Summary
Chipotle Mexican Grill, Inc. (CMG) reported its 2025 fiscal year results, highlighting continued revenue growth alongside a slight decrease in comparable restaurant sales. Total revenue reached $11.9 billion, an increase of 5.4%, driven by new restaurant openings and a modest increase in average check size, partially offset by a 2.9% decrease in transactions. The company continued its aggressive expansion strategy, opening 334 new restaurants in 2025, with a significant portion featuring Chipotlanes, and plans to open 350-370 new restaurants in 2026. Digital sales remain a key driver, accounting for 36.7% of total food and beverage revenue. Management anticipates comparable restaurant sales to be "about flat" in 2026, indicating a focus on stabilizing sales trends while pursuing growth. Chipotle also highlighted ongoing investments in technology and its "Recipe for Growth" strategy, emphasizing operational excellence, menu innovation, and talent development.
Financial Highlights
46 data points| Revenue | $11.93B |
| Operating Expenses | $9.99B |
| Operating Income | $1.94B |
| Net Income | $1.54B |
| EPS (Basic) | $1.15 |
| EPS (Diluted) | $1.14 |
| Shares Outstanding (Basic) | 1.34B |
| Shares Outstanding (Diluted) | 1.34B |
Key Highlights
- 1Total revenue increased 5.4% to $11.9 billion in fiscal year 2025.
- 2Comparable restaurant sales decreased by 1.7% in 2025, attributed to lower transactions, although average check size saw a 1.2% increase.
- 3Chipotle opened 334 new company-owned restaurants in 2025, with 257 featuring Chipotlanes, and plans for 350-370 new openings in 2026.
- 4Digital sales represented 36.7% of total food and beverage revenue in 2025, showing continued strength in this channel.
- 5Labor costs increased as a percentage of total revenue (25.1% in 2025 vs. 24.7% in 2024) due to wage inflation and lower sales volumes, partially offset by menu price increases.
- 6General and administrative expenses decreased by 6.5% in 2025, largely due to lower stock-based compensation and bonus expenses.
- 7The company has a strong liquidity position with $1.1 billion in cash and marketable investments as of December 31, 2025, and $1.7 billion available for share repurchases.