	30,897	30,901	31,012	31,513	31,643	31,696	31,410	31,217	31,331	31,167	31,082	31,234	31,031	31,373	31,483	31,766	31,625	31,856	32,003	32,766	32,862,000	32,856,000	32,808	32,672	32,706,000	32,642,000	32,558	32,051	32,499	32,462,000	30,683,000
diluted	1,301,859	1,342,616	1,339,522	1,350,236	1,360,719	1,376,555	1,374,605	1,381,518	27,624	27,710	27,681	27,747	27,788	28,062	27,956	28,092	28,301	28,511	28,475	28,501	28,582	28,416	28,454	28,333	28,323	28,295	28,388	28,300	28,118	27,962	28,017	27,935	27,950	28,561	28,439	28,800	28,850	29,770	29,171	29,340	29,893	31,494	31,548	31,526	31,592	31,512	31,547	31,474	31,486	31,281	31,296	31,176	31,229	31,783	31,846	31,951	31,846	31,775	31,832	31,761	31,717	31,735	31,629	31,802	31,814	32,102	31,949	32,195	32,362	33,146	33,170,000	33,284,000	33,330	33,146	33,171,000	33,065,000	32,953	32,465	32,885	32,903,000	31,078,000
other comprehensive income, net of income taxes:
foreign currency translation adjustments	-724	638	-586	2,506	435	-2,842	1,074	-564	-1,293	1,423	-1,128	479	457	1,008	-2,257	-1,480	195	-228.5	-956	305	-263															2,136,000	675,000	-2,252,000	-203,000	-765,000	1,929,000
comprehensive income	302,100	331,570	381,517	438,633	387,034	328,922	388,462	455,107	357,994	283,509	312,089	342,269	292,101	224,735	254,881	258,462	158,489	129,648.75	203,478	188,279	126,838															68,808,000	46,613,000	13,259,000	7,060,000	25,340,000	-22,610,000	467,354,971	143,165	141,935	117,929	443,001,901	129,412	110,139	82,938	327,785,810	84,890	87,820	75,480	278,609,768	73,260	80,625	63,347
benefit for income taxes																				-58,402,000	-32,173,000			12,491,000	2,524,000											-41,044,000	-28,241,000			-16,085,000	18,046,000
revenue																								1,364,738,000	1,410,772,000	1,440,224,000	1,403,697,000	1,434,231,000	1,308,217,000	1,225,061,000	1,225,007,000	1,266,520,000	1,148,397,000	1,110,100,000	1,128,074,000	1,169,409,000	1,068,829,000	1,034,560,000	1,036,982,000	998,383,000	834,459,000	997,507,000	1,216,890,000	1,197,783,000	1,089,043,000	1,069,811,000	1,084,222,000	1,050,073,000	904,163,000	844,147,000	826,907,000	816,786,000	726,751,000	699,161,000	700,528,000	690,932,000	640,603,000	596,749,000	591,854,000	571,561,000	509,384,000	482,521,000	476,874,000	466,841,000	409,686,000
loss on disposal and impairment of assets																																	4,859,000	3,332,000	6,747,000	-384,000	3,650,000	1,837,000	16,637,000
benefit from income taxes																																	-34,756,000	-20,454,250	-12,532,000
unrealized gain on investments, net of tax benefit of 37,																																				-58,000
other comprehensive income, net of income taxes																																				2,078,000	493,000	-2,716,000	-739,000	-256,000	3,822,000
unrealized gain on investments, net of tax benefit of 94 and																																					-182,000
unrealized gain on investments, net of income taxes of (346), 0, 1,185, and 0																																						466,500	-536,000
loss on disposal of assets																																								3,187,000	2,216,000	5,450,000	2,156,000	1,388,000	4,200,000	2,209,000	1,606,000	1,602,000	1,559,000	1,607,000	2,405,000	1,399,000	1,340,000	903,000	1,399,000	1,475,000	1,250,000	1,490,000	1,278,000	1,377,000	1,661,000	2,004,000	1,511,000	1,512,000	1,269,000	1,204,000	1,544,000	1,344,000	1,864,000	4,127,000	2,379,000	1,370,000	1,463,000	1,249,000	1,784,000	1,843,000	1,292,000	1,137,000	1,106,000	1,116,000	623,000
unrealized gain on investments, net of income taxes of 348, 0, 1,531, and 0																																								509,000
unrealized gain on investments, net of income taxes of 1,182 and 0																																									1,893,000
interest and other expense																																																										-157,000	-119,000	-2,481,000	-188,000	-91,000	-14,000	-85,000	-79,000	-72,000	-74,000	-186,000	-73,000	-75,000	-78,000
restaurant sales																																																																		387,544,000	387,581,000	388,836,000	354,456,000	345,344,000	340,543,000	340,754,000	305,327,000	288,910,000	286,431,000	274,222,000	235,484,000	218,759,000	210,381,000	204,236,000	186,411,000
revenue:
franchise royalties and fees																																																																												124,000	611,000	960,000	879,000	700,000	604,000
restaurant operating costs:
earnings per common share:
basic																																																																						465	590	740		407.5	630	610				330	260
diluted																																																																						460	590	740		400	620	600				330	260
interest income																																																																								925,000	1,343,000	1,498,000	1,597,000	1,530,000	1,490,000	1,967,000	2,015,000	1,622,000	970,000
interest expense																																																																								-75,000	-74,000	-73,000	-74,000	-74,000	-75,000			-65,000	-64,000
benefit (provision) for income taxes																																																																																-6,635,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31

assets
current assets:
cash and cash equivalents	246,636,000	350,545,000	698,743,000	844,524,000	725,597,000	748,537,000	698,547,000	806,528,000	727,394,000	560,609,000	602,307,000	504,866,000	409,727,000	384,000,000	366,623,000	520,933,000	615,863,000	815,374,000	721,109,000	668,269,000	694,776,000	607,987,000	662,401,000	605,622,000	500,315,000	480,626,000	386,565,000	299,913,000	277,661,000	249,953,000	343,028,000	225,658,000	231,838,000	184,569,000	113,480,000	175,137,000	122,413,000	87,880,000	154,128,000	189,960,000	250,805,000	248,005,000	604,162,000	587,685,000	542,957,000	419,465,000	442,618,000	470,050,000	411,592,000	323,203,000	308,076,000	281,632,000	346,930,000	322,553,000	421,149,000	404,797,000	370,191,000	401,243,000	409,875,000	349,801,000	282,939,000	224,838,000	210,996,000	202,042,000	193,002,000	219,566,000	238,446,000	208,299,000	204,934,000	88,044,000	212,183,000	195,617,000	187,162,000	151,176,000	167,657,000	156,217,000			157,565,000	142,044,000
accounts receivable	94,934,000	156,466,000	95,844,000	105,004,000	101,594,000	143,963,000	93,202,000	97,542,000	89,836,000	115,535,000	71,122,000	60,985,000	65,869,000	106,880,000	71,276,000	83,636,000	89,295,000	99,599,000	76,099,000	75,697,000	68,449,000	104,500,000	69,366,000	68,006,000	63,461,000	80,545,000	49,489,000	49,362,000	49,725,000	62,312,000	26,868,000	23,702,000	26,691,000	40,453,000	23,870,000	24,940,000	21,582,000	40,451,000	22,103,000	23,208,000	23,692,000	38,283,000	24,157,000	25,711,000	21,480,000	34,839,000	18,949,000	20,242,000	16,582,000	24,016,000	14,575,000	14,961,000	15,475,000	16,800,000	14,566,000	10,351,000	9,087,000	8,389,000	5,765,000	6,179,000	7,623,000	5,658,000	4,446,000	3,787,000	3,514,000	4,763,000	3,133,000	3,217,000	3,375,000	3,643,000	4,582,000	5,374,000	3,879,000	5,373,000	5,869,000	6,270,000	5,332,000	4,865,000	3,059,000	1,967,000	2,773,000
inventory	44,685,000	49,508,000	46,436,000	40,402,000	41,387,000	48,942,000	49,848,000	35,560,000	37,947,000	39,309,000	40,177,000	36,004,000	34,599,000	35,668,000	33,752,000	29,456,000	29,852,000	32,826,000	28,450,000	25,159,000	24,304,000	26,445,000	25,464,000	24,178,000	23,335,000	26,096,000	23,871,000	21,144,000	18,780,000	21,555,000	18,285,000	20,851,000	17,404,000	19,860,000	21,634,000	19,126,000	18,319,000	15,019,000	18,382,000	16,966,000	16,885,000	15,043,000	17,524,000	16,529,000	16,052,000	15,332,000	15,885,000	15,522,000	15,202,000	13,044,000	12,509,000	11,270,000	11,431,000	11,096,000	9,964,000	10,504,000	10,017,000	8,913,000	8,768,000	8,447,000	8,738,000	7,098,000	7,175,000	6,358,000	6,314,000	5,614,000	5,858,000	5,715,000	5,766,000	4,789,000	5,485,000	5,151,000	4,583,000	4,332,000	4,404,000	4,418,000	4,142,000	3,505,000	3,393,000	3,040,000	3,049,000
prepaid expenses and other current assets	126,278,000	120,450,000	100,542,000	96,506,000	103,945,000	97,538,000	87,896,000	91,852,000	98,118,000	117,462,000	104,038,000	103,422,000	98,389,000	86,412,000	76,439,000	73,716,000	70,403,000	78,756,000	72,821,000	71,613,000	61,615,000	54,906,000	50,794,000	53,656,000	50,781,000	57,076,000	62,211,000	44,116,000	34,217,000	54,129,000	55,406,000	69,860,000	55,742,000	50,918,000	49,089,000	50,296,000	47,023,000	44,080,000	45,250,000	52,178,000	48,317,000	39,965,000	37,760,000	39,686,000	37,252,000	34,795,000	33,632,000	36,966,000	38,213,000	34,204,000	34,696,000	34,938,000	31,723,000	27,378,000	24,666,000	28,298,000	26,159,000	21,404,000	22,679,000	31,279,000	20,318,000	16,016,000
income tax receivable		91,393,000	109,684,000	80,721,000		67,229,000	82,087,000	71,529,000		52,960,000				47,741,000	112,064,000	97,874,000	50,701,000	94,064,000	318,593,000	284,612,000	244,122,000	282,783,000	60,436,000	97,840,000	56,631,000	27,705,000	3,824,000				21,697,000	32,334,000		9,353,000	12,986,000			5,108,000	24,013,000	25,211,000	35,041,000	58,152,000	13,486,000	7,851,000		16,488,000				3,657,000				9,612,000	26,198,000	34,446,000	34,891,000			6,133,000	7,845,000	23,528,000	10,091,000				4,976,000	5,819,000		285,000	3,195,000		1,337,000	9,535,000	394,000
