Overview
- Chipotle lowered its 2025 comparable-sales outlook to a low single-digit decline, its third guidance cut this year.
- Q3 net sales were $3.0 billion with net income of $382.1 million and adjusted EPS of $0.29, with revenue slightly below forecasts.
- Same-store sales rose 0.3% on a 1.1% higher average check while transactions fell 0.8%, the third straight quarter of traffic declines.
- Shares dropped as much as 19% after the report as multiple analysts reduced price targets on concerns about demand and near-term visibility.
- Management flagged margin pressure from higher beef and chicken costs tied to new U.S. tariffs and plans slow, measured price increases in 2026, while focusing on execution, marketing, digital and menu innovation and targeting 350–370 openings next year including partner-run international sites.