Chipotle Mexican Grill (CMG) Q4 2025 Earnings
How Did CMG Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −1.15%.
Did CMG Beat Earnings? Q4 2025 Results
Yes. Chipotle Mexican Grill reported Q4 2025 earnings of $0.25 a share on Feb 3, 2026, beating the $0.24 consensus estimate by 4.9%. Revenue was $3.0B against a $3.0B estimate.
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.
- 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
What Was Chipotle Mexican Grill's Outlook in Q4 2025?
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
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $3.0B | $2.8B | +4.9% |
| Operating Income | $420.3M | $415.7M | +1.1% |
| Net Income | $330.9M | $331.8M | −0.2% |
CMG Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.