investments	624,786,000	698,591,000	722,531,000	701,968,000	689,125,000	674,378,000	668,676,000	683,287,000	692,474,000	734,838,000	851,699,000	851,142,000	652,858,000	515,136,000	417,278,000	240,684,000	240,379,000	260,945,000	301,534,000	322,460,000	363,585,000	343,616,000	342,819,000	301,041,000	380,978,000	400,156,000	428,796,000	417,867,000	457,363,000	426,845,000	327,787,000	348,269,000	298,764,000	324,382,000	434,877,000	394,466,000	454,627,000	329,836,000	205,021,000	80,184,000		415,199,000	355,581,000	291,545,000	347,577,000	338,592,000	346,991,000	334,580,000	295,403,000	254,971,000	224,097,000	202,164,000	160,573,000	150,306,000	152,742,000	124,736,000	94,480,000	55,005,000	34,759,000	34,759,000	45,000,000	124,766,000
total current assets	1,137,319,000	1,466,953,000	1,773,780,000	1,869,125,000	1,661,648,000	1,780,587,000	1,680,256,000	1,786,298,000	1,645,769,000	1,620,713,000	1,669,343,000	1,556,419,000	1,261,442,000	1,175,837,000	1,077,432,000	1,046,299,000	1,096,493,000	1,381,564,000	1,518,606,000	1,447,810,000	1,456,851,000	1,420,237,000	1,211,280,000	1,150,343,000	1,075,501,000	1,072,204,000	954,756,000	832,402,000	837,746,000	814,794,000	793,071,000	720,674,000	630,439,000	629,535,000	655,936,000	663,965,000	663,964,000	522,374,000	468,897,000	387,707,000	374,740,000	814,647,000	1,073,233,000	989,231,000	984,695,000	878,479,000	873,870,000	892,099,000	790,791,000	666,307,000	603,782,000	555,010,000	575,514,000	546,607,000	656,679,000	620,442,000	551,487,000	501,192,000	487,729,000	441,712,000	377,160,000	406,221,000	345,399,000	339,348,000	327,050,000	297,454,000	269,142,000	239,297,000	230,445,000	211,072,000	239,976,000	220,338,000	210,676,000	201,844,000	188,649,000	176,412,000	177,444,000	178,837,000	172,716,000	155,060,000	147,312,000
leasehold improvements, property and equipment	2,767,047,000	2,679,361,000	2,594,005,000	2,503,429,000	2,436,762,000	2,390,126,000	2,320,395,000	2,265,694,000	2,202,739,000	2,170,038,000	2,093,011,000	2,021,964,000	1,981,329,000	1,951,147,000	1,871,623,000	1,813,348,000	1,779,521,000	1,769,278,000	1,719,224,000	1,666,184,000	1,613,670,000	1,584,311,000	1,547,217,000	1,498,048,000	1,465,666,000	1,458,690,000	1,425,446,000	1,387,896,000	1,366,684,000	1,379,254,000	1,361,440,000	1,333,949,000	1,343,717,000	1,338,366,000	1,331,786,000	1,328,280,000	1,322,622,000	1,303,558,000	1,278,672,000	1,269,335,000	1,241,602,000	1,217,220,000	1,180,957,000	1,147,059,000	1,119,469,000	1,106,984,000	1,052,684,000	1,011,916,000	983,047,000	963,238,000	936,023,000	895,819,000	875,597,000	866,703,000	835,654,000	804,655,000	773,116,000	751,951,000	719,346,000	695,609,000	683,392,000	676,881,000	658,423,000	641,600,000	637,569,000	636,411,000	622,026,000	605,631,000	595,951,000	585,899,000	566,033,000	539,340,000	515,247,000	494,930,000	469,295,000	444,259,000	426,048,000	404,740,000	379,891,000	359,627,000	345,790,000
long-term investments	96,397,000	197,123,000	347,694,000	518,680,000	701,056,000	868,025,000	892,487,000	972,644,000	776,815,000	564,488,000	473,247,000	430,762,000	368,023,000	388,055,000	442,620,000	359,911,000	333,088,000	274,311,000	188,344,000	150,814,000	110,928,000	102,328,000	61,474,000
restricted cash	35,662,000	35,364,000	30,893,000	30,704,000	30,526,000	29,842,000	27,969,000	27,664,000	26,138,000	25,554,000	25,315,000	25,106,000	25,133,000	24,966,000	30,974,000	30,895,000	30,872,000	30,856,000	27,891,000	27,877,000	27,863,000	27,849,000	27,591,000	27,979,000	27,956,000	27,855,000	28,697,000	28,543,000	28,382,000	30,199,000	29,580,000
operating lease assets	4,614,939,000	4,463,010,000	4,385,099,000	4,203,989,000	4,075,748,000	4,000,127,000	3,954,689,000	3,770,997,000	3,670,983,000	3,578,548,000	3,555,808,000	3,433,719,000	3,334,277,000	3,302,402,000	3,309,051,000	3,209,934,000	3,147,061,000	3,118,294,000	3,094,045,000	2,945,912,000	2,858,345,000	2,767,185,000	2,708,218,000	2,634,165,000	2,591,416,000	2,505,466,000	2,479,464,000	2,370,710,000	2,349,993,000
other assets	129,916,000	130,781,000	128,438,000	120,928,000	116,415,000	113,728,000	113,935,000	74,599,000	66,866,000	63,082,000	72,830,000	62,526,000	61,229,000	63,158,000	63,798,000	63,010,000	58,283,000	56,716,000	57,518,000	59,918,000	59,463,000	59,047,000	53,921,000	37,655,000	24,010,000	18,450,000	18,001,000	17,817,000	20,738,000	19,332,000	24,842,000	52,060,000	51,974,000	55,852,000	54,716,000	54,367,000	53,737,000	53,177,000	46,866,000	46,455,000	46,860,000	48,321,000	46,695,000	47,228,000	46,534,000	42,777,000	47,611,000	47,520,000	46,302,000	43,933,000	45,988,000	45,879,000	44,100,000	42,550,000	32,922,000	32,196,000	31,954,000	21,985,000	14,641,000	14,609,000	16,108,000	16,564,000	6,610,000	6,235,000	6,214,000	5,701,000	6,712,000	6,472,000	6,264,000	6,075,000	3,971,000	5,139,000	4,070,000	3,402,000	3,484,000	3,223,000	3,193,000	2,893,000	2,879,000	2,628,000	2,748,000
goodwill	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	21,939,000	19,556,000	17,738,000	17,738,000	17,738,000	17,738,000
total assets	8,803,219,000	8,994,531,000	9,281,848,000	9,268,794,000	9,044,094,000	9,204,374,000	9,011,670,000	8,919,835,000	8,411,249,000	8,044,362,000	7,911,493,000	7,552,435,000	7,053,372,000	6,927,504,000	6,817,437,000	6,545,336,000	6,467,257,000	6,652,958,000	6,627,567,000	6,320,454,000	6,149,059,000	5,982,896,000	5,631,640,000	5,370,129,000	5,206,488,000	5,104,604,000	4,937,937,000	4,659,307,000	4,625,482,000	2,265,518,000	2,230,872,000	2,128,622,000	2,097,444,000	2,045,692,000	2,064,377,000	2,068,551,000	2,062,262,000	2,026,103,000	2,067,033,000	2,101,800,000	2,140,820,000	2,725,066,000	2,947,922,000	2,806,224,000	2,703,719,000	2,546,285,000	2,437,053,000	2,277,582,000	2,155,680,000	2,009,280,000	1,911,432,000	1,808,931,000	1,712,670,000	1,668,667,000	1,706,205,000	1,648,409,000	1,527,568,000	1,425,308,000	1,343,373,000	1,263,581,000	1,158,055,000	1,121,605,000	1,032,371,000	1,009,122,000	992,772,000	961,505,000	919,819,000	873,339,000	854,599,000	824,985,000	831,919,000	786,756,000	751,932,000	722,115,000	683,367,000	645,833,000	626,241,000	604,208,000	573,224,000	535,053,000	513,588,000
liabilities and shareholders' equity
current liabilities:
accounts payable	247,287,000	212,813,000	260,190,000	216,347,000	217,406,000	210,695,000	221,301,000	203,480,000	196,866,000	197,646,000	207,541,000	162,041,000	182,606,000	184,566,000	167,842,000	158,581,000	168,905,000	163,161,000	171,712,000	140,251,000	147,417,000	121,990,000	157,324,000	160,523,000	130,423,000	115,816,000	118,483,000	99,007,000	106,214,000	113,071,000	103,486,000	95,597,000	99,001,000	82,028,000	86,705,000	80,976,000	83,840,000	78,363,000	74,682,000	75,255,000	76,606,000	85,709,000	77,250,000	81,453,000	76,066,000	69,613,000	88,398,000	77,648,000	66,729,000	59,022,000	70,267,000	63,305,000	56,629,000	58,700,000	65,094,000	55,960,000	49,154,000	46,382,000	49,011,000	40,258,000	35,929,000	33,705,000	35,641,000	30,211,000	26,139,000	25,230,000	32,555,000	24,666,000	22,662,000	23,890,000	29,249,000	25,565,000	25,682,000	19,880,000	24,958,000	19,923,000	19,651,000	19,567,000	17,640,000	11,718,000	9,290,000
accrued payroll and benefits	192,520,000	250,126,000	193,156,000	236,947,000	154,429,000	261,913,000	184,367,000	223,410,000	142,425,000	227,537,000	155,015,000	177,475,000	116,465,000	170,456,000	128,495,000	161,052,000	172,454,000	162,405,000	190,912,000	225,104,000	221,677,000	203,054,000	194,877,000	130,306,000	132,273,000	126,600,000	145,766,000	98,800,000	119,689,000	113,467,000	127,302,000	97,573,000	110,268,000	82,541,000	108,120,000	85,169,000	96,730,000	76,301,000	97,009,000	109,613,000	80,606,000	64,958,000	80,334,000	93,396,000	67,212,000	73,894,000	78,159,000	86,383,000	56,332,000	67,195,000	60,406,000	69,564,000	44,779,000	71,731,000	50,068,000	56,199,000	37,160,000	60,241,000	42,965,000	45,383,000	31,148,000	50,336,000	39,085,000	37,667,000	24,748,000	41,404,000	29,121,000	29,355,000	31,524,000	24,469,000	26,740,000	19,977,000	24,873,000	26,210,000	25,618,000	16,116,000	16,300,000	16,764,000	16,803,000	10,611,000	10,847,000
accrued liabilities	231,312,000	182,448,000	196,961,000	185,090,000	185,307,000	179,747,000	181,354,000	169,631,000	171,612,000	147,688,000	151,148,000	141,291,000	160,436,000	147,539,000	156,455,000	148,614,000	136,655,000	173,052,000	153,233,000	143,469,000	145,627,000	164,649,000	158,234,000	146,229,000	147,242,000	155,843,000	141,159,000	126,879,000	119,813,000	147,849,000	171,998,000	161,991,000	149,409,000	159,324,000	128,577,000	98,311,000	101,114,000	127,129,000	107,808,000	91,660,000	114,751,000	129,275,000	86,660,000	86,167,000	85,850,000	102,203,000	73,781,000	69,638,000	68,703,000	73,011,000	47,800,000	46,013,000	49,468,000	56,278,000	44,031,000	37,812,000	38,098,000	46,456,000	33,382,000	31,647,000	32,143,000	38,892,000	28,590,000	29,204,000	28,214,000	31,216,000	25,371,000	26,836,000	24,423,000	28,347,000	24,927,000	24,307,000	25,301,000	27,135,000	19,605,000	20,753,000	22,810,000	23,277,000	15,393,000	14,207,000	14,734,000
