CMG
Chipotle Mexican Grill, Inc.35.66
-0.28-0.78%
Dec 16, 4:00:41 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Details comp lifts, margin gaps
Q&A unpacked the flat 2026 comp guide as conservative, baking in modest lifts from initiatives like Chicken Al Pastor amid unpredictable consumers, with Q1 underlying at -1% to -2% pre-storm noise. High-efficiency equipment delivered hundreds of basis points comp gains in early units, accelerating rollout to 2,000 by year-end and full by 2027. Pricing stays disciplined at 1-2% versus 3-4% inflation, pressuring margins 150bps temporarily. Core guests skew 60% over $100k household income. Supply chain review eyes 100-150bps savings. No trade-down from protein cup; extra protein up 35%. Management stayed crisp on dev pace at 350 NA units. Q&A reaffirms recipe for growth; watch transaction durability.
Key Stats
Market Cap
47.82BP/E (TTM)
31.56Basic EPS (TTM)
1.13Dividend Yield
0%Recent Filings
10-K
FY2025 results
Chipotle's FY2025 revenue climbed 5.4% to $11.9B despite comparable restaurant sales dipping 1.7% y/y from lower transactions, buoyed by 334 new openings including 257 with Chipotlanes. Q4 momentum faltered with softer traffic, yet margins held as food costs eased 20bps to 29.6% via pricing and efficiencies offsetting beef/chicken inflation and tariffs. Diluted EPS edged up 2.7% to $1.14 on flat shares. Buybacks scorched $2.5B in shares. Cash from operations stayed rock-steady at $2.1B. Food safety risks threaten brand momentum.
8-K
Q4 revenue up, comps down
Chipotle reported Q4 revenue up 4.9% to $3.0B but comp sales down 2.5% on 3.2% fewer transactions; full-year revenue rose 5.4% to $11.9B amid 334 new restaurants. Margins slipped slightly to 14.1% operating, 23.4% restaurant-level. Recipe for Growth targets transaction acceleration. Repurchased $2.4B stock. 2026 comps flat.
8-K
Chipotle leadership shifts
Chipotle announced leadership transitions effective January 12, 2026: Ilene Eskenazi, current CHRO, steps up as Chief Legal and Human Resources Officer, succeeding Roger Theodoredis; Stephanie Perdue becomes Interim Chief Marketing Officer after Chris Brandt. Both departing executives stay on briefly as advisors. Transitions smooth. Company reaffirms full-year 2025 guidance amid search for permanent CMO.
8-K
Expands repurchase authorization
Chipotle's Board authorized an additional $1.8 billion for share repurchases on December 4, 2025, boosting the total remaining pool to $1.85 billion as of December 5. Year-to-date through December 5, the company repurchased $2.3 billion in shares. Larger pools now cover multiple quarters. No expiration date applies.
8-K
Weinstein joins Chipotle board
Chipotle elected Josh Weinstein, Carnival's CEO with over 20 years in leisure travel, to its board effective November 25, 2025, expanding to ten directors. He joins the Nominating and Governance Committee, bringing hospitality expertise. Board now has nine independents. Valuable addition amid strategic priorities.
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