奇波雷墨西哥燒烤 (CMG) 2025 Q4 法說會逐字稿

Good day, and welcome to the Chipotle Mexican Grill fourth quarter and full year 2025 results conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Chipotle Mexican Grill 2025 年第四季及全年業績電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Cindy Olsen, Head of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係主管辛迪·奧爾森。請繼續。

Hello, everyone, and welcome to our fourth quarter and full fiscal year 2025 earnings call. By now, you should have access to our earnings press release. If not, it may be found on our Investor Relations website at ir.chipotle.com. Additionally, supplemental investor information is available on our site as a reference for today's call.

大家好，歡迎參加我們2025財年第四季及全年業績電話會議。現在，您應該已經可以查看我們的獲利新聞稿了。如果找不到相關信息，您可以在我們的投資者關係網站 ir.chipotle.com 上找到。此外，我們的網站上還提供補充投資者信息，供您參考今天的電話會議。

I will begin by reminding you that certain statements and projections made in this presentation about our future business and financial results constitute forward-looking statements. These statements are based on management's current business and market expectations, and our actual results could differ materially from those projected in the forward-looking statements. Please see the risk factors contained in our annual report on Form 10-K and in our Form 10-Qs for a discussion of risks that may cause our actual results to vary from these forward-looking statements. Our discussion today will include non-GAAP financial measures. A reconciliation to GAAP measures can be found via the link included on the presentation page within the Investor Relations section of our website.

首先我要提醒各位，本次簡報中關於我們未來業務和財務表現的某些陳述和預測構成前瞻性陳述。這些聲明是基於管理層對當前業務和市場的預期，我們的實際結果可能與前瞻性聲明中預測的結果有重大差異。有關可能導致我們的實際業績與這些前瞻性陳述有差異的風險的討論，請參閱我們的 10-K 表格年度報告和 10-Q 表格中的風險因素部分。我們今天的討論將包括非GAAP財務指標。如需查看與 GAAP 指標的調整表，請造訪我們網站「投資者關係」部分的示範頁面，點擊其中包含的連結。

We will start today's call with prepared remarks from Scott Boatwright, Chief Executive Officer; and Adam Rymer, Chief Financial Officer. After which, we will take your questions. Our entire executive leadership team is available during the Q&A session. And with that, I will turn the call over to Scott.

今天，我們將首先由執行長 Scott Boatwright 和財務長 Adam Rymer 發表準備好的演講。之後，我們將回答您的問題。我們的全體高階主管團隊都將在問答環節出席。接下來，我將把電話交給史考特。

Good afternoon, and thank you for joining us. Today, I will spend a few minutes upfront discussing the highlights of our financial results, and Adam will cover the details. My remarks will cover a broader view into my vision for Chipotle and my deep confidence in our growth strategy as well as opportunities we have to sharpen our competitiveness by harnessing the core values of our brand. The results we issued this afternoon were in line with expectations and guidance for the full year. 2025 should be seen as a year of progress and resilience for our brand.

下午好，感謝各位的參與。今天，我將先花幾分鐘時間介紹我們財務表現的重點，亞當將詳細介紹。我的演講將更全面地闡述我對 Chipotle 的願景，以及我對我們成長策略的堅定信心，並探討我們透過發揮品牌核心價值來增強競爭力的機會。我們今天下午發布的業績與全年預期和指引相符。 2025年應被視為我們品牌發展與韌性提升的一年。

For the year, revenue grew 5.4% year over year, which included a 1.7% decline in comparable sales. Adjusted diluted earnings per share grew 4.5% year over year to $1.17. We opened a record 334 new company-owned restaurants and 11 international partner-operated restaurants, we also made progress in the strategic areas that matter most for our long-term success, including investing in operational excellence, marketing and menu innovation, deploying new back-of-house technology, and growing our footprint internationally. It's important to emphasize all of this was achieved against a dynamic consumer backdrop with our guest placing heightened focus on value and quality and pulling back on overall restaurant spending. This makes our investments in progress even more significant and highlights Chipotle's commitment to succeed through consumer cycles.

本年度營收年增 5.4%，但同店銷售額下降了 1.7%。經調整後的稀釋每股收益年增 4.5% 至 1.17 美元。我們開設了創紀錄的 334 家公司自營餐廳和 11 家國際合作夥伴運營餐廳，並在對公司長期成功至關重要的戰略領域取得了進展，包括投資於卓越運營、市場營銷和菜單創新、部署新的後廚技術以及擴大國際業務版圖。需要強調的是，所有這一切都是在不斷變化的消費環境下取得的，我們的顧客更加重視價值和質量，並減少了在餐廳的整體支出。這使得我們在發展方面的投資更具意義，並凸顯了 Chipotle 致力於在消費週期中取得成功的決心。

Turning to our path forward. Serving as Chipotle CEO is an incredible honor. From our guests to our people, to our partners around the globe, there is a deep love for our brand and the food we serve. Over the past year, I've had the privilege of visiting Chipotle restaurants around the world, including our restaurants in Europe, Canada as well as the opening of our Citywalk restaurant in Dubai. These experiences have reinforced my conviction in our momentum and our ability to continue delivering exceptional service and elevated experiences for our guests in our restaurants.

展望未來之路。能夠擔任Chipotle的首席執行官，我感到無比榮幸。從我們的顧客到我們的員工，再到我們遍布全球的合作夥伴，他們都對我們的品牌和我們提供的食物懷有深深的熱愛。在過去的一年裡，我有幸參觀了世界各地的 Chipotle 餐廳，包括我們在歐洲、加拿大的餐廳，以及我們在杜拜 Citywalk 的餐廳開幕。這些經驗更加堅定了我對我們的發展勢頭和能力的信念，我們將繼續為餐廳的顧客提供卓越的服務和更優質的體驗。

So what actions are we taking to build a stronger, more profitable Chipotle? Over the last several months, we conducted a comprehensive review of our business as well as the current market landscape and consumer trends, which are fundamentally different from what we experienced a year ago. Here are a few key learnings.

那麼，我們正在採取哪些措施來打造一個更強大、更有利可圖的Chipotle？在過去的幾個月裡，我們對公司業務以及當前的市場環境和消費者趨勢進行了全面審查，這些情況與我們一年前所經歷的情況截然不同。以下是一些關鍵經驗教訓。

Chipotle brand and value proposition built on high-quality, delicious culinary, and best-in-class operational throughput and remains strong and relevant across all age groups and income cohorts. We are seeing positive momentum in the business with room to accelerate our growth and sharpen our competitiveness without compromising on the core values that define our brand.

Chipotle 品牌和價值主張建立在高品質、美味的烹飪和一流的營運效率之上，並且在所有年齡和收入群體中都保持著強大的影響力和相關性。我們看到業務發展勢頭良好，還有空間加快成長，提高競爭力，同時又不損害定義我們品牌的核心價值。

Our path for further success lies in leaning into what differentiates our brands, accelerating innovation into new offerings and occasions that are of growing importance to our guests, and optimizing the in-restaurant and digital experience. And the strength of our business model and balance sheet allows us to execute against our long-term strategy and emerge from this consumer cycle in a position of greater strength. These insights have shaped the next evolution of our five key strategies, which we are calling our recipe for growth.

我們更大成功的關鍵在於發揮我們品牌的差異化優勢，加快創新步伐，推出對顧客日益重要的新產品和服務，並優化餐廳內和數位體驗。我們強大的商業模式和資產負債表使我們能夠執行長期策略，並在當前的消費週期中以更強大的姿態脫穎而出。這些見解塑造了我們五大關鍵策略的下一個發展階段，我們稱之為我們的成長秘訣。

These strategies include: protect and strengthen the core by driving operational and culinary excellence to deliver exceptional value for our guests; evolve the brand messaging and accelerate menu innovation and new occasions that drives demand in our restaurants; modernize our business model with industry-leading technology, including leveraging AI and relaunching our rewards program to elevate the experience for our guests and our teams; expand our global reach by scaling with intention through proven company owned and partner-operated markets as well as strategic new regions; and cultivate the best talent in the industry that is energized and focused on speed and agility.

這些策略包括：透過提升營運和烹飪水平，保護和加強核心業務，為顧客提供卓越價值；改善品牌訊息，加快菜單創新和新場景的開發，從而推動餐廳需求；利用業界領先的技術，包括人工智慧和重新推出獎勵計劃，實現業務模式現代化，提升顧客和團隊的體驗；透過成熟的公司自有和合作夥伴營運

We are acting on these strategies now and are already seeing results. First, we entered 2026 with a strong foundation. We aim to solidify that through our relentless focus on operational and culinary excellence across all our channels. This will be critical as we continue to scale our brand and meet the need or demand for the future.

我們現在正在實施這些策略，並且已經看到了成效。首先，我們以堅實的基礎進入了2026年。我們的目標是透過在所有管道中堅持不懈地追求卓越的營運和烹飪水平來鞏固這一目標。隨著我們不斷擴大品牌規模，滿足未來的需求，這一點至關重要。

Driving this key strategy is the acceleration of our rollout of our high-efficiency equipment package, which will improve speed and consistency in our restaurants, delivering a better experience for our teams and our guests. As a reminder, this equipment improves prep by two to three hours, which helps eliminate prep time during peak periods and results in stronger and more consistent throughput execution. It also diminishes the learning curve for new team members in more challenging areas like the Grill and improve the consistency of culinary with juicier steak and chicken that is cooked to perfection every time to meet our guests' expectations. For now, we are reinvesting the two to three hours of efficiency back into our restaurants to deliver greater hospitality.

推動這項關鍵策略的是加速推廣我們的高效設備方案，這將提高我們餐廳的速度和一致性，為我們的團隊和顧客帶來更好的體驗。提醒一下，該設備可將準備時間縮短兩到三個小時，有助於消除高峰期的準備時間，並帶來更強勁、更穩定的生產效率。它還能降低新團隊成員在燒烤等更具挑戰性的領域的學習曲線，並提高烹飪的一致性，使牛排和雞肉更加多汁，每次都能烹飪得恰到好處，以滿足客人的期望。目前，我們將節省下來的兩到三個小時的效率提升時間重新投入到我們的餐廳中，以提供更優質的服務。

The results in the restaurants with the new equipment are compelling. In addition to higher taste of food and overall guest satisfaction scores, we are beginning to see better throughput and meaningful improvement in comp sales. As a reminder, 350 restaurants have the full equipment package today and we anticipate about 2,000 by year-end.

餐廳採用新設備後所取得的成效令人矚目。除了食物口味較佳、顧客整體滿意度更高之外，我們也開始看到吞吐量提高，同店銷售額也出現了顯著改善。提醒一下，目前已有 350 家餐廳配備了全套設備，我們預計到年底將達到 2000 家左右。

Second is our brand positioning and menu innovation. Beyond our food, Chipotle sells at brand marketing. We have strong insights into what our guests launch and powerful brand building and demand-generating programs that have helped to establish our company as an industry leader.

