NEWPORT BEACH, Calif., (February 11, 2025) -- Chipotle Mexican Grill, Inc. (NYSE: CMG) has reported financial results for its fourth quarter and fiscal year ended December 31, 2024.
Fourth quarter highlights, year over year:
- Total revenue increased 13.1% to $2.8 billion
- Comparable restaurant sales increased 5.4%
- Operating margin was 14.6%, an increase from 14.4%
- Restaurant-level operating margin was 24.8%1, a decrease from 25.4%1
- Diluted earnings per share was $0.24, a 20.0% increase from $0.202
- Adjusted diluted earnings per share was $0.251, a 19.0% increase from $0.211, 2
- Opened 119 company-owned restaurants with 95 locations, including a Chipotlane, and one internationally licensed restaurant
Full-year 2024 highlights, year over year:
- Total revenue increased 14.6% to $11.3 billion
- Comparable restaurant sales increased 7.4%
- Operating margin was 16.9%, an increase from 15.8%
- Restaurant-level operating margin was 26.7%1, an increase from 26.2%1
- Diluted earnings per share was $1.11, a 24.7% increase from $0.892
- Adjusted diluted earnings per share was $1.121, a 24.4% increase from $0.901, 2
- Opened 304 company-owned restaurants with 257 locations, including a Chipotlane, and three internationally licensed restaurants
"Chipotle had another outstanding year, delivering strong transaction driven comps each quarter, expanding margins, adding over 300 new restaurants, gaining momentum in key industry leading brand metrics, making progress on many restaurant operating initiatives and building our footprint internationally," said Scott Boatwright, CEO, Chipotle. "I want to make sure that as we continue to scale Chipotle, everything we do is in service of our guests or those who serve our guests which will enable us to achieve our long-term ambitious goals of reaching 7,000 restaurants in North America, growing our AUVs beyond $4 million, expanding margins and making progress toward becoming a global iconic brand."
Chipotle first introduced the Chipotlane format in the U.S. in early 2018, allowing guests and delivery drivers to pick up their Chipotle orders without leaving their cars. New restaurant openings that feature the digital order pick-up lane have demonstrated higher volumes and greater returns than a traditional Chipotle restaurant format. On average, it takes guests less than 30 seconds to complete the Chipotlane process.
Chipotle is building a real estate pipeline that will allow it to accelerate new unit growth to 8% to 10% per year, with the majority of new restaurants featuring a Chipotle. Chipotle anticipates opening 315 to 345 new restaurants in 2025, with at least 80% featuring a Chipotle.
The 1,000th Chipotlane opened in the Kansas City metro area on Thursday, November 21, 2024.