Chipotle posts US$3B Q42025 revenue despite 2.5% drop in comparable sales

GLOBAL – Chipotle Mexican Grill reported a mixed fourth quarter for 2025, with total revenue rising 4.9% year-over-year to US$3.0 billion amid a 2.5% decline in comparable restaurant sales.

Net income saw a slight decrease to US$330.9 million from US$331.8 million a year prior, as profitability margins narrowed under pressure from declining customer traffic.

New Openings Drive Growth Amid Traffic Headwinds

The quarterly revenue increase was propelled primarily by aggressive expansion, not existing store performance.

Chipotle opened 132 new company-owned restaurants in Q4, 97 of which featured the brand’s signature Chipotlane drive-through format.

This expansion, along with a one-time US$27 million gift card breakage revenue benefit, offset the core challenge: a 3.2% drop in transactions at established locations.

Consequently, while total sales grew, restaurant-level operating margin contracted to 23.4% from 24.8% in the prior year.

Full-Year 2025: Digital Strength and a Shift in Customer Behavior

For the full fiscal year 2025, total revenue reached US$11.9 billion, a 5.4% increase, while net income was US$1.54 billion.

Comparable restaurant sales fell 1.7% for the year, driven by a 2.9% decline in transactions.

This was partially offset by a 1.2% rise in average check, indicating fewer visits but higher spending per customer.

Digital sales remained a critical pillar, accounting for 36.7% of total food and beverage revenue, underscoring the enduring importance of off-premise channels.

The company opened 334 new restaurants globally for the year, 257 of which included a Chipotlane.

2026 Outlook Focuses on Unit Growth and Stabilization

Looking ahead, Chipotle’s guidance for 2026 reflects a strategy focused on unit economics and stabilization.

Management expects comparable restaurant sales to be roughly flat for the year, following the 2025 decline. The growth engine will remain physical expansion, with plans to open 350 to 370 new restaurants, approximately 80% of which will include a Chipotlane.

CEO Scott Boatwright characterized 2025 as a year of “progress and resilience,” highlighting investments in operational excellence.

The coming year’s plan suggests a calibrated approach: continuing to leverage the highly successful Chipotlane format to capture convenience-driven demand while aiming to halt the erosion of in-store traffic through operational improvements.

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