Chipotle Mexican Grill

Revenue growth is driven largely by unit expansion and steady AUVs rather than aggressive menu proliferation, which supports multi‑year planning. The company targets thousands of additional North American units and is testing capital‑light licensing internationally, adding optionality.

Digital sales are a stable one third of mix and loyalty programs help smooth demand, though not in the way subscriptions do.

Chipotle is exposed to economic cycles and food‑at‑home vs food‑away‑from‑home trade‑offs, as seen in 2025’s modest comp volatility, but the long‑term demand for convenient, fresh meals and the company’s simple operating model mitigate deep cyclicality.

Regulatory wage resets and commodity inflation add noise, yet the multi‑year store pipeline and standardized box support medium‑term predictability.