Chipotle Mexican Grill, Inc. (CMG) Q2 2025 Earnings Call Transcript

Chipotle Mexican Grill, Inc. (NYSE:CMG) Q2 2025 Earnings Conference Call July 23, 2025 4:30 PM ET

Company Participants

Cynthia Olsen – Head of Investor Relations & Strategy
Scott Boatwright – CEO & Director
Adam Rymer – Chief Financial Officer

Conference Call Participants

David Palmer – Evercore ISI Institutional Equities, Research Division
Dennis Geiger – UBS Investment Bank, Research Division
Sara Senatore – BofA Securities, Research Division
David Tarantino – Robert W. Baird & Co. Incorporated, Research Division
Christopher O’Cull – Stifel, Nicolaus & Company, Incorporated, Research Division
Danilo Gargiulo – Sanford C. Bernstein & Co., LLC., Research Division
John Ivankoe – JPMorgan Chase & Co, Research Division
Hyun Jin Cho – Goldman Sachs Group, Inc., Research Division
Andrew Charles – TD Cowen, Research Division
Lauren Silberman – Deutsche Bank AG, Research Division
Brian Harbour – Morgan Stanley, Research Division
Jeffrey Bernstein – Barclays Bank PLC, Research Division
Jacob Aiken-Phillips – Melius Research LLC

Operator

Good day, and welcome to the Chipotle Mexican Grill Second Quarter 2025 Results Conference Call.

[Operator Instructions]

Please note, this event is being recorded.

I would now like to turn the conference over to Cindy Olsen, Head of Investor Relations and Strategy. Please go ahead.

Cynthia Olsen

Hello, everyone, and welcome to our second quarter fiscal 2025 earnings call. By now, you should have access to our earnings press release. If not, it may be found on our Investor Relations website at ir.chipotle.com.

I will begin by reminding you that certain statements and projections made in this presentation about our future business and financial results constitute forward-looking statements. These statements are based on management’s current business and market projections, and our actual results could differ materially from those projected in the forward-looking statements.

Please see the risk factors contained in our annual report on Form 10-K