unearned revenue	207,417,000	240,375,000	206,730,000	206,635,000	203,744,000	238,577,000	180,288,000	182,331,000	187,317,000	209,680,000	156,320,000	158,959,000	157,898,000	183,071,000	133,118,000	132,446,000	132,421,000	156,351,000	120,423,000	113,016,000	110,197,000	127,750,000	91,467,000	88,924,000	77,499,000	95,195,000	61,809,000	61,794,000	57,088,000	70,474,000
current operating lease liabilities	310,151,000	302,380,000	293,027,000	287,252,000	284,505,000	277,836,000	270,574,000	264,304,000	254,144,000	248,074,000	244,994,000	244,061,000	239,029,000	236,248,000	231,947,000	230,930,000	223,303,000	218,713,000	214,684,000	213,646,000	209,086,000	204,756,000	199,815,000	197,196,000	178,358,000	173,139,000	166,802,000	161,253,000	157,665,000
income tax payable	48,666,000				46,147,000				44,989,000		172,689,000	98,423,000	37,658,000															535,000	21,198,000	5,129,000			8,642,000			3,329,000	24,639,000								47,993,000		24,648,000	7,867,000	35,478,000		1,225,000	3,825,000	31,240,000					4,241,000	2,955,000					3,381,000	21,068,000	4,207,000			9,923,000			1,367,000				3,328,000	7,875,000	1,522,000	3,755,000	4,866,000	4,601,000
total current liabilities	1,237,353,000	1,188,142,000	1,150,064,000	1,132,271,000	1,091,538,000	1,168,768,000	1,037,884,000	1,043,156,000	997,353,000	1,030,625,000	1,087,707,000	982,250,000	894,092,000	921,880,000	817,857,000	831,623,000	833,738,000	873,682,000	850,964,000	835,486,000	834,004,000	822,199,000	801,717,000	723,178,000	665,795,000	666,593,000	634,019,000	548,268,000	581,667,000	449,990,000	402,786,000	355,161,000	367,320,000	323,893,000	323,402,000	267,785,000	306,323,000	281,793,000	279,499,000	276,528,000	271,963,000	279,942,000	244,244,000	261,016,000	277,121,000	245,710,000	264,986,000	241,536,000	227,242,000	199,228,000	179,698,000	182,707,000	182,116,000	186,852,000	159,333,000	150,109,000	124,547,000	157,453,000	128,443,000	117,416,000	99,344,000	123,054,000	103,433,000	100,574,000	100,272,000	102,153,000	87,136,000	80,942,000	88,616,000	76,788,000	80,997,000	71,295,000	75,934,000	73,301,000	70,256,000	60,194,000	66,708,000	61,201,000	56,052,000	43,914,000	44,028,000
commitments and contingencies
long-term operating lease liabilities	4,935,729,000	4,773,434,000	4,687,090,000	4,493,334,000	4,348,574,000	4,262,782,000	4,212,868,000	4,014,454,000	3,903,353,000	3,803,551,000	3,773,087,000	3,643,931,000	3,532,566,000	3,495,162,000	3,497,221,000	3,393,423,000	3,331,319,000	3,301,601,000	3,274,875,000	3,134,555,000	3,040,176,000	2,952,296,000	2,891,140,000	2,809,178,000	2,764,778,000	2,678,374,000	2,642,737,000	2,534,769,000	2,513,901,000
deferred income tax liabilities	143,559,000	125,674,000	140,480,000	36,297,000	38,879,000	46,208,000	79,519,000	83,298,000	84,229,000	89,109,000	111,089,000	106,440,000	98,137,000	98,623,000	133,255,000	126,239,000	127,729,000	141,765,000	148,395,000	133,510,000	135,929,000	149,422,000	95,221,000	96,502,000	64,851,000	37,814,000		4,407,000	12,528,000
other liabilities	78,943,000	76,674,000	82,376,000	78,697,000	74,231,000	71,070,000	67,501,000	67,107,000	64,985,000	58,870,000	53,296,000	52,928,000	46,892,000	43,816,000	41,723,000	39,852,000	40,511,000	38,536,000	42,425,000	42,745,000	41,419,000	38,844,000	37,976,000	36,775,000	39,044,000	38,797,000	38,734,000	33,814,000	33,587,000	31,638,000	37,123,000	36,457,000	37,630,000	40,042,000	36,826,000	35,879,000	34,633,000	33,946,000	33,293,000	32,630,000	32,216,000	32,883,000	31,919,000	32,047,000	30,968,000	28,263,000	27,407,000	26,870,000	26,349,000	23,591,000	23,490,000	22,508,000	21,971,000	16,499,000	15,959,000	15,096,000	14,705,000	12,435,000	11,769,000	11,892,000	11,341,000	9,825,000	9,374,000	8,570,000	8,365,000	6,851,000	6,627,000	5,991,000	5,473,000	4,857,000	4,480,000	4,226,000	3,919,000	3,069,000	3,667,000	3,335,000	3,019,000	111,000
total liabilities	6,395,584,000	6,163,924,000	6,060,010,000	5,740,599,000	5,553,222,000	5,548,828,000	5,397,772,000	5,208,015,000	5,049,920,000	4,982,155,000	5,025,179,000	4,785,549,000	4,571,687,000	4,559,481,000	4,490,056,000	4,391,137,000	4,333,297,000	4,355,584,000	4,316,659,000	4,146,296,000	4,051,528,000	3,962,761,000	3,826,054,000	3,665,633,000	3,534,468,000	3,421,578,000	3,315,490,000	3,121,258,000	3,141,683,000	824,179,000	795,035,000	736,615,000	733,399,000	681,247,000	677,251,000	618,355,000	654,540,000	623,610,000	626,013,000	615,757,000	600,566,000	597,092,000	546,434,000	554,514,000	569,385,000	533,916,000	543,289,000	524,548,000	510,647,000	470,992,000	445,690,000	441,488,000	424,579,000	422,741,000	398,589,000	387,184,000	357,773,000	381,082,000	343,932,000	324,519,000	295,309,000	310,732,000	271,342,000	259,108,000	258,393,000	258,044,000	238,137,000	224,279,000	222,053,000	202,395,000	199,217,000	177,719,000	170,651,000	160,005,000	146,600,000	135,202,000	140,080,000	130,251,000	119,058,000	105,400,000	105,708,000
shareholders' equity:
common stock, 0.01 par value...	12,871,000	13,044,000	13,257,000	13,414,000	13,498,000	13,586,000	13,635,000	13,713,000	376,000	375,000	375,000	375,000	374,000	373,000	373,000	373,000	373,000	371,000	371,000	370,000	369,000	367,000	367,000	367,000	365,000	363,000	363,000	362,000	361,000	360,000																											349,000	344,000	343,000	343,000	341,000	340,000	338,000	337,000	336,000	335,000
additional paid-in capital	2,235,107,000	2,204,944,000	2,177,774,000	2,157,080,000	2,117,803,000	2,078,010,000	2,030,178,000	2,023,802,000	1,994,950,000	1,956,160,000	1,917,868,000	1,880,933,000	1,849,683,000	1,829,304,000	1,807,938,000	1,782,303,000	1,753,328,000	1,729,312,000	1,690,806,000	1,654,195,000	1,606,501,000	1,549,909,000	1,526,955,000	1,506,785,000	1,483,224,000	1,465,697,000	1,439,811,000	1,414,420,000	1,393,284,000	1,374,154,000	1,353,071,000	1,328,489,000	1,317,238,000	1,305,090,000	1,294,315,000	1,276,285,000	1,255,528,000	1,238,875,000	1,223,760,000	1,205,225,000	1,184,143,000	1,172,628,000	1,172,140,000	1,134,728,000	1,066,216,000	1,038,932,000	1,015,621,000	991,190,000	956,382,000	919,840,000	885,891,000	855,893,000	834,262,000	816,612,000	805,366,000	789,271,000	765,880,000	676,652,000	667,150,000	647,237,000	612,726,000	594,331,000	575,554,000	560,815,000	550,907,000	539,880,000	535,660,000	525,023,000	507,724,000	501,993,000	498,680,000	494,471,000	491,183,000	489,296,000	483,035,000	477,504,000	473,016,000	470,653,000	468,596,000	466,597,000	464,372,000
accumulated other comprehensive loss	-8,013,000	-7,289,000	-7,927,000	-7,341,000	-9,847,000	-10,282,000	-7,440,000	-8,514,000	-7,950,000	-6,657,000	-8,080,000	-6,952,000	-7,431,000	-7,888,000	-8,896,000	-6,639,000	-5,159,000	-5,354,000	-5,143,000	-4,187,000	-4,492,000	-4,229,000	-5,444,000	-6,149,000	-7,204,000	-5,363,000	-5,887,000	-5,261,000	-5,858,000																																						-21,000	-25,000	-212,000	-193,000	-21,000
retained earnings	167,670,000	619,908,000	1,038,734,000	1,365,042,000	1,369,418,000	1,574,232,000	1,577,525,000	1,682,819,000	6,416,272,000	6,056,985,000	5,774,899,000	5,461,682,000	5,119,892,000	4,828,248,000	4,604,521,000	4,347,383,000	4,087,441,000	3,929,147,000	3,795,672,000	3,591,238,000	3,403,264,000	3,276,163,000	3,085,204,000	3,004,960,000	2,996,785,000	2,921,448,000	2,849,032,000	2,750,450,000	2,659,422,000	2,573,617,000	2,541,598,000	2,503,394,000	2,456,510,000	2,397,064,000	2,353,271,000	2,333,661,000	2,266,931,000	2,220,811,000	2,204,836,000	2,197,037,000	2,171,441,000	2,197,873,000	2,129,999,000	1,985,116,000	1,844,912,000	1,722,271,000	1,601,037,000	1,470,236,000	1,359,966,000	1,276,897,000	1,197,275,000	1,113,896,000	1,026,043,000	949,459,000	888,106,000	815,806,000	734,123,000	671,459,000	613,986,000	553,553,000	502,896,000	456,514,000	410,069,000	361,841,000	315,380,000	277,533,000	245,937,000	211,473,000	176,080,000	150,688,000	133,715,000	114,238,000	89,770,000	72,486,000	53,397,000	32,793,000	12,812,000	2,972,000
total shareholders' equity	2,407,635,000	2,830,607,000	3,221,838,000	3,528,195,000	3,490,872,000	3,655,546,000	3,613,898,000	3,711,820,000	3,361,329,000	3,062,207,000																			1,483,799,000	1,441,339,000	1,435,837,000	1,392,007,000	1,364,045,000	1,364,445,000	1,387,126,000	1,450,196,000	1,407,722,000	1,402,493,000	1,441,020,000	1,486,043,000	1,540,254,000	2,127,974,000	2,401,488,000	2,251,710,000	2,134,334,000
total liabilities and shareholders' equity	8,803,219,000	8,994,531,000	9,281,848,000	9,268,794,000	9,044,094,000	9,204,374,000	9,011,670,000	8,919,835,000	8,411,249,000	8,044,362,000																			4,625,482,000	2,265,518,000	2,230,872,000	2,128,622,000	2,097,444,000	2,045,692,000	2,064,377,000	2,068,551,000	2,062,262,000	2,026,103,000	2,067,033,000	2,101,800,000	2,140,820,000	2,725,066,000	2,947,922,000	2,806,224,000	2,703,719,000
preferred stock, 0.01 par value...
