🔹 Revenue: $2.88B (Est: $2.94B) 😕; UP +6.4% YoY
🔹 Adj EPS: $0.29 (Est: $0.28) 🟢; UP +7.4% YoY
🔹 Comparable Sales: DOWN -0.4% (Est: +1.74%) 🔴
🔹 Operating Margin: 16.7% (Est: 16.4%) 🟢; UP +40 bps YoY
🔹 Restaurant-Level Margin: 26.2% (Est: 25.9%) 🟢; DOWN -130 bps YoY
🔹 Average Restaurant Sales: $3.19M (Est: $3.17M) 🟢
🔹 Digital Sales Mix: 35.4% of total food & beverage revenue
FY25 Outlook
🔹 Comparable Sales Growth: Low single digits
🔹 New Restaurant Openings: 315–345 (80%+ with Chipotlanes)
🔹 Effective Tax Rate: 25%–27%
Operational Highlights
🔹 New Restaurant Openings: 57 (Est: 58.32) 🟡
◾ 48 included Chipotlane
◾ 2 were international licensed locations
🔸 Total revenue growth driven by new units despite traffic softness
🔸 Comp decline driven by -2.3% transactions, partially offset by +1.9% check growth
Cost Breakdown
🔹 Food, Beverage & Packaging: 29.2% of revenue (vs. 28.8% YoY)
🔸 Driven by inflation in avocados, dairy, chicken & protein mix
🔹 Labor Costs: 25.0% of revenue (vs. 24.4% YoY)
🔸 Higher wages, especially in California, offset menu price increases
🔹 G&A Expenses: $172.8M (vs. $204.6M YoY)
◾ Non-GAAP G&A: $160.9M (vs. $191.4M YoY)
◾ Lower due to absence of biennial conference and legal reserve decreases
Shareholder Return & Liquidity
🔹 Stock Repurchases: $553.7M @ avg. price $54.15
🔹 Remaining Authorization: $874.7M (includes new $400M approved in March)
🔸 Buyback may be modified, suspended, or discontinued at any time
CEO Commentary – Scott Boatwright
🔸 "Despite headwinds from weather and softer consumer spending, we continue to strengthen our brand and execution."
🔸 "Confident we’ll return to positive comp transactions in H2 2025 with continued investments in culinary, people, innovation, and growth."