Chipotle Mexican Grill — Apr 29, 2026 release

Outlook For 2026, management is anticipating the following: • Full year comparable restaurant sales to be about flat • 350 to 370 new restaurant openings, which includes 10 to 15 international partner-operated restaurants. Around 80% of company-owned restaurants will have a Chipotlane • An estimated underlying effective full year tax rate between 24% and 26% before discrete items 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 associated with Chipotle Rewards. • Partner-operated restaurants - Chipotle restaurants over which Chipotle does not have a controlling financial interest and for which Chipotle does not directly manage day-to-day operations. This includes restaurants operated by third parties pursuant to license or franchise agre