CHIPOTLE ANNOUNCES SECOND QUARTER 2025 RESULTS

HIGHLIGHTS RETURN TO POSITIVE COMPARABLE SALES AND TRANSACTIONS IN JUNE

Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its second quarter ended June 30, 2025.

Secondquarter highlights, year over year:

— Total revenue increased 3.0% to $3.1 billion

— Comparable restaurant sales decreased 4.0%

— Operating margin was 18.2%, a decrease from 19.7%

— Restaurant level operating margin1 was 27.4%, a decrease from 28.9%

— Diluted earnings per share was $0.32, a 3.0% decrease from $0.33

— Adjusted diluted earnings per share1 was $0.33, a 2.9% decrease from $0.34

— Opened 61 company-owned restaurants with 47 locations including a Chipotlane

“We are seeing momentum build as we rolled out our summer marketing initiatives and as our comparisons ease,” said Scott Boatwright, Chief Executive Officer, Chipotle. “Our talented restaurant teams remain focused on delivering hand-crafted meals in abundance with the best ingredients, made fresh daily using classic culinary techniques at a value you cannot find anywhere else. I am optimistic that our positive momentum will continue as we further support our world-class people with new tools to improve execution, introduce new menu innovations, amplify our rewards program, and introduce this great brand to more communities around the globe.”

Results for the three months ended June 30, 2025: Total revenue in the second quarter of 2025 was $3.1 billion, an increase of 3.0% compared to the second quarter of 2024. The increase in total revenue was driven by new restaurant openings. Comparable restaurant sales decreased 4.0% due to lower transactions of 4.9%, partially offset by a 0.9% increase in average check. Digital sales represented 35.5% of total food and beverage revenue.

During the second quarter we opened 61 company-owned restaurants, of which 47 included a Chipotlane. Chipotlanes continue to perform well and are helping enhance guest access and convenience, as well as increase new restaurant sales, margins, and returns.

Food, beverage and packaging costs in the second quarter of 2025 were 28.9% of total revenue, a decrease from 29.4% in the second quarter of 2024. The decrease was primarily due to the benefit of menu price increases in 2024 and from cost of sales efficiencies. This decrease was partially offset by inflation across several ingredient costs, primarily steak and chicken.

Labor costs in the second quarter of 2025 were 24.7% of total revenue, an increase from 24.1% in the second quarter of 2024. The increase was primarily due to lower sales volumes. The benefit from menu price increases in 2024 and efficient management of labor more than offset wage inflation.

General and administrative expenses for the second quarter of 2025 were $172.2 million, compared to $175.0 million in the second quarter of 2024. The decrease was primarily due to lower performance bonuses and stock-based compensation. On a non-GAAP basis, general and administrative expenses1 for the second quarter of 2025 were $159.9 million, compared to $171.3 million in the second quarter of 2024.

The effective income tax rate for the second quarter of 2025 was 24.5%, a decrease from 25.0% in the second quarter of 2024. The decrease was primarily driven by lower non-deductible expenses, partially offset by a reduction in tax benefits related to option exercises and equity vesting.

Net income for the second quarter of 2025 was $436.1 million, or $0.32 per diluted share, compared to $455.7 million, or $0.33 per diluted share in the second quarter of 2024. Adjusted net income1 for the second quarter of 2025 was $450.4 million, or $0.33 per adjusted diluted share, compared to $463.0 million, or $0.34 per adjusted diluted share in the second quarter of 2024.

During the second quarter of 2025 we repurchased $435.9 million of stock at an average price per share of $50.16. As of June30, 2025, $838.8 million remained available under share repurchase authorizations from our Board of Directors, including an additional $400 million in authorizations approved by our Board of Directors on June10, 2025. The repurchase authorization may be modified, suspended, or discontinued at any time.

More information will be available in our Quarterly Report on Form 10-Q, which will be filed with the SEC by the end of July 2025.

Outlook

For 2025, management is anticipating the following:

— About flat full year comparable restaurant sales

— 315 to 345 new company-owned restaurant openings with over 80% having a Chipotlane

— An estimated underlying effective full year tax rate between 25% and 27% before discrete items

Definitions

The following definitions apply to these terms as used throughout this release:

— Comparable restaurant sales, or sales comps, and comparable restaurant transactions, represent the change in period-over-period total revenue or transactions for company-owned restaurants in operation for at least 13 full calendar months.