其次是我們的品牌定位和菜單創新。除了食物之外，Chipotle 還注重品牌行銷。我們對顧客推出的產品有著深刻的了解，並擁有強大的品牌建立和需求創造計劃，這些都幫助我們公司確立了行業領導者的地位。

As we move into 2026, the consumer landscape is shifting with a heightened focus on value as well as high-quality protein, fiber, and clean ingredients, all of which are fundamental to Chipotle's North Star brand positioning. There remains significant opportunity to expand our leadership in this fast-growing segment by sharpening our positioning increasing spend and refreshing our campaigns to strengthen our value perception and further engage our guests through new occasions and increased menu innovation.

隨著我們邁入 2026 年，消費者格局正在發生變化，他們更加註重價值以及高品質的蛋白質、纖維和清潔的成分，而所有這些都是 Chipotle 北極星品牌定位的基礎。我們仍有很大的機會透過加強市場定位、增加支出、更新行銷活動來擴大我們在這一快速成長領域的領先地位，從而增強我們的價值認知，並透過新的場合和更多的菜單創新來進一步吸引我們的顧客。

A perfect example of this is the recent rollout of our high-protein line, which highlights our extraordinary value across a range of price points, starting with a single taco with 15 grams of protein at just $3.50 to double protein bowl with over 80 grams of high-quality protein also includes a new high-protein cut for around $3.80 and is aspired by hacks that our guests rely on to boost their intake and offers a solution to those looking for smaller portions, which is a fast-growing trend with the adoption of GLP-1s.

最近推出的高蛋白系列產品就是一個完美的例子，它突顯了我們在各種價位上的卓越價值，從僅售 3.50 美元的含 15 克蛋白質的單份玉米卷，到含超過 80 克優質蛋白質的雙份蛋白質碗，還包括售價約 3.80 美元的新型高蛋白切塊，其靈感來源於使用並增加了靈感的數量受體激動劑的普及，這種小份量需求正成為快速成長的趨勢。

Early results are strong, with (inaudible) of extra protein increasing 35% and and our double protein promotion achieving a record digital sales day. When I said that we will harness what is great about Chipotle and reinforce our value proposition to propel us forward, this is it in action.

初步結果強勁，額外蛋白質的銷量成長了 35%，我們的雙倍蛋白質促銷活動創下了數位銷售單日紀錄。我曾說過，我們將充分利用 Chipotle 的優勢，並強化我們的價值主張，以推動我們前進，這就是行動的體現。

We also know from our data that our core guest is more likely to choose a restaurant that has a new menu item. To further drive demand, we will increase our menu innovation cadence to four limited time offers in 2026 and giving our guests more reasons to visit Chipotle. This will include the return of Chicken al Pastor next week, which is the most celebrated limited time offer in history with 2 times the request on social media to bring it back compared to any other LTL. Limited time offers are not just delicious. They yield traffic by bringing in new guests while increasing the frequency of the existing base.

我們的數據也表明，我們的核心顧客更有可能選擇推出新菜色的餐廳。為了進一步刺激需求，我們將在 2026 年推出四款限時新品，加快菜單創新步伐，為顧客提供更多光顧 Chipotle 的理由。其中包括下週回歸的烤雞肉捲（Chicken al Pastor），這是歷史上最受歡迎的限時供應產品，社交媒體上要求它回歸的呼聲是其他任何限時供應產品的兩倍。限時供應的商品可不只是美味而已。他們透過吸引新客人並增加現有客人的造訪頻率來增加客流量。

Additionally, the LTO acquired guests demonstrate higher long-term value, maintaining elevated spend and frequency levels throughout the year. In addition to limited time offers, we will roll out new sauces and build a strong pipeline of innovation and untapped sales layers like sides and beverages. As new menu items make their way through the stage gate process we can pace and sequence these growth layers to provide a long path for transaction growth for years to come.

此外，LTO 吸引的客人表現出更高的長期價值，全年保持較高的消費和消費頻率。除了限時優惠外，我們還將推出新的醬料，並建立強大的創新管道和尚未開發的銷售管道，例如配菜和飲料。隨著新菜單項目逐步通過階段性審批流程，我們可以控制這些成長階段的節奏和順序，為未來幾年的交易成長提供長遠發展路徑。

We also see the group occasion as a big opportunity longer term. We are currently building awareness around build your own Chipotle for families or groups of four to six as well as testing the expansion of catering. Today, these two group occasions represent less than 3% of combined sales yet could be double-digit percentage of sales longer term. Build your own Chipotle continues to perform. It is also highly incremental and driving strong repeat purchases, which is why we are extending our trial promotion into 2026. To build on our momentum, we will scale awareness across our marketing channels, leaning into moments that bring people together like sports, holidays, and other shared occasions where we have seen our highest incidents.

我們也認為這次團體活動是個長遠發展的巨大機會。我們目前正在推廣家庭或四至六人團體的自選 Chipotle 套餐，同時也測試餐飲服務的擴展。目前，這兩類群體活動僅佔總銷售額的不到 3%，但從長遠來看，它們可能會佔據兩位數的銷售額百分比。自選Chipotle套餐持續熱銷。它還具有很高的增量作用，並能有效促進重複購買，因此我們將試用促銷活動延長至 2026 年。為了鞏固我們的發展勢頭，我們將擴大各個行銷管道的知名度，並專注於那些能將人們聚集在一起的時刻，例如體育賽事、假日以及其他我們曾經歷過最高事件的共同場合。

Regarding our catering tests, our teams are getting up to speed with the new equipment and technology that will support a bigger catering business. And we are ramping up our marketing efforts, including the recent rollout of one of the large third-party delivery platforms. While it is still early in the testing phase, we are seeing the catering orders begin to build, and we remain optimistic that we have found the right solution to help scale our catering business moving forward.

關於我們的餐飲測試，我們的團隊正在熟悉新的設備和技術，這些設備和技術將支援更大的餐飲業務。我們正在加強行銷力度，包括最近推出的大型第三方配送平台。雖然目前仍處於測試階段的早期，但我們看到餐飲訂單開始增加，我們仍然樂觀地認為，我們已經找到了正確的解決方案，可以幫助我們擴大餐飲業務的規模。

Third, we are in process of relaunching our rewards program this bring to widen the funnel and leverage our data and AI to power more personalized and impactful user experiences. 2025, we grew our active members to over $21 million, thanks in part to our Summer of Extras campaign as well as more engagement through programs like (inaudible) throughout the second half of the year.

第三，我們正在重新啟動獎勵計劃，旨在拓寬用戶管道，並利用我們的數據和人工智慧技術，打造更個人化、更具影響力的用戶體驗。 2025年，我們的活躍會員人數成長至超過2,100萬美元，這部分得益於我們的「夏季額外福利」活動，以及下半年透過（聽不清楚）等項目提升的用戶參與度。

Through that, we experienced an acceleration in loyalty comps in the back half of the year that outpaced total comps by several hundred basis points. Currently, about 30% of sales are realized through our rewards platform and the momentum gives us confidence that there remains significant runway for growth by bringing more guests into the funnel, deepening engagement in driving sales throughout the year.

透過這種方式，我們在下半年體驗了忠誠度積分的加速成長，比總積分成長高出幾百個基點。目前，約 30% 的銷售額是透過我們的獎勵平台實現的，這種勢頭讓我們相信，透過吸引更多顧客進入銷售漏斗，加深顧客參與度，從而在全年推動銷售，仍有很大的成長空間。

One of the biggest opportunities is in restaurant as only about 20% of transactions through our rewards program compared to nearly 90% of our app transactions. Looking ahead, we have a strong campaign planned around the spring launch of a more engaging rewards program specifically designed to target the in-restaurant guest and remove friction from the checkout experience.

最大的機會之一在於餐飲業，因為我們獎勵計劃的交易量僅佔總交易量的 20% 左右，而我們的應用程式交易量卻佔了近 90%。展望未來，我們計劃在春季推出一項更具吸引力的獎勵計劃，並圍繞該計劃開展強有力的宣傳活動，該計劃旨在吸引餐廳顧客，並消除結帳體驗中的摩擦。

Additionally, the campaign will include more programs like Summer of Extras and continuing to leverage gamification, which has resonated well with our guests. We look forward to sharing more details about rewards in the coming months.

此外，該活動還將包括更多類似「夏季額外活動」的項目，並繼續利用遊戲化元素，這些元素已經引起了我們顧客的良好反響。我們期待在未來幾個月分享更多關於獎勵的細節。

Fourth, accelerating global expansion. In 2025, we opened a record 345 new restaurants and sold over 9% new restaurant growth. We opened 334 company-owned restaurants where we surpassed 4,000 in December. This included 21 openings in Canada, an increase of 38% year over year for that country.

第四，加速全球擴張。2025年，我們新開了創紀錄的345家餐廳，新餐廳銷售額成長超過9%。我們開設了 334 家公司直營餐廳，12 月餐廳總數突破了 4000 家。其中包括加拿大新增的 21 個職位，比該國上一年增長了 38%。

We remain confident in our ability to reach 7,000 restaurants in North America longer term. And we are accelerating growth globally. In Europe, we ended the year with positive comps and another except change in the economic model. In fact, Central London and Frankfurt have reached strong cash-on-cash returns, which is unlocked growth for these markets in 2026.

我們仍有信心在長期內實現北美地區7000家餐廳的目標。我們正在加速全球成長。在歐洲，我們以積極的同店銷售額結束了這一年，但經濟模式又發生了變化。事實上，倫敦市中心和法蘭克福的現金回報率很高，這為這些市場在 2026 年的成長釋放了動力。

Now turning to the Middle East. With our regional partner, Alshaya Group. We opened seven more partner operating restaurants in the fourth quarter and 11% for the year, with a total of 14 restaurants in the region. I recently had the opportunity to experience an opening in Dubai where the energy was electric and thousands of guests chanting Chipotle as we unveiled the new restaurant, powerfully demonstrating the brand's affinity and enthusiasm for our delicious food. With Alshaya Group, we plan to nearly double our footprint and sales in 2026, including entering new markets like Saudi Arabia. Longer term, we believe we can have hundreds of restaurants in this region.

