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Chipotle Mexican Grill

CMG Q4 2025 Earnings

Reported Feb 3, 2026 at 4:10 PM ET · SEC Source

Q4 25 EPS

$0.25

BEAT +4.73%

Est. $0.24

Q4 25 Revenue

$2.98B

BEAT +0.62%

Est. $2.97B

vs S&P Since Q4 25

-15.5%

TRAILING MARKET

CMG -10.5% vs S&P +5.0%

Full Year 2025 Results

FY 25 EPS

$1.14

MISS 1.39%

Est. $1.16

FY 25 Revenue

$11.93B

BEAT +0.15%

Est. $11.91B

Market Reaction

Did CMG Beat Earnings? Q4 2025 Results

Chipotle Mexican Grill closed out 2025 on a note of cautious resilience, posting Q4 earnings per share of $0.25 against a consensus estimate of $0.24, a 4.73% beat, while revenue of $2.98 billion edged past expectations by 0.62% and grew 4.9% year ov… Read more Chipotle Mexican Grill closed out 2025 on a note of cautious resilience, posting Q4 earnings per share of $0.25 against a consensus estimate of $0.24, a 4.73% beat, while revenue of $2.98 billion edged past expectations by 0.62% and grew 4.9% year over year. The story behind the numbers, however, carried more complexity: comparable restaurant sales fell 2.5%, dragged by a 3.2% decline in transactions, making 2025 the company's first full year of negative comp sales, a development that has drawn fresh scrutiny over valuation. New restaurant openings, a record 334 during the year bringing the total to 4,042 company-owned locations, were the primary engine keeping revenue growth positive. Restaurant-level operating margin contracted to 23.4% from 24.8%, reflecting wage inflation and softer volumes. Full coverage of the results details CEO Scott Boatwright's five-pillar "Recipe for Growth" strategy, as management guided 2026 comparable sales to approximately flat with 350 to 370 new restaurant openings planned.

Key Takeaways

  • • New restaurant openings drove revenue growth of 4.9% in Q4 and 5.4% for full year
  • • Gift card breakage revenue of $27.0 million in Q4, a $19.1 million increase year over year
  • • Menu price increases partially offset food cost inflation
  • • Lower general and administrative expenses due to reduced stock-based compensation, performance bonuses and legal reserves
  • • Digital sales represented 37.2% of Q4 food and beverage revenue
24/7 Wall St

CMG YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

CMG Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“Through our proven business model, prudent investments in operational excellence and the support of a strong balance sheet, 2025 was a year of progress and resilience for Chipotle. Against a dynamic consumer backdrop, we opened a record number of restaurants globally and grew Q4 and full year revenue.”

— Scott Boatwright, Q4 2025 Earnings Press Release

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