Overview
- Chipotle recorded negative transactions in each quarter of 2025, resulting in a 1.7% same-store sales decline for the year.
- Quarterly traffic moved from a 4.9% drop in Q2 to a 0.8% dip in Q3, then fell 3.2% in Q4.
- Restaurant-level operating margin fell to 23.4% in Q4 2025 from 28.9% in Q2 2024, underscoring the throughput model’s sensitivity to lower volume.
- Management reports pullbacks from households earning under $100,000 and diners ages 25–35, with fewer lunch and snack visits and more spending shifting to groceries.
- The company plans a multiyear value messaging effort without broad discounts and is guiding roughly flat same-store sales for 2026 as some casual-dining chains pick up traffic.