Chipotle Mexican Grill (CMG) Q4 2024 earnings

Chipotle Mexican Grill on Tuesday said traffic to its restaurants keeps rising, helping the company top analysts’ estimates for its quarterly earnings.

However, the burrito chain disappointed investors with its same-store sales forecast for 2025. Shares of the company fell more than 3% in extended trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: 25 cents adjusted vs. 24 cents expected
• Revenue: $2.85 billion, meeting expectations

Chipotle reported fourth-quarter net income of $331.8 million, or 24 cents per share, up from $282.1 million, or 20 cents per share, a year earlier.

Excluding restaurant impairment charges, legal costs and other items, Chipotle earned 25 cents per share.

Net sales climbed 13.1% to $2.85 billion.

The company’s same-store sales rose 5.4%, narrowly missing StreetAccount estimates of 5.7% growth.

Transactions rose 4% in the quarter, continuing the burrito chain’s streak of higher traffic. For the past year, Chipotle has outpaced the broader restaurant industry, which has seen traffic slump as many consumers opt to cook their meals to save money.

In September, Chipotle brought back its Smoked Brisket. The company charges more for the limited-time menu item than its other protein options.

The company opened 120 restaurants during the quarter, including one international licensed location. After 30 years of focusing primarily on its U.S. business, Chipotle is trying to expand internationally. For example, last year it entered Kuwait, its first new country in a decade.

For 2025, Chipotle is projecting low- to mid-single digit same-store sales growth. Wall Street was anticipating same-store sales growth of 5.4% for the full year, according to StreetAccount estimates.

The company also expects to open between 315 and 345 new locations, more than 80% of which will have a “Chipotlane” for digital orders.