treasury stock									-5,042,319,000	-4,944,656,000	-4,798,748,000	-4,569,152,000	-4,480,833,000	-4,282,014,000	-4,076,555,000	-3,969,221,000	-3,702,023,000	-3,356,102,000	-3,170,798,000	-3,067,458,000	-2,908,111,000	-2,802,075,000	-2,801,496,000	-2,801,467,000	-2,801,150,000	-2,699,119,000	-2,660,872,000	-2,621,922,000	-2,563,410,000	-2,500,556,000	-2,454,337,000	-2,435,109,000	-2,406,434,000	-2,334,409,000	-2,257,174,000	-2,154,517,000	-2,107,426,000	-2,049,389,000	-1,982,488,000	-1,911,870,000	-1,811,237,000	-1,234,612,000	-895,881,000	-865,081,000	-772,008,000	-748,759,000	-723,826,000	-710,713,000	-673,157,000	-660,421,000	-619,173,000	-602,583,000	-572,483,000	-521,518,000	-386,987,000	-344,023,000	-331,437,000	-304,426,000	-282,728,000	-263,402,000	-254,441,000	-240,918,000	-225,796,000	-172,899,000	-132,114,000	-114,316,000	-100,228,000	-87,744,000	-51,375,000	-30,227,000
liabilities and shareholders’ equity
shareholders’ equity:
total shareholders’ equity											2,886,314,000	2,766,886,000	2,481,685,000	2,368,023,000	2,327,381,000	2,154,199,000	2,133,960,000	2,297,374,000	2,310,908,000	2,174,158,000	2,097,531,000	2,020,135,000	1,805,586,000	1,704,496,000	1,672,020,000	1,683,026,000	1,622,447,000	1,538,049,000																		2,012,369,000	1,893,764,000	1,753,034,000	1,645,033,000	1,538,288,000	1,465,742,000	1,367,443,000	1,288,091,000	1,245,926,000	1,307,616,000	1,261,225,000	1,169,795,000	1,044,226,000	999,441,000	939,062,000	862,746,000	810,873,000	761,029,000	750,014,000	734,379,000	703,461,000	681,682,000	649,060,000	632,546,000	622,590,000	632,702,000	609,037,000	581,281,000	562,110,000	536,767,000	510,631,000	486,161,000	473,957,000	454,166,000	429,653,000	407,880,000
total liabilities and shareholders’ equity											7,911,493,000	7,552,435,000	7,053,372,000	6,927,504,000	6,817,437,000	6,545,336,000	6,467,257,000	6,652,958,000	6,627,567,000	6,320,454,000	6,149,059,000	5,982,896,000	5,631,640,000	5,370,129,000	5,206,488,000	5,104,604,000	4,937,937,000	4,659,307,000																		2,546,285,000	2,437,053,000	2,277,582,000	2,155,680,000	2,009,280,000	1,911,432,000	1,808,931,000	1,712,670,000	1,668,667,000	1,706,205,000	1,648,409,000	1,527,568,000	1,425,308,000	1,343,373,000	1,263,581,000	1,158,055,000	1,121,605,000	1,032,371,000	1,009,122,000	992,772,000	961,505,000	919,819,000	873,339,000	854,599,000	824,985,000	831,919,000	786,756,000	751,932,000	722,115,000	683,367,000	645,833,000	626,241,000	604,208,000	573,224,000	535,053,000	513,588,000
deferred rent																														330,985,000	327,804,000	327,152,000	321,900,000	316,498,000	309,446,000	301,825,000	297,843,000	288,927,000	279,359,000	268,985,000	260,652,000	251,962,000	240,669,000	232,690,000	225,897,000	219,414,000	211,918,000	205,304,000	199,480,000	192,739,000	185,980,000	178,809,000	172,917,000	167,057,000	160,132,000	154,726,000	148,421,000	143,284,000	136,596,000	131,592,000	127,387,000	123,667,000	118,394,000	114,119,000	110,019,000	106,395,000	99,506,000	94,679,000	91,148,000	87,009,000	80,121,000	73,825,000	67,641,000	63,192,000	58,185,000	53,691,000	49,161,000	46,222,000	43,211,000	40,818,000	38,723,000
deferred income tax assets																											9,634,000
deferred income tax liability																														11,566,000	27,322,000	17,845,000	6,549,000	814,000	7,577,000	12,866,000	15,741,000	18,944,000	33,862,000	37,614,000	35,735,000	32,305,000	29,602,000	28,761,000	35,399,000	40,529,000	38,978,000	50,838,000	57,576,000	55,434,000	56,522,000	57,464,000	47,575,000	48,947,000	59,742,000	63,794,000	66,606,000	64,381,000	63,561,000	60,023,000	53,608,000	50,525,000	36,448,000	32,121,000	35,984,000	38,863,000	41,058,000	38,832,000	32,960,000	29,863,000	29,720,000	24,453,000	19,217,000	16,483,000	10,513,000	13,983,000	17,174,000	18,681,000	15,740,000	17,222,000	19,496,000
accumulated other comprehensive income																														-6,236,000	-4,855,000	-5,126,000	-3,628,000	-3,659,000	-3,645,000	-5,591,000	-7,669,000	-8,162,000	-5,446,000	-4,707,000	-4,451,000	-8,273,000	-5,128,000	-3,410,000	-5,141,000	-429,000	579,000	1,968,000	1,489,000	1,620,000	1,398,000	-113,000	-80,000	1,024,000	782,000	-178,000	880,000	197,000	690,000	1,331,000	1,224,000	606,000	864,000	-80,000	-130,000	29,000									7,000	7,000	7,000	7,000	9,000	9,000	9,000
common stock 0.01 par value...																															360,000	359,000	359,000	359,000	359,000	358,000	358,000	358,000	358,000	358,000	358,000	358,000	358,000	357,000	355,000	354,000	353,000	353,000	353,000	352,000	351,000	350,000	349,000	349,000	349,000	349,000
long term investments																																	49,375,000					125,055,000	250,659,000	376,364,000	455,679,000	622,939,000	625,098,000	600,767,000	531,082,000	496,106,000	440,949,000	304,108,000	313,601,000	313,863,000	303,700,000	290,284,000	195,520,000	190,868,000	159,011,000	169,177,000	149,072,000	128,241,000	99,718,000	89,712,000	59,456,000
current deferred tax asset																																											20,563,000	20,224,000	19,377,000	18,968,000	15,795,000	14,739,000	13,799,000	13,212,000	9,829,000	10,045,000	9,382,000	8,862,000	7,394,000	7,310,000	6,662,000	6,238,000	5,883,000	5,114,000	4,697,000	4,317,000	3,758,000	3,759,000	3,526,000	3,134,000	3,371,000	3,214,000	2,709,000		2,450,000	2,773,000	2,535,000		1,644,000	1,512,000		930,000	1,664,000	1,267,000	1,047,000
current portion of deemed landlord financing																																																						143,000	140,000	138,000	135,000	133,000	130,000	128,000	124,000	121,000	117,000	111,000	103,000	96,000	89,000	85,000	84,000	82,000	81,000	79,000	78,000	76,000	75,000	74,000	72,000	71,000	71,000	59,000	58,000
deemed landlord financing																																																						3,386,000	3,423,000	3,459,000	3,494,000	3,529,000	3,563,000	3,596,000	3,629,000	3,661,000	3,693,000	3,724,000	3,753,000	3,782,000	3,810,000	3,835,000	3,856,000	3,878,000	3,899,000	3,920,000	3,940,000	3,960,000	3,979,000	3,999,000	4,018,000	4,036,000	4,055,000	3,446,000	3,461,000
prepaid expenses																																																															18,933,000	18,402,000	15,694,000	14,377,000	13,358,000	13,033,000	13,661,000	11,764,000	12,081,000	11,423,000	11,180,000	8,997,000	8,633,000	7,947,000	7,792,000	7,112,000	7,035,000	6,742,000	6,979,000
available-for-sale securities																																																															90,000,000	105,000,000	105,000,000	50,000,000				99,990,000				20,000,000
class a common stock, 0.01 par value...																																																																			150,000	149,000	145,000	145,000	144,000	144,000	144,000	144,000	144,000	143,000	142,000	142,000	142,000	138,000	91,000
class b common stock, 0.01 par value...																																																																			184,000	184,000	184,000	184,000	184,000	184,000	184,000	184,000	184,000	184,000	184,000	183,000	183,000
current deferred tax assets																																																																						2,557,000				2,431,000			1,228,000
receivable—mcdonald’s corp.																																																																														8,783,000
notes receivable—mcdonald’s corporation																																																																											48,000
notes receivable—mcdonald’s corporation.																																																																												48,000
cash																																																																													158,902,000	153,642,000			133,464,000
notes receivable—mcdonald’s corp.																																																																													48,000
long-term deferred tax asset
tax receivable—mcdonald’s corp.																																																																																	-26,363,000
accrued loss contingency																																																																															1,212,000	1,227,000	1,270,000
due to mcdonald’s corporation																																																																															1,178,000	1,226,000
tax receivable—mcdonald’s corporation																																																																															-6,895,000	-17,606,000
accumulated deficit																																																																															-7,869,000	-19,671,000	-30,463,000
convertible class b common stock, 0.01 par value...																																																																																186,000	234,000
due to mcdonald’s corp.																																																																																	3,228,000
restricted cash and cash equivalents
long-term deferred tax assets

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31

operating activities
