Gift card liability — Unearned revenue
Chipotle Mexican Grill Gift card liability — Unearned revenue increased by 23.8% to $174.60M in Q4 2025 compared to the prior quarter. Year-over-year, this metric declined by 3.9%, from $181.77M to $174.60M. Over 4 years (FY 2021 to FY 2025), Gift card liability — Unearned revenue shows an upward trend with a 11.6% CAGR. This is a positive signal — higher values indicate stronger performance for this metric.
Analysis
How to read this metric
An increase indicates growing customer demand for future purchases or successful gift card sales programs, while a decrease may signal slowing gift card sales.
Detailed definition
This represents the total outstanding obligation for gift cards sold to customers that have not yet been redeemed for go...
Peer comparison
Standard liability item for all consumer-facing businesses, often labeled as 'deferred revenue' or 'gift card liability'.
cmg_segment_gift_card_liability_unearned_revenueHistorical Data
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $87.96M | $86.17M | $130.78M | $104.40M | $103.07M | $101.31M | $145.01M | $118.68M | $118.04M | $115.24M | $164.93M | $139.99M | $133.15M | $130.81M | $181.77M | $145.36M | $144.76M | $141.01M | $174.60M |
| QoQ Change | — | -2.0% | +51.8% | -20.2% | -1.3% | -1.7% | +43.1% | -18.2% | -0.5% | -2.4% | +43.1% | -15.1% | -4.9% | -1.8% | +39.0% | -20.0% | -0.4% | -2.6% | +23.8% |
| YoY Change | — | — | — | — | +17.2% | +17.6% | +10.9% | +13.7% | +14.5% | +13.8% | +13.7% | +18.0% | +12.8% | +13.5% | +10.2% | +3.8% | +8.7% | +7.8% | -3.9% |
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Frequently Asked Questions
- What is Chipotle Mexican Grill's gift card liability — unearned revenue?
- Chipotle Mexican Grill (CMG) reported gift card liability — unearned revenue of $174.60M in Q4 2025.
- How has Chipotle Mexican Grill's gift card liability — unearned revenue changed year-over-year?
- Chipotle Mexican Grill's gift card liability — unearned revenue decreased by 3.9% year-over-year, from $181.77M to $174.60M.
- What is the long-term trend for Chipotle Mexican Grill's gift card liability — unearned revenue?
- Over 4 years (2021 to 2025), Chipotle Mexican Grill's gift card liability — unearned revenue has grown at a 11.6% compound annual growth rate (CAGR), from $391.18M to $605.73M.
- What does gift card liability — unearned revenue mean?
- The total value of gift cards sold but not yet used by customers.