奇波雷墨西哥燒烤 (CMG) 2026 Q2 法說會逐字稿

Good day and welcome to the Chipotle Mexican Grill second quarter 2026 results conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Chipotle Mexican Grill 2026 年第二季業績電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Michael Johnston, Vice President of Finance. Please go ahead.

現在我想把會議交給財務副總裁 Michael Johnston。請開始。

Hello, everyone, and welcome to our second quarter fiscal 2026 earnings call. By now, you should have access to our earnings press release. If not, it can 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.

各位好，歡迎參加我們 2026 會計年度第二季財報電話會議。此時各位應已可取得我們的財報新聞稿。若尚未取得，可至我們的投資人關係網站 ir.chipotle.com 查閱。此外，我們網站上也提供補充投資人資訊，供今日電話會議參考。

I will begin today by reminding you that today's discussion includes forward-looking statements, including projections about our future business, financial and other performance results. 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 today's earnings release and 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.

我先提醒各位，今天的討論包含前瞻性陳述，包括對我們未來業務、財務及其他績效結果的預測。這些陳述係基於管理層目前對業務與市場的預期，而我們的實際結果可能與前瞻性陳述中所預測者有重大差異。關於可能導致實際結果與這些前瞻性陳述不同的風險，請參閱今日的財報新聞稿，以及我們 Form 10-K 年報與 Form 10-Q 季報中所載的風險因素。

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.

我們今天的討論將包含非 GAAP 財務衡量指標。與 GAAP 指標的調節表可透過我們網站投資人關係專區簡報頁面中的連結查閱。

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.

今天的電話會議將先由執行長 Scott Boatwright 與財務長 Adam Rymer 發表準備好的談話。之後我們將回答各位的提問。在問答環節中，我們整個執行領導團隊都會在場。

And with that, I will turn the call over to Scott.

接下來，我把電話交給 Scott。

Thank you, Michael, and good afternoon, everyone. We're pleased with the strength of our second quarter results, which were driven by continued positive transaction growth and clear evidence that our Recipe for Growth initiatives launched at the start of the year continued to gain traction. These proof points reinforce our confidence as we strengthen restaurant execution, accelerate innovation and invest in the long-term health of the business.

謝謝你，Michael，各位下午好。我們對第二季業績的強勁表現感到滿意，這主要來自交易量持續正成長，以及明確證據顯示我們在年初推出的「成長配方」（Recipe for Growth）各項計畫持續發酵並取得進展。這些佐證強化了我們的信心，讓我們在強化餐廳營運執行、加速創新並投資於企業長期健康發展的同時，持續向前。

For the second quarter, we delivered revenue growth of 9.3% to $3.3 billion, including positive comparable sales and transactions. Our results reflect the team's disciplined execution of our Recipe for Growth strategy. Over the last several months, we have seen the successful return of Chipotle Honey Chicken, continued strength from our Cilantro Lime Sauce, our revamped Rewards program and marketing initiatives that helped keep Chipotle top of mind, including several culturally relevant activations. Together, these initiatives drove incremental transactions while reinforcing the strength and relevance of the Chipotle brand.

第二季我們營收成長 9.3%，達 33 億美元，包含同店銷售與交易量的正成長。我們的成果反映團隊對「成長配方」策略的紀律性執行。過去幾個月，我們看到 Chipotle 蜂蜜雞（Honey Chicken）成功回歸、香菜萊姆醬（Cilantro Lime Sauce）持續強勁、我們改版的 Rewards 獎勵計畫，以及讓 Chipotle 維持高曝光度的行銷活動（包含多項具文化相關性的推廣活動）。這些措施共同帶動額外交易量，同時強化 Chipotle 品牌的實力與相關性。

At the same time, we continue to make targeted investments to strengthen the guest experience and improve hospitality. Our Recipe for Growth strategy is creating multiple levers to drive transactions, improve execution and reinforce the competitive advantages that differentiate Chipotle.

同時，我們也持續進行有針對性的投資，以強化顧客體驗並提升待客之道。我們的「成長配方」策略正在創造多個槓桿，以推動交易量、改善執行力，並鞏固使 Chipotle 脫穎而出的競爭優勢。

As a reminder, the five pillars of our strategy include: protecting and strengthening the core by driving operational and culinary excellence to deliver exceptional value for our guests; modernizing 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; evolving brand messaging and accelerating menu innovation and new occasions that drive demand; cultivating the best talent in the industry, energized and focused on speed and agility; and expanding our global reach by scaling with intention through proven company-owned and partner-operated markets as well as strategic new regions.

