Chipotle Mexican Grill, Inc. · NYSE:CMG
Chipotle Mexican Grill — Q4 2025 Earnings Presentation
20 slides from Chipotle Mexican Grill's earnings presentation, Feb 3, 2026
Slide 1: Q4/FY 2025 Earnings Investor Information
Q4/FY 2025 EARNINGS INVESTO R INFO RMATION
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain statements in this presentation are forward-looking statements advertising and pricing strategies, digital platform, menu innovations; as defined in the Private Securities Litigation Reform Act of 1995, our ability to achieve our planned growth, such as the costs a
Slide 3: Our Investment Thesis
OUR INVESTMENT WE ARE AN INDUSTRY LEADER BUILT ON: THESIS Extraordinary Value Proposition Anchored By Brand Strength and Customer Loyalty Food with Integrity Due to High Quality, Delicious and Real Ingredients Served Quickly at Accessible Price Points Distinct, Competitive Advantages, Grounded in Be
Slide 4: Continuously Innovating
CONTINUOUSLY INNOVATING 1993 2019 AT A GLANCE First restaurant Launch of opens in Denver Chipotle as a private “Rewards” HEADQUARTERS company 2011 program 2024 Newport Beach, CA Established Scott Boatwright “Chipotle named CEO Cultivate OUR PEOPLE Foundation” 130,000+ employees 2026 Deploying “Recip
Slide 5: Proven Track Record of Achieving Growth and Creating Value
PROVEN TRACK RECORD OF ACHIEVING GROWTH AND CREATING VALUE 2019-2025 COMPARABLE NEW RESTAURANT REVENUES NET REVENUE RESTAURANT SALES OPENINGS INCREASE* In-Store Digital +66% +1,675 +113% $11.3B $11.9B Since 2019 Since 2019 Since 2019 $9.9B $8.6B 37% 35% $7.5B 37% RESTAURANT LEVEL SHAREHOLDER RETURNS
Slide 6: Our Recipe for Sustainable Growth: Five Key Strategies
OUR RECIPE FOR SUSTAINABLE GROWTH… Drive Operational Evolve Brand Messaging and Culinary Excellence and Accelerate Menu Innovation Protect and strengthen the core & New Occasions to deliver exceptional value Drive demand to restaurants THE NEXT PHASE OF OUR GROWTH WILL BE SUPPORTED BY Cultivate the
Slide 7: To Build a Stronger & More Profitable Chipotle
…TO BUILD A STRONGER & MORE PROFITABLE CHIPOTLE Recipe for Growth Longer-Term Goals: “Recipe for Growth” is expected to position us for success in any environment WE INTEND TO: $4+ MILLION AUVs 7,000+ N.A. RESTAURANTS Grow transactions Drive accuracy, efficiency and speed RESTAURANT LEVEL GROW INTER
Slide 8: Our Marketing, Technology and Innovation Drive Results
OUR MARKETING, TECHNOLOGY AND INNOVATION DRIVE RESULTS High Efficiency Equipment Package Rollout Marketing and Rewards Program Evolution RESULTS IN: RESULTS IN: Higher “Taste of Food” and “Overall Guest Satisfaction” scores “Double Protein” promotion drove highest digital sales day Better throughput
Slide 9: Our Global Presence Underscores Our Strength
OUR GLOBAL PRESENCE UNDERSCORES OUR STRENGTH Record 345 openings and 9%+ new restaurant growth TO RON TO, ON in 2025 COMPANY – OWNED • 334 new restaurants (21 in Canada) • Surpassed 4,000 total restaurants • 38% growth YoY in Canada HIXS ON , TN • 9% growth YoY in North America • Central London and
Slide 10: Our People Make Our Success Possible
OUR PEOPLE MAKE OUR SUCCESS POSSIBLE To continue Cultivating a Better World, we need efficient, dedicated and effective team members! In 2025, 23,000 internal promotions, including 100% of Regional VP roles, over 83% of Field Leader positions and nearly 90% of restaurant management YEAR OVER YEAR WH
Slide 11: Financial Results
FINANCIAL RESULTS
Slide 12: Q4 and FY 2025 Financial Highlights
Q4 AND FY 2025 FINANCIAL HIGHLIGHTS ACHIEVED RESULTS IN DYNAMIC CONSUMER BACKDROP Q4 FY 2025 Revenue $3.0B $11.9B Sales Growth 4.9% 5.4% Comparable Restaurant Sales (2.5%) (1.7%) New Restaurant Openings (Company-Owned) 132 334 Restaurant Level Operating Margin 23.4% 25.4% Adjusted Diluted EPS $0.25
Slide 13: Our Differentiated Unit Economic Model Drives Industry Leading ROI
OUR DIFFERENTIATED UNIT ECONOMIC MODEL DRIVES INDUSTRY LEADING ROI AVERAGE RESTAURANT ECONOMIC MODEL USING FY 2025 RESULTS Average Unit Volume $3.1 million Food Costs $918k 29.6% Labor Costs $778k 25.1% Other Operating Costs $456k 14.7% Occupancy Costs $161k 5.2% Restaurant Cash Flow $787k 25.4% Q4/
Slide 14: Global New Restaurant Growth
GLOBAL NEW RESTAURANT GROWTH Global Restaurants 4,056 * 3,729 * 3,437 3,187 2,966 2,622 2,768 2019 2020 2021 2022 2023 2024 2025 +140 +161 +215 +236 +271 +307 +345 NRO’s: * Includes 3 partner-operated restaurants in 2024 and 14 partner-operated restaurants in 2025 Global Chipotlanes 1,326* 1,068 811
Slide 15: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES Dynamic strategy to further track record of returning capital to shareholders: Cash, Cash Equivalents, Restricted Cash and Investments of $1.3 BILLION* and no debt Bought back $742 MILLION Totaling a record worth of stock at an average price of $2.4 BILLION $34.14 durin
Slide 16: Our Investment Thesis
OUR INVESTMENT WE ARE AN INDUSTRY LEADER BUILT ON: THESIS Extraordinary Value Proposition Anchored By Brand Strength and Customer Loyalty • Committed to “Food with Integrity” • Continue to deliver Food with Integrity Due to High Quality, Delicious and Real exceptional value Ingredients Served Quickl
Slide 17: Appendix
APPENDIX
Slide 18: Definitions
DEFINITIONS Restaurant Level Operating Margin Average Unit Volume (“AUV”) Restaurant level operating margin is a non-GAAP financial measure Average Unit Volume represents the average trailing 12-month food and and represents total revenue less direct restaurant operating costs, beverage revenue for
Slide 19: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Q4/ FY 202 5 Investor Information PROPRIETARY INFORMAT ION · ALL RIGHT S RESERVED. CHIPOTLE MEXIC AN GRILL 19
Slide 20: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Q4/ FY 202 5 Investor Information PROPRIETARY INFORMAT ION · ALL RIGHT S RESERVED. CHIPOTLE MEXIC AN GRILL 20
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