Chipotle Q4 Beat Masks Traffic Declines as 2026 Outlook Turns Flat

Chipotle beat Q4 estimates with $2.98B in revenue and 25c per-share adjusted earnings, but traffic fell 3.2% and same-store sales declined 2.5% for the quarter, contributing to a 2025 full-year SSS decline of 1.7% (the first since 2016). For 2026, management projects flat same-store-sales growth and plans to open 350–370 new restaurants (including 10–15 international). With shares down about 33% over the past year and a ~$51B market value, the company is leaning into menu innovations (like protein cups) and slower price hikes to attract price-conscious and high-income customers, signaling a cautious outlook amid shifting consumer trends.