Chipotle (CMG) Q4 2024 earnings summary

Executive summary

• Achieved 15% year-over-year sales growth to $11.3 billion in 2024, with digital sales at $3.9 billion (35% of total) and strong transaction-driven comps each quarter.

• Opened a record 304 new restaurants, including 257 Chipotlanes, and expanded international presence to 85 locations.

• Digital sales accounted for 34.4% of Q4 and 35.1% of full year revenue.

• Focused on guest-obsessed culture, operational excellence, and modernization of back-of-house processes.

• Management targets 7,000 North American restaurants and AUVs above $4M.

Financial highlights

• FY2024 sales up 15% to $11.3 billion; Q4 sales up 13% to $2.8 billion.

• FY2024 comp sales up 7.4% (over 5% transaction growth); Q4 comp sales up 5.4% (4% transaction growth).

• FY2024 restaurant-level margin 26.7%; Q4 margin 24.8%.

• Adjusted diluted EPS for FY2024 was $1.12 (+24% YoY); Q4 adjusted EPS $0.25 (+19% YoY).

• Ended 2024 with $748.5M in cash and $2.3B in cash and no debt; repurchased nearly $1 billion in stock in 2024.

Outlook and guidance

• 2025 comp sales expected in low to mid-single-digit range, reflecting tougher comparisons and some pricing roll-off.

• Pricing for 2025 expected to be around 2%, assuming no further increases.

• 315–345 new restaurant openings planned for 2025, with at least 80% including Chipotlanes.

• Cost of sales for Q1 expected in high 29% range; labor costs in high 24% range.

• Effective tax rate for 2025 estimated at 25–27%.