Companies /Consumer Cyclical

Chipotle Mexican Grill

NYSE: CMG Restaurants
$36.96
▼ $0.61 (−1.62%) today
Markets closed · 7:42pm ET

Q3 2025 Earnings

Reported Oct 29, 2025, 4:12pm ET · SEC source
$0.29
Beat +0.97%
EPS · est. $0.29
$3.0B
Miss −0.63%
Revenue · est. $3.0B
+4.7%
Beating market
CMG vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−21%−14%−7%0Oct 29Oct 30report 4:12pm ETearnings−0.3%−18.0%
−21%−14%−7%0Oct 29Oct 30earnings−0.3%−18.0%
CMG −18.0%S&P 500 −0.3%
−21%−14%−7%0Oct 29Oct 30report 4:12pm ETearnings−0.2%−18.0%
−21%−14%−7%0Oct 29Oct 30earnings−0.2%−18.0%
CMG −18.0%NASDAQ −0.2%
−16%−8%0+8%Oct 28Nov 6report 4:12pm ETearnings−2.1%−15.5%
−16%−8%0+8%Oct 28Nov 6earnings−2.1%−15.5%
CMG −15.5%S&P 500 −2.1%
−16%−8%0+8%Oct 28Nov 6report 4:12pm ETearnings−3.4%−15.5%
−16%−8%0+8%Oct 28Nov 6earnings−3.4%−15.5%
CMG −15.5%NASDAQ −3.4%
−18.18%
Day of report
−2.58%
Next session
−6.06%
One week
+4.95%
30 days

S&P 500 over the same 30 days: +0.25%.

Did CMG Beat Earnings? Q3 2025 Results

Chipotle Mexican Grill delivered a mixed third quarter for fiscal 2025, <a href="https://247wallst.com/investing/2025/10/29/earnings-live-will-chipotle-cmg-bounce-back-after-q3-earnings/">narrowly beating earnings expectations</a> while falling just short on the top line as consumer spending headwinds weighed on traffic. Adjusted diluted EPS of $0.29 edged past the $0.29 consensus estimate by 0.97%, even as revenue of $3.00 billion came in 0.63% below expectations, rising 7.5% year over year largely on the strength of 84 new restaurant openings rather than same-store momentum. Comparable restaurant sales grew just 0.3%, with a 1.1% higher average check unable to fully offset an 0.8% decline in transactions, a telling sign of the pressure ordinary consumers are placing on discretionary dining budgets. Restaurant-level operating margin compressed to 24.5% from 25.5% a year ago, driven by wage inflation and softer sales volumes. Looking ahead, management struck a cautious tone, guiding for full-year comparable sales declines in the low-single digit range while still targeting 315 to 345 new company-owned restaurant openings in 2025 and 350 to 370 in 2026.

Key Takeaways
  • New restaurant openings drove revenue growth of 7.5%
  • Comparable restaurant sales increased 0.3% driven by 1.1% average check increase, partially offset by 0.8% transaction decline
  • Menu price increases from 2024 and cost of sales efficiencies improved food, beverage and packaging costs
  • Digital sales represented 36.7% of total food and beverage revenue
  • Chipotlane locations continue to enhance guest access and increase new restaurant sales, margins, and returns

“While we continue to see persistent macroeconomic pressures, our extraordinary value proposition and brand strength remain strong.”

Chipotle Mexican Grill CEO, on the earnings call

Forward Guidance & Outlook

For full year 2025, management anticipates comparable restaurant sales declines 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. For 2026, management expects 350 to 370 new restaurant openings, including 10 to 15 international partner-operated restaurants, with over 80% of company-owned restaurants having a Chipotlane.

CMG YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$900.0M$1.8B$2.7B$2.8B$3.0BRevenue$473.2M$477.2MOperating Income$387.4M$382.1MNet Income
$0$900.0M$1.8B$2.7BRevenueOperating IncomeNet Income

CMG Revenue by Segment

Food and Beverage$3.0B
Delivery Service$14.2M

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