Chipotle Mexican Grill, Inc.: June 5 Upgrade Looks Deserved: Marketing, Loyalty, Value and Menu Innovation Driving Pick-up in Momentum

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Chipotle Mexican Grill, Inc.: June 5 Upgrade Looks Deserved: Marketing, Loyalty, Value and Menu Innovation Driving Pick-up in Momentum

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a near-term margin target. We thus see RLM staying at 24.0% in F27 (prime costs of

55.4%), 24.1% in F28 (55.3%) and 24.2% in F29 (55.4%).

• Cyclospora - an industry-wide health headline is the key near-term overhang

though Chipotle emphasizes it is not directly implicated. Management underscored

that guest/team safety is the top priority and that Chipotle maintains a robust food-safety

program (working with agencies on supply-chain monitoring, tracebacks, and product

removal as needed), and was explicit that Chipotle is impacted on sales but is not involved

in the underlying issue—the implicated products are not on its menu, and its lettuce is

sourced in California. However, the issue likely will continue to cause concern until the

root cause is identified.

• We see LTO cadence as a key near-term comp support lever: 4 protein LTOs in 2026

vs 2 in 2025, alongside continued focus on sauces/dips —while keeping 2027

positioned to be more novel than 2026. Cilantro Lime was in ~1 out of every 6–7 orders

and had ~2x the attach rate of other efforts. As a reminder, LTOs in 2025 were: Honey

Chicken (Mar 7), Adobo Ranch (Jun 17; ~HSD attach), Carne Asada (Sep 4), and Red

Chimichurri (Sep 30; ~LDD attach). In 2026 so far: Chicken Al Pastor (Feb 10), Cilantro

Lime (Mar 19), and Chipotle Honey Chicken (Apr 28, 25% attach). September will have

the return of Pollo Asado alongside new Chili Lime Chips while Brisket is likely to make

a comeback later this year as the 4thLTO. In addition to center-of-plate, teams are working

on beverage, sides, and desserts, with stage-gated ideas that could show up late ’26 but

are more likely to land in 2027.