現在轉向中東。與我們的區域合作夥伴 Alshaya 集團合作。我們在第四季新增了 7 家合作經營餐廳，全年新增餐廳數量增加了 11%，該地區共有 14 家餐廳。我最近有機會在杜拜體驗了一場新餐廳的開幕典禮，現場氣氛非常熱烈，成千上萬的賓客高喊著 Chipotle 的名字，我們揭開了這家新餐廳的神秘面紗，這有力地展現了該品牌對我們美味佳餚的喜愛和熱情。透過與 Alshaya 集團的合作，我們計劃在 2026 年將我們的業務規模和銷售額擴大近一倍，包括進入沙烏地阿拉伯等新市場。從長遠來看，我們相信我們可以在該地區擁有數百家餐廳。

Additionally, we remain on track to open our first restaurants in three new partner-operated markets this year, including Mexico, Singapore, and South Korea. The global growth story is gaining momentum across all markets. And we know that when we deliver our fresh, delicious culinary experience with speed and exceptional hospitality, it resonates around the world.

此外，我們仍按計劃於今年在三個新的合作夥伴營運市場開設首批餐廳，包括墨西哥、新加坡和韓國。全球成長勢頭正在所有市場加速增強。我們知道，當我們以快速的速度和卓越的服務，為顧客提供新鮮美味的餐飲體驗時，這種體驗會在世界各地引起共鳴。

Fifth is the team. None of these strategies would be executable or goals (inaudible) without our people. We know that when we take care of our team members, they take care of our guests. It's that simple. I'm extremely proud of the way in which our teams work this year, both in restaurants and our support centers to deliver for our guests.

第五點是團隊。如果沒有我們的人民，這些策略都無法執行，目標也無法實現（聽不清楚）。我們知道，當我們照顧好團隊成員時，他們就會照顧好我們的客人。就這麼簡單。我為我們團隊今年的工作方式感到無比自豪，無論是在餐廳還是在支援中心，他們都盡心盡力為顧客提供服務。

(inaudible) culture that sets us apart from the others is promoting top talent from within. In fact, in 2025, Chipotle had 23,000 internal promotions, including 100% of our regional Vice President roles, over 83% of our field leader positions, and nearly 90% of our restaurant management.

（聽不清楚）使我們有別於其他公司的文化是提拔內部頂尖人才。事實上，到 2025 年，Chipotle 進行了 23,000 次內部晉升，其中包括 100% 的區域副總裁職位、超過 83% 的現場領導職位和近 90% 的餐廳管理人員職位。

We will always keep opening doors for our people, creating more pathways for career growth and advancement at every level in our company. We move forward, we are building a culture of speed and agility and adding exceptional talent to drive our strategy.

我們將始終為員工敞開大門，為公司各個層級的員工創造更多職涯發展和晉升途徑。我們正向前邁進，我們正在建立一種速度和敏捷性的文化，並吸收傑出人才來推動我們的策略。

As you may have seen last month, we announced that [Roger Theodoredis] and Chris [Brandt] transitioned out of their current roles. I want to thank Roger and Chris for their leadership and many contributions. Roger has been a trusted adviser, while Chris has been instrumental in helping Chipotle become a purse driven lifestyle brand as we grew our footprint to more than 4,000 restaurants.

正如您上個月可能已經看到的，我們宣布[Roger Theodoredis]和Chris[Brandt]已卸任其目前的職位。我要感謝羅傑和克里斯的領導和許多貢獻。Roger 一直是值得信賴的顧問，而 Chris 在 Chipotle 發展成為以消費為導向的生活方式品牌的過程中發揮了重要作用，因為我們的餐廳數量已經增長到 4000 多家。

We have promoted [Ilene Eskenazi] to be our Chief Legal and Human Resources Officer. He will bring her extensive experience overseeing a broad range of legal and compliance matters as well as talent management and compensation and benefits to help us execute our talent strategy.

我們已提拔[Ilene Eskenazi]擔任首席法律與人力資源長。他將憑藉其在監督廣泛的法律和合規事務以及人才管理、薪資和福利方面的豐富經驗，幫助我們執行人才策略。

As I mentioned earlier, our marketing team and how we engage with our guests are at the heart of Chipotle's success. We have grown our marketing capabilities by leaps and bounds over the past eight years, which makes us the exact right moment to take it to the next level and build upon our strong foundation. We are conducting a national search for our next Chief Marketing Officer, and I look forward to sharing more on that front soon.

正如我之前提到的，我們的行銷團隊以及我們與顧客的互動方式是 Chipotle 成功的核心。過去八年，我們的行銷能力突飛猛進，現在正是我們更上一層樓，在現有堅實基礎上繼續發展的最佳時機。我們正在全國範圍內尋找下一任首席行銷官，我期待很快能與大家分享更多相關資訊。

Additionally, to accelerate our approach to technology and innovation, we are hiring a new Chief Digital Officer and a Vice President of Emerging Technologies. Each will play a critical role in helping us to become more efficient, enhance our operations, and develop and deploy industry-leading technology. Combination of our existing team, internal succession planning, and external response to searches gives us a high degree of confidence that we will have exceptional talent executing the Recipe for Growth strategy. And our leadership teams are committed to staying close to our guests and the frontline experience because the fact is, the answers are in the restaurants.

此外，為了加快我們在技術和創新方面的步伐，我們正在招募一位新的數位長和一位新興技術副總裁。他們各自都將在幫助我們提高效率、改善營運以及開發和部署行業領先技術方面發揮關鍵作用。結合我們現有的團隊、內部繼任計畫以及外部招募的回應，我們有信心擁有傑出的人才來執行成長計畫策略。我們的領導團隊致力於與顧客和第一線員工保持密切聯繫，因為事實是，答案就在餐廳裡。

To close, I want to highlight that we recently celebrated the 20th anniversary of Chipotle's IPO in 2006. Looking back over the last 20 years, what stands out to me is the consistency of our brand. Two decades later, we still have the same unwavering transparent commitments to sourcing the best ingredients. We continue to deliver exceptional value for our guests and we are investing in the development and growth of our world-class teams. We look forward to the next 20 years, I've never been more confident in the strength of this brand and our ability to win. Our recipe for growth in 2026 plan will position us for success in any environment.

最後，我想強調一下，我們最近慶祝了 Chipotle 於 2006 年上市 20 週年。回顧過去 20 年，最讓我印象深刻的是我們品牌的始終如一。二十年後，我們依然秉持著同樣堅定不移的透明承諾，致力於採購最好的原料。我們將繼續為賓客提供卓越的價值，並投資於世界一流團隊的發展和成長。我們展望未來20年，我對這個品牌的實力和我們獲勝的能力從未像現在這樣充滿信心。我們制定的2026年成長計畫將使我們能夠在任何環境下取得成功。

And we're confident it will drive transactions, allow us to move faster, and create long-term sustainable growth for our people, our guests and our shareholders. I will now turn it over to Adam.

我們相信這將促進交易，讓我們能夠更快地發展，並為我們的員工、顧客和股東創造長期可持續的成長。現在我將把它交給亞當。

Thanks, Scott, and good afternoon, everyone. I'm pleased to report that we delivered sales results that were in line with our expectations with accelerating trends throughout the quarter and into January. To support this performance, we made the strategic decision to elevate our marketing activity to ensure Chipotle remain top of mind with our guests.

謝謝你，斯科特，大家下午好。我很高興地報告，我們的銷售業績符合預期，並且在整個季度以及1月份都呈現加速成長的趨勢。為了支持這項業績，我們做出了策略決策，提升我們的行銷活動，以確保 Chipotle 在顧客心中保持領先地位。

Now turning to our results. For the fourth quarter, sales grew 4.9% to reach $3 billion with a comp decline of 2.5%. Sales benefited from a $27 million true-up following an annual gift card breakage analysis. This true-up did not impact comparable restaurant sales. Digital sales were 37.2% of total sales. Restaurant-level margin was 23.4%, down 140 basis points year over year. Restaurant-level margin also included a 70 basis point benefit from the gift card true-up. Adjusted diluted earnings per share was $0.25, consistent with last year, and we opened 132 new restaurants, including 97 Chipotlanes as well as seven additional partner-operated restaurants.

現在來看我們的結果。第四季度，銷售額成長 4.9%，達到 30 億美元，但同店銷售額下降 2.5%。在年度禮品卡失效分析之後，銷售額因 2700 萬美元的調整而受益。此次調整並未影響同店餐廳的銷售量。數位銷售額佔總銷售額的37.2%。餐廳層面的利潤率為 23.4%，年減 140 個基點。餐廳層面的利潤率還包括禮品卡調整帶來的 70 個基點收益。經過調整後的稀釋每股收益為 0.25 美元，與去年持平；我們新開了 132 家餐廳，其中包括 97 家 Chipotlane 餐廳以及 7 家合作經營的餐廳。

As we move into 2026, we anticipate our full year comparable restaurant sales to be about flat. We are confident in our recipe for growth strategy, and we are encouraged by the meaningful improvement in underlying trends we've seen in January following the launch of our new protein menu and marketing campaign. However, we believe it's prudent to keep our full year guidance grounded in a conservative baseline given the evolving consumer dynamic.

展望 2026 年，我們預期全年同店餐廳銷售額將基本持平。我們對我們的成長策略方案充滿信心，並且對我們在 1 月推出新的蛋白質菜單和行銷活動後看到的潛在趨勢的顯著改善感到鼓舞。然而，鑑於消費者動態不斷變化，我們認為謹慎的做法是將全年業績預期設定在保守的基準線上。

We will continue to take a disciplined and measured approach to pricing, but do not expect it will fully offset inflation in the near term as we remain committed to delivering exceptional value for our guests.

我們將繼續採取嚴謹穩健的定價策略，但預計短期內無法完全抵消通膨的影響，因為我們仍致力於為顧客提供卓越的價值。

We anticipate the impact of pricing in the first quarter will be about 70 basis points compared to our expected inflation approaching the mid-single-digit range. We expect the gap between our pricing and inflation to be at its widest point in the first quarter and then will narrow meaningfully throughout the year.

我們預期第一季的定價影響將比我們預期的接近個位數中段的通膨率高出約 70 個基點。我們預計，第一季我們的定價與通貨膨脹之間的差距將達到最大，然後將在年內顯著縮小。

I will now go through the key P&L line items, beginning with cost of sales. Cost of sales in the quarter were 30.2%, a decrease of about 20 basis points from last year. The benefit of menu price lower dairy prices and cost of sales efficiencies offset inflation, primarily in beef and chicken as well as the impact of tariffs.

接下來我將逐項分析損益表中的關鍵項目，先從銷售成本開始。本季銷售成本為 30.2%，比去年同期下降約 20 個基點。菜單價格降低的好處，包括乳製品價格下降和銷售成本效率提高，可以抵消通貨膨脹（主要體現在牛肉和雞肉方面）以及關稅的影響。

Tariffs impacted the quarter by about 30 basis points. For Q1, we anticipate our cost of sales to be in the mid-30% range, primarily driven by higher costs across several items, most notably beef, avocados, and cooking oils, partially offset by the benefit of (inaudible) ramping down modest pricing leverage and lower tariffs. With the recent removal of tariffs on beef and other agricultural goods, we now anticipate our ongoing tariff impact to be around 15 basis points.

