Chipotle Mexican Grill said comparable restaurant sales decreased 0.4% for the 3 months ended March 31, 2025. It said the decrease was attributable to lower transactions of 2.3%, which was offset by a 1.9% increase in average check.

1. 01

   Chipotle Mexican Grill said comparable restaurant sales decreased 0.4% for the 3 months ended March 31, 2025. It said the decrease was attributable to lower transactions of 2.3%, which was offset by a 1.9% increase in average check.

2. 02

   The company said food, beverage and packaging costs as a percentage of total revenue increased 0.4%, labor costs increased 0.6%, occupancy costs increased 0.2% and other operating costs increased 0.1% for the 3 months ended March 31, 2025, compared to the 3 months ended March 31, 2024.

3. 03

   Chipotle estimated that tariffs enacted in April 2025 will increase food, beverage and packaging costs by about 50 basis points on an ongoing basis. Due to goods imported prior to the enactment of tariffs, the company anticipated a 20 basis points increase in food, beverage and packaging costs during Q2 2025 relating to tariffs.

4. 04

   The company said cash provided by operating activities was $557.1 million for the 3 months ended March 31, 2025, compared to $569.2 million for the prior-year period, and cash used in financing activities was $585.2 million, compared to $100.1 million for the prior-year period. It cited increased repurchases of common stock of $526.8 million as the primary factor in the change in financing activities.

Key figures

Quarter ended March 31, 2025

Revenue

$2.9B

Operating income

$479M

Net income

$387M

EPS

$0.28

Operating cash flow

$557M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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