Chipotle reported fourth‐quarter revenue of $2.98 billion, a 4.9% increase year‐over‐year, driven primarily by new restaurant openings and a $27 million contribution from gift card breakage, up $19.1 million from the prior year. Fourth‐quarter comparable restaurant sales declined 2.5%, reflecting a 3.2% decrease in transactions partially offset by a 0.7% increase in average check. Digital sales accounted for 37.2% of total food and beverage revenue, and restaurant‐level operating margin stood at 23.4%. Adjusted earnings per share were $0.25, beating consensus estimates by a penny, while the company repurchased $741.6 million of its common stock and has $1.7 billion remaining under its current buyback authorization.

During the quarter, Chipotle opened a record 132 new restaurants globally, including 97 units featuring the Chipotlane drive‐through format, underscoring management’s focus on expanding digital and off‐premise capabilities. Interim CEO Scott Boatwright highlighted results from a recent consumer research deep dive, which showed that 60% of core guests have household incomes above $100,000 and skew younger and digitally native. Based on these insights, the company plans modest menu price increases of 1% to 2% in 2026 and is testing new offerings—such as a protein snack menu, limited‐time sauces, and a proposed “Happier Hour”—to reinforce brand differentiation and drive transaction growth.

For full‐year 2026, Chipotle expects comparable restaurant sales to be about flat, projecting the opening of 350 to 370 new restaurants, with approximately 80% including a Chipotlane. Management cautioned that margins will remain under pressure due to higher operating costs, but the planned price adjustments and ongoing unit expansion are designed to offset those headwinds. The company’s ‘Recipe for Growth’ strategy prioritizes lean operations, digital innovation and menu creativity as key levers to stabilize traffic trends and sustain long‐term revenue growth.