— Average restaurant sales refers to the average trailing 12-month food and beverage revenue for company-owned restaurants in operation for at least 12 full calendar months.

— Restaurant level operating margin represents total revenue less direct restaurant operating costs, expressed as a percent of total revenue.

— Digital sales represent food and beverage revenue for company-owned restaurants generated through the Chipotle website, Chipotle app or third-party delivery aggregators. Digital sales include revenue deferrals associated with Chipotle Rewards.

Conference Call Details

Chipotle will host a conference call on Wednesday, July23, 2025, at 4:30 PM Eastern time to discuss second quarter financial results as well as provide a business update for the third quarter 2025.

The conference call can be accessed live over the phone by dialing 1-888-317-6003, or for international callers by dialing 1-412-317-6061, and use code: 5564931. The call will be webcast live from the company's website on the investor relations page at ir.chipotle.com/events. An archived webcast will be available approximately one hour after the end of the call.

About Chipotle

Chipotle Mexican Grill, Inc. (NYSE: CMG) is cultivating a better world by serving responsibly sourced, classically-cooked, real food with wholesome ingredients without artificial colors, flavors or preservatives. There are over 3,800 restaurants as of June 30, 2025, in the United States, Canada, the United Kingdom, France, Germany, Kuwait, and United Arab Emirates and it is the only restaurant company of its size that owns and operates all its restaurants in North America and Europe. With over 130,000 employees passionate about providing a great guest experience, Chipotle is a longtime leader and innovator in the food industry. Chipotle is committed to making its food more accessible to everyone while continuing to be a brand with a demonstrated purpose as it leads the way in digital, technology and sustainable business practices. For more information or to place an order online, visit WWW.CHIPOTLE.COM.

Forward-Looking Statements

Certain statements in this press release and in the July23, 2025, conference call are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements under “Outlook” about our anticipated full year 2025 comparable restaurant sales growth, number of new restaurant openings in 2025, and estimated underlying effective 2025 full year tax rate, as well as statements about our goal to have 7,000 restaurants in the U.S and Canada and expand internationally, expected number of restaurants with Chipotlanes, our future food, beverage, packaging, labor, general and administrative and other costs, future estimated tax rates and future long-term prospects. We use words such as “anticipate”, “believe”, “could”, “should”, “may”, “approximately”, “estimate”, “assuming”, “expect”, “intend”, “project”, “target”, “goal” and similar terms and phrases, including references to assumptions, to identify forward-looking statements. The forward-looking statements in this press release are based on currently available operating, financial and competitive information available to us as of the date of this release and we assume no obligation to update these forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements, including but not limited to: increasing wage inflation including as a result of government regulations mandating higher minimum wages, and the competitive labor market, which impacts our ability to attract and retain qualified employees and has resulted in occasional staffing shortages; the impact of any union organizing efforts and our responses to such efforts; increases in food, beverage, packaging and other operating costs and the inability of our third-party suppliers and business partners to fulfill their commitments due to inflation, global conflicts, climate change, our Food with Integrity philosophy, tariffs or trade restrictions and supply shortages; risks of food safety incidents and food-borne illnesses; risks associated with our reliance on certain information technology systems operated by us or by third parties and potential failures, outages or interruptions; privacy and cybersecurity risks, including risk of breaches, unauthorized access, theft, modification, destruction or ransom of guest or employee personal or confidential information stored on our network or the network of third-party providers; the impact of competition, including from sources outside the restaurant industry; the impact of government regulations relating to our employees, employment practices, restaurant design and construction, and the sale of food or alcoholic beverages; our ability to achieve our planned growth, such as the costs and availability of suitable new restaurant sites and the equipment and technology needed to fully outfit new restaurants, construction materials and contractors and the expected costs to accelerate our international expansion through licensed restaurants in the Middle East; the uncertainty of our ability to achieve expected levels of comparable restaurant sales due to factors such as changes in guests' perceptions of our brand, including as a result of actual or rumored food safety concerns or other negative publicity, decreased overall consumer spending, including as a result of high inflation, mass layoffs, fears of possible recession and higher energy costs, or the inability to increase menu prices or realize the benefits of menu price increases; risks associated with our reliance on third party delivery services; and risks relating to litigation, including possible governmental actions and potential class action litigation related to food safety incidents, cybersecurity incidents, employment or privacy laws, advertising claims, contract disputes or other matters; and other risk factors described from time to time in our SEC reports, including our annual report on Form 10-K and quarterly reports on Form 10-Q, all of which are available on the investor relations page of our website at ir.Chipotle.com.

