Chipotle Mexican Grill, Inc.
Chipotle Mexican Grill, Inc. Q4 FY2025 earnings call
February 3, 2026 · fiscal period ended 2025-12
EPS · actual vs est
Revenue · actual vs est
Summary
Generated 2026-02-03
Management highlights
Scott Boatwright highlighted 2025 financial results: revenue grew 5.4% y/y, comparable sales down 1.7%, adjusted diluted EPS grew to $1.17. Opened 334 company-owned and 11 international partner-operated restaurants. Key strategies include: protecting and strengthening core via operational and culinary excellence; evolving brand messaging and accelerating menu innovation (e.g., high-protein line, 4 LTOs in 2026); modernizing business model with technology and relaunching rewards program; expanding global reach (aiming for 7,000 North American restaurants); and cultivating talent (23,000 internal promotions in 2025). High-efficiency equipment package rollout: 350 restaurants have it, aiming for 2,000 by year-end, showing improved throughput and comp sales.
Segment performance
No detailed product segment financial performance breakdown provided in the transcript.
Guidance
Full year 2026 comparable restaurant sales expected to be about flat. Conservative baseline due to evolving consumer dynamics. Q1 pricing impact expected around 70 basis points, with gap narrowing throughout the year. Cost of sales inflation mid-single-digit range, labor costs in high 25% range in Q1. G&A expected around $203 million non-GAAP in Q1.
Risks
Consumer spending pullback on overall restaurant spending, dynamic consumer backdrop with focus on value and quality, impact of weather events like winter storms on operations, uncertainty in consumer trends affecting sales projections.
Q&A highlights
Q: Brian Bittner asked about Q2 guidance and high-efficiency package impact.
A: Adam Rymer and Scott Boatwright responded.
Q: Sara Senatore asked about LTOs and CMO search.
A: Scott Boatwright responded.
Q: Lauren Silberman asked about comp in January and value proposition.
A: Scott Boatwright and Adam Rymer responded.
Q: David Tarantino asked about margin outlook.
A: Adam Rymer and Scott Boatwright responded.
Q: David Palmer asked about pricing power and messaging.
A: Scott Boatwright responded.
Q: John Ivankoe asked about development and global markets.
A: Scott Boatwright responded.
Q: Danilo Gargiulo asked about margin opportunities.
A: Scott Boatwright responded.
Q: Dennis Geiger asked about embedding initiatives in guidance.
A: Scott Boatwright and Adam Rymer responded.
Q: Chris O'Cull asked about CMO search and lapsed users.
A: Scott Boatwright responded.
Q: Andrew Charles asked about development and LTOs.
A: Scott Boatwright responded.
Q: Sharon Zackfia asked about younger consumers and high protein launch.
A: Scott Boatwright and Adam Rymer responded.
Q: Christine Cho asked about high protein cup and sides/beverages.
A: Scott Boatwright responded.
Key numbers
Reported versus consensus
Earnings calendar feed
| Metric | Reported | Consensus | Delta | Prior year |
|---|---|---|---|---|
| EPS | $0.25 | $0.24 | +5.0% | $0.25 |
| Revenue | $2.98B | $2.96B | +0.7% | $2.85B |
Transcript
February 3, 2026Full transcript unavailable for redistribution
The structured summary above covers the available call sections. Full transcript text is not included on this page.
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