提醒各位，我們策略的五大支柱包括：透過營運與餐飲卓越來保護並強化核心，為顧客提供卓越價值；以業界領先的科技現代化我們的商業模式，包括運用 AI 並重新推出 Rewards 獎勵計畫，以提升顧客與團隊的體驗；演進品牌訊息、加速菜單創新並開創帶動需求的新消費情境；培育業界最佳人才，充滿活力並聚焦於速度與敏捷；以及透過在已驗證的自營與合作夥伴營運市場，以及策略性新區域中有意圖地擴張，來擴大全球版圖。

The first pillar of our Recipe for Growth strategy is to protect and strengthen the core, and that starts with running great restaurants. For our guests, that means delicious food, generous portions, exceptional throughput and exceptional hospitality. That is what we are focused on every day, and it's why we're making targeted investments to strengthen the execution across our restaurants. Throughput is the cornerstone of great hospitality. And across the first half of 2026, we have seen steady progress across all four pillars of execution.

「成長配方」策略的第一個支柱是保護並強化核心，而這要從把餐廳經營好開始。對顧客而言，這代表美味的食物、份量大方、卓越的出餐效率（throughput）以及卓越的待客之道。這就是我們每天專注的重點，也因此我們正進行有針對性的投資，以強化各餐廳的執行力。出餐效率是優質待客的基石。在 2026 年上半年，我們已在所有四個執行支柱上看到穩健進展。

The two most important pillars to building throughput are linebacker and expo. And in addition to strong expo deployment, we also drove linebacker deployment in over 70% of our restaurants for the first time this quarter. The team's focus on delivering the basics through throughput drove year-over-year max 15 performance to accelerate for the second quarter in a row.

建立出餐效率最重要的兩個支柱是 linebacker 與 expo。除了強力部署 expo 之外，本季我們也首次在超過 70% 的餐廳推動 linebacker 的配置。團隊透過出餐效率把基本功做到位，使得 max 15 的年對年表現連續第二季加速提升。

In addition to our weekly throughput reviews and consistently high staffing levels, our investments in the back of the house over the last two years have been a key enabler of this progress. This includes last year's introduction of produce slices and the ongoing rollout of HEEP, our high-efficiency equipment package. HEEP is designed to make food preparation more delicious, more efficient and more consistent. Because we're reinvesting the labor efficiency back into our restaurants, our crews can spend more time with our guests, strengthening hospitality and delighting them by being properly deployed during their busiest periods.

除了每週的出餐效率檢視與一貫維持高人力配置外，過去兩年我們在後場（back of the house）的投資也是推動這項進展的關鍵助力。這包括去年導入的蔬果切片設備（produce slices），以及持續推廣的 HEEP（高效率設備套組）。HEEP 的設計目標是讓備餐更美味、更有效率且更一致。由於我們把節省下來的人力效率再投資回餐廳，前線夥伴就能花更多時間服務顧客，在最繁忙時段適當配置人力，進一步強化待客體驗並帶來驚喜。

The equipment is now installed in more than 1,000 restaurants, and we still expect to reach approximately 2,000 restaurants by year-end. We are excited by the results we've seen so far, including improvements in food quality, guest satisfaction, and throughput gains are perhaps the most notable where we see HEEP restaurants outperforming the enterprise by two to three entrees in their peak 15-minute period. These tangible gains are translating into hundreds of basis points of improvement in comparable sales.

目前該設備已安裝於超過 1,000 家餐廳，我們仍預期在年底前達到約 2,000 家餐廳。我們對目前看到的成果感到振奮，包括食物品質、顧客滿意度的提升；而最顯著的或許是出餐效率的增益，我們看到導入 HEEP 的餐廳在尖峰 15 分鐘期間的主餐出餐量，比整體平均高出 2 到 3 份。這些具體增益正轉化為同店銷售數百個基點的改善。

Beyond HEEP, we're also reinforcing our commitment to exceptional hospitality through enhanced training and greater accountability. While food quality and generous portions bring guests through our doors, it's the experience we deliver that keeps them coming back.

除了 HEEP 之外，我們也透過強化訓練與提高問責，進一步落實我們對卓越待客的承諾。食物品質與大方份量能把顧客帶進門，但真正讓他們回流的是我們所提供的體驗。

To help ensure we're consistently meeting our standards, we're bringing back mystery shoppers to provide more frequent feedback to our teams. These insights will help us identify opportunities for improvement and raise the bar across the enterprise.

