Unearned revenue
Breakdown
| Segment | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 |
|---|---|---|---|---|---|---|---|---|
| Gift card liability | $139.99M | $133.15M | $130.81M | $181.77M | $145.36M | $144.76M | $141.01M | $174.60M |
| Chipotle Rewards | $47.32M | $49.18M | $49.48M | $56.81M | $58.39M | $61.87M | $63.72M | $63.80M |
| Deferred licensing revenue | — | — | — | — | — | — | $2.00M | $1.98M |
| Total | $187.32M | $182.33M | $180.29M | $238.58M | $203.74M | $206.64M | $206.73M | $240.38M |