Not too shabby, to say the least. Chipotle reported $2.9 billion in revenue for Q1 2025 — a 6.4% increase from the same quarter last year. But not all the news was spicy. Comparable restaurant sales dropped 0.4%, thanks to a dip in transactions, even as average checks slightly increased. Restaurant-level operating margin also declined from 27.5% to 26.2%, squeezed by higher costs for avocados, dairy, and labor, especially in states like California with rising minimum wages.
“While our first quarter results were impacted by several headwinds including weather and a slowdown in consumer spending, our teams continue to make significant progress improving the execution in our restaurants, innovating our back of house, and building Chipotle into a global iconic brand,” said Scott Boatwright, Chipotle CEO, in the official earnings release.