Chipotle (CMG) Q3 2025 earnings

Chipotle Mexican Grill On Wednesday, it reported quarterly revenue that fell short of expectations and cut its same-store sales forecast for the third straight quarter.

Chipotle expects full-year same-store sales to shrink by a low-single-digit percentage in fiscal 2025. That’s a big change from February, when the burrito chain was expecting same-store sales to grow by a low- to mid-single-digit percentage.

CEO Scott Boatwright said the company is seeing “continued macroeconomic pressures.” Traffic fell 0.8%, the third straight quarter of decline.

After the chain outpaced the broader restaurant industry in 2024, the sluggish consumer environment finally hit its restaurants this year. Chipotle’s customer base skews high income, so it was insulated from the decline in spending from lower-income consumers that the fast food chains reported last year.

Here’s what the company reported compared to what Wall Street was expecting, based on a survey of analysts conducted by LSEG:

• EPS: It was revised 29 cents, in line with expectations
• profit: $3 billion versus $3.03 billion expected

Shares of the restaurant chain rose slightly in extended trading.

Chipotle reported third-quarter net income of $382.1 million, or 29 cents per share, down from $387.4 million, or 28 cents per share, a year earlier.

Excluding minor adjustments to stock-based compensation awards and other items, the burrito chain still earned 29 cents per share.

Net sales It rose 7.5% to $3 billion, supported by new restaurants. The company has opened 84 company-operated locations and two global franchised stores.

Chipotle’s same-store sales rose 0.3% in a reversal from last quarter’s decline. But the growth in sales at restaurants open at least a year came from a 1.1% increase in average checks, as traffic declined.

To revitalize traffic growth, Chipotle is focusing on execution, marketing, digital experience and menu innovation within the restaurant, according to Boatwright.

Looking ahead to 2026, Chipotle expects it will open between 350 and 370 new locations. This goal includes between 10 and 15 international restaurants managed by partners, as the company aims to expand globally. Last month, Chipotle announced a joint venture with SPC Group, a Korea-based restaurant operator. It also signed development agreements with operators in the Middle East and Latin America.