1 Restaurant level operating margin, adjusted diluted earnings per share, adjusted net income, non-GAAP general and administrative expenses, and non-GAAP effective income tax rate are non-GAAP financial measures. Reconciliations to GAAP measures and further information are set forth in the table at the end of this press release.CHIPOTLE MEXICAN GRILL, INC.CONDENSED CONSOLIDATEDSTATEMENTS OF INCOME(in thousands, except per share data)(unaudited) Three months ended June 30, 2025 2024Food and beverage revenue $ 3,047,754 99.5% $ 2,954,913 99.4%Delivery service revenue 15,639 0.5 18,204 0.6Total revenue 3,063,393 100.0 2,973,117 100.0Restaurant operating costs (exclusive of depreciationand amortization shown separately below):Food, beverage and packaging 885,989 28.9 873,673 29.4Labor 756,261 24.7 716,627 24.1Occupancy 154,250 5.0 138,663 4.7Other operating costs 428,663 14.0 384,754 12.9General and administrative expenses 172,151 5.6 175,028 5.9Depreciation and amortization 90,945 3.0 83,562 2.8Pre-opening costs 10,610 0.3 8,995 0.3Impairment, closure costs, and asset disposals 5,467 0.2 5,762 0.2Total operating expenses 2,504,336 81.8 2,387,064 80.3Income from operations 559,057 18.2 586,053 19.7Interest and other income, net 18,355 0.6 21,861 0.7Income before income taxes 577,412 18.8 607,914 20.4Provision for income taxes 141,285 4.6 152,243 5.1Net income $ 436,127 14.2% $ 455,671 15.3%Earnings per share:Basic $ 0.32 $ 0.33Diluted $ 0.32 $ 0.33Weighted-average common shares outstanding:Basic 1,344,955 1,372,800Diluted 1,350,236 1,381,518CHIPOTLE MEXICAN GRILL, INC.CONDENSED CONSOLIDATEDSTATEMENTS OF INCOME(in thousands, except per share data)(unaudited) Six months ended June 30, 2025 2024Food and beverage revenue $ 5,907,585 99.5% $ 5,639,361 99.4%Delivery service revenue 31,061 0.5 35,605 0.6Total revenue 5,938,646 100.0 5,674,966 100.0Restaurant operating costs (exclusive of depreciationand amortization shown separately below):Food, beverage and packaging 1,724,392 29.0 1,652,749 29.1Labor 1,474,487 24.8 1,376,077 24.2Occupancy 304,091 5.1 274,362 4.8Other operating costs 843,824 14.2 770,528 13.6General and administrative expenses 344,934 5.8 379,653 6.7Depreciation and amortization 178,156 3.0 166,805 2.9Pre-opening costs 18,820 0.3 16,206 0.3Impairment, closure costs, and asset disposals 11,635 0.2 11,241 0.2Total operating expenses 4,900,339 82.5 4,647,621 81.9Income from operations 1,038,307 17.5 1,027,345 18.1Interest and other income, net 40,608 0.7 41,225 0.7Income before income taxes 1,078,915 18.2 1,068,570 18.8Provision for income taxes 256,189 4.3 253,612 4.5Net income $ 822,726 13.9% $ 814,958 14.4%Earnings per share:Basic $ 0.61 $ 0.59Diluted $ 0.61 $ 0.59Weighted-average common shares outstanding:Basic 1,349,737 1,372,488Diluted 1,355,478 1,381,347CHIPOTLE MEXICAN GRILL, INC.CONDENSED CONSOLIDATEDBALANCE SHEETS(in thousands, except per share data) June 30, December 31, 2025 2024 (unaudited)AssetsCurrent assets:Cash and cash equivalents $ 844,524 $ 748,537Accounts receivable, net 105,004 143,963Inventory 40,402 48,942Prepaid expenses and other current assets 96,506 97,538Income tax receivable 80,721 67,229Investments 701,968 674,378Total current assets 1,869,125 1,780,587Leasehold improvements, property and equipment, net 2,503,429 2,390,126Long-term investments 518,680 868,025Restricted cash 30,704 29,842Operating lease assets 4,203,989 4,000,127Other assets 120,928 113,728Goodwill 21,939 21,939Total assets $ 9,268,794 $ 9,204,374Liabilities and shareholders' equityCurrent liabilities:Accounts payable $ 216,347 $ 210,695Accrued payroll and benefits 236,947 261,913Accrued liabilities 185,090 179,747Unearned