為了確保我們能持續符合自身標準，我們將重新引入神秘客（mystery shoppers），以更頻繁地向團隊提供回饋。這些洞察將協助我們找出改善機會，並在全公司範圍內提高標準。

Additionally, our restaurant leaders held a Hospitality Huddle with their crews in June to help every team member understand their duty to say yes to the guest and emphasize the role they play in delivering a great experience. To carry this message further, we're also empowering our team leaders to identify more moments to surprise and delight our guests. We're also optimizing how general managers and apprentices are deployed throughout the week.

此外，我們的餐廳主管在 6 月與團隊舉行了 Hospitality Huddle（待客交流會），協助每位成員理解「對顧客說是」的責任，並強調他們在提供優質體驗中所扮演的角色。為了進一步傳遞這項訊息，我們也賦能各級帶班主管，找出更多讓顧客驚喜與感到愉悅的時刻。我們也在優化總經理與學徒（apprentices）在一週內的排班與配置方式。

Through enhanced training and a strategic reallocation of manager time to support our busiest dayparts, we're seeking to strengthen execution where it matters most. We're starting to see these investments pay off with notable year-over-year increases in overall guest satisfaction scores and digital on-time percentage, alongside a meaningful reduction in refunds.

透過強化訓練，以及策略性地重新分配管理者時間以支援最繁忙的時段，我們希望在最關鍵之處強化執行力。我們已開始看到這些投資帶來回報：整體顧客滿意度分數與數位訂單準時率（digital on-time percentage）年對年顯著提升，同時退款也明顯下降。

The second pillar is modernizing our business through technology and digital innovation, and I believe we are now even better positioned with the addition of Arlie Sisson, our Chief Digital Officer. She has quickly impacted the culture and direction of her teams and is bringing a new and inspired vision for how we can move faster in implementing technology to better serve our restaurant teams and engage with our guests.

第二個支柱是透過科技與數位創新來現代化我們的業務；我相信隨著我們新增首席數位長 Arlie Sisson，我們的定位更為有利。她迅速影響了團隊的文化與方向，並帶來嶄新且具啟發性的願景，讓我們能更快導入科技，以更好地服務餐廳團隊並與顧客互動。

We're already starting to see this come to life through the launch of our modernized cook-to-needs tool live in pilot this month. The tool helps to ensure our teams are ready with the right amount of freshly prepared, food at the right time. It also automates a cumbersome daily task by eliminating data entry and automatically incorporating AI-based demand forecasts. Early feedback from our crews has been strong, and the tools utility will only grow as our AI breadth expands, providing dynamic adjustments, intelligent insights and actionable coaching.

我們已經開始看到這項計畫在本月推出的現代化「按需求烹製」（cook-to-needs）工具試點上線中逐步落地。該工具有助於確保我們的團隊能在正確的時間，備妥適量的新鮮現做餐食。它也透過消除資料輸入並自動納入以 AI 為基礎的需求預測，將一項繁瑣的每日工作自動化。來自我們門店夥伴的早期回饋相當正面；隨著我們 AI 能力版圖的擴大，該工具的效用只會持續提升，提供動態調整、智慧洞察與可執行的教練式指導。

This is complemented by Chipotle Kitchen, our proprietary crew interface on the digital makeline, which is designed to improve digital order accuracy, speed and consistency. We are currently rolling out this new technology to all restaurants and continue to see encouraging improvements in accuracy, on-time fulfillment and overall guest satisfaction.

這也由 Chipotle Kitchen 所補強——這是我們在數位製作線（digital makeline）上的自有員工介面，旨在提升數位訂單的準確性、速度與一致性。我們目前正將這項新技術推廣至所有餐廳，並持續看到在準確度、準時履約以及整體顧客滿意度方面令人鼓舞的改善。

Within Chipotle Rewards, we relaunched in mid-April with an enhanced experience designed to increase personalization, deepen guest engagement and strengthen our digital ecosystem. The relaunch introduced more personalized offers, simplified onboarding, increased proactive reengagement for lapsed users and expanded redemption options.