關稅對本季業績的影響約為 30 個基點。我們預計第一季的銷售成本將在 30% 左右，主要原因是多種商品的成本上漲，尤其是牛肉、酪梨和食用油，部分被（聽不清楚）適度降低價格槓桿和關稅降低的好處所抵消。隨著近期牛肉和其他農產品關稅的取消，我們預計目前的關稅影響約為 15 個基點。

Overall, we anticipate cost of sales inflation to be higher in the first half of the year and will step down to the low to mid-single-digit range in the second half of the year as we lap elevated beef costs. This results in full year cost of sales inflation in the mid-single-digit range.

總體而言，我們預計今年上半年銷售成本通膨率將較高，隨著牛肉成本上漲的緩解，下半年將降至個位數低至中等水平。這將導致全年銷售成本通膨率達到中等個位數水準。

Labor costs for the quarter were 25.5%, an increase of about 30 basis points from last year as higher pricing and lower performance-based bonuses were more than offset by lower volumes and wage inflation. For Q1, we expect our labor cost to be in the high 25% range with wage inflation in the low single-digit range.

本季勞動成本佔 25.5%，比去年同期成長約 30 個基點，原因是更高的定價和更低的績效獎金被更低的銷售和薪資上漲所抵銷。我們預計第一季勞動成本將佔總成本的 25% 以上，而薪資通膨率將處於個位數低點。

Other operating costs for the quarter were 15.5%, an increase of about 100 basis points from last year, primarily driven by higher marketing, delivery, and utility costs as well as lower sales volumes. Marketing costs were 3.5% of sales in Q4, an increase of about 50 basis points from last year. As I mentioned earlier, we accelerated our marketing spend in the quarter, which helped us remain top of mind with our guests.

本季其他營運成本為 15.5%，比去年同期成長約 100 個基點，主要原因是行銷、配送和公用事業成本上升以及銷售量下降。第四季行銷成本佔銷售額的 3.5%，比去年同期成長了約 50 個基點。正如我之前提到的，我們在本季加大了行銷投入，這有助於我們在顧客心中保持領先地位。

We expect our marketing costs to remain in the mid-3% range for Q1 and in the low 3% range for the full year. For Q1, we anticipate other operating costs to be in the mid-15% range. G&A for the quarter was $160 million on a GAAP basis or $162 million on a non-GAAP basis, excluding a $4 million reduction in legal contingencies and around $2 million related to retention equity awards granted to key executives in August of 2024.

我們預計第一季行銷成本將保持在 3% 左右，全年將保持在 3% 左右。我們預計第一季其他營運成本將在 15% 左右。本季一般及行政費用以美國通用會計準則 (GAAP) 計算為 1.6 億美元，以非美國通用會計準則 (non-GAAP) 計算為 1.62 億美元，其中不包括 400 萬美元的法律或有事項減少額和約 200 萬美元與 2024 年 8 月授予關鍵高管的留任股權相關的保留股權。

G&A also includes $145 million in underlying G&A, $21 million related to noncash stock compensation, which included a reduction in our performance share accrual related to our upcoming OR Manager Conference, which will be held in Q1 of this year, offset by $5 million in lower bonus accruals.

一般及行政費用還包括 1.45 億美元的基本一般及行政費用，以及 2,100 萬美元的非現金股票補償，其中包括因即將於今年第一季舉行的營運關係經理會議而減少的績效股份應計款項，但被 500 萬美元的獎金應計款項減少所抵銷。

We expect G&A in the first quarter to be around $203 million on a non-GAAP basis, which will include $142 million in underlying G&A around $26 million in noncash stock compensation, although this amount could move up or down based on our actual performance and is subject to the final 2026 grants, which are issued in Q1. Around $28 million related to our upcoming OR Manager Conference and around $7 million related to employer taxes associated with shares that vest during the quarter.

我們預計第一季的 G&A 費用（按非 GAAP 準則計算）約為 2.03 億美元，其中包括 1.42 億美元的基礎 G&A 費用和約 2600 萬美元的非現金股票補償，儘管該金額可能會根據我們的實際業績而上下浮動，並且取決於第一季度發放的 2026 年最終授予的股票。約 2800 萬美元與即將舉行的 OR 經理會議有關，約 700 萬美元與本季度歸屬的股票相關的雇主稅有關。

Depreciation for the quarter was $93 million or 3.1% of sales. For 2026, we expect it to remain around 3% of sales. Our effective tax rate for Q4 was 23.7% for GAAP and 23.4% for non-GAAP. Our effective tax rate benefited from an increase in US federal income tax credits. For fiscal 2026, we estimate our underlying effective tax rate will be in the 24% to 26% range, though it may vary based on discrete items. Our balance sheet remains strong as we ended the quarter with $1.3 billion in cash, restricted cash and investments and no debt. During the fourth quarter, we purchased $742 million of our stock at an average price of $34.4 and bringing our full year 2025 total to a record $2.4 billion at an average price of $42.54.

本季折舊額為 9,300 萬美元，佔銷售額的 3.1%。我們預計到 2026 年，這一比例將保持在銷售額的 3% 左右。我們第四季的實際稅率以 GAAP 計算為 23.7%，以非 GAAP 計算為 23.4%。由於美國聯邦所得稅抵免額的增加，我們的實際稅率有所提高。我們預計 2026 財年的實際稅率將在 24% 至 26% 之間，但具體稅率可能會因個別項目而有所不同。我們的資產負債表依然穩健，本季末我們擁有13億美元的現金、受限現金和投資，且無任何債務。第四季度，我們以平均每股 34.4 美元的價格購買了價值 7.42 億美元的股票，使我們 2025 年全年的總購買量達到創紀錄的 24 億美元，平均價格為每股 42.54 美元。

During the quarter, the Board authorized an additional $1.8 billion to our share purchase authorization. And at the end of the quarter, we had $1.7 billion remaining. To close, the momentum we are seeing today reinforces our confidence in our Recipe for Growth strategy, enabling us to build on what differentiates Chipotle and to compete and win with greater efficiency and impact. We remain committed to the financial discipline required to both protect and strengthen our strong economic model. And with our brand strength and customer loyalty as our foundation, we will continue executing our strategy and expanding our runway for extraordinary growth.

本季度，董事會批准了額外18億美元的股票購買授權。到季度末，我們還剩下 17 億美元。最後，我們今天看到的勢頭增強了我們對「成長秘訣」策略的信心，使我們能夠鞏固 Chipotle 的差異化優勢，並以更高的效率和影響力參與競爭並取得成功。我們將繼續秉持必要的財務紀律，以保護和加強我們強大的經濟模式。憑藉強大的品牌實力和客戶忠誠度，我們將繼續執行我們的策略，並擴大我們的發展空間，實現非凡的成長。

We look forward to sharing our progress along the way, and we are ready to take your questions.

我們期待與大家分享我們的進展，也隨時準備回答你們的問題。

(Operator Instructions) Brian Mullan, Piper Sandler.

（操作說明）布萊恩·穆蘭，派珀·桑德勒。

Just a question on the guidance for about flat same-store sales. I guess, one, can you just help us understand the components, what's embedded in there for transactions and menu price and mix, that would be helpful. understand. And then just two, anything you can offer on the cadence you'd expect. And I'm asking because you mentioned being encouraged by January, it would seem like there's some easy compares ahead.

關於同店銷售額持平的指導意見，我有個問題。我想，首先，您能否幫我們理解這些組成部分，以及其中涉及的交易、菜單價格和組合等因素，這將對我們很有幫助。然後就兩件事，你能按照你期望的節奏提供什麼就提供什麼。我這麼問是因為你提到一月的表現讓你備受鼓舞，看來接下來的比賽會比較輕鬆。

So just anything you could offer there would be helpful.

所以，您能提供的任何幫助都將不勝感激。

Definitely. Thanks, Brian. So for the full year, like we said in our prepared comments, we're excited about the momentum that we've seen in our underlying trends in January after the launch of the protein menu and that whole campaign. And we're confident in our recipe for growth strategies and that they'll continue to drive transactions up throughout the year, including with Chicken al Pastor launching next week. But with that said, we think that it's still very early in the year, and consumer trends -- the trends have been really tough to predict.

確實。謝謝你，布萊恩。所以，正如我們在準備好的評論中所說，對於全年而言，我們對1月份推出蛋白質菜單和整個行銷活動後，我們基本趨勢所展現出的勢頭感到興奮。我們對我們的成長策略方案充滿信心，相信這些策略將繼續推動全年的交易量成長，包括下週即將推出的烤雞。但話雖如此，我們認為現在還為時過早，消費趨勢——這些趨勢真的很難預測。

So we wanted to be conservative in our full year guide to account for this. And our full year guide only includes, I would say, really a modest impact from the initiatives that we have this year. And then when you're thinking about how this works out throughout the rest of the year, we expect comps to improve throughout the year as our initiatives drive transactions and as our -- sorry, as compares it a little bit easier throughout the year.

因此，為了考慮到這一點，我們在全年業績預期中採取了保守的做法。而且，我認為，我們的全年指南實際上只包含了我們今年各項舉措所產生的有限影響。然後，當您考慮這在今年剩餘時間裡的發展情況時，我們預計隨著我們的舉措推動交易，以及我們的——抱歉，是隨著比較變得更加容易，全年的可比交易量將會改善。

Okay. And then just on the high-efficiency package. In the prepared remarks, you referenced seeing some increased throughput, maybe a lift of comp sales at those 350 restaurants. Just wondering if those restaurants, any quantification you can provide on what you're seeing at stores? And if that's something you might -- I think you said 200 at the end of the year, but would you look to accelerate that over the next couple of years?

好的。然後就只考慮高效節能型產品。在事先準備好的發言稿中，您提到那 350 家餐廳的營業額增加，同店銷售額可能也有所提升。想問您，對於這些餐廳，您能否提供一些關於您在商店裡看到的情況的量化數據？如果你打算這樣做的話——我想你說過年底達到 200，但你會考慮在未來幾年加快這個速度嗎？

Brian, it's Scott. Thanks for the question. We're really excited and encouraged by the results we're seeing with the heat package. We're seeing better engagement, consumer engagement scores. We're seeing better scores around food quality and taste of food.

布萊恩，我是史考特。謝謝你的提問。我們對熱能解決方案所取得的成果感到非常興奮和鼓舞。我們看到用戶參與度和消費者參與度評分都有所提升。我們看到食品品質和口味方面的評分有所提高。

And like we said in the prepared remarks, we're seeing hundreds of basis points of improvement in comp sales in those restaurants alone. That gives us confidence that we are approaching the strategy the right way, and it's having a meaningful impact for our team members and for our guests. We have already accelerated the program. We should be at 2,000 restaurants by the end of the year. And then you could see that there is a path to probably finish the rollout at some time in 2027, and we will go as absolutely fast as we possibly can.

