🔹 Revenue: $3.10B (Est. $3.11B) 😐; UP +3.0% YoY
🔹 Adj. EPS: $0.33 (Est. $0.32) 😐; DOWN -2.9% YoY
🔹 Net Income: $436.1M; DOWN -4.3% YoY
🔹 Adj. Net Income: $450.4M
FY25 Guidance
🔹 Comparable Restaurant Sales: About flat YoY 🔴 (cut from low single-digit growth)
🔹 New Store Openings: 315–345 (80%+ with Chipotlane)
🔹 Effective Tax Rate: 25%–27%
Operational Performance
🔹 Comparable Restaurant Sales: DOWN -4.0% YoY
🔹 Transaction Decline: -4.9%; Avg. Check: +0.9%
🔹 Digital Sales: 35.5% of food & beverage revenue
🔹 New Restaurants Opened: 61
🔹 Chipotlane Penetration: 47 of 61 new units
Margin Metrics
🔹 Operating Margin: 18.2% (vs. 19.7% YoY) 🔴
🔹 Restaurant-Level Operating Margin: 27.4% (vs. 28.9% YoY) 🔴
🔹 Food, Beverage & Packaging Costs: 28.9% of revenue (vs. 29.4% YoY) 🟢
🔹 Labor Costs: 24.7% of revenue (vs. 24.1% YoY) 🔴
Expense Metrics
🔹 GAAP G&A Expenses: $172.2M (vs. $175.0M YoY)
🔹 Non-GAAP G&A Expenses: $159.9M (vs. $171.3M YoY)
🔹 Effective Tax Rate: 24.5% (vs. 25.0% YoY)
Capital Allocation
🔹 Share Buybacks: $435.9M at avg. $50.16/share
🔹 Remaining Repurchase Authorization: $838.8M
Management Commentary
🔸 “We are seeing momentum build as we rolled out our summer marketing initiatives and as our comparisons ease.” — CEO Scott Boatwright
🔸 “We’re optimistic that our positive momentum will continue as we support world-class people, launch new menu innovations, and expand globally.”