Overview
- Third-quarter revenue was $3.0 billion versus slightly higher estimates, adjusted EPS matched at $0.29, and comparable sales rose 0.3% on a 1.1% higher average check as transactions fell 0.8% for a third straight quarter.
- Chipotle now guides full-year comparable sales to a low-single-digit decline in 2025, with operating margin narrowing to about 15.9% from 16.9% on higher beef and chicken costs influenced by U.S. import levies on beef.
- Shares dropped roughly 17% to 19% in premarket trading after the outlook cut, and several analysts lowered price targets.
- Executives said reduced visit frequency is concentrated among customers ages 25–35 and households under $100,000 in income, and they emphasized the company will avoid broad discounting while prioritizing menu, marketing, digital and in-restaurant execution.
- Despite the near-term pressure, Chipotle plans 350 to 370 openings in 2026, including 10 to 15 partner-operated international locations.