revenue 206,635 238,577Current operating lease liabilities 287,252 277,836Total current liabilities 1,132,271 1,168,768Long-term operating lease liabilities 4,493,334 4,262,782Deferred income tax liabilities 36,297 46,208Other liabilities 78,697 71,070Total liabilities 5,740,599 5,548,828Shareholders' equity:Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of – -June 30, 2025 and December 31, 2024, respectivelyCommon stock, $0.01 par value, 11,500,000 shares authorized, 1,341,425 and 13,414 13,5861,358,751 shares issued as of June 30, 2025 and December 31, 2024, respectivelyAdditional paid-in capital 2,157,080 2,078,010Accumulated other comprehensive loss (7,341) (10,282)Retained earnings 1,365,042 1,574,232Total shareholders' equity 3,528,195 3,655,546Total liabilities and shareholders' equity $ 9,268,794 $ 9,204,374CHIPOTLE MEXICAN GRILL, INC.CONDENSED CONSOLIDATEDSTATEMENTS OF CASH FLOWS(in thousands)(unaudited) Six months ended June 30, 2025 2024Operating activitiesNet income $ 822,726 $ 814,958Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization 178,156 166,805Deferred income tax provision (9,890) (5,826)Impairment, closure costs, and asset disposals 11,056 9,917Provision for credit losses (1,247) (155)Stock-based compensation expense 75,150 81,243Other 7,622 4,511Changes in operating assets and liabilities:Accounts receivable 39,946 18,331Inventory 8,493 3,763Prepaid expenses and other current assets (3,606) 20,348Operating lease assets 150,957 135,881Other assets (362) 1,769Accounts payable 12,360 7,802Accrued payroll and benefits (24,689) (4,438)Accrued liabilities 2,126 17,056Unearned revenue (25,555) (22,260)Income tax payable/receivable (13,433) (18,565)Operating lease liabilities (113,450) (101,348)Other long-term liabilities 2,042 2,020Net cash provided by operating activities 1,118,402 1,131,812Investing activitiesPurchases of leasehold improvements, property and equipment (305,395) (273,193)Purchases of investments (6,500) (738,434)Maturities of investments 319,962 374,373Net cash provided by/(used in) investing activities 8,067 (637,254)Financing activitiesRepurchase of common stock (997,055) (172,368)Tax withholding on stock-based compensation awards (33,319) (73,011)Other financing activities 1,540 (29)Net cash used in financing activities (1,028,834) (245,408)Effect of exchange rate changes on cash, cash equivalents and restricted cash (786) (1,121)Net change in cash, cash equivalents, and restricted cash 96,849 248,029Cash, cash equivalents, and restricted cash at beginning of period 778,379 586,163Cash, cash equivalents, and restricted cash at end of period $ 875,228 $ 834,192Supplemental disclosures of cash flow informationIncome taxes paid $ 279,327 $ 277,427Purchases of leasehold improvements, property and equipment accrued in accounts $ 75,585 $ 76,304payable and accrued liabilitiesRepurchase of common stock accrued in accounts payable and accrued liabilities $ 9,016 $ 9,803CHIPOTLE MEXICAN GRILL, INC.SUPPLEMENTAL FINANCIAL AND OTHER DATA(dollars in thousands)(unaudited) For the three months ended Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2025 2025 2024 2024 2024Company-owned restaurants opened 61 57 119 86 52Chipotle permanent closures (2) (2) (2) (1) (1)Chipotle relocations (1) – (6) – -Company-owned restaurants at end 3,839 3,781 3,726 3,615 3,530of periodAverage restaurant sales $ 3,142 $ 3,186 $ 3,213 $ 3,184 $ 3,146Comparable restaurant sales (4.0%) (0.4%) 5.4% 6.0% 11.1%increase/(decrease) For the three months ended Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, 2025 2025 2024 2024 2024Licensed restaurants opened – 2 1 1 1Licensed restaurants at end of period 5 5 3 2 1

