Chipotle Mexican Grill, Inc. operates a chain of restaurants that primarily serve a menu of burritos, burrito bowls, quesadillas, tacos, and salads, all made using fresh, high-quality ingredients without artificial colors, flavors, or preservatives . As of December 31, 2023, Chipotle owned and operated 3,371 restaurants in the United States and 66 international locations . The company's revenue is derived from sales at these restaurants, with digital sales accounting for a significant portion; in 2023, 37.4% of food and beverage revenue came from digital orders, including third-party delivery and customer pickup . Chipotle's total revenue for 2023 was $9.9 billion, a 14.3% increase from the previous year, with comparable restaurant sales increasing by 7.9% . The company also emphasizes its commitment to sustainability and ethical sourcing, aligning with its mission to "Cultivate a Better World" .
- Restaurant Sales - Operates a chain of restaurants offering a menu of burritos, burrito bowls, quesadillas, tacos, and salads.
- Digital Sales - Provides digital ordering options, including third-party delivery and customer pickup, contributing significantly to overall sales.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Adam Rymer Executive | Chief Financial Officer (CFO) | None. | Joined CMG in 2009; promoted to CFO on October 1, 2024. Played a critical role in CMG's financial strategy and growth, contributing to its expansion to over 3,500 restaurants globally. | |
Chris Brandt Executive | Chief Brand Officer | None. | Joined CMG in 2018; oversees branding, marketing, real estate, and development. Key achievements include the success of the Chipotlane format. | |
Curt Garner Executive | Chief Customer and Technology Officer | None. | Joined CMG in 2015 as Chief Information Officer; promoted to Chief Customer and Technology Officer. Leads digital experience, product design, and analytics. | |
Jamie McConnell Executive | Chief Accounting and Administrative Officer | None. | Joined CMG in 2018; promoted to Chief Accounting and Administrative Officer on October 1, 2024. Oversees corporate accounting, financial reporting, and administrative functions. | |
Scott Boatwright Executive | Chief Executive Officer (CEO) | Board Member at Academy Sports and Outdoors, Inc.; Member of National Restaurant Association's Fast Casual Industry Council. | Joined CMG in 2017 as Chief Restaurant Officer; became CEO in November 2024 after serving as Interim CEO. Key achievements include operational excellence and growth leadership. | View Report → |
Albert Baldocchi Board | Director | Financial consultant and strategic advisor for private companies. | Director at CMG since 1997; extensive experience in investment banking and advising high-growth companies. | |
Gregg Engles Board | Director | Founder and Managing Partner of Capitol Peak Partners LLC; Board Member at Liberty Broadband Corporation. | Director at CMG since 2020; extensive leadership experience, including as CEO of Borden Dairy Company and The WhiteWave Foods Company. | |
Laura Fuentes Board | Director | EVP and Chief Human Resources Officer at Hilton Worldwide Holdings Inc.; Board Member at Make-a-Wish Mid-Atlantic and Arlington Free Clinic. | Director at CMG since 2023; brings expertise in global hospitality, people leadership, and diversity and inclusion. | |
Mary Winston Board | Director | Board Member at Acuity Brands, TD Bank Group, and Northrop Grumman Corporation. | Director at CMG since 2020; former CFO of Family Dollar Stores and interim CEO of Bed Bath & Beyond. Brings expertise in financial management and corporate governance. | |
Matthew Carey Board | Director | EVP of Customer Experience at The Home Depot. | Director at CMG since 2021; extensive experience in technology and customer experience from roles at The Home Depot, eBay, and Walmart. | |
Mauricio Gutierrez Board | Director | Board Member at Electric Power Supply Association, CECP, and Drexel University. | Director at CMG since 2021; former CEO of NRG Energy, with expertise in energy markets, corporate strategy, and operations. | |
Patricia Fili-Krushel Board | Director | Director at Dollar General Corporation and Reddit, Inc.; Chair of the Board at Coqual. | Director at CMG since 2019; extensive leadership experience in global businesses, talent management, and organizational culture. | |
Robin Hickenlooper Board | Director | SVP of Corporate Development at Liberty Media Corporation; Board Member at Sirius XM Holdings Inc.. | Director at CMG since 2016; extensive experience in corporate development and strategic planning. | |
Scott Maw Board | Chairman of the Board | Board Member at Avista Corporation and Alcon Inc.; Trustee at Gonzaga University. | Joined CMG's Board in 2019; previously EVP and CFO at Starbucks. Brings expertise in finance, accounting, and corporate governance. |
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Despite efforts to improve throughput, you've mentioned that only 60% of restaurants have the expo position properly deployed during peak times due to challenges like crew members handling prep work instead; what specific strategies are you implementing to ensure consistent execution of the four pillars of throughput across all locations, and how will you address the issue of prep tasks interfering with peak-time operations?
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With investments in technology like the dual-sided plancha and the produce slicer aimed at improving efficiency and employee experience, how do you anticipate these innovations will impact restaurant-level margins in the near term, and can you provide a timeline for when you expect to see a meaningful return on these investments?
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Given your success in Canada and the appointment of Anat Davidzon to lead Western Europe, what are the key obstacles preventing you from accelerating unit growth in Europe now, and how soon do you expect to begin significant expansion in that market to capitalize on the potential of opening hundreds or even thousands of restaurants?
