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Jun 30
Chipotle Q2 2025 Earnings Report
Chipotle reported Q2 2025 results with modest revenue growth but declining comparable sales and margins.
Key Takeaways
Chipotle delivered $3.1B in revenue, driven by new restaurant openings, but comparable sales fell 4%. Net income declined to $436.1M as operating margins compressed, though digital sales remained strong at 35.5% of revenue.
Total revenue rose 3% to $3.1B, driven by 61 new restaurant openings.
Comparable restaurant sales declined 4% due to lower transactions.
Digital sales accounted for 35.5% of total food and beverage revenue.
Net income fell to $436.1M as operating margins compressed to 18.2%.
Chipotle
Chipotle
Chipotle Revenue by Geographic Location
Revenue by Geographic Location
Total Revenue
CapyFin.com Forward Guidance
Management expects flat full-year comparable sales, 315 to 345 new restaurant openings (80% with Chipotlanes), and a tax rate of 25-27%.
Positive Outlook
- 315 to 345 new company-owned restaurant openings planned
- Over 80% of new restaurants to include Chipotlanes
- Tax rate expected between 25% and 27%
- Menu innovations and rewards program to drive engagement
- International expansion to new communities
Challenges Ahead
- Comparable restaurant sales expected to be flat for the full year
- Ingredient cost inflation, particularly steak and chicken
- Labor costs remain elevated due to lower sales volumes
- Operating margins under pressure versus prior year
- Economic uncertainty may impact consumer spending