在 Chipotle Rewards 方面，我們於 4 月中旬以升級後的體驗重新上線，旨在提升個人化程度、加深顧客互動並強化我們的數位生態系。此次改版推出更個人化的優惠、簡化註冊流程、提高對流失用戶的主動再互動，並擴大兌換選項。

One of our largest opportunities remains increasing Rewards participation in our in-restaurant business, where only about 20% of the transactions scan for Rewards compared to nearly 90% of owned digital transactions. To help close the gap, we introduced new in-restaurant enrollment tools, including menu panels, QR codes and enhanced team member engagement. These have already driven a nearly 20% step-up in daily enrollments since launch. Encouragingly, in-store loyalty comps have outpaced order-ahead loyalty comps since the relaunch, reinforcing our belief that simplifying the in-restaurant Rewards experience can meaningfully increase engagement over time.

我們最大的機會之一仍是提高門店業務中的 Rewards 參與度；目前門店交易中只有約 20% 會掃描 Rewards，相較之下，自有數位交易的掃描比例接近 90%。為了縮小差距，我們推出新的門店註冊工具，包括菜單看板、QR Code，以及加強團隊成員的互動引導。自上線以來，這些措施已帶動每日註冊量提升近 20%。令人振奮的是，自改版以來，門店忠誠度同店表現已超越預先下單（order-ahead）的忠誠度同店表現，進一步強化我們的看法：簡化門店 Rewards 體驗能在時間推移下顯著提升互動。

We're also preparing to pilot a new frictionless in-restaurant Rewards experience beginning in August that will allow our guests to automatically earn Rewards points while paying, eliminating the need to also scan the Rewards card at checkout. This is an important step to not only creating a more seamless in-restaurant loyalty experience but another component of our relentless focus on throughput, making payments faster and easier for our most loyal guests. Over time, we believe this will lead to a meaningful improvement in both Rewards engagement and speed of service.

我們也正準備自 8 月起試點一項全新的、無摩擦的門店 Rewards 體驗，讓顧客在付款時即可自動累積 Rewards 點數，無需在結帳時另外掃描 Rewards 卡。這是打造更無縫門店忠誠度體驗的重要一步，同時也是我們對提升吞吐量（throughput）的不懈聚焦之一：讓付款對最忠誠的顧客更快、更容易。長期而言，我們相信這將在 Rewards 互動與服務速度兩方面帶來顯著改善。

In June, we brought back our Summer of Extras campaign, building on the momentum of our Rewards relaunch and new offers designed to reward frequency and deepen engagement. Compared to last year, more members have engaged with Summer of Extras with the highest gains coming from our lowest frequency guests, and we have seen overall frequency increase. With 23 million active members in our Rewards program, we continue to see a significant opportunity to strengthen our digital ecosystem by reducing friction, increasing personalization and creating additional opportunities to drive guest frequency over time.

6 月，我們帶回「Summer of Extras」活動，延續 Rewards 改版的動能，並推出旨在獎勵高頻消費、加深互動的新優惠。與去年相比，更多會員參與 Summer of Extras，其中增幅最大來自我們最低頻的顧客，同時我們也看到整體消費頻率提升。在 Rewards 計畫擁有 2,300 萬名活躍會員的情況下，我們仍看到龐大機會：透過降低摩擦、提升個人化，並創造更多機會在時間推移下帶動顧客消費頻率，進一步強化我們的數位生態系。

Our next strategic pillar is evolving our brand messaging, accelerating menu innovation and expanding on new occasions. At the heart of this pillar is ensuring guests understand what makes Chipotle different, real food made from high-quality ingredients prepared fresh every day using classic culinary techniques. Combined with generous portions, speed and an accessible price point, we believe Chipotle continues to offer one of the strongest value propositions in the industry. This was reinforced by our most recent brand tracker, which showed meaningful improvement in guest perception that they are getting good value at Chipotle.

我們下一個策略支柱是演進品牌訊息、加速菜單創新，並拓展新的消費情境。此支柱的核心在於確保顧客理解 Chipotle 的差異化之處：以高品質食材製作的真食物（real food），每天新鮮備製，並採用經典烹飪技法。結合份量大、速度快與親民的價格帶，我們相信 Chipotle 仍提供業界最強的價值主張之一。我們最新的品牌追蹤研究也印證了這點，顯示顧客對「在 Chipotle 得到良好價值」的感受有顯著提升。

It has been great to welcome Fernando Machado, our Chief Brand Officer, to the team this quarter. In his first two months on the job, I've been impressed with his enthusiasm and urgency he has brought to the organization in evolving our brand messaging. He was already an admirer of the brand, and that has only been reinforced as he has taken time to truly understand Chipotle. His vision is to enhance the way we tell our story, and he's quickly moving the team to implement marketing strategies that highlight the differentiated value of our real food, stretch our creative ambition and resonate on a cultural level. Later this quarter, we will begin to see the first elements of this ongoing evolution in our brand messaging.