net income	302,824,000	330,932,000	382,103,000	436,127,000	386,599,000	331,764,000	387,388,000	455,671,000	359,287,000	282,086,000	313,217,000	341,790,000	291,644,000	223,727,000	257,138,000	259,942,000	158,294,000	133,475,000	204,434,000	187,974,000	127,101,000	190,959,000	80,244,000	8,175,000	76,388,000	72,416,000	98,582,000	91,028,000	88,132,000	32,019,000	38,204,000	46,884,000	59,446,000	156,643,000	-47,120,000	20,610,000	46,120,000	15,139,000	-17,797,000	52,028,000	-26,432,000	67,874,000	144,883,000	140,204,000	122,641,000	121,234,000	130,801,000	110,270,000	83,069,000	79,622,000	83,379,000	87,853,000	76,584,000	61,353,000	72,300,000	81,683,000	62,664,000	57,473,000	60,433,000	50,657,000	46,382,000	46,445,000	48,228,000	46,461,000	37,847,000	31,596,000	34,464,000	35,393,000	25,392,000	16,973,000	19,477,000	24,468,000	17,284,000	17,538,000	20,604,000	19,981,000	12,440,000	10,841,000	11,802,000	10,792,000	7,988,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	96,718,000	92,702,000	90,524,000	90,945,000	87,211,000	83,876,000	84,349,000	83,562,000	83,243,000	85,492,000	78,546,000	78,771,000	76,585,000	74,012,000	71,416,000	69,733,000	71,665,000	66,262,000	63,191,000	62,082,000	63,122,000	59,956,000	60,180,000	60,024,000	58,374,000	55,149,000	52,206,000	51,642,000	53,781,000	53,217,000	52,654,000	49,193,000	46,915,000	41,442,000	80,825,000	1,802,000	39,279,000	108,934,000	1,360,000	1,286,000	34,788,000	34,140,000	33,145,000	32,440,000	30,643,000	29,750,000	27,961,000	27,009,000	25,754,000	24,903,000	24,618,000	23,597,000	22,936,000	22,141,000	21,362,000	20,543,000	20,084,000	19,198,000	18,741,000	18,505,000	18,494,000	17,815,000	17,319,000	17,053,000	16,734,000	15,940,000	15,451,000	15,197,000	14,720,000	14,124,000	13,769,000	12,707,000	12,170,000	11,688,000	11,167,000	10,576,000	10,164,000	9,265,000	8,676,000	8,309,000	8,003,000
deferred income tax provision	17,887,000	-14,802,000	104,175,000	-2,561,000	-7,329,000	-33,338,000	-3,773,000	-936,000	-4,890,000	-21,970,000	4,638,000	8,313,000	-486,000	-34,628,000	6,970,000	-1,513,000	-14,024,000	-11,333,000	14,860,000	-2,402,000	-13,482,000	54,493,000	-1,265,000	27,779,000	27,343,000	45,108,000	-8,797,000	-8,121,000	1,772,000	-15,839,000	9,476,000	11,265,000	5,683,000	-6,703,000	-5,384,000	-2,832,000	-3,107,000	-14,587,000	-3,409,000	1,530,000	2,259,000	24,208,000	490,000	-7,481,000	-5,551,000	-1,626,000	-12,921,000	-7,675,000	1,551,000	-4,482,000	-716,000	9,224,000	-1,923,000	-12,265,000	-4,133,000	-3,462,000	1,803,000	-151,000	2,769,000	5,998,000	2,703,000	13,103,000	4,328,000	-4,096,000	-3,271,000	-2,099,000	2,069,000	5,367,000	2,945,000	-53,000	5,590,000	4,998,000	2,630,000
impairment, closure costs, and asset disposals	9,658,000	8,305,000	7,215,000	5,038,000	6,018,000	443,000	14,222,000	5,708,000	4,209,000	6,489,000	6,363,000	16,021,000	8,152,000	5,611,000	6,276,000	4,586,000	4,265,000	4,603,000	4,248,000	3,298,000	4,937,000	7,676,000	7,451,000	4,942,000	8,805,000	5,186,000	5,272,000	859,000	4,085,000	5,352,000	6,454,000
provision for credit losses	-454,000	969,000	-379,000	47,000	-1,294,000	504,000	-134,000	257,000	-412,000	1,005,000	253,000	-188,000	500,000	209,000	-93,000	42,000	-918,000	-240,000	953,000	55,000	-275,000	307,000	-225,000	172,000	-90,000
stock-based compensation expense	28,000,000	25,577,000	18,816,000	37,549,000	37,601,000	45,827,000	4,660,000	45,240,000	36,003,000	37,459,000	35,801,000	30,672,000	20,084,000	20,659,000	25,150,000	28,631,000	23,590,000	37,651,000	36,061,000	47,290,000	55,390,000	22,047,000	19,817,000	23,367,000	17,395,000	25,739,000	25,336,000	21,167,000	19,154,000	20,945,000	24,574,000	11,548,000	12,097,000	10,659,000	17,750,000	20,390,000	16,456,000	15,777,000	18,351,000	19,533,000	10,505,000	-1,814,000	20,996,000	21,743,000	16,986,000	14,284,000	20,755,000	34,042,000	27,359,000	13,035,000	16,289,000	18,946,000	15,387,000	12,024,000	14,575,000	17,437,000	20,240,000
other	578,000	-22,232,000	-51,000	6,708,000	914,000	-5,931,000	-2,052,000	3,676,000	835,000	4,192,000	-8,035,000	-6,427,000	-2,810,000	-3,157,000	-1,136,000	-10,911,000	-998,000	-7,133,000	67,000	287,000	2,180,000	1,193,000	780,000	963,000	707,000	-7,548,000	-456,000	-1,319,000	-1,269,000	-985,000	-705,000	-908,000	-320,000	-92,000	-19,000			-380,000	128,000	-178,000	-174,000	309,000	44,000	110,000	119,000	95,000	6,000	-61,000	64,000	104,000	141,000	85,000	177,000	155,000	160,000	129,000	78,000	25,000	-3,000	2,364,000	115,000			50,000	-159,000	50,000	4,000	187,000	-19,000	-172,000	-21,000	0	-33,000	-32,000	-32,000	160,000	-81,000
changes in operating assets and liabilities:
accounts receivable	59,842,000	-61,365,000	10,036,000	-3,293,000	43,239,000	-51,343,000	3,738,000	-7,815,000	26,146,000	-44,882,000	-10,361,000	4,368,000	39,659,000	-36,917,000	10,538,000	1,959,000	10,394,000	-23,569,000	-15,404,000	5,111,000	32,175,000	-26,223,000	6,635,000	-3,369,000	25,967,000	-21,669,000	764,000	2,329,000	15,946,000	-21,740,000	-3,179,000	2,854,000	13,767,000	-16,617,000	1,105,000	-3,321,000	18,693,000	-18,007,000	883,000	559,000	14,642,000	-14,141,000	1,544,000	-4,207,000	13,300,000	-16,216,000	1,496,000	-3,685,000	7,439,000	-9,438,000	405,000	486,000	1,309,000	-2,379,000	-4,912,000	-1,437,000	-710,000	-2,834,000	388,000	1,444,000	-1,968,000	-1,288,000	-503,000	-337,000	1,385,000	-1,630,000	84,000	104,000	567,000	903,000	692,000	-1,714,000	1,409,000	496,000	401,000	-938,000	-467,000			582,000	-978,000
inventory	4,745,000	-3,118,000	-6,085,000	958,000	7,535,000	743,000	-14,303,000	2,432,000	1,331,000	859,000	-4,195,000	-1,399,000	1,086,000	-1,955,000	-4,376,000	350,000	2,970,000	-4,396,000	-3,305,000	-839,000	2,148,000	-1,008,000	-1,415,000	-705,000	2,734,000	-2,218,000	-2,733,000	-2,360,000	2,781,000	-3,284,000	2,569,000	-3,458,000	2,451,000	1,773,000	-2,493,000	-793,000	-3,737,000	3,351,000	-1,521,000	-88,000	-1,833,000	2,474,000	-1,007,000	-468,000	-737,000	544,000	-375,000	-316,000	-2,160,000	-535,000	-1,234,000	159,000	-340,000	-1,133,000	546,000	-491,000	-1,102,000	-146,000	-323,000	292,000	-1,639,000	79,000	-816,000	-44,000	-700,000	244,000	-143,000	51,000	-977,000	696,000	-334,000	-568,000	-251,000	72,000	14,000	-246,000	-611,000			9,000	-424,000
prepaid expenses and other current assets	-9,438,000	-23,586,000	-5,850,000	6,142,000	-9,748,000	-12,700,000	1,596,000	4,057,000	16,291,000	-15,717,000	-2,129,000	-6,796,000	-14,569,000	-11,491,000	-4,117,000	-4,972,000	5,920,000	-7,483,000	-1,157,000	-9,430,000	-8,756,000	-5,427,000	235,000	-2,092,000	-4,158,000	-5,552,000	-3,897,000	-9,905,000	-3,712,000	1,230,000	14,449,000	-14,697,000	-4,793,000	-1,820,000	1,253,000	-3,215,000	-2,928,000	1,103,000	6,905,000	-3,930,000	-8,337,000	-2,231,000	1,887,000	-2,399,000	-2,516,000	-1,205,000	3,291,000	1,270,000	-4,014,000	498,000	292,000	-3,220,000	-4,376,000	-2,711,000	3,650,000	-2,155,000	-4,738,000	1,270,000	8,591,000	-10,963,000	-4,297,000
operating lease assets	79,793,000	97,066,000	84,662,000	78,417,000	72,540,000	74,415,000	75,291,000	71,084,000	64,797,000	69,185,000	63,693,000	62,228,000	59,135,000	62,809,000	58,959,000	57,380,000	55,125,000	72,209,000
other assets	1,759,000	-668,000	-4,125,000	-423,000	61,000	300,000	-19,759,000	208,000	1,561,000	11,143,000	-10,394,000	178,000	3,277,000	1,191,000	1,477,000	-1,882,000	-1,132,000	2,092,000	1,784,000	303,000	-186,000	-4,823,000	-13,180,000	-3,441,000	-5,133,000	-46,000	-43,000	2,665,000	242,000	-3,505,000	-2,276,000	-79,000	3,855,000	-1,205,000	-398,000	-572,000	-412,000	-6,364,000	-323,000	364,000	1,468,000	-1,652,000	516,000	-658,000	-3,825,000	4,794,000	-149,000	-1,209,000	-2,365,000	2,074,000	-63,000	-1,777,000	-1,588,000	-9,672,000	-654,000	-267,000	-9,946,000	-7,359,000	-55,000	-392,000	456,000	-8,053,000	-369,000	-21,000	-513,000	1,011,000	-240,000	-208,000	-189,000	-2,104,000	1,168,000	-1,069,000	-668,000	123,000	-261,000	-31,000	-300,000			120,000	-95,000
accounts payable	22,678,000	-36,753,000	16,944,000	-848,000	13,208,000	-13,823,000	14,488,000	-4,786,000	12,588,000	427,000	15,669,000	-8,051,000	-2,732,000	7,434,000	13,746,000	-18,674,000	15,702,000	-7,272,000	16,187,000	-6,921,000	19,446,000	-9,635,000	-34,754,000	20,285,000	20,245,000	3,189,000	6,157,000	-6,063,000	-4,256,000	13,897,000	3,732,000	-2,791,000	17,242,000	-3,863,000	6,500,000	7,563,000	708,000	5,204,000	1,737,000	-4,823,000	-8,852,000	12,424,000	-7,010,000	-720,000	14,831,000	-12,538,000	-2,990,000	9,690,000	8,006,000	-1,337,000	-2,689,000	5,305,000	773,000	-519,000	3,469,000	1,990,000	2,909,000	2,694,000	369,000	3,868,000	2,501,000	2,106,000	-443,000	3,626,000	1,700,000	-1,795,000	3,148,000	644,000	-562,000	-1,249,000	-259,000	1,121,000	4,022,000	-1,349,000	2,452,000	959,000	3,000			1,821,000	-3,570,000
accrued payroll and benefits	-55,394,000	56,777,000	-44,201,000	82,324,000	-107,013,000	77,631,000	-38,336,000	80,851,000	-85,289,000	71,950,000	-22,499,000	61,025,000	-53,428,000	42,725,000	-32,278,000	-11,021,000	10,438,000	-31,362,000	-34,261,000	2,880,000	18,188,000	8,169,000	65,250,000	-2,575,000	5,839,000	-18,712,000	46,997,000	-22,379,000	5,853,000
accrued liabilities	41,962,000	-20,841,000	8,216,000	2,309,000	-183,000	3,796,000	6,432,000	-8,266,000	25,322,000	1,306,000	1,948,000	-17,075,000	17,009,000	-11,402,000	5,731,000	8,858,000	-31,151,000	18,404,000	12,695,000	-2,233,000	-17,869,000	3,631,000	10,085,000	1,269,000	-9,389,000	10,991,000	17,893,000	12,432,000	-4,773,000			-14,847,000	18,831,000	3,060,000	57,370,000	-18,163,000	-3,693,000	-2,754,000	4,272,000	21,576,000	10,397,000	-6,000	-12,517,000	26,450,000	-21,367,000	23,557,000	-4,319,000	30,940,000	-15,159,000	31,986,000	-7,415,000	21,342,000	-33,893,000	33,933,000	79,000	18,730,000	-31,435,000	30,344,000	-690,000	13,738,000	-25,941,000	21,555,000	801,000	13,909,000	-19,658,000	18,128,000	-1,699,000	244,000	3,131,000	1,149,000	7,383,000	-5,890,000	-3,171,000	8,122,000	8,354,000	-315,000	-2,862,000	5,119,000	7,363,000	-806,000	-372,000
