Quarterly guidance

Comparable restaurant sales
Anticipated to be around plus 2% for the fourth quarter.
Cost of sales
Expected to be around 30.5% in the fourth quarter, primarily due to the Smoked Brisket limited time offer.
Labor costs
Expected to be around 26% in the fourth quarter.
Marketing costs
Expected to land in the high 3% range in the fourth quarter.
General and Administrative expenses
Expected to be around $189 million on a non-GAAP basis in the fourth quarter.

Annual guidance

Comparable restaurant sales
Low single-digit comps for 2026.
New restaurant openings
Around 350 restaurants in 2026, and approximately 340 to 360 company-owned restaurants in the U.S. and Canada in 2027.
Effective tax rate
Underlying effective tax rate to be in the 24% to 26% range for fiscal 2026.

Outlook

Menu pricing
Pricing impact is expected to increase to about 3% in Q4, bringing total pricing in 2026 to around 2%.
Cost inflation
Overall inflation for 2027 is anticipated to remain in the low to mid-single-digit range.
International expansion
Chipotle expects to open around 15 to 25 restaurants outside the U.S. and Canada in 2027 through partner-operated models.
Marketing budget
The baseline marketing budget for the upcoming year will be in the low 3% range of sales.