Research · Sep 3, 2026
[CMG] Chipotle Thesis 2026: Comparable Sales Reset Opens Boatwright Leadership Era
Chipotle Mexican Grill FY25 (Dec 31, 2025) at $11.93B revenue (+5%). NI $1.54B; EPS $1.14 (+3%). Comparable restaurant sales -1.7% (first negative full year since 2020). 334 company-owned + 11 international partner-operated openings. CEO Scott Boatwright leading post-Niccol. FY26 comp ~flat guide; conservative. COGS inflation mid-single, labor high 25%s Q1.