本季很高興迎來我們的首席品牌官 Fernando Machado 加入團隊。在他上任的前兩個月，我對他在推動品牌訊息演進方面帶來的熱情與緊迫感印象深刻。他原本就是品牌的欣賞者，而在他花時間真正理解 Chipotle 後，這份認同更進一步加深。他的願景是提升我們講述品牌故事的方式，他也迅速推動團隊落實行銷策略，凸顯我們真食物的差異化價值、提升創意企圖心，並在文化層面引發共鳴。在本季稍晚，我們將開始看到這項品牌訊息持續演進的第一批成果。

On menu innovation, we kicked off the quarter with the return of Chipotle Honey Chicken, one of our most popular limited time offerings that delivers a balance of smoky heat from Chipotle peppers and a touch of sweetness from pure honey. Guest response has been strong, outperforming last year's launch and achieving a cumulative attachment rate north of 25%.

在菜單創新方面，我們以 Chipotle Honey Chicken 的回歸揭開本季序幕；這是我們最受歡迎的限時產品之一，結合 Chipotle 辣椒帶來的煙燻辣感與純蜂蜜帶來的一抹甜味，達到平衡。顧客反應強勁，表現優於去年的上市，累計加購率（attachment rate）超過 25%。

Our Cilantro Lime Sauce, which is prepared fresh daily in our restaurants, also continues to perform exceptionally well. It has maintained attachment rates above both Red Chimichurri and Adobo Ranch, reinforcing the demand we're seeing for flavor-forward menu innovation. Together, these offerings demonstrate our ability to introduce compelling menu innovation while staying true to the culinary principles that define the Chipotle brand. We also refreshed our high-protein campaign with new athlete and Chipotle superfan orders, reinforcing one of our key points of differentiation, delicious high-quality protein prepared fresh every day.

我們的香菜萊姆醬（Cilantro Lime Sauce）同樣持續表現出色，並且每天在餐廳新鮮製作。其加購率持續高於 Red Chimichurri 與 Adobo Ranch，進一步印證我們所看到的市場需求：偏好風味導向的菜單創新。這些產品共同展現了我們在堅守定義 Chipotle 品牌的烹飪原則之下，仍能推出具吸引力的菜單創新。我們也以新的運動員與 Chipotle 超級粉絲點單內容，更新了高蛋白行銷活動，強化我們的關鍵差異化之一：每天新鮮備製、好吃且高品質的蛋白質。

Looking ahead, we have a strong innovation pipeline plan for the second half of the year, including two additional limited time protein options and continued innovation across the menu. These offerings will give our guests more reasons to choose Chipotle and reinforce exactly what makes our food unique.

展望未來，我們已為下半年規劃強勁的創新產品管線，包括另外兩款限時蛋白質選項，以及持續的全菜單創新。這些產品將為顧客提供更多選擇 Chipotle 的理由，並強化我們食物獨特之處的核心主張。

We're also focused on expanding to group occasions where guests choose Chipotle, particularly through catering and Build-Your-Own Chipotle, which we are now positioning more clearly as a family meal solution. This helps guests better understand its convenience and value. And the response has been clearly positive with a notable increase in orders since we implemented the change.

我們也聚焦拓展顧客選擇 Chipotle 的團體用餐情境，特別是透過外燴（catering）與「Build-Your-Own Chipotle」，我們現在更清楚地將其定位為家庭餐解決方案。這有助於顧客更好理解其便利性與價值。而市場回應明顯正向；自我們實施此調整以來，訂單量出現顯著成長。

The results from our catering pilots in Chicago, Boston and now Phoenix have been very encouraging. The catering guest comes with the highest expectation of flawless execution, and these tests have provided valuable learnings as we prepare to scale our operation and technology across both first- and third-party marketplaces. We are now confident we can grow the business while maintaining the quality, speed and hospitality that defines the Chipotle experience. Together, catering and Build-Your-Own Chipotle represent 2% to 3% of sales today, but they are highly incremental and operationally efficient. We are working through the remaining pilot learnings now positioning ourselves for a national launch in 2027.

