Companies /Consumer Cyclical

Chipotle Mexican Grill

NYSE: CMG Restaurants
$36.96
▼ $0.61 (−1.62%) today
Markets closed · 7:25pm ET

Q1 2025 Earnings

Reported Apr 23, 2025, 4:11pm ET · SEC source
$0.29
Beat +4.43%
EPS · est. $0.28
$2.9B
Miss −2.39%
Revenue · est. $2.9B
−5.2%
Trailing market
CMG vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+3%+6%+9%Apr 23Apr 24report 4:11pm ETearnings+2.4%+7.9%
0+3%+6%+9%Apr 23Apr 24earnings+2.4%+7.9%
CMG +7.9%S&P 500 +2.4%
0+3%+6%+9%Apr 23Apr 24report 4:11pm ETearnings+3.3%+7.9%
0+3%+6%+9%Apr 23Apr 24earnings+3.3%+7.9%
CMG +7.9%NASDAQ +3.3%
0+4%+8%Apr 22May 1report 4:11pm ETearnings+3.7%+6.4%
0+4%+8%Apr 22May 1earnings+3.7%+6.4%
CMG +6.4%S&P 500 +3.7%
0+4%+8%Apr 22May 1report 4:11pm ETearnings+5.1%+6.4%
0+4%+8%Apr 22May 1earnings+5.1%+6.4%
CMG +6.4%NASDAQ +5.1%
+1.60%
Day of report
+4.52%
Next session
+1.57%
One week
+2.93%
30 days

S&P 500 over the same 30 days: +8.13%.

Did CMG Beat Earnings? Q1 2025 Results

Chipotle Mexican Grill delivered a mixed first quarter for 2025, beating on earnings while falling short on revenue as a pullback in consumer spending weighed on same-store sales. The fast-casual chain posted adjusted diluted EPS of $0.29, clearing the $0.28 consensus estimate by 4.43%, but revenue of $2.88 billion trailed expectations of $2.95 billion despite rising 6.4% year over year. The most telling detail beneath the headline numbers was comparable restaurant sales turning negative for the first time in recent quarters, down 0.4%, with transactions falling 2.3% as weather headwinds and a broader softness across the quick-service industry pressured traffic. Restaurant-level operating margin contracted to 26.2% from 27.5%, hurt by higher food and labor costs including California minimum wage increases. Still, overall operating margin edged up to 16.7% on lower corporate expenses. Management guided for low single-digit comparable sales growth for the full year and 315 to 345 new restaurant openings, with CEO Scott Boatwright expressing confidence in returning to positive transaction comps by the second half of 2025.

Key Takeaways
  • New restaurant openings drove total revenue increase of 6.4%
  • Comparable restaurant sales decreased 0.4% due to lower transactions of 2.3%, partially offset by 1.9% increase in average check
  • Digital sales represented 35.4% of total food and beverage revenue
  • Chipotlanes continue to enhance guest access, convenience, and increase new restaurant sales, margins, and returns
  • Lower general and administrative expenses due to absence of biennial All Managers' Conference and lower legal reserves
  • Food, beverage and packaging costs increased due to inflation in avocados, dairy, and chicken and protein mix shift from limited time offerings
  • Labor costs increased due to lower sales volumes, wage inflation, and California minimum wage increases

“While our first quarter results were impacted by several headwinds including weather and a slowdown in consumer spending, our teams continue to make significant progress improving the execution in our restaurants, innovating our back of house, and building Chipotle into a global iconic brand.”

Chipotle Mexican Grill CEO, on the earnings call

Forward Guidance & Outlook

For full year 2025, management anticipates comparable restaurant sales growth in the low single digit range, 315 to 345 new company-owned restaurant openings with over 80% having a Chipotlane, and an estimated underlying effective full year tax rate between 25% and 27% before discrete items. The CEO expressed confidence in returning to positive transaction comps by the second half of 2025.

CMG YoY Financials

Q1 2025 vs Q1 2024 · SEC filings Q1 2024 Q1 2025
$0$800.0M$1.6B$2.4B$2.7B$2.9BRevenue$441.3M$479.3MOperating Income$359.3M$386.6MNet Income
$0$800.0M$1.6B$2.4BRevenueOperating IncomeNet Income

CMG Revenue by Segment

Food and Beverage$2.9B
Delivery Service$15.4M

Figures from SEC filings and company reports. Not investment advice.