Chipotle Mexican Grill said it repurchased $2.4 billion of stock in 2025 at an average price of $42.54, even as CMG stock now trades at $31.79. The company still has about $1.7 billion in fresh share repurchase capacity as it heads toward Q2 earnings results on July 29.
That makes the stock a live question for shareholders today. Chipotle has been buying shares while the market has marked the company down 30% over the past year, leaving the average repurchase price well above the current quote. For investors, the timing matters because the next earnings report is the nearest check on whether the pressure on the business is easing or still running.
The backdrop is a company that continues to generate cash and keep expanding. Full-year 2025 operating cash flow reached $2.114 billion, and Chipotle ended 2025 with 4,042 company-owned locations. It is guiding 350 to 370 new openings for 2026 and still targets 7,000 restaurants in the U.S. and Canada, which means it needs 2,958 more locations to get there.
But the numbers also show why the stock has lost momentum. CMG trades at a P/E of 29 against a forward EPS of $1.35, while comparable sales fell 2.5% in Q4 and transactions declined 3.2%. Restaurant-level margins remain above 23%, which gives the company room to keep investing, yet it has not escaped the drag from weaker traffic.
Wall Street is still leaning constructive, with 26 Buy ratings, 10 Hold ratings and no Sell ratings, and the consensus price target sits at $42.94. Polymarket traders are assigning a 60.5% probability to a Q2 earnings beat this Wednesday, but that bet does not answer the harder question: whether sales and traffic have stabilized enough to justify the company’s buyback pace. Chipotle is still returning cash and still planning for growth, but July 29 will show whether investors have been too patient or too pessimistic.
