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CMG Chipotle (CMG) Q4 FY24 earnings call
Chipotle delivered strong Q4 FY24 results, driven by transaction growth and record restaurant expansion, despite holiday volatility and lapping a successful LTO. The company is focused on operational efficiency, back-of-house modernization, and digital innovation to sustain momentum, while navigating near-term headwinds from weather, tough comps, and potential tariffs. Management aims for continued mid-single-digit comp growth and significant unit expansion.
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CMG operating KPIs by quarter
| KPI | This call Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | 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.