Chipotle Mexican Grill (NYSE: CMG) reaffirmed its full-year 2025 guidance on Jan. 12. The company announced several leadership changes, including the appointment of a new chief marketing officer.
The guidance calls for comparable restaurant sales to decline at a low single-digit rate in 2025. It also includes expectations for 315 to 345 new company-owned restaurant openings this year, with over 80% of those locations featuring a Chipotlane drive-thru pickup lane.
CEO Scott Boatwright said during the company's third-quarter earnings call that returning to mid-single-digit same-store sales growth in 2026 is possible. He noted the fourth quarter of 2025 and first quarter of 2026 could be challenging, with some easing of consumer pressures more likely to start in the second quarter.
In its press release, management stated it remains confident in its 2026 strategic plan. The company's stock fell about 39% in 2025 as same-store sales trends turned negative.
During the third quarter, comparable restaurant sales increased 0.3%, an improvement from a 4% decline in the second quarter. However, operating margin for the period was 15.9%, down from 16.9% a year earlier. Restaurant-level operating margin was 24.5%, down from 25.5%.
Boatwright noted in the third-quarter earnings release that the company continued to see persistent macroeconomic pressures. The company will report fourth-quarter results on Feb. 3.
The stock's current price-to-earnings ratio is 36. Its forward price-to-earnings ratio is 34.