Chipotle Mexican Grill, Inc.

“As of December 31, 2025, we owned 3,938 Chipotle restaurants throughout the United States (“U.S.”) and 104 international Chipotle restaurants. Additionally, we had 14 international partner-operated restaurants.”

“We manage our U.S. operations based on 11 regions and aggregate our operations to one reportable segment.”

“Digital sales represented 36.7% of food and beverage revenue in 2025, compared to 35.1% in 2024.”

“Over 16% of our 2025 food and beverage revenue consisted of delivery orders for which we are reliant on third-party delivery companies.”

“owns and operates Chipotle Mexican Grill restaurants, which feature a relevant menu of burritos, burrito bowls (a burrito without the tortilla), quesadillas, tacos, and salads.”

“3,185 worked internationally across Canada, France, Germany, and the United Kingdom”

“a substantial majority of our operations and investment activities are transacted in the U.S., and therefore our foreign currency risk is not material at this date.”

“We have also sought to increase the number of suppliers for our ingredients to help mitigate pricing volatility and reduce our reliance on one or several suppliers”

“As of December 31, 2025, Chipotle employed 130,301 people worldwide and 1,233 contract workers. Of our employees, 127,116 worked in the United States, and 3,185 worked internationally”

“we strive to serve only animal products that are raised in accordance with criteria we have established to improve sustainability and promote animal welfare, and without the use of non-therapeutic antibiotics or added growth hormones”

“As of December 31, 2025, we had 14 international partner-operated Chipotle restaurants in the Middle East in partnership with the Alshaya Group, and we have plans to open more partner-operated Chipotle restaurants in the Middle East, Mexico and Asia.”

“working towards our long-term goal of 7,000 restaurants in the U.S. and Canada”

“The following table details company-owned restaurant unit data for the years indicated.”

“Modernize our business model with industry-leading technology, including leveraging AI and relaunching our Rewards Program”

“Our Recipe for Growth strategy leans into what uniquely differentiates Chipotle, with a focus on accelerating growth and sharpening competitiveness.”

“Generally, our pricing protocols with suppliers can remain in effect for periods ranging from one to 24 months, depending on the outlook for prices of the particular ingredient.”

“As of December 31, 2025, we had $1.3 billion in cash and cash equivalents, current and long-term investments, and restricted cash, of which the substantial majority are interest bearing.”

“We expect to open approximately 350 to 370 restaurants in 2026, which includes 10 to 15 international partner-operated restaurants. We expect around 80% of our new company-owned restaurants will include a Chipotlane.”

“Total revenue increased 5.4% to $11.9 billion • Comparable restaurant sales decreased 1.7% • Diluted earnings per share was $1.14, a 2.7% increase from $1.11”

“Food and beverage revenue$11,866.1$11,247.45.5% Delivery service revenue59.666.5(10.4%) Total revenue$11,925.6$11,313.95.4%”

“Beginning of period3,7263,437 Openings334304 Permanent closures(13)(7) Relocations(5)(8) Total at end of period4,0423,726”

“the impact of laws and regulations governing employment practices, restaurant design and construction, and the sale of food or alcoholic beverages”

“We may have higher risk for food safety incidents than some of our competitors because we use fresh, unprocessed produce, handle raw chicken in our restaurants”

“We also compete with non-traditional market participants, such as “convenience meals” in the form of entrées, side dishes or meal preparation kits from grocery stores, meal kit delivery services, and “ghost” or “dark” kitchens”

“Restaurant dining generally is dependent upon consumer discretionary spending, which may be affected by macroeconomic conditions that are beyond our control.”

“Our use of third-party delivery services may not be profitable and substandard service may negatively impact our reputation.”

“the expected impact of tariffs on our food, beverage and packaging costs”

“privacy and cybersecurity risks, including risk of breaches, unauthorized access, theft, modification, destruction or ransom of guest or employee personal or confidential information”

“including California’s Climate Corporate Data Accountability Act and Climate-Related Financial Risk Act”

“wage inflation and state or local regulations mandating higher minimum wages; the competitive labor market, which impacts our ability to attract and retain qualified employees; the impact of any union organizing efforts”