我們在芝加哥、波士頓，以及目前在鳳凰城進行的外燴試點結果都非常令人鼓舞。外燴顧客對零失誤執行的期待最高，而這些測試在我們準備於自有與第三方平台同步擴大營運與技術規模之際，提供了寶貴的學習。我們現在有信心能在維持 Chipotle 體驗所定義的品質、速度與待客之道的同時，擴大這項業務。目前外燴與 Build-Your-Own Chipotle 合計約占銷售額的 2% 至 3%，但其增量貢獻高且營運效率佳。我們正消化剩餘的試點學習，並為 2027 年的全國性上市做好定位與準備。

Finally, our culturally relevant marketing continued to resonate with guests throughout the quarter. Our Tatted Like a Chipotle Bag promotion earlier this year only briefly held the title as our highest sales day ever as it was outdone by the Matchday BOGO, which set a new single day sales record and became the most successful BOGO in our history. These campaigns are an important part of the broader effort to tell the Chipotle story in a more authentic and culture-forward way while giving guests more reasons to choose us.

最後，我們具文化相關性的行銷在整個季度持續引發顧客共鳴。今年稍早的「Tatted Like a Chipotle Bag」促銷活動曾短暫成為我們史上最高單日銷售，但隨後被「Matchday BOGO」超越；後者創下新的單日銷售紀錄，並成為我們史上最成功的 BOGO 活動。這些活動是更廣泛努力的重要一環：以更真實、更加文化導向的方式講述 Chipotle 的故事，同時給顧客更多選擇我們的理由。

Now shifting our focus to developing world-class people leaders. At Chipotle, our people are our greatest competitive advantage. And when we invest in our teams, they deliver better experiences for our guests, and that drives sustainable growth.

接著把焦點轉向培育世界級的人才領導者。在 Chipotle，我們的人才是我們最大的競爭優勢。當我們投資於團隊，他們就能為顧客帶來更好的體驗，並推動可持續的成長。

A great example is Hamed Harizi, who joined Chipotle as a crew member 13 years ago. He rode his bicycle to work, had no college degree and came to work each day determined to learn and improve. Today, Hamed is the Team Director responsible for developing talent across his market and is nearing completion of his master's degree. His journey reflects what makes Chipotle special, culture that recognizes potential, rewards dedication and creates pathways for advancement fueled by our growth. His story is one of many that demonstrates the impact Chipotle can have on the lives and careers of our team members.

一個很好的例子是 Hamed Harizi，他在 13 年前以門市組員身分加入 Chipotle。他騎自行車上班，沒有大學學位，並且每天上班都下定決心學習與精進。如今，Hamed 是負責在其市場培育人才的團隊總監，且即將完成其碩士學位。他的歷程反映了 Chipotle 的獨特之處：一種能看見潛力、獎勵投入，並在我們成長動能推動下創造晉升途徑的文化。他的故事只是眾多案例之一，展現 Chipotle 能對我們團隊成員的生活與職涯帶來的影響。

Just as importantly, we see the strength of that culture reflected in our results. General manager turnover remains at a multiyear low, and crew turnover has returned to historical norms. We believe Chipotle has become one of the industry's best developer of restaurant operators, and that capability is critical to delivering consistent execution today while supporting our long-term growth.

同樣重要的是，我們也在業績結果中看見這種文化的力量。總經理離職率仍維持在多年低點，而組員離職率已回到歷史常態水準。我們相信 Chipotle 已成為業界最擅長培育餐廳營運管理人才的企業之一，而這項能力對於在當下提供一致的執行力、同時支撐我們的長期成長至關重要。

Next, I'm pleased to provide an update on how we are expanding our global reach through disciplined growth across both company-owned and partner-operated markets. We opened 100 company-owned restaurants during the quarter and still expect to open approximately 350 restaurants this year with about 80%, including a Chipotlane. We see substantial growth potential in North America, and we're applying the same disciplined operating model that has driven our success here as we expand internationally.

接下來，我很高興就我們如何透過在自營與合作夥伴營運市場的紀律性成長，擴大全球版圖提供最新進展。本季我們新開了 100 家自營餐廳，且仍預期今年約新開 350 家餐廳，其中約 80% 將包含 Chipotlane。我們在北美看見可觀的成長潛力，並在國際擴張時，套用同樣推動我們在此成功的紀律性營運模式。

In Europe, we saw each country deliver high single-digit comp sales growth during the quarter, as our continued alignment to North American culinary operations and training standards translated into stronger restaurant performance.

