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Mar 31, 2025
Chipotle Q1 2025 Earnings Report
Chipotle reported steady revenue growth in Q1 2025 despite a slight decline in comparable restaurant sales.
Key Takeaways
Chipotle saw a 6.4% increase in total revenue driven by new restaurant openings, though comparable sales dipped slightly. Net income rose year-over-year, and digital sales remained a strong contributor.
Revenue grew to $2.9 billion, up from $2.7 billion last year.
EPS reached $0.28, with adjusted EPS at $0.29.
57 new restaurants opened, 48 with Chipotlanes.
Digital sales accounted for 35.4% of food and beverage revenue.
Revenue by Geographic Location
Forward Guidance
Chipotle expects modest comparable sales growth and plans to continue expansion with most new locations featuring Chipotlanes.
Positive Outlook
- 315 to 345 new restaurants expected in 2025
- Over 80% of new locations to include Chipotlanes
- Ongoing investment in digital and operational innovation
- Menu price increases and supply chain benefits support margins
- Strong balance sheet with $874.7M in remaining repurchase authorization
Challenges Ahead
- Low single-digit growth in comparable sales expected
- Continued headwinds from consumer spending slowdown
- Higher food and labor costs, especially in California
- Slight decline in restaurant operating margin
- Forecasted effective tax rate between 25% and 27%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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