unearned revenue	-27,663,000	64,224,000	2,041,000	5,446,000	-31,001,000	68,884,000	-485,000	-2,902,000	-19,358,000	56,875,000	-1,296,000	2,759,000	-22,653,000	51,515,000	1,921,000	1,542,000	-21,604,000	37,365,000	8,509,000	4,119,000	-15,606,000	37,551,000	3,434,000	11,897,000	-15,924,000	39,065,000	16,000	4,705,000	-13,386,000
income tax payable/receivable	140,039,000	18,303,000	-28,995,000	-126,810,000	113,377,000	14,737,000	-10,535,000	-116,525,000	97,960,000	-225,664,000	74,250,000	60,777,000	85,400,000	64,332,000	-14,238,000	-47,199,000	43,367,000	229,229,000	-33,999,000	-40,491,000	38,640,000	-222,574,000	37,442,000	-40,940,000	-29,179,000	-23,098,000	-4,392,000	-20,647,000	16,054,000	26,805,000	10,637,000	-41,015,000	18,012,000	3,637,000	-16,290,000	-21,271,000	29,751,000	18,314,000	1,107,000	11,123,000	23,796,000	-45,102,000	11,164,000	-8,620,000	75,314,000	-32,443,000	20,233,000	-27,047,000	48,088,000	15,803,000	10,843,000	-25,033,000	42,721,000	15,220,000	9,173,000	5,704,000	29,260,000
operating lease liabilities	-62,990,000	-78,746,000	-66,032,000	-57,788,000	-55,662,000	-62,124,000	-54,422,000	-49,811,000	-51,537,000	-58,297,000	-55,386,000	-49,210,000	-51,584,000	-53,986,000	-53,176,000	-50,428,000	-49,596,000	-65,624,000	-39,722,000	-50,916,000	-50,902,000	-50,085,000	-45,601,000	-28,550,000	-40,918,000	-39,079,000	-38,132,000	-37,854,000	-36,492,000
other long-term liabilities	806,000	-6,900,000	666,000	1,040,000	1,002,000	3,109,000	-1,871,000	873,000	1,147,000	3,521,000	389,000	4,754,000	767,000	885,000	2,010,000	363,000	595,000	-4,458,000	-481,000	502,000	453,000	431,000	764,000	483,000	104,000	1,390,000	-429,000	543,000	358,000	3,597,000	731,000	-1,110,000	-2,349,000	3,256,000	1,008,000	1,307,000	745,000	711,000	719,000	470,000	-613,000	1,018,000	-75,000	1,128,000	2,755,000	904,000	581,000	562,000	2,798,000	139,000	1,020,000	575,000	2,123,000	539,000	863,000	391,000	2,269,000	666,000	-124,000	551,000	1,516,000	451,000	804,000	205,000	1,514,000	224,000	636,000	518,000	616,000				850,000				308,000
net cash from operating activities	651,350,000	425,844,000	569,680,000	561,327,000	557,075,000	526,770,000	446,494,000	562,578,000	569,234,000	265,459,000	480,472,000	582,510,000	455,036,000	401,573,000	351,918,000	286,786,000	282,902,000	438,420,000	280,803,000	256,885,000	305,973,000	115,124,000	243,790,000	122,862,000	182,071,000	186,589,000	234,528,000	117,934,000	182,581,000	129,055,000	197,079,000	94,302,000	201,116,000	88,271,000	135,252,000	93,003,000	150,579,000	68,170,000	101,407,000	117,986,000	61,679,000	94,753,000	187,433,000	158,411,000	242,719,000	132,311,000	189,325,000	180,653,000	179,778,000	140,065,000	120,962,000	142,503,000	125,250,000	126,026,000	123,062,000	141,499,000	29,376,000	120,227,000	116,153,000	106,411,000	68,305,000	92,995,000	67,240,000	69,089,000	59,867,000	81,580,000	64,431,000	51,651,000	63,011,000	47,845,000	55,023,000	47,392,000	48,247,000	41,350,000	43,534,000	31,292,000	30,747,000			21,876,000	23,194,000
capital expenditures	-77,762,000	-209,504,000	-137,593,000	-161,389,000	-68,421,000	-169,047,000	-145,031,000	-128,393,000	-68,496,000	-177,239,000	-105,380,000	-137,232,000	-120,369,000	-143,646,000	-139,023,000	-100,333,000	-96,162,000	-121,906,000	-108,446,000	-125,504,000	-86,619,000	-126,594,000	-81,303,000	-87,802,000	-77,653,000	-95,947,000	-95,963,000	-77,776,000	-64,226,000	-77,391,000	-81,494,000	-70,981,000	-57,524,000	-51,271,000	-51,791,000	-56,627,000	-57,088,000	-66,590,000	-65,540,000	-63,791,000	-62,921,000	-75,578,000	-67,445,000	-55,032,000	-59,363,000	-92,190,000	-57,560,000	-55,610,000	-47,230,000	-63,261,000	-56,535,000	-43,635,000	-36,495,000	-59,532,000	-47,173,000	-48,468,000	-41,864,000	-58,280,000	-35,186,000	-31,243,000	-26,438,000	-42,036,000	-29,526,000	-21,950,000	-19,703,000	-36,916,000	-28,473,000	-24,665,000	-27,144,000	-42,091,000	-38,744,000	-39,023,000	-32,243,000	-42,359,000	-35,470,000	-30,608,000	-32,108,000			-22,805,000	-14,200,000
free cash flows	573,588,000	216,340,000	432,087,000	399,938,000	488,654,000	357,723,000	301,463,000	434,185,000	500,738,000	88,220,000	375,092,000	445,278,000	334,667,000	257,927,000	212,895,000	186,453,000	186,740,000	316,514,000	172,357,000	131,381,000	219,354,000	-11,470,000	162,487,000	35,060,000	104,418,000	90,642,000	138,565,000	40,158,000	118,355,000	51,664,000	115,585,000	23,321,000	143,592,000	37,000,000	83,461,000	36,376,000	93,491,000	1,580,000	35,867,000	54,195,000	-1,242,000	19,175,000	119,988,000	103,379,000	183,356,000	40,121,000	131,765,000	125,043,000	132,548,000	76,804,000	64,427,000	98,868,000	88,755,000	66,494,000	75,889,000	93,031,000	-12,488,000	61,947,000	80,967,000	75,168,000	41,867,000	50,959,000	37,714,000	47,139,000	40,164,000	44,664,000	35,958,000	26,986,000	35,867,000	5,754,000	16,279,000	8,369,000	16,004,000	-1,009,000	8,064,000	684,000	-1,361,000			-929,000	8,994,000
investing activities
purchases of leasehold improvements, property and equipment	-180,332,000	-197,455,000	-163,486,000	-160,585,000	-144,810,000	-172,885,000	-147,525,000	-140,490,000	-132,703,000	-171,930,000	-131,200,000	-137,232,000	-120,369,000	-143,646,000	-139,023,000	-100,333,000	-96,162,000	-121,906,000	-108,446,000	-125,504,000	-86,619,000	-126,594,000	-81,303,000	-87,802,000	-77,653,000	-95,947,000	-95,963,000	-77,776,000	-64,226,000	-77,391,000	-81,494,000	-70,981,000	-57,524,000	-51,271,000	-51,791,000	-56,627,000	-57,088,000	-66,590,000	-65,540,000	-63,791,000	-62,921,000	-75,578,000	-67,445,000	-55,032,000	-59,363,000	-92,190,000	-57,560,000	-55,610,000	-47,230,000	-63,261,000	-56,535,000	-43,635,000	-36,495,000	-59,532,000	-47,173,000	-48,468,000	-41,864,000	-58,280,000	-35,186,000	-31,243,000	-26,438,000	-42,036,000	-29,526,000	-21,950,000	-19,703,000	-36,916,000	-28,473,000	-24,665,000	-27,144,000	-42,091,000	-38,744,000	-39,023,000	-32,243,000	-42,359,000	-35,470,000	-30,608,000	-32,108,000			-22,805,000	-14,200,000
purchases of investments	-250,000	-12,503,000	-9,219,000	-2,500,000	-4,000,000	-157,827,000	-90,412,000	-371,636,000	-366,798,000	-269,150,000	-255,325,000	-375,837,000	-214,819,000	-100,603,000	-318,571,000	-76,415,000	-118,827,000	-140,451,000	-97,979,000	-100,443,000	-90,477,000	-143,349,000	-223,965,000	-20,358,000	-80,746,000	-120,647,000	-119,854,000	-119,142,000	-89,111,000	-187,971,000	-88,923,000	-39,545,000	-168,749,000	-79,717,000	-100,162,000							-125,543,000	-159,922,000	-134,793,000	-139,114,000	-130,372,000	-199,351,000	-101,499,000	-89,782,000	-93,710,000	-63,532,000	-175,799,000	-54,598,000	-84,592,000	-18,000,000	-50,488,000	-60,382,000	-83,549,000	-10,000,000	-30,250,000	-59,452,000
maturities of investments	172,509,000	182,212,000	157,302,000	165,073,000	154,889,000	174,567,000	173,697,000	175,911,000	198,462,000	289,065,000	220,223,000	120,926,000	99,639,000	60,551,000	60,457,000	60,617,000	81,923,000	102,307,000	81,396,000	101,452,000	60,593,000	100,573,000	119,927,000	99,541,000	99,037,000	148,275,000	108,448,000	160,000,000	60,000,000	90,000,000	110,000,000	40,000,000	145,000,000	190,000,000	60,000,000			0	0	0	45,000,000	65,200,000	71,450,000	121,000,000	95,000,000	83,500,000	50,000,000	71,750,000	49,500,000	52,500,000	28,000,000	39,250,000	39,500,000					34,759,000	0	10,241,000	79,766,000
net cash from investing activities	-8,073,000	-27,746,000	-15,403,000	1,988,000	6,079,000	-136,032,000	-64,240,000	-336,215,000	-301,039,000	-152,015,000	-166,302,000	-392,143,000	-235,549,000	-183,698,000	-397,137,000	-116,131,000	-133,066,000	-158,900,000	-125,029,000	-121,610,000	-116,503,000	-169,370,000	-187,841,000	-16,144,000	-59,362,000	-54,350,000	-107,369,000	-36,918,000	-93,337,000	-175,362,000	-60,417,000	-70,526,000	-81,273,000	59,012,000	-91,953,000	3,451,000	-57,088,000	-66,590,000	-65,540,000	-63,791,000	522,727,000	-135,921,000	-155,917,000	-68,825,000	-103,477,000	-139,062,000	-206,911,000	-85,359,000	-87,512,000	-104,471,000	-92,067,000	-180,184,000	-51,593,000	-89,124,000	-65,173,000	-98,956,000	-102,246,000	-107,070,000	-45,186,000	-51,838,000	-6,124,000	-78,702,000	-14,526,000	-21,950,000	-74,703,000	-86,916,000	-28,473,000	-24,665,000	72,846,000	-142,081,000	-38,744,000	-39,023,000	-12,243,000	-62,359,000	-35,470,000	-35,714,000	-32,670,000			-22,805,000	-14,200,000
financing activities
repurchase of common stock	-701,027,000	-741,796,000	-686,665,000	-443,259,000	-553,796,000	-338,954,000
tax withholding on stock-based compensation awards	-47,997,000	-900,000	-15,239,000	-417,000	-32,902,000	-880,000	-338,000	-357,000	-72,654,000	-533,000	-1,139,000	-289,000	-67,185,000	-6,596,000	-469,000	-6,094,000	-85,811,000	-16,378,000	-4,632,000	-14,050,000	-44,810,000	-579,000	-29,000	-317,000	-47,630,000
