Chipotle Mexican Grill reported a net income of $330.9m in Q4 2025, ending on 31 December 2025, down slightly from $331.8m a year earlier.
Adjusted net income also declined to $331.3m, or $0.25 per adjusted diluted share, from $340m, or $0.25 per share, in Q4 2024.
This comes as Chipotle’s comparable restaurant sales fell 2.5% in the quarter due to a 3.2% drop in transactions.
However, the restaurant chain’s fourth-quarter revenue grew 4.9% year-on-year to $3bn. The increase was driven mainly by new restaurant openings and $27m of gift card breakage revenue, up $19.1m from the prior-year period.
Profitability weakened in the quarter, with operating margin narrowing to 14.1% from 14.6% a year earlier. Restaurant-level operating margin also fell to 23.4% from 24.8%.
Its diluted earnings per share in the quarter rose to $0.25 from $0.24, a 4.2% increase year-on-year, while adjusted diluted EPS held flat at $0.25.
During Q4 2025, the company opened 132 company-owned restaurants, including 97 with a Chipotlane drive-through, and seven international partner-operated locations.
For the full year 2025, Chipotle Mexican Grill’s net income was $1.54bn, slightly higher than $1.53bn in 2024.
Total revenue for 2025 reached $11.9bn, up 5.4% year on year. Growth was primarily driven by new restaurant openings rather than improvements at existing locations.
Comparable restaurant sales also declined 1.7% in 2025. Transactions fell 2.9%, partially offset by a 1.2% increase in average check, pointing to fewer customer visits but higher spending per visit.
Digital sales continued to be a significant contributor, accounting for 36.7% of total food and beverage revenue during the year.
Over the year, the company opened 334 company-owned restaurants, including 257 outlets with a Chipotlane.
Chipotle CEO Scott Boatwright said: “Through our proven business model, prudent investments in operational excellence and the support of a strong balance sheet, 2025 was a year of progress and resilience for Chipotle.”
For 2026, management expects full-year comparable restaurant sales to be roughly flat, following the 2025 decline.
The company projects 350 to 370 new restaurant openings, including ten to 15 international partner-operated locations, with 80% of new company-owned units incorporating a Chipotlane.
