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Chipotle (CMG) stock fell almost 6% before the bell on Wednesday after reporting on Tuesday that its same-store sales fell in the fourth quarter and told investors it expects no sales growth in 2026 as the company continues to navigate economic pressure on its core customer and a decline in traffic.<\/p>\n
In the fourth quarter, same-store sales fell 2.5%, less than the 2.9% Wall Street expected, according to Bloomberg estimates. Higher menu prices offset lower transactions.<\/p>\n
In a statement, CEO Scott Boatwright cited a “dynamic consumer backdrop” as Chipotle reported a full-year same-store sales drop of 1.7%. Wall Street analysts expected same-store sales would fall 1.8% for the year.<\/p>\n
Its 2026 outlook disappointed the Street as the company said it expects sales in 2026 to be flat, while analysts had forecasted a 1.8% increase. In a call with investors, Boatwright said it aimed to be “conservative” in its guidance, noting that consumer trends “have been really tough to predict.”<\/p>\n
Its forecast includes only a “modest impact from initiatives” including its four limited-time offerings.<\/p>\n
Chipotle posted adjusted earnings per share of $0.25 compared to $0.24, alongside revenue growth of nearly 5% to $2.98 billion, slightly higher than the forecasted $2.96 billion.<\/p>\n
Chipotle stock fell following the results, losing about 4% in after-hours trade. At the lows of the afternoon, Chipotle shares fell as much as 10%.<\/p>\n
In its third quarter earnings, reported back in October, Chipotle cut its sales outlook, saying it expected same-store sales to decline in the low-single-digit range for its full year.<\/p>\n
Boatwright noted that at the time “a particularly challenged cohort is the 25- to 35-year-old age group … This group is facing several headwinds, including unemployment, increased due loan repayment, and slower real-wage growth.”<\/p>\n
On Tuesday, he said the team successfully “gamified” the ordering experience and created rewards “that were meaningful enough to drive that cohort back into our restaurants.”<\/p>\n
In the quarter, 60% of its customers were those making over $100,000 a year, calling the cohort Chipotle’s “North Star as a brand around clean food, clean ingredients, high protein… the way they want to eat.”<\/p>\n
In February, the company plans to bring back Chicken al Pastor. The company also unveiled a new high-protein menu late last year, which features two high-protein bowls, a salad, a burrito, and an adobo chicken taco.<\/p>\n
Boatwright added that the protein craze is, “having an outsized impact on the younger cohort.”<\/p>\n<\/p><\/div>\n
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