Chipotle (CIPR) Reports Flat 2025 Sales Amid K-Shaped Economy and Pricing Pressure

Chipotle Mexican Grill (CIPR) posted its weakest same-store sales in two decades in 2025, with comparable sales down about 2% versus a 7.4% gain in 2024. Net income for 2025 was $1.5B, roughly持平 to 2024. Management expects 2026 sales to be about flat, with 350–370 new locations planned as it seeks to preserve pricing while appealing to its 60% above-$100K core customers. The broader K-shaped economy, with rising services inflation and job uncertainty, is shifting consumer focus to value. Competitors are cutting prices; a Chipotle bowl/burrito plus drink costs about $15, compared to Chili’s multi-course meal under $11. Chipotle shares have declined over 37% year-to-date, reflecting the pressure.