CHIPOTLE MEXICAN GRILL INC Quarterly Report for Q2 Ended Jun 30, 2025

Summary

Chipotle Mexican Grill, Inc. (CMG) reported its financial results for the second quarter and the first six months ended June 30, 2025. Total revenue for the quarter increased by 3.0% year-over-year to $3.1 billion, though comparable restaurant sales saw a decrease of 4.0%, attributed to a 4.9% drop in transactions partially offset by a 0.9% increase in average check. The company opened 61 new restaurants in the quarter, with 47 featuring Chipotlanes, and anticipates opening 315 to 345 company-owned restaurants in 2025. Net income for the quarter was $436.1 million, resulting in diluted earnings per share (EPS) of $0.32, a slight decrease from $0.33 in the prior year's quarter. Diluted EPS for the first six months was also $0.61, consistent with the prior year. The company's liquidity remains strong, with $2.0 billion in cash and marketable investments as of June 30, 2025. Chipotle also announced a new $500 million revolving credit facility and continued its share repurchase program, executing $997 million in repurchases during the first six months of the year.

Key Highlights

• 1Total revenue for Q2 2025 grew 3.0% to $3.1 billion, but comparable restaurant sales decreased by 4.0%.
• 2Net income for Q2 2025 was $436.1 million, with diluted EPS at $0.32, down from $0.33 in Q2 2024.
• 3Chipotle opened 61 new restaurants in Q2 2025, including 47 with Chipotlanes, and plans to open 315-345 in full-year 2025.
• 4The company maintained a strong liquidity position with $2.0 billion in cash and marketable investments as of June 30, 2025.
• 5Significant share repurchases continued, with $997 million executed in the first six months of 2025.
• 6New tariffs are expected to increase food, beverage, and packaging costs by approximately 50 basis points on an ongoing basis.
• 7New $500 million revolving credit facility was established, with no outstanding borrowings as of June 30, 2025.

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