The "Rich Man's" Burrito: Chipotle Q4 2025 earnings - 2.3.2026 (044)

Is the Chipotle growth story finally hitting a wall? On this episode of Earnings Unscripted, Susie and Miro dig into a Q4 report that served up some cold numbers. While the top-line revenue looks stable on the surface, the underlying metrics tell a worrying story: comparable sales have swung negative (-2.5%) and transaction volumes are dropping fast as customers pull back.But the real spice in this episode isn't the salsa-it's the accounting. We uncover how a $27 million "gift card breakage" windfall effectively saved the quarter's margins, and why management’s pivot to a "fast-casual luxury" strategy might be risky. We also break down the surprising demographic shift (did you know 60% of their customers now earn over $100k?), the first explicit signs of tariffs hitting the P&L, and why the aggressive store expansion might be cannibalizing existing locations. 🌯📉If you want to understand why the stock tanked 6% after hours despite a "meet" on the headline numbers, tune in for the unscripted breakdown.