Summary
Chipotle Mexican Grill, Inc. (CMG) reported robust performance in its 2024 fiscal year, highlighted by a 14.6% increase in total revenue to $11.3 billion and a 7.4% rise in comparable restaurant sales. This growth was driven by a 5.3% increase in transactions and a 2.1% rise in average check size. The company continues to expand its footprint, opening 304 new restaurants, 257 of which featured a Chipotlane, and anticipates opening 315-345 company-owned restaurants in 2025, with over 80% expected to include a Chipotlane. Financially, Chipotle demonstrated strong operational efficiency, with labor costs remaining flat as a percentage of total revenue despite wage inflation, and other operating costs decreasing as a percentage of revenue due to sales leverage and lower delivery expenses. Diluted earnings per share saw a significant increase of 24.7% to $1.11. The company maintained a healthy liquidity position with $2.2 billion in cash and investments as of year-end 2024, and has $1 billion remaining under its stock repurchase authorization, indicating a continued commitment to shareholder returns. Management projects continued comparable restaurant sales growth in the low to mid-single digit range for 2025.
Financial Highlights
47 data points| Revenue | $11.31B |
| Operating Expenses | $9.40B |
| Operating Income | $1.92B |
| Net Income | $1.53B |
| EPS (Basic) | $1.12 |
| EPS (Diluted) | $1.11 |
| Shares Outstanding (Basic) | 1.37B |
| Shares Outstanding (Diluted) | 1.38B |
Key Highlights
- 1Total revenue grew 14.6% to $11.3 billion in 2024, driven by strong comparable restaurant sales growth of 7.4%.
- 2The company opened 304 new restaurants, with 257 featuring Chipotlanes, and plans to open 315-345 in 2025, emphasizing Chipotlane expansion.
- 3Diluted earnings per share increased by 24.7% to $1.11, reflecting improved profitability.
- 4Labor costs were managed effectively, remaining flat as a percentage of revenue despite wage pressures, supported by sales leverage.
- 5Digital sales represented 35.1% of total food and beverage revenue, indicating continued customer preference for digital channels.
- 6Chipotle maintained a strong financial position with $2.2 billion in cash and investments and $1 billion available for share repurchases.
- 7Forward-looking guidance suggests continued growth, with anticipated comparable restaurant sales increases in the low to mid-single digit range for 2025.