正如我們在準備好的發言稿中所說，僅在這些餐廳，我們就看到同店銷售額提高了數百個基點。這讓我們確信，我們採取的策略是正確的，並且對我們的團隊成員和顧客都產生了有意義的影響。我們已經加快了該計劃的實施速度。到今年年底，我們應該可以覆蓋2000家餐廳。這樣一來，我們就能看到在 2027 年的某個時候完成推廣的希望，我們將以最快的速度推進這項工作。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

I guess maybe two quick questions. One is if you could talk about the LTO. I know that's something you're going to do more frequently. You talked about Chicken al Pastor store being I guess twice requested as anything else. I think about the fourth quarter, I think (inaudible) thought it was maybe -- it didn't exactly how you expected, although correct me if I'm wrong.

我想問兩個簡單的問題。一是能否談談LTO（長期營運）的問題。我知道你以後會更頻繁地這樣做。你提到過，雞肉烤肉店的顧客點餐次數好像是其他菜色的兩倍。我想到了第四季度，我覺得（聽不清楚）可能——結果並沒有完全如你所願，如果我錯了請糾正我。

So I guess, how are you thinking about the LTAs? Are you going to market it differently or maybe it's a more accessible price points just in terms of ensuring that you get the biggest lift from the LTO that what you would normally expect. So -- and then I have a follow-up, please.

所以我想問，你對LTA有什麼看法？你們打算採取不同的行銷方式嗎？或者，你們會設定一個更親民的價格點，以確保限時特賣活動能帶來比預期更大的收益？那麼——接下來我還有一個問題。

Sara, it's Scott. Thank you for the question. So Carniasata did perform as it relates to incidents just as well as it did in 2023, and I'm confident it did move the needle on transactions. To what extent, I can't really parse out at present.

薩拉，我是史考特。謝謝你的提問。因此，Carniasata 在事件處理方面的表現與 2023 年一樣出色，我相信它確實推動了交易量的成長。至於程度如何，目前我還無法準確判斷。

Here's what I will tell you is what we know from what we learned in 2025, which is really a year of progress, as I said, and resilience is that the LTO consumer, the consumer that chooses an LTO at Chipotle as a higher lifetime value, visits the brand more often and spends more.

我要告訴你們的是，我們從 2025 年（正如我所說，2025 年是進步之年）學到的東西，以及韌性，那就是選擇 Chipotle 限時特供產品的消費者，因為其終身價值更高，會更頻繁地光顧該品牌，並且消費更多。

And so we're going to lean into that moment with our core consumer. We've done exhaustive work around who the Chipotle customer is this past year, what they're looking for from our brand and menu innovation and new news was really at the top of the list. As it relates to how we'll market those components, we've increased the spend this year to account for fully supporting four stand-alone LTOs. And I think the marketing message you'll see will begin to evolve. Hopefully, you've already seen the high protein launch that just happened, the choices ad that just ran a couple of weeks ago.

因此，我們將全力以赴，與我們的核心消費者建立聯繫。過去一年，我們對 Chipotle 的客戶群進行了詳盡的研究，了解他們希望從我們的品牌和菜單中獲得什麼，而創新和新內容確實是重中之重。至於我們如何推廣這些組件，我們今年增加了支出，以全面支援四個獨立的 LTO。我認為你看到的行銷訊息將會開始演變。希望您已經看到了剛推出的高蛋白產品，以及幾週前投放的選擇廣告。

We're approaching the messaging differently, and we're going to celebrate what is unique and different about Chipotle and the more meaningful way in the upcoming year. And you'll see that evolve as we continue to -- as the year unfolds within the marketing strategy.

我們將採用不同的宣傳方式，在新的一年裡，我們將以更有意義的方式來慶祝 Chipotle 的獨特之處和與眾不同之處。隨著行銷策略的推進，你會看到它不斷發展演變。

Okay. Very helpful clarification. And then just a follow-up was related. You mentioned doing a national search for a Chief Marketing Officer. Just curious, since you are, as you noted, spending more as a percentage of revenues and multiple (technical difficulty) I think having a taco at $3.50 and a protein cup around $3.80 across the country is really an approachable price point that really gives the consumer a meaningful way into the brand, but also solves for those people that are looking for a different choice, whether they're GLP-1 users or looking for other dietary restrictions, more high protein or high fiber.

好的。非常有幫助的解釋。然後，還有一個相關的後續問題。您曾提到要面向全國招募首席行銷長。我只是好奇，既然你提到了支出佔收入的比例更高，而且（技術上來說有點困難），我認為在全國範圍內以 3.50 美元的價格出售一個墨西哥捲餅，以 3.80 美元左右的價格出售一杯蛋白質飲料，確實是一個容易接受的價格點，這不僅能讓消費者更容易了解這個品牌，還能滿足那些正在尋找不同選擇的人的需求，無論他們是 GLP-1使用者，還是有其他飲食限制，需要更多高蛋白或高纖維食品。

We'll test and learn on a couple of new ideas that may be price pointed throughout the year and see if they make their way through stage gate and actually make a national calendar. But we feel really comfortably situated where we are today. given the pace of LTOs that will unfold starting with Chicken al Pastor on February 10. We have some new news. We have a couple of tried favorites -- true favorites that have performed well historically.

我們將測試並學習一些可能在全年進行價格調整的新想法，看看它們能否通過階段性考驗，並最終進入全國性的日程安排。但考慮到即將推出的限時特惠活動（LTO）的節奏，我們目前所處的位置非常有利，尤其是從2月10日開始的雞肉阿帕斯托（Chicken al Pastor）開始。我們有一些新消息。我們有一些久經考驗的熱門選擇——真正經受住了時間考驗、表現優異的熱門選擇。

I think the marketing calendar, I don't think the marketing calender this year is more robust and it will be better supported with targeted media than we've seen historically in the brand.

我認為今年的行銷計畫比以往更加完善，而且會得到比以往品牌更精準的媒體支持。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

A question on the margin outlook. And Adam, I was wondering if you could comment on where you think the full year restaurant margin would shake out on a comp that's about flat. I think you have some pricing coming in, you said you're going to narrow the gap versus inflation. But just any comment on where the full year might shake out given the guidance on the comp.

關於利潤率前景的問題。亞當，我想問你，在同業比較基本持平的情況下，你認為全年餐廳利潤率會是多少？我認為你們有一些定價策略即將出台，你們說過要縮小與通貨膨脹之間的差距。但鑑於目前的情況指引，對於全年業績可能如何發展，我沒有任何評論。

Yes, definitely, David. So margins in 2026 will be under pressure, and it's mostly due to our investment of taking less price compared to the inflation that we're experiencing. But again, I would emphasize that's temporary, and we'll balance it out towards the end of the year. And like I said in my prepared comments, that gap will be the widest in the first quarter. So to put some numbers into it, we expect pricing to be about 70 basis points of impact in the first quarter while inflation is closer to about 4%.

是的，當然，大衛。因此，2026 年的利潤率將面臨壓力，這主要是因為我們的投資價格低於我們目前所經歷的通貨膨脹率。但我再次強調，這只是暫時的，我們會在年底前平衡好局面。正如我在事先準備好的演講稿中所說，第一季的差距將最大。因此，具體來說，我們預計第一季價格將受到約 70 個基點的影響，而通貨膨脹率則接近 4%。

So just in and there, that's about a 250 basis point margin headwind that will chip away at throughout the year. When you think about it on a full year basis, I would anticipate pricing to be in that 1% to 2% range, while inflation will be closer to that 3% to 4% range. So just that dislocation alone will be about 150 basis points on a year over year decline. And then there's a little -- a couple of other adjustments in there like ad Provo is going to go up maybe 10 or 20 basis points.

所以僅此一點，就造成了約 250 個基點的利潤率逆風，這將在全年持續削弱這一趨勢。從全年來看，我預計價格漲幅將在 1% 到 2% 之間，通貨膨脹率將接近 3% 到 4%。因此，僅此一變動就會導致年減約 150 個基點。此外，還有一些其他的調整，例如普羅沃的廣告價格可能會上漲 10 到 20 個基點。

You had the gift card benefit in 2025, which is another 20 basis points or so. And then, of course, you've got to make the adjustment for transactions on a flat guide. There will be a slight degradation in the margin from there.

您在 2025 年獲得了禮品卡優惠，這大約相當於 20 個基點。當然，對於平面導軌上的交易，你還需要進行調整。利潤率會略有下降。

But the good news is -- that dislocation is temporary. We'll get that back by the end of the year. And all the initiatives that we have in place to drive transactions will resonate with our guests this year, and we're confident that we can drive up above that full year guide with some upside potential from those. So that's a good way to think about it, though, thinking from '25 to '26.

但好消息是──這種混亂是暫時的。我們會在年底前把錢要回來。我們為促進交易而採取的所有舉措都將在今年引起顧客的共鳴，我們有信心憑藉這些舉措帶來的成長潛力，實現全年業績超過預期目標。所以，從 2025 年到 2026 年的角度來看，這確實是個很好的思考方式。

David, I would add to that. We still have confidence in the long-term algorithm getting to $4 million AUVs and approaching 30% margins, although this year will be challenged for a couple of reasons. We have no reason to think that the long-term algorithm doesn't hold.

戴維，我還要補充一點。我們仍然相信長期演算法能夠實現 400 萬美元的 AUV 並接近 30% 的利潤率，儘管今年由於一些原因將面臨挑戰。我們沒有理由認為長期演算法不成立。

Great. I was just going to ask about that, Scott. But I guess what is the path then from this baseline to get to, I guess, margins approaching 30%. I guess is it as simple as getting the volumes up $1 million or so a unit? Or I guess is there something else or levers that you have to pull to strengthen productivity? Or I guess, what is your your framework for getting to that higher margin?

偉大的。史考特，我正想問這個問題呢。但我想，從這條基準線出發，要達到接近 30% 的利潤率，路徑又是什麼呢？我猜是不是只要把銷售量提高到每單位100萬美元左右就行了？或者，我想還有其他方法或途徑可以提高生產力嗎？或者說，您實現更高利潤率的框架是什麼？

Yes. I'll start and then Scott definitely jump in. And so in the short term, it's definitely that dislocation that I talked about earlier, but we'll solve that by the end of the year. From there, it's all about driving transactions north and getting the flow through on those additional transactions. That will allow us to get not only back to the historical margins that were at a year or two ago at the volumes slightly above where we're at now, but to continue to increase those margins into the '27, '28 range and beyond as we approach $4 million.