CHIPOTLE MEXICAN GRILL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Below are definitions of the non-GAAP financial measures in this release. The following tables provide a reconciliation of non-GAAP financial measures presented in this release to the most directly comparable financial measures calculated and presented in accordance with GAAP.

Adjusted net income is net income excluding lease remeasurement gains, expenses related to certain legal proceedings, stock-based compensation retention grants, and loss on investments. Adjusted general and administrative expense is general and administrative expense excluding expenses related to certain legal proceedings and stock-based compensation retention grants. The adjusted effective income tax rate is the effective income tax rate adjusted to reflect the after tax impact of non-GAAP adjustments. Restaurant level operating margin is equal to the revenues generated by our restaurants less their direct operating costs which consist of food, beverage and packaging, labor, occupancy and other operating costs. This performance measure primarily includes the costs that restaurant level managers can directly control and excludes other costs that are essential to conduct our business. Management uses restaurant level operating margin as a measure of restaurant performance. Management believes restaurant level operating margin is useful to investors in that it highlights trends in our core business that may not otherwise be apparent to investors when relying solely on GAAP financial measures. We present these non-GAAP measures in order to facilitate meaningful evaluation of our operating performance across periods. These adjustments are intended to provide greater transparency of underlying performance and to allow investors to evaluate our business on the same basis as our management, which uses these non-GAAP measures in evaluating the company's performance. Our adjusted net income, adjusted diluted earnings per share, adjusted general and administrative expenses, adjusted effective income tax rate and restaurant level operating margin measures may not be comparable to other companies' adjusted measures. These adjustments are not necessarily indicative of what our actual financial performance would have been during the periods presented and should be viewed in addition to, and not as an alternative to, our results prepared in accordance with GAAP. Further details regarding these adjustments are included in the tables below.

CHIPOTLE MEXICAN GRILL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURESAdjusted Net Income and Adjusted Diluted Earnings per Share(in thousands, except per share amounts)(unaudited) Three months ended June 30, 2025 2024Net income $ 436,127 $ 455,671Non-GAAP adjustments:Impairment and exit costs:Corporate asset impairment and other corporate (gains)/costs(1) (1,484) -Legal proceedings(2) – 3,775Stock-based compensation retention grants(3) 12,213 -Investment unrealized loss(4) 6,168 6,016Total non-GAAP adjustments 16,897 9,791Tax effect of non-GAAP adjustments above(5) (2,619) (2,471)After tax impact of non-GAAP adjustments 14,278 7,320Adjusted net income $ 450,405 $ 462,991Diluted weighted-average number of common shares outstanding 1,350,236 1,381,518Diluted earnings per share $ 0.32 $ 0.33Adjusted diluted earnings per share $ 0.33 $ 0.34(1) Lease remeasurement gain for vacated office space.(2) Charges for estimated settlements for distinct legal matters that exceeded or are expected to exceed typical costs for these types of legal proceedings.(3) Stock-based compensation expense for retention equity awards granted to key executives in connection with the CEO transition.(4) Charges for an unrealized loss in a long-term investment.(5) Adjustments related to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates.CHIPOTLE MEXICAN GRILL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURESAdjusted General and Administrative Expenses(in thousands)(unaudited) Three months ended June 30, 2025 2024General and administrative expenses $ 172,151 $ 175,028Non-GAAP adjustments:Legal proceedings(1) – (3,775)Stock-based compensation retention grants(2) (12,213) -Total non-GAAP adjustments (12,213) (3,775)Adjusted general and administrative expenses $ 159,938 $ 171,253(1) Charges for estimated settlements for distinct legal matters that exceeded or are expected to exceed typical costs for these types of legal proceedings.(2) Stock-based compensation expense for retention equity awards granted to key executives in connection with the CEO transition.CHIPOTLE MEXICAN GRILL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURESAdjusted Effective Income Tax Rate(unaudited) Three months ended June 30, 2025 2024Effective income tax rate 24.5% 25.0%Tax impact of non-GAAP adjustments(1) (0.3) -Adjusted effective income tax rate 24.2% 25.0%(1) Adjustments related to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates.CHIPOTLE MEXICAN GRILL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURESRestaurant Level Operating Margin(in thousands)(unaudited) Three months ended June 30, 2025 Percent of 2024 Percent of total revenue total revenueIncome from operations $ 559,057 18.2% $ 586,053 19.7%Non-GAAP AdjustmentsGeneral and administrative expenses 172,151 5.6 175,028 5.9Depreciation and amortization 90,945 3.0 83,562 2.8Pre-opening costs 10,610 0.3 8,995 0.3Impairment, closure costs, and asset disposals 5,467 0.2 5,762 0.2Total non-GAAP Adjustments 279,173 9.1 273,347 9.2Restaurant level operating margin $ 838,230 27.4% $ 859,400 28.9%

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