other financing activities	1,534,000	1,100,000	1,436,000	16,000	1,524,000	1,099,000	1,019,000	386,000	-415,000	297,000	431,000	104,000	11,000	292,000	2,000	-229,000	-359,000	68,000	-134,000	-1,987,000	-221,000	-30,000	-10,000
net cash from financing activities	-747,490,000	-741,596,000	-700,468,000	-443,660,000	-585,174,000	-338,735,000	-489,556,000	-145,334,000	-100,074,000	-155,280,000	-216,259,000	-95,230,000	-193,883,000	-206,669,000	-108,332,000	-264,925,000	-349,478,000	-182,039,000	-102,348,000	-161,959,000	-102,260,000	-609,000	-39,000	-2,103,000	-102,100,000	-39,029,000	-40,256,000	-58,919,000	-63,531,000	-45,357,000	-19,322,000	-29,208,000	-72,648,000	-76,319,000	-105,757,000	-44,687,000	-59,131,000	-66,840,000	-71,401,000	-114,910,000	-583,132,000	-313,955,000	-14,046,000	-45,898,000	-12,541,000	-16,234,000	-9,672,000	-36,994,000	-3,837,000	-20,575,000	-3,153,000	-27,647,000	-48,976,000	-135,699,000	-41,992,000	-7,272,000	41,429,000	-21,387,000	-10,469,000	12,068,000	-4,480,000	-156,000	-44,539,000	-38,099,000	-11,728,000	-13,544,000	-5,811,000	-23,621,000	-18,967,000	-29,903,000	287,000	86,000	-18,000	4,528,000	3,376,000	1,737,000	7,183,000	782,000	12,596,000	9,509,000	124,409,000
effect of exchange rate changes on cash, cash equivalents and restricted cash	602,000	-229,000	599,000	-550,000	-236,000	-140,000	-374,000	-369,000	-752,000	377,000	-261,000	-25,000	290,000	163,000	-680,000	-637,000	147,000	-251,000	-572,000	191,000	-407,000	699,000	481,000	715,000	-819,000	9,000	-97,000	316,000	178,000
net change in cash, cash equivalents, and restricted cash	-103,611,000	-343,727,000	-145,592,000	119,105,000	-22,256,000	51,863,000	-107,676,000	80,660,000	167,369,000	-41,459,000	97,650,000	95,112,000	25,894,000	11,369,000	-154,231,000	-94,907,000	-199,495,000	97,230,000	52,854,000	-26,493,000	86,803,000	-54,156,000	56,391,000	105,330,000	19,790,000	93,219,000	86,806,000	22,413,000	25,891,000	-92,456,000	117,390,000	-6,123,000	47,171,000
cash, cash equivalents, and restricted cash at beginning of period	385,909,000		0	0	778,379,000		0	0	586,163,000		0	0	408,966,000		0	0	846,230,000	0	0	0	635,836,000		0	0	508,481,000	0	0	0	280,152,000	0	0	0	214,170,000
cash, cash equivalents, and restricted cash at end of period	282,298,000		-145,592,000	119,105,000	756,123,000		-107,676,000	80,660,000	753,532,000		97,650,000	95,112,000	434,860,000		-154,231,000	-94,907,000	646,735,000	97,230,000	52,854,000	-26,493,000	722,639,000		56,391,000	105,330,000	528,271,000	93,219,000	86,806,000	22,413,000	306,043,000	-92,456,000	117,390,000	-6,123,000	261,341,000
supplemental disclosures of cash flow information
income taxes paid/	-55,146,000
purchases of leasehold improvements, property and equipment accrued in accounts payable and accrued liabilities	102,570,000	-12,049,000	25,893,000	-804,000	76,389,000	3,838,000	2,494,000	12,097,000	64,207,000	-5,309,000	25,820,000
repurchase of common stock accrued in accounts payable and accrued liabilities	29,190,000	7,273,000	6,669,000	-3,086,000	12,102,000	-4,721,000
proceeds from sale of equipment																		1,150,000	0
cash, cash equivalents, and restricted cash at beginning of year
cash, cash equivalents, and restricted cash at end of year
income taxes paid		104,477,000	39,677,000	270,573,000	8,754,000	124,309,000	131,126,000	269,568,000	7,859,000	345,614,000	21,363,000	33,497,000	-245,000	48,344,000	88,275,000	136,886,000	2,291,000	-180,900,000	54,822,000	101,338,000	6,909,000	93,997,000	-9,644,000	671,000	-14,000	6,132,000	34,364,000
acquisition of treasury stock								-145,363,000	-27,005,000	-155,044,000	-215,551,000	-95,045,000	-126,709,000	-200,365,000	-107,865,000	-258,602,000	-263,308,000	-165,729,000	-97,582,000	-145,922,000	-57,229,000	0	0	0	-54,401,000	-38,996,000	-40,079,000	-58,656,000	-52,886,000	-44,536,000	-14,600,000	-29,175,000	-72,626,000	-76,335,000	-105,758,000	-44,690,000	-59,137,000	-66,301,000	-71,318,000	-116,234,000	-583,802,000	-313,553,000	-30,800,000	-93,073,000	-23,249,000	-24,933,000	-13,113,000	-37,556,000	-12,736,000	-41,248,000	-16,590,000	-30,100,000	-50,965,000	-134,531,000	-42,964,000	-12,586,000	-27,011,000	-21,698,000	-19,326,000	-8,961,000	-13,523,000	-15,122,000	-52,897,000	-40,785,000	-17,798,000	-14,088,000	-12,484,000	-36,369,000	-21,148,000
acquisition of treasury stock accrued in accounts payable and accrued liabilities								6,157,000	3,646,000	-9,669,000	12,906,000	-7,016,000	9,422,000	-1,502,000	-1,000,000	2,502,000	4,497,000	3,197,000	1,126,000	-625,000	3,997,000						-1,152,000
purchases of leasehold improvements, property, and equipment accrued in accounts payable and accrued liabilities													63,745,000	13,894,000	-2,945,000	8,270,000	52,802,000	-1,509,000	14,908,000	-4,465,000	54,868,000	-25,885,000	31,356,000	7,747,000	33,757,000	-3,364,000	13,131,000
acquisitions of equity method investments																						0	-2,500,000
amortization of operating lease assets																				56,216,000	49,269,000	48,486,000	47,913,000	45,178,000	42,961,000	46,330,000	40,184,000	39,333,000	38,105,000
deferred rent																														4,201,000	5,641,000	6,035,000	5,420,000	7,586,000	6,947,000	6,581,000	8,882,000	9,711,000	10,375,000	8,375,000	8,569,000	11,379,000	8,020,000	6,732,000	6,780,000	7,645,000	6,796,000	5,820,000	6,764,000	6,776,000	7,145,000	5,914,000	5,880,000	6,931,000	5,388,000	6,316,000	5,130,000	6,684,000	5,021,000	4,206,000	3,713,000	5,267,000	4,270,000	4,100,000	3,624,000	6,889,000	4,827,000	3,531,000	4,139,000	6,888,000	6,296,000	6,036,000	4,597,000	5,148,000	4,644,000	4,680,000	3,089,000	3,159,000	2,543,000	2,245,000	1,767,000
stock plan transactions and other financing activities																									-69,000	-33,000	-155,000	-233,000	-277,000	-37,000	-95,000	-33,000	-22,000	16,000	1,000	3,000	6,000	29,000	11,000	22,000	-10,000	18,000	-50,000	-56,000	-119,000
bad debt allowance																										-52,000	0	-121,000	206,000	9,000	10,000			33,000	0	1,000	180,000	-361,000	219,000	-80,000	-40,000	4,000	0	0	-27,000	19,000	8,000	2,000	-20,000	-5,000	-15,000	30,000	9,000	140,000	721,000	173,000	12,000	210,000	26,000	0	3,000	77,000	-156,000	64,000	-136,000	0	0	54,000	-299,000	36,000	100,000	219,000	85,000					-422,000	1,000	224,000	138,000
tax withholding on share-based compensation awards																											-22,000	-30,000	-10,368,000	-784,000
proceeds from sale of investments																																						0	0	0	540,648,000
effect of exchange rate changes on cash and cash equivalents and restricted cash																														-792,000	50,000	-691,000	-24,000
increase in purchases of leasehold improvements, property, and equipment accrued in accounts payable and accrued liabilities
increase in acquisition of treasury stock accrued in accrued liabilities
accrued liabilities and accrued payroll and benefits
other comprehensive income, net of income taxes:
foreign currency translation adjustments																																	132,000		-358,000	1,461,000	675,000		562,000	-2,694,000	1,929,000
unrealized loss on available-for-sale securities																																	-144,000
tax benefit																																	43,000
other comprehensive income, net of income taxes																																	31,000		-132,000	1,585,000	493,000		-483,000	-4,078,000	3,822,000
comprehensive income																																	59,477,000		-47,252,000	22,195,000	46,613,000		-18,280,000	47,950,000	-22,610,000
loss on disposal and impairment of assets																																	4,859,000	3,332,000	10,397,000	-4,034,000	3,650,000	7,240,000
excess tax benefit on stock-based compensation																																						568,000	94,000	-1,302,000	-680,000	419,000	-16,803,000	-47,231,000	-10,827,000	-8,696,000	-3,455,000	-561,000	-8,955,000	-20,685,000	-13,443,000	-2,382,000	-1,869,000	1,366,000	-924,000	-5,260,000	-68,392,000	-303,000	-8,810,000	-20,973,000	-8,700,000	-20,413,000	2,547,000	1,039,000	2,301,000	178,000	3,461,000	6,166,000	630,000	79,000	141,000			2,963,000	2,140,000	1,083,000	446,000	374,000	323,000	257,000	403,000
effect of exchange rate changes on cash and cash equivalents																																		125,000	801,000	957,000	173,000	-988,000	-298,000	-130,000	1,526,000	-1,034,000	-993,000	1,040,000	-3,209,000	-168,000	-174,000	158,000	-40,000	108,000	702,000	30,000	-304,000	201,000	455,000	-665,000	389,000	-402,000	-424,000	221,000	400,000	-295,000
net change in cash and cash equivalents																																		71,089,000	-61,657,000	52,724,000	34,533,000	-66,248,000	-35,832,000	-60,845,000	2,800,000	-356,157,000	16,477,000	44,728,000	123,492,000	-23,153,000	-27,432,000	58,458,000	88,389,000	15,127,000	26,444,000	-65,298,000	24,377,000	-98,596,000	16,352,000	34,606,000	-31,052,000	-8,632,000	60,074,000	66,862,000	58,101,000	13,842,000	8,954,000	9,040,000	-26,564,000	-18,880,000	30,147,000	3,365,000	116,890,000	-124,139,000	16,566,000	8,455,000	35,986,000	-16,481,000	11,440,000	-2,685,000	5,260,000	-3,923,000	15,521,000	8,580,000	133,403,000
cash and cash equivalents at beginning of year																																												0	419,465,000
cash and cash equivalents at end of year
