Chipotle Mexican Grill, Inc. has announced its financial results for the third quarter of 2025. Chipotle reported a 15.2% increase in total revenue, reaching $2.7 billion. Comparable restaurant sales grew 0.3%.
Chipotle Reports Rise in Revenue
New restaurant openings helped lift third-quarter revenue to $2.7 billion, a 15% increase year-over-year. The company said the menu price adjustments and steady traffic growth are the reasons for the improvement.
“While we continue to see persistent macroeconomic pressures, our extraordinary value proposition and brand strength remain strong,” said Scott Boatwright, Chief Executive Officer, Chipotle.
“Our best-in-class teams are focused on doubling down on restaurant execution, sharpening our marketing message, accelerating menu innovation, and creating more engaging digital experiences to ensure we emerge stronger and get back to driving positive transaction growth,” Boatwright added.
Profitability Strengthens as Margin Expands to 25.2%
The restaurant-level operating margin has seen a slight increase of 25.2%, up from 24.5% a year ago. Higher sales and lower costs of avocados contributed to the rise. Lower avocado costs helped offset rising prices for other ingredients, including beef.
Chipotle also noted in its announcement that the labor costs increased slightly. The increase was driven by wage inflation and staffing investments for new restaurant openings and operational consistency.
Net income for the third quarter was reported to be $382.1 million, or $0.29 per diluted share, in comparison to $387.4 million, or $0.28 per diluted share, reported in the third quarter of 2024.
During the third quarter of 2025, the company repurchased $686.5 million of stock at an average price per share of $42.39.
Chipotle Reaffirms Full-Year 2025 Outlook
Chipotle opened 68 new restaurants in the third quarter, supporting its ongoing growth plans. Of these, 58 included Chipotlanes, the company’s drive-thru digital order pick-up lanes.
The company reaffirmed its full-year 2025 outlook, projecting 315 to 345 new restaurant openings. More than 80% company-owned restaurants will have a Chipotlane by 2026. Chipotle also guided the remainder of 2025 and early 2026.
The company expects an underlying effective full-year tax rate between 25% and 27%, excluding discrete items. Looking ahead, management anticipates 350 to 370 new restaurant openings in 2026, which will include 10 to 15 international partner-operated locations.
Rising student loan payments, slow wage growth, and higher health insurance costs have kept younger consumers from dining out, including at Chipotle.
