Chipotle Mexican Grill Earnings Call Transcripts
Fiscal Year 2026
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A multi-year growth strategy is underway, focusing on leadership, digital innovation, menu expansion, and operational investments. Margin recovery and mid-single digit comp growth are expected as new initiatives—including equipment upgrades, catering, and loyalty enhancements—build momentum through 2027.
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Revenue grew 7.4% to $3.1B with positive comps and transaction growth, but margins declined due to inflation. Menu innovation and loyalty drove engagement, while new equipment and leadership hires support long-term growth. Guidance remains cautious amid a dynamic consumer environment.
Fiscal Year 2025
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Revenue grew 5.4% in 2025 despite a 1.7% comp sales decline, with strong new unit growth and menu innovation. Margin pressure is expected in 2026 as inflation outpaces pricing, but long-term growth and profitability targets remain intact.
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Sales grew 7% to $3B with digital at 36.7%, but margins declined due to inflation and lower traffic from core consumer cohorts. Menu innovation, digital engagement, and operational improvements are key to the recovery plan, with gradual pricing and international expansion planned for 2026.
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Q2 sales rose 3% to $3.1B, but comps fell 4% and margins declined amid a tough consumer environment. Operational and marketing initiatives drove a return to positive trends, with digital and loyalty engagement up. Full-year comps are expected to be flat as macro headwinds persist.
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Q1 2025 saw 6% sales growth to $2.9B, but comparable sales declined 0.4% amid consumer headwinds. Margins fell, but digital sales remained strong, and new menu innovation and equipment rollouts are expected to drive positive transaction growth in H2.
Fiscal Year 2024
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Delivered 15% sales growth and record new openings in 2024, with strong digital and Chipotlane performance. 2025 guidance calls for low to mid-single-digit comp growth amid tougher comparisons, ongoing cost pressures, and continued investment in operational efficiency and international expansion.
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Q3 sales rose 13% to $2.8B with strong transaction growth and digital sales at 34%. Restaurant margin declined to 25.5% due to inflation and portion investments, but comps and new unit growth remain robust. Expansion in Canada, Europe, and the Middle East is accelerating.
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Q2 2024 saw 18% sales growth, 11% comp sales, and 8.7% transaction growth, with strong in-store and digital performance. Margins remain robust despite cost pressures, and guidance is maintained for mid- to high-single-digit comp growth. Market share gains continue across all income cohorts.