是的。我先開始，然後斯科特肯定會加入。因此，短期內肯定會出現我之前提到的那種混亂局面，但我們會在年底前解決這個問題。接下來，關鍵在於推動交易向上流動，並確保這些額外交易順利完成。這將使我們不僅能夠恢復到一兩年前在略高於目前銷量水準下的歷史利潤率，而且還能在 2027 年、2028 年及以後，隨著銷量接近 400 萬美元，繼續提高利潤率。

And I'll tell you, David, the pricing approach we're taking this year at 1% to 2% compared to where the industry is closer to 4%, we'll continue to strengthen our value proposition and give us pricing power in years to come. So that, combined with other initiatives that we have identified, whether it's in supply chain or in labor as we make this reinvestment in the business around heat, there could still be opportunity down the road to capture some margin savings there as well.

大衛，我還要告訴你，今年我們採取的定價策略是將價格提高 1% 到 2%，而行業平均價格接近 4%，我們將繼續加強我們的價值主張，並在未來幾年賦予我們定價權。因此，結合我們已經確定的其他舉措，無論是在供應鏈還是勞動力方面，隨著我們對供熱業務進行再投資，未來仍然有機會從中獲得一些利潤節省。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Just a couple of follow-ups on that topic of pricing power and efforts you could make to lean into boosting your value perception? First, there's been some pricing rolled out so far. Is there any learnings you have from that pricing? What does price elasticity look like as you've rolled those out selectively?

關於定價權以及您可以採取哪些措施來提升自身價值認知，還有幾個後續問題嗎？首先，目前已經公佈了一些價格資訊。從這種定價策略中你有什麼經驗教訓嗎？當你有選擇地推出這些措施時，價格彈性會呈現什麼樣的變化？

Yes. Yes. So as you know, we started this approach filling about what October and November, so last year. and it's going really well and it's pretty much as anticipated. And so we expect to continue down this path of this really disciplined and measured approach to raising prices throughout the year.

是的。是的。如您所知，我們從去年十月和十一月左右開始採用這種方法，目前進展非常順利，基本上符合預期。因此，我們預計將繼續採取這種非常有紀律、有條不紊的方式來提高全年的價格。

As I mentioned earlier, I expect the full year impact to be about 1% to 2%, but the beauty of this approach is it allows us to adjust throughout the year depending on what we're seeing, get much better data points as well as get better reads throughout the year on inflation. But so far, so good with this approach.

正如我之前提到的，我預計全年影響約為 1% 至 2%，但這種方法的妙處在於，它允許我們根據全年觀察到的情況進行調整，獲得更好的數據點，並更好地了解全年的通貨膨脹。但就目前來看，這種方法效果不錯。

And I wonder, you're going to be existing among these giant fast food players that are rolling out value menus and you've done some things along the way. You have an entry price point cup with the new protein menu. You said you have some price-pointed things. It looks like you have a new style of advertising where you've pointed out pretty clearly, there's a difference in the way Chipotle makes its food versus what you'd see at a traditional fast food place. I just wonder is there any do you feel like the offense might be working with these price-pointed things and the messaging?

我想知道，你將如何在這些推出超值菜單的大型快餐企業中生存下來，而你也在過程中做了一些事情。新推出的蛋白質菜單包含入門杯裝產品。你說你有一些價格定位明確的商品。看來你們採用了一種新的廣告風格，你們非常清楚地指出，Chipotle 的食品製作方式與傳統快餐店的食品製作方式有所不同。我只是想知道，你覺得這種定價策略和宣傳方式在進攻上是否有任何效果？

And I'm just wondering if there's anything you can do to really shorten this cycle, this reinvestment in cycle rather than just wait for your price to underprice inflation for a while.

我只是想知道，除了等待價格低於通貨膨脹一段時間之外，你是否可以採取任何措施來真正縮短這個週期，這個再投資週期。

I'll tell you, with the momentum we saw in early January, the first part of January gives us confidence that the strategy is exactly what our consumer is looking for. I talked earlier about doing this deep dive on the core Chipotle consumer to really parse out who that consumer is and what they want. What we've learned is the guest skews younger, a little more higher income is typically a digital native and that their grounded purpose aligns with our North Star as a brand around clean food, clean ingredients, high protein, and we are the way they want to eat. And we're going to lean into that in the most meaningful way. I'll tell you, after looking at the data last week, we learned that 60% of our core users are over $100,000 a year in income and average household income.

我可以告訴你，憑藉我們在 1 月初看到的勢頭，1 月上半年的表現讓我們確信，這個策略正是我們的消費者所期待的。我之前說過要對 Chipotle 的核心消費者進行深入研究，真正弄清楚這些消費者是誰以及他們想要什麼。我們發現，顧客群偏年輕化，收入略高，通常是數位原住民，他們的目標與我們品牌的核心理念——清潔食品、清潔原料、高蛋白——不謀而合，我們正是他們想要的飲食方式。我們將以最有意義的方式充分利用這一點。我告訴你，在上週查看數據後，我們發現我們核心用戶中有 60% 的年收入超過 10 萬美元，家庭平均收入也超過 10 萬美元。

That gives us confidence that we can lean into that group in a more meaningful way, whether it's the solo occasion and/or group occasions to really drive meaningful transaction performance in the year.

這讓我們有信心，我們可以更有效地利用這個群體，無論是個人場合還是團體場合，都能真正推動今年的交易業績取得顯著成效。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

I'm going to follow up on the income question, and then I'll have a question on development. First, on the income side, 60% of customers over $100,000. There's a lot of puts and takes with tax refunds and just overall changes in tax rate and student loans, what have you. Do you think the core consumer that Chipotle has will actually benefit in '26 from all the different puts and takes that are just kind of happening out of DC in terms of affecting the customers' wallet and spending ability.

我接下來會問一些關於收入的問題，然後我會問一個關於發展的問題。首先，從收入方面來看，60% 的客戶收入超過 10 萬美元。退稅、稅率變化、學生貸款等等方面有很多需要考慮和取捨。你認為 Chipotle 的核心消費者是否會在 2026 年真正受益於華盛頓特區發生的各種政策變化，這些變化會影響消費者的錢包和消費能力？

Yes. I would tell you that we believe it's going to be a nice tailwind to spend and aligns nicely with our ramp-up in menu innovation as it is a larger percentage of our overall gas. And I think initially for the under $100,000, there will be a nice bump after tax season and spending in general. And I think we have an opportunity to really garner more than our fair share in that window as well.

是的。我想說的是，我們相信這將是一個不錯的順風，可以促進消費，並且與我們加大菜單創新力度的計劃非常契合，因為這在我們整體天然氣支出中所佔比例更大。我認為，對於年收入低於 10 萬美元的人來說，在報稅季和整體消費成長之後，初期會有不錯的成長。我認為我們也有機會在這個窗口期內獲得遠超過我們應得的份額。

Okay. Helpful. And the second question is on development, specifically North America company development. Have we -- I don't know if exactly the number, $3.30, $3.40, $3.50, something between '25 and '26, just correct me on that exact number. are we kind of hitting a natural level of, hey, we should be thinking about nominal growth rates of units in this core important market as opposed to expecting what has been historically some pretty decent leg ups in development.

好的。很有幫助。第二個問題是關於發展，特別是北美公司的發展。我們是不是——我不太確定具體數字，3.30美元、3.40美元、3.50美元，大概在25美元到26美元之間，如果我說的確切數字不對，請指正——我們是不是已經接近一個自然水平了？我們應該考慮的是這個核心重要市場的單位名目成長率，而不是像歷史上那樣期待開發方面會有相當可觀的成長。

In other words, and I'll ask the question more succinctly are we at the kind of development level in company North America, that should just be the absolute level going forward? Or do you think you actually have an ability to ramp it? Maybe that's a better way to ask it.

換句話說，我更簡潔地問一下，我們公司在北美的發展水準是否達到了未來發展的絕對標準？或者你認為你實際上有能力提升它？或許這樣問會更好。

We built 334 restaurants in 2025. We did it successfully. And we had the right teams ready, prepared at the right development level to take on new growth and not affect or impact negatively impact the core business. This year, we'll build 350. So I think one new Chipotle restaurant almost every day.

2025年我們建成了334家餐廳。我們成功了。我們擁有合適的團隊，他們具備相應的發展水平，能夠應對新的成長，而不會對核心業務產生負面影響。今年我們將建造 350 座。所以我覺得幾乎每天都會新開一家Chipotle餐廳。

And we think that's the right growth rate for our brand and gives us a lot of confidence that we'll continue to build them and have returns in the 60% range. And so we still can neck up to the 9%, 10% new unit growth if we add in partner-operated restaurants into the mix as well. But we feel really comfortable at that growth rate out to 7,000 restaurants in North America.

我們認為這是我們品牌的合適成長率，也讓我們很有信心繼續發展壯大，並獲得 60% 左右的回報。因此，即使將合作經營的餐廳也算進去，我們仍然可以達到 9% 到 10% 的新店成長率。但我們對在北美開設 7000 家餐廳的成長速度感到非常滿意。

And the final one, just confidence outside of Central London and Frankfurt. Those are obviously very specific tight markets. Are you feeling good elsewhere in UK, good, elsewhere in Germany, and I'll conclude there.

最後一個問題是，倫敦市中心和法蘭克福以外地區的信心。這些顯然是非常特殊的、市場供應緊張的市場。在英國其他地方感覺如何？在德國其他地方感覺如何？我就說到這裡吧。

Yes, France is a tough one. I'll be honest with you because of wage inflation because of occupancy costs. It's not to say we don't like France as an opportunity. We're just not seeing -- we're seeing some recovery there, but not at the same pace. But -- so we just need a little more time in France, I believe.

是的，法國是個棘手的對手。說實話，這是因為租金上漲導致的薪資上漲。這並不是說我們不喜歡法國這個機會。我們並沒有看到——我們看到那裡有所復甦，但速度不如以前。但是——所以我覺得我們還需要在法國多待一段時間。

As it relates to London proper or UK proper, Central London is our biggest opportunity. We've made some strategic bets a couple of years back outside of Central London that didn't perform at the level we wanted them to perform at. So we think about the strategy for London more similar to New York or downtown Chicago, where there's so much opportunity to build within Central London and have a very successful return on investment, that's what we're going to lean into. But then we'll look to expand to other adjacent markets, whether that's Benelux, the Nordics, Poland or Spain.