在歐洲，本季各國皆繳出高個位數的同店銷售成長；我們持續與北美的餐飲營運與訓練標準對齊，已轉化為更強勁的餐廳表現。

And just two weeks ago, I had the privilege of attending the opening celebration of our first restaurant in Monterrey, Mexico. We believe that real food delivered with excellent culinary will resonate strongly with the Mexican consumer and are entering the market with world-class operational capability and our partner, Alsea. It was a pleasure to see this come to life with incredible energy and enthusiasm for our market entry. We will build on this momentum with additional openings planned in the Monterrey metropolitan area later this year and expansion into Mexico City in 2027.

而就在兩週前，我有幸參加我們在墨西哥蒙特雷（Monterrey）首家餐廳的開幕慶祝活動。我們相信，以卓越烹飪呈現的真食物將強烈引起墨西哥消費者共鳴；我們與合作夥伴 Alsea 一同，以世界級的營運能力進入該市場。能看到這一切在充滿活力與對我們進入市場的熱情中成真，令人欣喜。我們將延續這股動能，今年稍晚計畫在蒙特雷都會區再開新店，並於 2027 年擴展至墨西哥城。

We'll open our first restaurants in Seoul, South Korea this year with Singapore expected to follow shortly thereafter in early 2027 with our partner, SPC Group. Each of these new markets represents an important step toward our vision of building Chipotle into an iconic global brand.

今年我們將在南韓首爾開出首批餐廳，並預期在 2027 年初由合作夥伴 SPC Group 於新加坡接續展店。這些新市場各自代表我們朝「將 Chipotle 打造成具代表性的全球品牌」願景邁出的重要一步。

Now turning to our partner-operated markets in the Middle East. In late April, we opened a new restaurant in Abu Dhabi, followed by our second location in Qatar last week. Additionally, we plan to enter the Saudi Arabian market in the near future. We're also encouraged to see sales across the region returning to pre-conflict levels.

現在轉向我們在中東的合作夥伴營運市場。4 月下旬，我們在阿布達比新開一家餐廳，上週則在卡達開出第二個據點。此外，我們也計畫在不久的將來進入沙烏地阿拉伯市場。我們也很受鼓舞地看到，該區域的銷售正回升至衝突前水準。

While near-term development remains dependent on geopolitical conditions, our long-term outlook remains unchanged, and we continue to believe that the region has the potential to support hundreds of Chipotle restaurants over time. Consumers around the world are increasingly looking for high-quality food prepared fresh with real ingredients, and we believe Chipotle is well positioned to meet that demand.

雖然短期展店仍取決於地緣政治情勢，但我們的長期展望不變；我們仍相信，該區域隨時間推移具備支撐數百家 Chipotle 餐廳的潛力。全球消費者愈來愈尋求以真實食材新鮮製作的高品質餐食，我們相信 Chipotle 已具備良好條件以滿足這項需求。

To close, we're encouraged by the progress we're making as our Recipe for Growth strategy has gained traction in the last two quarters. We're strengthening restaurant execution, accelerating innovation, enhancing our digital capabilities, investing in our people and expanding our global reach. What gives me the most confidence is our team, both here in North America around the globe. They're energized, aligned and focused on delivering exceptional food, throughput, hospitality and value every day. I'm confident we have the right leaders in place, the right strategy and a significant opportunity ahead as we continue building Chipotle into an iconic global brand.

最後，隨著我們的「成長配方（Recipe for Growth）」策略在過去兩個季度取得進展，我們對目前的推進感到振奮。我們正強化餐廳執行力、加速創新、提升數位能力、投資於人才，並擴大全球觸及。最讓我有信心的是我們的團隊——無論在北美或全球各地。他們充滿幹勁、步調一致，並專注於每天提供卓越的餐食、出餐效率、待客之道與價值。我有信心我們已具備合適的領導團隊、正確的策略，且在持續將 Chipotle 打造成具代表性的全球品牌之路上，前方有龐大的機會。

And with that, I'll turn it over to Adam.

接下來，我把時間交給 Adam。

Thanks, Scott, and good afternoon, everyone. Our strong second quarter performance provides further evidence that our Recipe for Growth strategy is delivering results. Within the quarter, sales grew 9.3% to $3.3 billion, driven by a comparable restaurant sales increase of 2.2%, including a transaction comp of 1%. Digital sales of $1.3 billion were 38.3% of total sales compared to 35.5% in the prior year. Restaurant-level margin was 25.2%, down 220 basis points year-over-year. Adjusted diluted earnings per share was $0.33, flat to last year, and we opened 101 new restaurants, including 80 Chipotlanes and one international partner-operated restaurant.