unrealized gain on available-for-sale securities
cash and cash equivalents at beginning of period																																			0	0	87,880,000		0	0	248,005,000						0	0	323,203,000	0	0	0	322,553,000	0	0	0	401,243,000		0	0	224,838,000		0	0	219,566,000		0	0	88,044,000		0	0	151,176,000		0	0	153,642,000		0	0	61,000
cash and cash equivalents at end of period																																			-61,657,000	52,724,000	122,413,000		-35,832,000	-60,845,000	250,805,000		16,477,000	44,728,000	542,957,000		-27,432,000	58,458,000	411,592,000	15,127,000	26,444,000	-65,298,000	346,930,000	-98,596,000	16,352,000	34,606,000	370,191,000		60,074,000	66,862,000	282,939,000		8,954,000	9,040,000	193,002,000		30,147,000	3,365,000	204,934,000		16,566,000	8,455,000	187,162,000		11,440,000	-2,685,000	158,902,000		15,521,000	8,580,000	133,464,000
revenue																																				100,580,000	1,068,829,000		38,599,000	163,924,000	834,459,000
restaurant operating costs
food, beverage and packaging																																				37,357,000	361,795,000		21,998,000	47,736,000	294,166,000
labor																																				18,000,000	287,851,000		9,218,000	19,245,000	257,681,000
occupancy																																				1,359,000	78,962,000		1,847,000	1,762,000	70,592,000
other operating costs																																				13,076,000	150,609,000		13,889,000	-3,033,000	155,189,000
general and administrative expenses																																				634,000	69,441,000		7,649,000	8,746,000	62,010,000
pre-opening costs																																				-1,166,000	4,069,000		357,000	-288,000	4,421,000
total operating expenses																																				67,028,000	995,656,000		69,768,000	76,425,000	881,063,000
income from operations																																				33,552,000	73,173,000		-31,169,000	87,499,000	-46,604,000
interest and other income																																				-139,000	1,188,000		-114,000	-1,340,000	2,126,000
income before income taxes																																				33,413,000	74,361,000		-31,283,000	86,159,000	-44,478,000
benefit for income taxes																																				-12,803,000	-28,241,000			-34,131,000	18,046,000
unrealized gain on investments, net of tax benefit of 37,
earnings per share:
basic																																				730	1,600		-610	1,760	-880
diluted																																				720	1,600		-600	1,750	-880
weighted-average common shares outstanding:
unrealized gain on investments, net of tax benefit of 94 and																																					-182,000
provision for income taxes
unrealized gain on investments, net of income taxes of (346), 0, 1,185, and 0
loss on disposal of assets																																								971,000	2,216,000	5,450,000	2,156,000	1,388,000	4,200,000	2,209,000	1,606,000	1,602,000	1,559,000	1,607,000	2,405,000	1,399,000	1,340,000	903,000	1,399,000	1,475,000	1,250,000	1,490,000	1,278,000	1,377,000	1,661,000	2,004,000	1,511,000	1,512,000	1,269,000	1,204,000	1,544,000	1,344,000	1,864,000	4,127,000	2,379,000	1,370,000	1,463,000	1,249,000	1,784,000	1,843,000	1,292,000	1,137,000	1,106,000	1,116,000	623,000
unrealized gain on investments, net of income taxes of 348, 0, 1,531, and 0
unrealized gain on investments, net of income taxes of 1,182 and 0																																									1,893,000
increase in purchases of leasehold improvements, property and equipment accrued in accounts payable and accrued liabilities																																										-1,838,000	2,847,000	6,067,000	-9,946,000
other financing proceeds																																															-14,000	1,000	-56,000
increase in purchases of leasehold improvements, property and equipment accrued in accounts payable																																															12,887,000	1,207,000	-290,000	-9,917,000	9,613,000			-5,876,000	5,644,000				8,389,000				5,870,000				4,741,000	1,360,000	-666,000
acquisition of interests in equity method investment																																																										0	0
proceeds from employee stock plan transactions																																																		25,000	30,000	106,000	155,000
other financing payments																																																		-37,000	-36,000	-35,000	-35,000
decrease in purchases of leasehold improvements, property and equipment accrued in accounts payable																																																					2,813,000				-149,000				-286,000				-791,000					4,110,000
payments on deemed landlord financing																																																						-34,000	-34,000	-32,000	-33,000	-31,000	-31,000	-29,000	-29,000	-28,000	-25,000	-21,000	-22,000	-21,000	-21,000	-20,000	-20,000	-20,000	-19,000	-19,000	-18,000	-18,000	-19,000	-17,000	-17,000			-14,000	-14,000
proceeds from employee stock plans
supplemental disclosures of non-cash information
proceeds from option exercises																																																								86,000	81,000	39,000	78,000	85,000	372,000	6,355,000	5,836,000	1,668,000	3,791,000	387,000	3,233,000	6,602,000	1,571,000	265,000	165,000			1,583,000	1,255,000	671,000	354,000	427,000	941,000	545,000	839,000
increase in valuation allowance
income tax receivable/payable																																																														1,089,000	-13,472,000	-17,687,000	16,861,000	9,183,000	843,000	-15,742,000	10,208,000	2,910,000			8,198,000
stock-based compensation																																																											10,643,000	13,055,000	8,923,000	3,535,000	6,157,000	7,002,000	4,687,000	3,513,000	3,768,000	4,339,000	3,372,000	2,834,000	3,749,000	2,946,000	1,845,000	1,664,000	2,085,000	2,484,000	1,568,000	1,382,000	783,000	1,508,000	1,520,000
income tax receivable																																																												22,684,000	24,383,000
change in valuation allowance
prepaid expenses and other current assets and
purchases of equity method investment
prepaid expenses																																																															-528,000	-2,708,000	-1,317,000	-1,019,000	-325,000	628,000	-1,897,000	317,000	-658,000	-243,000	-2,183,000	-364,000	-686,000	-155,000	-680,000	-77,000	-293,000	237,000	1,632,000
purchases of available-for-sale securities																																																															-10,000,000	-25,000,000	-55,000,000
maturity of available-for-sale securities																																																															25,000,000			0	0	0	99,990,000	0	0	0	20,000,000
franchise acquisitions																																																																										0	0	-5,106,000	-562,000
proceeds from former parent company under tax sharing agreement
current income tax benefit
net proceeds from sale of common stock
costs of issuing common stock																																																																																-36,000	-12,400,000
proceeds from mcdonald’s—tax sharing agreement
proceeds from mcdonald’s—intercompany notes																																																																													6,400,000	0	0	0	2,248,000
proceeds from deemed landlord financing																																																																														0
other long term liabilities																																																																							254,000				332,000
proceeds from mcdonald’s tax sharing agreement																																																																											0				10,711,000
income tax payable																																																																												-4,547,000	8,689,000	-1,533,000	-1,111,000	265,000	4,601,000
net purchases of leasehold improvements, property and equipment accrued in accounts payable																																																																								-2,322,000	1,780,000		1,371,000	687,000	-81,000	-10,448,000	5,260,000	-607,000	328,000
franchise acquisition purchase price outstanding as of march 31, 2007																																																																													1,926,000
current income tax provision																																																																														-2,614,000	0	0	1,832,000
deferred income tax benefit																																																																										5,337,000	-3,602,000	-3,475,000	-1,805,000			-2,494,000	-1,185,000
income tax (receivable) payable
due from mcdonald’s corp.
payments to mcdonald’s—intercompany notes
changes in cash overdrafts
taxes paid
non-cash pre-opening rent capitalized to leasehold improvements
net change in purchases of leasehold improvements, property and equipment accrued in accounts payable
due to mcdonald’s corp.																																																																																	1,714,000
proceeds from sale of common stock																																																																															0	0	133,333,000
proceeds from mcdonald’s intercompany notes
due to (from) mcdonald’s corp.
cost of issuing common stock
due (from) to mcdonald’s corp.
proceeds from mcdonalds—tax sharing agreement
adjustments to reconcile net income to net cash provided by operating activities:
net cash provided by operating activities

Chipotle(NYSE:CMG)

Chipotle
(NYSE:CMG)