Chipotle delivered fourth-quarter revenue of $2.98 billion, up 4.9% year-over-year, and adjusted earnings of $0.25 per share, topping consensus estimates by one cent. Comparable restaurant sales declined 2.5%, driven by a 3.2% drop in transactions that was partly offset by a 0.7% increase in average check. Despite softer traffic, these results reflected stronger consumer spending per visit and demonstrated resilience in a challenging consumer environment.

During the quarter, Chipotle opened a record 132 new restaurants, including 97 locations featuring the Chipotlane drive-thru format. Digital sales accounted for 37.2% of total food and beverage revenue, underscoring the effectiveness of the chain’s technology investments. Gift card breakage contributed $27 million to revenue, up $19.1 million year-over-year, highlighting incremental profit streams from stored-value programs.

For fiscal 2026, Chipotle projects comparable restaurant sales to be roughly flat, reflecting anticipated stabilization in traffic. The company plans to open between 350 and 370 new restaurants, with approximately 80% including a Chipotlane. Management will implement menu price increases of 1–2% to help offset rising costs and support margin preservation. The ‘Recipe for Growth’ strategy will focus on targeted promotions, limited-time offers and enhanced loyalty engagement to drive transaction growth.

In the fourth quarter, Chipotle repurchased $741.6 million of its own share capital, leaving $1.7 billion available under the current buyback authorization. Restaurant-level operating margin stood at 23.4%, reflecting continued pressure from inflationary labor and supply costs. The company expects margins to remain under pressure in 2026, with pricing actions and operational efficiencies deployed to narrow the gap between expense headwinds and menu price increases.