就倫敦市區或英國市區而言，倫敦市中心是我們最大的機會。幾年前，我們在倫敦市中心以外進行了一些策略性投資，但這些投資的表現並沒有達到我們預期的水平。所以我們認為倫敦的策略更類似紐約或芝加哥市中心，在倫敦市中心有很多建設機會，可以獲得非常成功的投資回報，這就是我們將要著力的方向。但之後我們會考慮拓展到其他鄰近市場，無論是比荷盧經濟聯盟、北歐國家、波蘭或西班牙。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

Great. Scott, in the past, you mentioned that you may have identified 100 to maybe 150 basis points of margin upside opportunities that over time, you should be able to unlock I was wondering if you can give more color on the timing of those opportunities and what levers you can pull today without impacting demand.

偉大的。Scott，你之前提到過，你可能已經發現了 100 到 150 個基點的利潤提升機會，隨著時間的推移，你應該能夠實現這些機會。我想知道你是否可以更詳細地說明這些機會的時機，以及你今天可以採取哪些措施而不影響需求。

Yes. So we are in the throes -- great question. Thank you for that, Danilo. We're in the throes of going through a very comprehensive supply chain review. And there are strategic savings that are there that don't affect the ingredient quality that we bring to the back of our restaurants.

是的。所以我們現在正處於困境之中——問得好。謝謝你，達尼洛。我們正在進行一次非常全面的供應鏈審查。而且，還有一些策略性的成本節約措施，這些措施不會影響我們餐廳後廚所用食材的品質。

So we have a lot of confidence we'll be able to pull margin there. But also the equipment high equipment -- high-efficiency equipment package has margin savings that we are reinvesting at present that over time could have a meaningful impact to margin as well.

所以我們非常有信心能夠在那裡獲得利潤。但高效率設備組合也能帶來利潤節省，我們目前正在將這些節省的利潤進行再投資，隨著時間的推移，這些節省的利潤也可能對利潤產生重大影響。

Great. And I would like to follow up also on the snacking occasion, specifically handheld seem to be another area where you could be leaning more into I was wondering how does this fit into your marketing strategy? And more importantly, how are you going to be enhancing your value orientation while ensuring that you're not cannibalizing your own sales and using consumers to trade down.

偉大的。另外，我還想就零食消費場景，特別是手持零食，進一步探討一下，這似乎是你們可以更加重視的另一個領域。我想知道這如何融入你們的行銷策略？更重要的是，你打算如何在提升價值導向的同時，確保不會蠶食自身銷售額，也不會讓消費者選擇降級產品？

That was -- the consumer trade down concern was one of the concerns we had around the high protein menu. And frankly, we just didn't see it. Extra protein incidence is up 35% during the menu launch, which gives us confidence that the core consumer is not necessarily looking for a smaller, lower price pointed component to the menu. What they are looking for is excellent culinary, excellent in-restaurant and digital experiences and then product that is on brand and on trend. And so that gives us confidence in the strategy.

那是——消費者擔心產品會降級，這是我們對高蛋白菜單的擔憂之一。坦白說，我們根本沒看到。在菜單推出期間，額外蛋白質的出現率上升了 35%，這讓我們相信，核心消費者並不一定在尋找菜單上價格更低、分量更小的組成部分。他們追求的是卓越的烹飪技巧、卓越的餐廳內體驗和數位體驗，以及符合品牌形象和潮流的產品。因此，這讓我們對這項策略充滿信心。

We will test ideas like they're, I say, a happier hour to see what that looks like for our brand. I don't know if it will be a meaningful unlock for Chipotle, but we're going to test the idea and stage gate it and give it the appropriate resources necessary.

我們會像舉辦歡樂時光活動一樣測試各種想法，看看這對我們的品牌會產生什麼影響。我不知道這對 Chipotle 來說是否會是一個有意義的突破，但我們會測試這個想法，並對其進行階段性評估，並給予其必要的資源。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Wondering if you guys could talk a little bit more about how you're sizing up those key sales drivers in '26, many of which I know you commented on, but I believe you mentioned only embedding a modest impact from the initiatives this year. So I was just curious if you could sort of unpack is that sort of consistent with your methodology on often not embedding LTOs in the comp guide? Or is it much more of a be conservative in thinking about a lot of these impactful initiatives, just given the environment that we're in. Just curious if you could unpack that for us, guys.

想請你們再詳細談談你們是如何評估 2026 年的關鍵銷售驅動因素的，我知道你們已經評論過其中很多因素，但我相信你們提到過，今年的各項舉措只會產生適度的影響。所以我很好奇，您能否解釋一下，這是否與您通常不在合成指南中嵌入 LTO 的方法一致？或者，鑑於我們所處的環境，在考慮這些具有重大影響的措施時，是否應該採取更保守的態度？各位，我很好奇你們能不能幫我們解釋一下。

Yes. I'll let Adam jump in on historical reference as it relates to embedding in guide (inaudible) other strategies. Here's what I'll tell you, we have sized up the opportunities, whether that's relaunching or reimagining rewards or group occasions or what the heat equipment package will do for our brand. Of course, we're still early days on many of those things. So we dare say what that will look like. We have a pretty broad range on each of those items, but I think they're more multiyear than a 2026 initiative.

是的。我將讓亞當來補充一些與在指南中嵌入其他策略相關的歷史參考資料（聽不清楚）。我可以告訴你，我們已經評估了各種機會，無論是重新推出或重新構想獎勵或團體活動，還是熱能設備套餐將為我們的品牌帶來什麼。當然，在很多方面，我們還處於早期階段。所以，我們不妨大膽預測一下那會是什麼樣子。我們對每一項都有相當廣泛的計劃，但我認為它們更像是多年計劃，而不是2026年的計劃。

Yes. And then in terms of -- looking at the guide, if you look at more of our short-term guidance, what I mentioned, example for Q1 of a minus 1% to minus 2%, that does not include any further initiatives within the quarter. So think of chicken out past or or that momentum that we're getting from the protein menu and campaign that can provide upside to it. But then when we're thinking about full year guidance, we usually include a modest impact from the initiatives throughout the year. And this year, we definitely took into account though, like I said earlier, just what's going on in the consumer environment. So we just want to be a little bit more conservative on that full year just because of that.

是的。然後，就業績指引而言——看看這份指引，如果你看看我們更多的短期指引，比如我剛才提到的第一季 -1% 到 -2% 的預測，這並不包括該季度內的任何其他舉措。所以想想過去人們放棄雞肉的做法，或是我們從蛋白質菜單和宣傳活動中獲得的勢頭，這可能會帶來正面的影響。但是，在考慮全年業績指引時，我們通常會將全年各項措施帶來的適度影響納入考量。正如我之前所說，今年我們確實考慮到了消費者環境的現狀。所以，正因如此，我們希望對全年的預期採取更保守的做法。

Chris O'Cull, Stifel.

克里斯·奧庫爾，斯蒂費爾。

Sorry about that. Can you hear me now?

抱歉。現在能聽到我說話嗎？

We have you, Chris. Go ahead.

克里斯，我們抓到你了。前進。

Okay. Great. Scott, I had a follow-up question regarding the CMO search. I'm just wondering what specific next level expertise are you looking for in a leader to help drive Chipotle into this next phase of growth?

好的。偉大的。Scott，我還有一個關於行銷長遴選的後續問題。我只是想知道，您希望領導者俱備哪些具體的高階專業技能，以幫助 Chipotle 進入下一個成長階段？

We're just looking to evolve our key messaging, really talk about our points of differentiation in a new way that's compelling. Continue to drive strong menu innovation for our brand that is on brand and that drives really consumer demand. And then support and help as it relates to digital to help support our new Chief Digital Officer as we think about digital commerce differently in the years to come, whether that's reimagining the loyalty program, which you talked about or better partnership with our third-party aggregators and really figure out meaningful ways to drive transactions through those channels because we know those channels to be different, whether you're talking about Uber or DoorDash. One is heavily focused on price differentials for in-restaurant versus delivery.

我們只是想改進我們的核心訊息，以一種引人入勝的新方式真正談論我們的差異化優勢。持續推動我們品牌的菜單創新，使其符合品牌形象並真正激發消費者需求。然後，我們將在數位化方面提供支援和幫助，以支持我們新的首席數位官，因為我們將在未來幾年以不同的方式思考數位商務，無論是重新構想您提到的忠誠度計劃，還是與我們的第三方聚合商建立更好的合作關係，並真正找到有意義的方式來推動您透過這些管道進行交易，因為我們知道這些管道是不同的，無論是 Uber DoorD。其中一項重點在於堂食與外賣的價格差異。

The other one is more promotionally driven. And so figuring out the right approach to that. And then also really making our white label experience more approachable to really accelerate the transactions we're seeing in that channel as well. So holistically, I know I said a lot there, Chris, looking for, I guess, a unicorn. Good news is, I talked about this earlier. We have great internal talent.

另一個則更側重於推廣。所以，關鍵在於找到正確的解決方法。此外，我們也致力於讓白牌體驗更加平易近人，從而真正加速我們在該管道中看到的交易。所以總的來說，我知道我剛剛說了很多，克里斯，我猜我是在尋找獨角獸。好消息是，我之前已經談過這件事了。我們擁有優秀的內部人才。

We have great external excitement for the job. So I think we'll have someone in the chair in the coming months that is world-class, and that will deliver on the expectation and deliver on our recipe growth strategy.

外界對這份工作充滿熱情。所以我認為在接下來的幾個月裡，我們會有一位世界級的人物擔任主席，他能夠不負眾望，實現我們的配方成長策略。

Okay. And then just my second one, how are you thinking about communicating to light or lapsed users who probably represent a big opportunity but are likely not going to see the first-party loyalty offers.

好的。第二個問題是，您打算如何與那些可能代表巨大商機但不太可能看到第一方忠誠度優惠的輕度用戶或流失用戶進行溝通？

Yes. So we've talked about personalization in the past, Chris, and we're starting to really accelerate the personalization journey I'll give you an example. We're leveraging the AI model to really identify those lapsed users and create journeys that get them reengaged with our brand. More importantly is we're able to parse out deals or offers for consumers based on how often they frequent our brand in the past and what we anticipate their lifetime value to be, which is really a meaningful step change in how we really drive demand in the channel and targeting lapsed in at-risk consumers.

是的。克里斯，我們之前討論過個人化，現在我們正在真正加快個人化進程，我給你舉個例子。我們正在利用人工智慧模型來真正識別那些流失用戶，並創建讓他們重新與我們的品牌建立聯繫的旅程。更重要的是，我們能夠根據消費者過去光顧我們品牌的頻率以及我們預測的他們的終身價值，來為他們提供優惠或促銷活動，這在推動渠道需求和鎖定流失的風險消費者方面，確實是一個意義重大的變革。

Andrew Charles, TD Cowen.

安德魯·查爾斯，TD Cowen。

Scott, you reiterated the 2026 development guidance. And I'm curious what you would need to see development to intensify the focus on improving traffic. Is it overly simplistic to think if 2026 comps sort of be negative instead of flat, then this would make you reconsider development plans?

