Core Insights - Chipotle Mexican Grill reported a slight decline in net income for Q4 2025, totaling $330.9 million compared to $331.8 million in Q4 2024 [1] - The company's comparable restaurant sales fell by 2.5% in the quarter, driven by a 3.2% drop in transactions [1] - Despite the decline in net income, fourth-quarter revenue grew by 4.9% year-on-year to $3 billion, primarily due to new restaurant openings and an increase in gift card breakage revenue [2] Financial Performance - Adjusted net income decreased to $331.3 million, or $0.25 per adjusted diluted share, from $340 million, or $0.25 per share, in Q4 2024 [1] - Operating margin narrowed to 14.1% from 14.6% year-on-year, while restaurant-level operating margin fell to 23.4% from 24.8% [2] - Diluted earnings per share rose to $0.25 from $0.24, marking a 4.2% increase year-on-year, while adjusted diluted EPS remained flat at $0.25 [3] Growth and Expansion - In Q4 2025, Chipotle opened 132 company-owned restaurants, including 97 with a Chipotlane drive-through, and seven international partner-operated locations [3] - For the full year 2025, total revenue reached $11.9 billion, up 5.4% year-on-year, with growth driven mainly by new restaurant openings rather than improvements at existing locations [4] - The company opened a total of 334 company-owned restaurants in 2025, including 257 with a Chipotlane [5] Future Outlook - Management expects comparable restaurant sales for 2026 to be roughly flat, following the decline experienced in 2025 [5] - The company projects 350 to 370 new restaurant openings in 2026, with 80% of new company-owned units expected to incorporate a Chipotlane [6]