Chipotle Mexican Grill — Oct 29, 2025 release

More information will be available in our Quarterly Report on Form 10-Q, which will be filed with the SEC by the end of October 2025. Outlook For 2025, management is anticipating the following: • Full year comparable restaurant sales declines in the low-single digit range • 315 to 345 new company-owned restaurant openings with over 80% having a Chipotlane • An estimated underlying effective full year tax rate between 25% and 27% before discrete items For 2026, management is anticipating the following: • 350 to 370 new restaurant openings, including 10 to 15 international partner-operated restaurants. Over 80% of company-owned restaurants will have a Chipotlane Definitions The following definitions apply to these terms as used throughout this release: • Comparable restaurant sales, or sales comps, and comparable restaurant transactions , represent the change in period-over-period total revenue or transactions for company-owned restaurants in operation for at least 13 full calendar months. • Average restaurant sales refers to the average trailing 12-month food and beverage revenue for company-owned restaurants in operation for at least 12 full calendar months. • Restaurant level operating margin represents total revenue less direct restaurant operating costs, expressed as a percent of total revenue. • Digital sales represent food and beverage revenue for company-owned restaurants generated through the Chipotle website, Chipotle app or third-party delivery aggregators. Digital sales include revenue deferrals associ