史考特，你重申了2026年的發展指引。我很想知道，您需要看到哪些發展才能加強改善交通狀況。如果 2026 年的同業比較數據不是持平而是略微下降，那麼就應該重新考慮發展計劃，這種想法是否過於簡單化？

Yes. I think it's a couple of things. I think, number one, is that we started to see cannibalization that exceeds our historical levels, which we haven't seen any deterioration there to date or in the last couple of years and/or if we stop (inaudible) the performance of new restaurants at 80% or better of the existing asset base or we see margins or return on investment start to be marginalized, that would cause us to slow down. Fortunately, we're not seeing any of that to date, which gives us confidence we're on the right track.

是的。我覺得是兩方面的原因。我認為，第一點是，我們開始看到蠶食現象超過了歷史水平，而到目前為止，或者在過去幾年裡，我們還沒有看到任何惡化的跡象；或者，如果我們停止（聽不清）新餐廳的業績達到現有資產基礎的 80% 或更高，或者我們看到利潤率或投資回報率開始下降，那將導致我們放慢腳步。幸運的是，到目前為止我們還沒有看到任何這種情況，這讓我們相信我們走在正確的道路上。

Very clear. Okay. And then my follow-up question was just for the four new LTOs this year. Should we think about them being roughly evenly spaced around three months each. Chicken al Pastor obviously has been a hero for you guys in '23 and '24. Might that one run a little bit longer than the implied three months each.

非常清楚。好的。然後我的後續問題僅針對今年新增的四款 LTO 車型。我們是否應該考慮將它們大致均勻地間隔三個月左右？顯然，在 2023 年和 2024 年，雞肉阿帕斯托（Chicken al Pastor）對你們來說是一件非常受歡迎的菜餚。或許其中一項的持續時間會比預估的三個月稍長。

Yes. So think about them between 8 to 12 months in total. So there'll be different cadences. And we have the ability to extend or reduce that time line based on how we see the market trending, but I think you're thinking about it the right way.

是的。所以，請考慮一下總共 8 到 12 個月的時間。所以節奏會有所不同。我們可以根據市場趨勢延長或縮短這個時間線，但我認為你的想法是正確的。

Sharon Zackfia, William Blair.

莎倫·扎克菲亞，威廉·布萊爾。

There was a lot of talk over the summer about the younger consumers slowing down. And I'm curious as you've seen the comps accelerate it sounds like through the fourth quarter and into January. Have you seen that consumer as well kind of come back? Is there anything to call out from a demographic standpoint.

今年夏天有很多關於年輕消費者消費放緩的討論。我很好奇，正如你所看到的，同店銷售額似乎在第四季和一月加速成長。你有沒有註意到那部分消費者也開始回歸了？從人口統計的角度來看，有什麼需要特別指出的嗎？

Yes. So I'll tell you, Sharon, that I'll give you an anecdote and then I'll tell you the story. So we started down the path in the fourth quarter of really finding out how to reengage that younger consumer or lower income consumer and get them reengaged with the brand. And I'll tell you, our digital team worked wonders as it relates to finding ways to gamify the experience and create rewards that were meaningful enough to drive that cohort back into our restaurants. One of those examples, I was in Florida just before the holidays, and we launched our free (inaudible) campaign, (inaudible).

是的。莎倫，我先跟你講個軼事，然後再跟你講這個故事。因此，我們在第四季開始著手研究如何重新吸引年輕消費者或低收入消費者，讓他們重新與品牌建立聯繫。我還要告訴你，我們的數位團隊在將體驗遊戲化和創造足夠有意義的獎勵方面做得非常出色，這些獎勵足以吸引這群顧客回到我們的餐廳。其中一個例子是，假期前我在佛羅裡達州，我們啟動了我們的免費（聽不清楚）宣傳活動，（聽不清楚）

And I was like father time standing in the line that was out the door. The average age of the customer in the line that they had to be 20, maybe 21 years old. And so I'll tell you that worked tremendously getting those consumers back in our restaurants and it will be used to inform the 2026 strategy as we engage that cohort more meaningfully.

我就像時間老人一樣，站在排到門外的隊伍裡。排隊的顧客平均年齡在 20 歲左右，也許 21 歲。因此，我可以告訴大家，這種做法在吸引消費者重返我們的餐廳方面取得了巨大的成功，我們將以此為依據制定 2026 年的策略，以便更有效地與該群體互動。

Yes. And I would just add to that as well. I mean, a lot of the initiatives that we've done since last summer, especially with (inaudible) the new protein menu (inaudible) as well as just LTOs in general, really have outsized performance with that group. So you're going to see us continue to lean in on those as well for that reason.

是的。我還要補充一點。我的意思是，自去年夏天以來，我們推出的許多舉措，特別是（聽不清楚）新的蛋白質菜單（聽不清楚）以及一般的限時特惠活動，都在這個群體中取得了巨大的成功。所以，出於這個原因，你會看到我們繼續重視這些面向。

And then as a follow-up, on the (inaudible), was the successful on bringing in new customers to Chipotle? Or was it really kind of a frequency or upsell kind of dynamic?

然後，作為後續問題，關於（聽不清楚），Chipotle 是否成功吸引了新客戶？或者，這實際上是一種基於銷售頻率或追加銷售的策略？

It did both actually share. So new customers to our brand, who really didn't know about the high-quality proteins that we have. And I shared this with the marketing team and they share my enthusiasm around a topic. We have the best proteins in the world. Why wouldn't we celebrate those in the most meaningful way to really, again, drive our points of differentiation compared to our competitors who may also be promoting protein at the same time.

實際上，它們確實共享了一部分。所以，我們品牌的新客戶，之前真的不知道我們擁有高品質的蛋白質。我把這個想法分享給了行銷團隊，他們也和我一樣對這個主題充滿熱情。我們擁有世界上最好的蛋白質。為什麼我們不以最有意義的方式慶祝這些，從而再次真正凸顯我們與競爭對手（他們可能同時也在推廣蛋白質）之間的差異化優勢呢？

And I think we had a meaningful impact on the trend change in the business, but more importantly, the adoption of the protein protein side being up 35% as evidence of the strategy works.

我認為我們對業務趨勢的變化產生了有意義的影響，但更重要的是，蛋白質蛋白質的採用率提高了 35%，證明了該策略的有效性。

Our final question will come from Christine (inaudible) with Goldman Sachs.

最後一個問題來自高盛的克莉絲汀（聽不清楚）。

So just a quick follow-up on the performance of the high-protein cups. So are you seeing any specific consumer cohorts responding more favorably such as the younger consumers? And did you also see impact on the late afternoon traffic? And then also incremental color on your plans to address the new kind of side and beverage occasions throughout the year would be appreciated.

那麼，就高蛋白杯的表現做一個簡單的後續報告吧。那麼，您是否觀察到某些特定消費族群（例如年輕消費者）的反應更為正面？您是否也觀察到下午晚些時候的交通狀況受到了影響？此外，如果您能逐步詳細說明您計劃如何應對全年各種新的配菜和飲料場合，那就太好了。

Yes. So I'll start on the protein side. So absolutely, I think this protein trend that we're seeing across the nation right now is having an outsized impact on the younger cohort. It really is across the board, but we're definitely seeing an outsized impact there. And again, it's mostly coming through additions.

是的。那我就先從蛋白質部分開始吧。所以，我絕對認為，我們目前在全國範圍內看到的這種蛋白質趨勢對年輕一代產生了巨大的影響。這種情況確實普遍存在，但我們確實看到這方面的影響尤為顯著。而且，這主要還是透過新增內容來實現的。

There's a little bit coming in and just getting the cup or just getting a single taco, but the vast majority are utilizing that and they check out on. And then you had a second question about drinks?

有些人進來只買一杯或只買一個墨西哥捲餅，但絕大多數人都用完了這些，然後就結帳了。然後你還有第二個關於飲料的問題？

Yes. Your plans for the sides and drinks and occasions throughout the year?

是的。你們對全年的配菜、飲料和各種場合有什麼計劃？

Yes. So we will -- Christine, we will pepper in new sides and beverages. We'll do a beverage in the summer, and we will look at different sites that we're bringing, whether they're dips or other sides that we'll bring in that really tested really well through (inaudible) that we're really excited about. I wish I could tell you. I think if I did, my marketing team would throw me out of the building. But we're super excited about what we have to offer and look forward to an incredible year.

是的。所以我們會——克里斯汀，我們會加入一些新的配菜和飲料。夏天我們會推出一款飲品，我們會看看我們會帶來哪些不同的菜餚，無論是蘸醬還是其他配菜，這些菜餚都經過了（聽不清楚）的測試，效果非常好，我們對此感到非常興奮。我真希望我能告訴你。我想如果我那樣做，我的行銷團隊會把我趕出大樓。但我們對我們所能提供的產品和服務感到非常興奮，並期待著精彩的一年。

This concludes our question-and-answer session. I would like to turn the conference back over to Scott Boatwright for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給史考特·博特賴特，請他作總結發言。

Thanks, everyone. I just want to close by thanking our team members for their hard work and dedication across our 4,000 restaurants and around the globe. They truly are the backbone of this great brand. I also want to reiterate my deep confidence in our growth strategy. We are doubling down on what uniquely differentiates our brand to position Chipotle for what I talked about earlier, our next phase of growth.

謝謝大家。最後，我要感謝我們遍布全球 4000 家餐廳的團隊成員的辛勤工作和奉獻精神。他們才是這個偉大品牌真正的脊梁。我還要重申我對我們的成長策略充滿信心。我們將加倍投入，強化我們品牌的獨特差異化優勢，從而使 Chipotle 為我之前提到的下一個成長階段做好準備。

We will win by investing in operational excellence, accelerating innovation in the new offerings and occasions, relaunching our rewards program, deploying new back-of-house technology and equipment and growing our global footprint. As I laid out, we're already seeing progress in validated our focus on these strategic priorities is already resonating with our consumer. Our Recipe for Growth plan will position us for success in any environment, and I'm confident will drive transactions allow us to move faster and create long-term sustainable growth for the brand. And with that, I just want to say thank you, and have a great day, everyone.

我們將透過投資卓越營運、加速新產品和新場合的創新、重新推出獎勵計劃、部署新的後台技術和設備以及擴大我們的全球業務來贏得勝利。正如我之前所說，我們已經看到進展，這證明我們對這些策略重點的關注已經引起了消費者的共鳴。我們的成長計畫將使我們在任何環境下都能取得成功，我相信它將推動交易，使我們能夠更快地發展，並為品牌創造長期可持續的成長。最後，我只想說聲謝謝，祝大家今天過得愉快。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。