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I N V E S T O R I N F O R M A T I O N Q4/FY 2025 EARNINGS
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Q4/FY 2025 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 2 FORWARD -LOOKING STATEMENTS Certain statements in this presentation are forward-looking statements as defined in the PrivateSecurities Litigation Reform Act of 1995, includingstatements about our future financial results, including future AUV and margins, the number of company owned and partner- operated restaurants we will open, and the future success of our Recipe for Growth initiatives. We use words such as “anticipate,”“believe,” “estimate,” “proposed,” “expect,” “intend,”“project,” “target,” and similar terms and phrases toidentify forward-looking statements. These forward-looking statements are based oncurrently available operating, financial andcompetitive information available to us as of the date of the presentation and we assume noobligation to update these forward-looking statements, except as required by applicable laws and regulations. These forward-looking statements are subject torisks and uncertainties that could cause actualresults to differ materially from those described,including but not limited to: wage inflation and state or local regulations mandating higher minimum wages; the competitive labor market, which impacts our ability to attract and retain qualified employees; the impact of any union organizing efforts and our responses to such efforts; increases in ingredient 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, extreme weather, our Food with Integrity philosophy, tariffs or trade restrictions and supply shortages; risks of food safety incidents and food-borne illnesses; our reliance on certain information technology systems operated by us or by third parties and potential failures, outages or interruptions; our reliance on third party delivery services; 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 laws and regulations governing employment practices, restaurant design and construction, and the sale of food or alcoholic beverages; our ability to preserve, grow, and leverage our brand reputation; the impact of our brand, marketing, promotional, advertising and pricing strategies, digital platform, menu innovations; our ability to achieve our planned growth, such as the costs and availability of suitable new restaurant sites, and the necessary restaurant equipment, technology, construction materials and contractors; and the expected costs of our international expansion plans, including through partner-operated restaurants in the Middle East, Mexico and Asia; evolving consumer preferences, demand, consumption, or spending behavior, reduction in discretionary spending and price increases, and our ability to anticipate or react to these changes; our ability to increase menu prices or realize the benefits of menu price increases to offset inflation and increased costs; failure to meet market expectations for our financial performance or any announced guidance and the impact thereof; the potential impact of activist shareholder actions or tactics; failure to attract or retain key executive talent; and the expense and outcomes of litigation, including possible governmental audits and legal actions and potential class action litigation related to food safety incidents, cybersecurity incidents, compliance with employment or privacy laws, advertising claims, contract disputes or other matters. In addition, many of the foregoing risks and uncertainties are, or could be, exacerbated by any worsening of the global business and macroeconomic environment. These statements also are subject to other risk factors described from timeto time in our SEC reports, including our annualreport on Form 10-K and quarterly reports on Form 10-Q, all of which are available on the investorrelations page of our website at ir.Chipotle.com.
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Q4/FY 2025 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 3 OUR INVESTMENT THESIS WE ARE AN INDUSTRY LEADER BUILT ON: Strong Balance Sheet and Track Record of Returning Capital to Shareholders Distinct, Competitive Advantages, Grounded in Best-in-Class Operations and Innovation Extraordinary Value Proposition Anchored ByBrand Strength and Customer Loyalty Top-Tier Management Team with Deep Expertise to Realize “Recipe For Growth” Strategy Food with Integrity Due to High Quality, Delicious and Real Ingredients Served Quickly at Accessible Price Points
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Q4/FY 2025 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 4 1993 First restaurant opens in Denver as a private company 2006 Go public on NYSE 2024 Scott Boatwright named CEO 2024 1st Middle East partnership Record restaurant openings 334 COMPANY -OWNED GLOBALLY 2011 Established “Chipotle Cultivate Foundation” 2026 Deploying “Recipe For Growth” strategy to drive value 11 IN 20 25 14 MIDDLE EAS T TOTAL 2025 2019 Launch of Chipotle “Rewards” program HEADQUARTERS Newport Beach, CA AT A GLANCE LOCATIONS 4,000+ restaurants across North America, Europe and the Middle East OUR PEOPLE 130,000+ employees CONTINUOUSLY INNOVATING Note: As of December 31, 2025 1998 Outside investment accelerates openings 2025 Accelerate Menu Innovation (“Build Your Own Chipotle”)
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Q4/FY 2025 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 5 SHAREHOLDER RETURNS VIA BUYBACKS PROVEN TRACK RECORD OF ACHIEVING GROWTH AND CREATING VALUE WE EXPECT OUR STRONG FOUNDATION TO DRIVE THE NEXT WAVE OF GROWTH OVER THE L ONG -TERM DUE TO "RECI PE FOR GROWTH" STRATEGY Bought back $5.5B Since 2019 ADJUSTED DILUTED EPS +27% CAGR Since 2019 RESTAURANT LEVEL OPERATING MARGIN +490 BPS expansion since 2019 NEW RESTAURANT OPENINGS REVENUES +113% Since 2019 COMPARABLE RESTAURANT SALES INCREASE* +66% Since 2019 2019-2025 +1,675 Since 2019 NET REVENUE 2019 2020 2021 2022 2023 2024 2025 In-Store Digital $5.6B $6.0B $7.5B $8.6B $9.9B $11.3B $11.9B 82% 54% 54% 61% 63% 65% 63% 18% 46% 46% 39% 37% 35% 37% *Represents the geometric growth of comparable restaurant sales between December 31, 2018, and December 31, 2025. Comparable restaurant sales represent the change in period-over-period total revenue for company-owned restaurants in operation for at least 13 full calendar months.
