CHIPOTLE MEXICAN GRILL (CMG) Company Report

TSX has approved an amendment to CMG’s NCIB, increasing the maximum repurchase from 4,136,475 shares (5% of outstanding) to 4,791,369 shares (10% of public float), effective February 26, 2026.
The NCIB, active from November 14, 2025 to November 13, 2026, has seen 3,031,900 shares repurchased as of February 20, 2026.
Daily purchases are capped at 53,297 shares (25% of the six-month average daily volume of 213,191 shares) except for permitted block trades.
CMG believes share repurchases will help align market price with intrinsic value and boost remaining shareholders’ equity interest.

Feb 23, 2026, 9:03 PM

Press Release

Chipotle reports Q4 2025 earnings and 2026 guidance

CMG

Earnings

Guidance Update

Share Buyback

Q4 sales rose 4.9% to $3.0 billion with comparable restaurant sales down 2.5%, digital channels representing 37.2% of sales, and adjusted EPS flat at $0.25.
Full-year 2025 revenue grew 5.4% year-over-year (comps down 1.7%), adjusted EPS increased 4.5% to $1.17, and the company opened 334 new restaurants.
For 2026, Chipotle expects full-year comparable sales to be flat, with Q1 comps of –1% to –2%, pricing to contribute ~70 bps versus mid-single-digit inflation, and early-year margin headwinds.
In Q4, the company repurchased $742 million of stock at an average price of $34.14, totaling $2.4 billion in 2025, with $1.7 billion remaining under its buyback authorization.

Feb 3, 2026, 9:30 PM

Transcript

Chipotle reports Q4 2025 results

CMG

Earnings

Guidance Update

Share Buyback

2025 full-year revenue rose 5.4% YoY (comps –1.7%), and adj. diluted EPS increased 4.5% to $1.17; opened 334 company-owned and 11 international partner restaurants
Q4 sales grew 4.9% to $3.0 B (comps –2.5%), with digital at 37.2%, restaurant-level margin of 23.4% (–140 bps), and adj. EPS of $0.25; added 132 restaurants (97 company, 7 partners)
2026 guidance: full-year comps ~flat; Q1 pricing to add ~70 bps vs mid-single-digit inflation; Q1 cost of sales mid-30%, labor high-25%, marketing mid-3%, and non-GAAP G&A ~$203 M
Balance sheet & buyback: $1.3 B cash, no debt; repurchased $742 M in Q4 (avg $34.14) and $2.4 B in 2025 (avg $42.54); $1.7 B remaining under $1.8 B authorization
Strategic initiatives: rolling out high-efficiency equipment to boost throughput (350 stores now, 2,000 by YE), launching high-protein menu & LTOs, and global expansion with a record 345 new restaurants (+9% growth)

Feb 3, 2026, 9:30 PM

Transcript

Chipotle announces Q4 and FY 2025 results

CMG

Earnings

Share Buyback

Chipotle reports Q4 2025 revenue of $3.0 B (+4.9% YoY), comparable restaurant sales down 2.5%, and adjusted EPS of $0.25.
For FY 2025, revenues reached $11.9 B (+5.4% YoY), comps declined 1.7%, and adjusted EPS was $1.17.
Opened 132 company-owned restaurants in Q4 (total 334 in 2025), driving record expansion with over 4,000 locations globally.
Returned capital via $742 M share buyback in Q4 (avg. price $34.14) and $2.4 B for the year; ended 2025 with $1.3 B cash and no debt.

Feb 3, 2026, 9:30 PM

Presentation

Chipotle reports Q4 2025 results

CMG

Earnings

Guidance Update

Full-year 2025 revenue grew 5.4% year-over-year, with comparable sales down 1.7%, and adjusted diluted EPS of $1.17 (+4.5% yoy); opened a record 334 new company-owned and 11 international partner-operated restaurants.
Q4 2025 sales reached $3.0 billion (+4.9%), with a comp sales decline of 2.5%, digital sales at 37.2%, restaurant-level margin of 23.4% (−140 bps yoy), and adjusted EPS of $0.25.
Added 334 new company-owned restaurants (surpassing 4,000 total in North America) and 11 partner-operated units in 2025; Canada openings rose 38% and scaling in Europe and the Middle East continues.
2026 guidance calls for flat full-year comparable sales, a pricing impact of ~70 bps vs. inflation approaching mid-single digits in Q1, and continued investments in menu innovation, technology upgrades, rewards program enhancement, and global expansion.

Feb 3, 2026, 9:30 PM

Transcript

Chipotle announces Q4 2025 results

CMG

Earnings

Guidance Update

Chipotle reported Q4 total revenue of $3.0 billion (+4.9% YoY) with comparable restaurant sales down 2.5%
Q4 operating margin was 14.1% (vs. 14.6%) and restaurant-level margin was 23.4% (vs. 24.8%)
Q4 diluted EPS was $0.25 (+4.2% YoY); adjusted diluted EPS remained $0.25
Full-year 2025 revenue was $11.9 billion (+5.4% YoY); full-year diluted EPS was $1.14 (+2.7%) and adjusted EPS was $1.17 (+4.5%)
For 2026, the company expects flat comparable sales, 350–370 new restaurants, and an effective tax rate of 24–26%

Feb 3, 2026, 9:10 PM

8-K

Chipotle stock down 34% amid expansion plans

CMG

Management Change

New Projects/Investments

Demand Weakening

Leadership changes: executive departures were dated January 13, 2026, with interim marketing leadership and menu/loyalty initiatives stabilizing execution.
Analyst forecasts: investors expect Q1 revenue of $2.96–2.97 billion and $0.24 EPS, implying a modest earnings decline despite revenue growth.
Demand outlook: Oppenheimer projects comparable-store sales to decline ~3% YoY this quarter, though with minimal risk to restaurant-level margins.
Expansion plan: management aims to open 350–370 new restaurants in FY 2026, underpinning long-term unit growth but potentially pressuring margins.
Valuation view: a model assuming 8.8% revenue growth, 16.4% operating margins, and a 33.0x exit multiple yields a $52.82 target (~37% upside) versus current trading below $39.

Feb 2, 2026, 5:08 PM

Bloomberg

Chipotle opens 4,000th restaurant in Kansas

CMG

Guidance Update

New Projects/Investments

Chipotle inaugurated its 4,000th restaurant in Manhattan, Kansas, marking a key rollout milestone for the brand.
Since 2017, restaurant count has risen from ~2,300 to 4,000, a 70% increase over eight years.
Company plans to open 315–345 new locations in 2025 (≥80% with Chipotlane) and 350–370 in 2026 (including 10–15 international partner sites).
International footprint exceeds 100 restaurants (75 Canada, 28 Europe, 11 Middle East); first Chipotlane outside North America launched in Kuwait, with expansion deals in Mexico, South Korea and Singapore set for 2026.

Dec 12, 2025, 12:53 PM

Press Release

CMG announces Normal Course Issuer Bid

CMG

Share Buyback

Computer Modelling Group Ltd. (TSX: CMG) has launched a 12-month NCIB to repurchase up to 4,136,475 common shares (5% of its outstanding shares as of November 3, 2025) from November 14, 2025, to November 13, 2026.
Daily purchases are capped at 53,297 shares (25% of its six-month average daily trading volume of 213,191 shares), excluding permitted block trades.
All repurchased shares will be acquired on the TSX or alternative Canadian trading systems at market prices and will be cancelled, increasing the equity interest of remaining shareholders.
The NCIB is supported by an automatic share purchase plan pre-cleared by the TSX to allow repurchases during blackout periods, reflecting the Board’s view that the market price may not fully reflect CMG’s value.