Companies /Consumer Cyclical

Chipotle Mexican Grill

NYSE: CMG Restaurants
$36.96
▼ $0.61 (−1.62%) today
Markets closed · 8:47pm ET

Q4 2025 Earnings

Reported Feb 3, 2026, 4:10pm ET · SEC source
$0.25
Beat +4.91%
EPS · est. $0.24
$3.0B
Beat +0.60%
Revenue · est. $3.0B
−10.5%
Trailing market
CMG vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+4%+8%+12%Feb 3Feb 4report 4:10pm ETearnings−0.2%+11.8%
0+4%+8%+12%Feb 3Feb 4earnings−0.2%+11.8%
CMG +11.8%S&P 500 −0.2%
0+5%+10%Feb 3Feb 4report 4:10pm ETearnings−1.3%+11.8%
0+5%+10%Feb 3Feb 4earnings−1.3%+11.8%
CMG +11.8%NASDAQ −1.3%
−6%−3%0+3%Feb 2Feb 11report 4:10pm ETearnings+0.5%−4.3%
−6%−3%0+3%Feb 2Feb 11earnings+0.5%−4.3%
CMG −4.3%S&P 500 +0.5%
−6%−3%0+3%Feb 2Feb 11report 4:10pm ETearnings−0.4%−4.3%
−6%−3%0+3%Feb 2Feb 11earnings−0.4%−4.3%
CMG −4.3%NASDAQ −0.4%
+1.94%
Day of report
−3.71%
Next session
−6.79%
One week
−11.62%
30 days

S&P 500 over the same 30 days: −1.15%.

Did CMG Beat Earnings? Q4 2025 Results

Chipotle Mexican Grill closed out 2025 on a note of cautious resilience, posting Q4 earnings per share of $0.25 against a consensus estimate of $0.24, a 4.73% beat, while revenue of $2.98 billion edged past expectations by 0.62% and grew 4.9% year over year. The story behind the numbers, however, carried more complexity: comparable restaurant sales fell 2.5%, dragged by a 3.2% decline in transactions, making 2025 the company's first full year of negative comp sales, a development that has drawn fresh scrutiny over valuation. New restaurant openings, a record 334 during the year bringing the total to 4,042 company-owned locations, were the primary engine keeping revenue growth positive. Restaurant-level operating margin contracted to 23.4% from 24.8%, reflecting wage inflation and softer volumes. <a href="https://247wallst.com/investing/2026/02/03/chipotle-live-complete-coverage-of-cmgs-q4-earnings/">Full coverage of the results</a> details CEO Scott Boatwright's five-pillar "Recipe for Growth" strategy, as management guided 2026 comparable sales to approximately flat with 350 to 370 new restaurant openings planned.

Key Takeaways
  • New restaurant openings drove revenue growth of 4.9% in Q4 and 5.4% for full year
  • Gift card breakage revenue of $27.0 million in Q4, a $19.1 million increase year over year
  • Menu price increases partially offset food cost inflation
  • Lower general and administrative expenses due to reduced stock-based compensation, performance bonuses and legal reserves
  • Digital sales represented 37.2% of Q4 food and beverage revenue

“Through our proven business model, prudent investments in operational excellence and the support of a strong balance sheet, 2025 was a year of progress and resilience for Chipotle. Against a dynamic consumer backdrop, we opened a record number of restaurants globally and grew Q4 and full year revenue.”

Chipotle Mexican Grill CEO, on the earnings call

Forward Guidance & Outlook

For 2026, management anticipates full year comparable restaurant sales to be approximately flat. The company expects 350 to 370 new restaurant openings, including 10 to 15 international partner-operated restaurants, with around 80% of company-owned restaurants including a Chipotlane. The estimated underlying effective full year tax rate is expected to be between 24% and 26% before discrete items.

CMG YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$900.0M$1.8B$2.7B$2.8B$3.0BRevenue$415.7M$420.3MOperating Income$331.8M$330.9MNet Income
$0$900.0M$1.8B$2.7BRevenueOperating IncomeNet Income

CMG Revenue by Segment

Food and Beverage$3.0B
Delivery Service$14.3M

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