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Q4/FY 2025 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 6 OUR RECIPE FOR SUSTAINABLE GROWTH… THE NEXT PHASE OF OUR GROWTH WILL BE SUPPOR TED BY DOUBLING DOWN ON WHAT UNIQUELY DIFFERENTIATES OUR BRAND TO POSITION CHIPOTLE FOR THE NEXT PHASE OF GROW TH FIVE KEY STRATEGIES Drive Operational and Culinary Excellence Protect and strengthen the core to deliver exceptional value Evolve Brand Messaging and Accelerate Menu Innovation & New Occasions Drive demand to restaurants Modernize Our Model through Industry-Leading Technology Leverage AI and relaunch Rewards Program to elevate guest and team experience Expand Global Reach Scale with intention via proven, company-owned and partner-operated markets and strategic new regions Cultivate the Best Talent in the Industry Prioritize energy, speed and agility
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Q4/FY 2025 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 7 …TO BUILD A STRONGER & MORE PROFITABLE CHIPOTLE 7,000+ N.A. RESTAURANTS RESTAURANT LEVEL OPERATING MARGIN APPROACHING 30% $4+ MILLION AUVs GROW INTERNATIONAL PAR TNERSHIPS Recipe for Growth Longer-Term Goals: Grow transactions Drive accuracy, efficiency and speed Deliver long-term, sustainable growth for our people, our guests and our shareholders WE INTEND TO: “Recipe for Growth” is expected to position us for success in any environment
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Q4/FY 2025 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 8 High Efficiency Equipment Package Rollout OUR MARKETING, TECHNOLOGY AND INNOVATION DRIVE RESULTS RESULTS IN: “Double Protein” promotion drove highest digital sales day Loyalty comps outpacing non-loyalty comps through increased engagement like our “ Summer Of Extras” Campaign Marketing and Rewards Program Evolution RESULTS IN: Higher “Taste of Food” and “Overall Guest Satisfaction” scores Better throughput and meaningful comp sales outperformance 350 restaurants have equipment today, ~ 2,000 by year-end Incremental sales through expanding new occasions like “Build Your Own Chipotle” and Catering
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Q4/FY 2025 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 9 Record 345 openings and 9%+ new restaurant growth in 2025 • 334 new restaurants (21 in Canada) • Surpassed 4,000 total restaurants • 38% growth YoY in Canada • 9% growth YoY in North America • Central London and Frankfurt cash on cash returns unlocking growth in the region • Middle East: • Opened 11 new restaurants in 2025, 14 total in the region • Expect to nearly double footprint and sales in 2026 • New Markets: Expect to open 3 new partner-operated marketsthis year in Mexico, Singapore, and South Korea CAN ARY WHARF , L OND ON TO RON TO, ON HIXS ON , TN J UM EIRAH BEAC H RESID EN CE, DUBAI By ramping up growth in proven, company-owned markets, we remain confident in our ability to reach 7,000+ North America restaurants, and by scaling with intention through trusted partner-operated markets and strategic new regions, we will continue to expand our global reach a nd grow new restaurant openings by 8-10% per year. OUR GLOBAL PRESENCE UNDERSCORES OUR STRENGTH COMPANY – OWNED PARTNER – OPERATED MARKETS (MIDDLE EAST, MEXICO, SINGAPORE AND SOUTH KOREA)
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Q4/FY 2025 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 10 OUR PEOPLE MAKE OUR SUCCESS POSSIBLE WITH TRUE OPERATORS AT THE HELM , OUR SYSTEMS, TOOLS, PROCESSES AND PEOPLE WILL DEFINE THE NEXT CHAPTER FOR OUR RESTAURANTS In 2025, 23,000 internal promotions, including 100% of Regional VP roles, over 83% of Field Leader positions and nearly 90% of restaurant management YEAR OVER YEAR CUSTOMER SATISFACTION IMPROVEMENT WHICH MEANS… OUR CULTURE OF SPEED, AGILIT Y AND PURPOSE IS WORKING To continue Cultivating a Better World, we need efficient, dedicated and effective team members!