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While you have expressed confidence in new restaurant performance, noting year two ROI is holding steady, recent data suggests new unit productivity is in the low 80% range; what factors are contributing to this level of productivity, and what actions are you taking to enhance new unit performance and drive higher returns on your restaurant expansions?
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You indicated that after the FAST Act price increase, there was a noticeable weakness in sales in California, mirroring broader industry trends in response to inflation; how are you planning to mitigate the impact of such regulatory-driven cost increases on consumer demand, and what adjustments might you make to your pricing or value proposition to sustain traffic and sales growth in affected regions?
Research analysts who have asked questions during CHIPOTLE MEXICAN GRILL earnings calls.
Andrew Charles
TD Cowen
4 questions for CMG
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David Palmer
Evercore ISI
4 questions for CMG
David Tarantino
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Lauren Silberman
Deutsche Bank
4 questions for CMG
Sara Senatore
Bank of America
4 questions for CMG
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3 questions for CMG
Dennis Geiger
UBS
3 questions for CMG
Hyun Jin Cho
Goldman Sachs
3 questions for CMG
John Ivankoe
JPMorgan Chase & Co.
3 questions for CMG
Sharon Zackfia
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Brian Bittner
Oppenheimer & Co.
2 questions for CMG
Jon Tower
Citigroup
2 questions for CMG
Chris O'cull
Stifel Financial Corp
1 question for CMG
Christine Cho
Goldman Sachs Group
1 question for CMG
Christopher O'Cull
Stifel, Nicolaus & Company
1 question for CMG
Gregory Francfort
Guggenheim Securities
1 question for CMG
Jacob Aiken-Phillips
Melius Research
1 question for CMG
Jeffrey Bernstein
Barclays
1 question for CMG
Zachary Fadem
Wells Fargo
1 question for CMG
Recent press releases and 8-K filings for CMG.
- Chipotle launched a build-your-own family meal program priced around $8.50 per person, with a $10 first-order discount through October 21st to boost value perception.
- CEO Scott Boatwright reaffirmed the goal of returning to mid-single-digit same-store sales growth and plans to open 315–345 new restaurants this year (8–10% unit growth).
- The company is increasing share repurchases, having bought back $430 million of stock at an average basis of $50 and intends to be more aggressive in buybacks this year.
- Management will evolve its media strategy and enhance both in-restaurant and digital experiences to better communicate Chipotle’s value proposition to consumers.
- Reduced customer frequency as macro uncertainties lead regular patrons to visit 1–2 times/week down from 2–3 times/week previously.
- Maintained fast casual market share gains, despite a slowdown in May among low-income consumers; no share loss to other fast casual or QSRs.
- Menu innovations include Adobo Ranch launched in summer and upcoming dips and hot honey chicken, slated for the 2026 marketing calendar.
- Investing in operational tech: piloting an AI vision system for line efficiency and rolling out a high-efficiency equipment package (dual-sided plancha, produce slicer, dual-vat fryer, rice cooker) in 160 restaurants.
- International expansion with Alshaya in the Middle East and a Monterrey, Mexico debut in Q1–Q2 2026 via an Alsea partnership, using the same menu and supply chain.
- Chipotle delivered Q2 sales of $3.1 billion (+3% YoY) with a –4% comparable-sales decline, 27.4% restaurant-level margin, and $0.33 adjusted EPS, while opening 61 new restaurants.
- Full-year comparable sales are now expected to be flat, with a roadmap to return to mid single-digit comps, exceed $4 million average unit volumes, and grow to 7,000 restaurants in the US & Canada.
- Efficiency initiatives—including the produce slicer rollout and phased high-efficiency equipment package—are being deployed to boost throughput, consistency, and back-of-house productivity.
- Summer marketing (“Summer of Extras”), LTOs like Honey Chicken and Adobo Ranch, plus digital enhancements that grew active loyalty members to 20 million, helped reaccelerate transactions in June and July.
- Jason Kidd has been appointed as Chief Operating Officer, effective May 19, 2025.
- He will oversee operations for nearly 3,800 restaurants and report directly to CEO Scott Boatwright.
- His compensation package includes a $675,000 annual base salary, a $150,000 signing bonus, and approximately $3,000,000 in equity awards.
- This move accompanies a broader leadership transition where President and Chief Strategy Officer Jack Hartung steps down and transitions to a senior advisor role effective June 1, 2025.
- Chipotle reported total revenue of $2.9 billion (+6.4%) with an operating margin of 16.7%, despite comparable restaurant sales declining by 0.4%.
- Adjusted diluted EPS improved to $0.29 (vs. a reported $0.28), underscoring enhanced profitability.
- Opened 57 new company-owned restaurants (including 48 Chipotlanes and 2 international outlets) to drive future growth.
- Repurchased $553.7 million of stock and secured further buyback authorizations, reinforcing commitment to shareholder value.
- Management is investing in operational improvements and tech innovations (e.g. Autocado, augmented digital makeline) while addressing headwinds like weather impacts and slowing consumer spending.
- Focused on global expansion with 15-20 new restaurants planned in Canada, ongoing efforts in the Middle East, and a launch in Mexico scheduled for early 2026.