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CMG
CMG Chipotle (CMG) Q2 FY25 earnings call
Chipotle navigated a challenging Q2 FY25 with a 4% comparable sales decline, but saw momentum build in June and July due to strategic marketing and operational improvements. The company is focused on enhancing its value proposition, accelerating new unit growth, and leveraging technology to drive future mid-single-digit comps and AUVs above $4 million, despite near-term consumer volatility and a revised flat full-year comp outlook.
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CMG operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | This call Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| New restaurants opened | 119Adjusted diluted EPS was $0.25, representing 19% growth over last year, and we opened 119 restaurants, including 95 Chipotlanes.Source: earnings call transcript | 57And we opened 57 new restaurants, including 48 Chipotlanes.Source: earnings call transcript | 61And we opened 61 new restaurants, including 47 Chipotlanes.Source: earnings call transcript | 84And we opened 84 new restaurants, including 64 Chipotlane.Source: earnings call transcript | 132And we opened 132 new restaurants, including 97 Chipotlanes as well as 7 additional partner-operated restaurants.Source: earnings call transcript | 49And we opened 49 new restaurants, including 42 for Chipotle.Source: earnings call transcript | 101Adjusted diluted earnings per share was $0.33, flat to last year, and we opened 101 new restaurants, including 80 Chipotlanes and 1 international partner-operated restaurant.Source: earnings call transcript | +106.1% |
| New restaurants opened Chipotlanes | 95Adjusted diluted EPS was $0.25, representing 19% growth over last year, and we opened 119 restaurants, including 95 Chipotlanes.Source: earnings call transcript | 48And we opened 57 new restaurants, including 48 Chipotlanes.Source: earnings call transcript | 47And we opened 61 new restaurants, including 47 Chipotlanes.Source: earnings call transcript | 64And we opened 84 new restaurants, including 64 Chipotlane.Source: earnings call transcript | 97And we opened 132 new restaurants, including 97 Chipotlanes as well as 7 additional partner-operated restaurants.Source: earnings call transcript | β | 80Adjusted diluted earnings per share was $0.33, flat to last year, and we opened 101 new restaurants, including 80 Chipotlanes and 1 international partner-operated restaurant.Source: earnings call transcript | β |
| Restaurants Canada | 55Shifting to outside the US We now have 85 international restaurants, including 55 in Canada, 27 in Europe and 3 in the Middle East.Source: earnings call transcript | β | 61We now have 61 restaurants in Canada.Source: earnings call transcript | β | β | β | β | β |
| Restaurants Europe | 27Shifting to outside the US We now have 85 international restaurants, including 55 in Canada, 27 in Europe and 3 in the Middle East.Source: earnings call transcript | β | β | β | β | 29We now have 29 restaurants across Europe and anticipate at least one additional opening in Frankfurt this year.Source: earnings call transcript | β | β |
| Restaurants Middle East | 3Shifting to outside the US We now have 85 international restaurants, including 55 in Canada, 27 in Europe and 3 in the Middle East.Source: earnings call transcript | 5We now have 5 restaurants open, including 3 in Kuwait and 2 in Dubai.Source: earnings call transcript | β | 7In the Middle East, we opened 2 partner-operated restaurants with the Alshaya Group bringing our total to 7 restaurants including our first in Qatar.Source: earnings call transcript | 14We opened 7 more partner-operated restaurants in the fourth quarter and 11 for the year with a total of 14 restaurants in the region.Source: earnings call transcript | β | 15We had -- our partnership started just a couple of years ago, and we're already at 15 restaurants with Alshaya across 3 or 4 different countries.Source: earnings call transcript | β |
| Employees | 130KI want to thank our 130,000 employees for your hard work last year.Source: earnings call transcript | β | β | β | β | β | <140KTo close, I want to thank our nearly 140,000 employees for their hard work and commitment to delivering real hospitality in every restaurant every day.Source: earnings call transcript | β |
| Restaurants Kuwait | 2And so we have 3 restaurants opened, 2 in Kuwait, 1 in Dubai.Source: earnings call transcript | 3We now have 5 restaurants open, including 3 in Kuwait and 2 in Dubai.Source: earnings call transcript | β | β | β | β | β | +50% |
| Restaurants Dubai | 1And so we have 3 restaurants opened, 2 in Kuwait, 1 in Dubai.Source: earnings call transcript | 2We now have 5 restaurants open, including 3 in Kuwait and 2 in Dubai.Source: earnings call transcript | β | β | β | β | β | +100% |
| New restaurants opened Middle East | β | 2In the Middle East, we opened 2 more restaurants with the Alshaya Group in February.Source: earnings call transcript | β | 2In the Middle East, we opened 2 partner-operated restaurants with the Alshaya Group bringing our total to 7 restaurants including our first in Qatar.Source: earnings call transcript | 7We opened 7 more partner-operated restaurants in the fourth quarter and 11 for the year with a total of 14 restaurants in the region.Source: earnings call transcript | β | β | +250% |
| New restaurants opened US and Canada | β | β | 61In the US and Canada, we opened 61 new restaurants, which marked a record for the second quarter.Source: earnings call transcript | β | β | 49In the US and Canada, we opened 49 new restaurants in the first quarter and remain on track to open around 350 for the full year, with approximately 80%, including in Chipotle.Source: earnings call transcript | β | β |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.