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FINANCIAL RESULTS
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Q4/FY 2025 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 12 Q4 AND FY 2025 FINANCIAL HIGHLIGHTS ACHIEVED RESULTS IN DYNAMIC CONSUMER BACKDROP Q4 FY 2025 Revenue $3.0B $11.9B Sales Growth 4.9% 5.4% Comparable Restaurant Sales (2.5%) (1.7%) New Restaurant Openings (Company-Owned) 132 334 Restaurant Level Operating Margin 23.4% 25.4% Adjusted Diluted EPS $0.25 $1.17
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Q4/FY 2025 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 13 OUR DIFFERENTIATED UNIT ECONOMIC MODEL DRIVES INDUSTRY LEADING R OI Average Unit Volume $3.1 million Food Costs $918k 29.6% Labor Costs $778k 25.1% Other Operating Costs $456k 14.7% Occupancy Costs $161k 5.2% Restaurant Cash Flow $787k 25.4% USING FY 2025 RESULTS AVERAGE RESTAURANT ECONOMIC MODEL
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Q4/FY 2025 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 14 GLOBAL NEW RESTAURANT GROWTH 2,622 2,768 2,966 3,187 3,437 3,729 4,056 2019 2020 2021 2022 2023 2024 2025 NRO’s: * Includes 3 partner-operated restaurants in 2024 and 14 partner -operated restaurants in 2025 * Includes 1 partner-operated Chipotlane in 2025 NRO’s: Global Restaurants 66 170 355 571 811 1,068 1,326* 2019 2020 2021 2022 2023 2024 2025 Global Chipotlanes +140 +161 +215 +236 +271 +307 +345 +56 +100 +174 +202 +238 +257 +258 * *
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Q4/FY 2025 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 15 CAPITAL ALLOCATION PRIORITIES Bought back $742 MILLION worth of stock at an average price of $34.14 during Q4’25 Cash, Cash Equivalents, Restricted Cash and Investments of $1.3 BILLION* and no debt Totaling a record $2.4 BILLION for the full year 2025 *As of December 31, 2025. Dynamic strategy to further track record of returning capital to shareholders:
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Q4/FY 2025 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 16 • Committed to “Food with Integrity” • Continue to deliver exceptional value • Pursue new growth vectors • Modernize our business • Scale with intention • Invest in the development and growth of our world -class people WE ARE AN INDUSTRY LEADER BUILT ON: Strong Balance Sheet and Track Record of Returning Capital to Shareholders Distinct, Competitive Advantages, Grounded in Best-in-Class Operations and Innovation Extraordinary Value Proposition Anchored ByBrand Strength and Customer Loyalty Top-Tier Management Team with Deep Expertise to Realize “Recipe For Growth” Strategy Food with Integrity Due to High Quality, Delicious and Real Ingredients Served Quickly at Accessible Price Points OUR INVESTMENT THESIS
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APPENDIX
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Q4/FY 2025 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 18 Restaurant Level Operating Margin Restaurant level operating margin is a non -GAAP financial measure and represents total revenue less direct restaurant operating costs, expressed as a percent of total revenue. Reconciliations to GAAP financial measures are set forth in a table at the end of this presentation. Restaurant Cash Flow Restaurant cash flow is a non -GAAP financial measure and represents total revenue less direct restaurant operating costs. Reconciliations to GAAP financial measures are set forth in the table at the end of this presentation. Adjusted Diluted EPS Adjusted diluted EPS is a non -GAAP financial measure. Reconciliations to GAAP financial measures are set forth in the table at the end of this presentation. Average Unit Volume (“AUV”) Average Unit Volume represents the average trailing 12 -month food and beverage revenue for company -owned restaurants in operation for at least 12 full calendar months. Comparable Restaurant Sales Represents the change in period -over-period total revenue for company-owned restaurants in operation for at least 13 full calendar months. DEFINITIONS
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Q4/FY 2025 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 19 RECONCILIATION OF NON -GAAP FINANCIAL MEASURES
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Q4/FY 2025 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 20 RECONCILIATION OF NON -GAAP FINANCIAL MEASURES