Chipotle Reports Q2 2025 Revenue Growth to $3.06 Billion, Net Income Declines

Chipotle Mexican Grill, Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $3.06 billion, a 3.0% increase from $2.97 billion in the same period last year. The company's food and beverage revenue rose to $3.05 billion, up from $2.95 billion, while delivery service revenue decreased to $15.6 million from $18.2 million. Despite the revenue growth, net income for the quarter fell to $436.1 million, down from $455.7 million a year earlier, resulting in diluted earnings per share of $0.32, a decrease from $0.33.

In comparison to the previous fiscal period, Chipotle experienced a decline in comparable restaurant sales, which decreased by 4.0% due to a 4.9% drop in transactions, partially offset by a 0.9% increase in average check size. The company opened 61 new restaurants during the quarter, including 47 with Chipotlanes, bringing the total number of restaurants to 3,839 as of June 30, 2025. The company anticipates opening between 315 to 345 new locations throughout 2025, with at least 80% expected to feature Chipotlanes.

Operationally, Chipotle's digital sales accounted for 35.5% of total food and beverage revenue, reflecting a continued emphasis on digital engagement. The company reported a total of 3,750 restaurants in the U.S. and 89 international locations, with five additional licensed restaurants. The total employee headcount as of June 30, 2025, was not disclosed, but the company noted ongoing challenges in staffing due to competitive labor market conditions.

The filing also highlighted significant changes in operating costs, with food, beverage, and packaging costs increasing by 1.4% year-over-year, while labor costs rose by 5.5%. Occupancy costs increased by 11.2%, attributed to lower sales volumes and expenses associated with new restaurant openings. General and administrative expenses decreased by 1.6%, reflecting a reduction in stock-based compensation and performance bonuses.

Looking ahead, Chipotle's management expects comparable restaurant sales to remain flat for the remainder of 2025, while continuing to focus on expanding its restaurant footprint and enhancing digital sales capabilities. The company maintains a strong cash position, with $2.0 billion in cash and marketable investments, and plans to utilize cash flow for ongoing capital expenditures, share repurchases, and general corporate purposes.