謝謝你，Scott，各位下午好。我們第二季的強勁表現，進一步證明「成長配方（Recipe for Growth）」策略正在帶來成果。本季營收成長 9.3% 至 33 億美元，主要由同店銷售成長 2.2% 所帶動，其中交易量同店成長為 1%。數位銷售為 13 億美元，占總銷售的 38.3%，高於去年同期的 35.5%。餐廳層級利潤率為 25.2%，年減 220 個基點。調整後稀釋每股盈餘為 0.33 美元，與去年持平；我們新開 101 家餐廳，其中包含 80 家 Chipotlane，以及 1 家由國際合作夥伴營運的餐廳。

These trends were supported by the return of Chipotle Honey Chicken and continued strength from Cilantro Lime Sauce. They were further amplified by the Rewards revamp, Summer of Extras and the targeted investments we are making in our restaurants to strengthen the guest experience. We were pleased to see this momentum carry into early July, but trends have been softer in recent weeks, and they've heightened consumer caution around the broader restaurant industry.

這些趨勢受到 Chipotle Honey Chicken 回歸以及 Cilantro Lime Sauce 持續強勁表現的支撐。此外，獎勵計畫（Rewards）改版、「Summer of Extras」活動，以及我們為強化顧客體驗而在餐廳端進行的精準投資，也進一步放大了成效。我們很高興看到這股動能延續到 7 月初，但近幾週趨勢轉弱，也使消費者對整體餐飲產業更加謹慎。

As a reminder, comparisons become more difficult in the third quarter as we lap increased promotional activity in the prior year. However, as we navigate both industry and consumer challenges, we are confident that we will continue to build upon this momentum for the rest of the year, and we now expect full year comp sales growth in the low single-digit range.

提醒一下，由於第三季將與去年同期較高的促銷活動基期相比，對比將變得更具挑戰。然而，在我們因應產業與消費者挑戰之際，我們仍有信心在今年剩餘時間持續延續並累積這股動能；我們目前預期全年同店銷售成長將落在低個位數區間。

On pricing, the impact in Q2 was around 1.6%, and we anticipate it will increase to the mid-2% range in Q3. For the full year, we expect to land near the high end of the 1% to 2% range we communicated earlier this year.

在定價方面，第二季的影響約為 1.6%，我們預期第三季將提高至約 2% 中段水準。就全年而言，我們預期將落在今年稍早所溝通的 1% 至 2% 區間的高端附近。

Before I walk through the P&L, I want to take a moment to spotlight new restaurant performance and the trends informing our development strategy in North America and beyond. Over the last seven years, we have steadily and thoughtfully increased the pace of new restaurant growth in North America and are thoroughly impressed by our team's ability to deliver excellent sites with well-trained crews as we've scaled.

在我帶各位檢視損益表之前，我想先花點時間聚焦新餐廳的表現，以及影響我們在北美及其他地區展店策略的趨勢。過去七年來，我們在北美穩健且審慎地提升新餐廳成長速度；隨著規模擴大，我們對團隊能交付優質店址並以訓練有素的組員營運，深感印象深刻。

New restaurant productivity has remained stable in the 80% range, and year 2 cash-on-cash returns continue to be around 60%, both of which are among the strongest in the industry. Importantly, as our development pace has increased, the net impact from the new openings on our comparable restaurant sales is approximately 100 basis points, which is in line with what we have seen for many years.

新餐廳生產力一直穩定維持在約 80% 水準，而第 2 年現金對現金報酬率（cash-on-cash returns）持續約為 60%；兩者皆屬業界最強之列。更重要的是，隨著我們加快展店步伐，新開店對同店銷售的淨影響約為 100 個基點，與我們多年來觀察到的情況一致。

We are also encouraged to see these results hold even as we add restaurants in our most dense markets, which builds even greater confidence in our ability to operate at least 7,000 restaurants across the region. Opening a Chipotle nearly every day of the year is no small feat, but the results give us confidence that our talent and real estate pipelines can support this level of growth while preserving the strength of our existing restaurant base. In Europe, our results this year reflect our multiyear effort to align the region with our North American standards. This has taken unit economics to a level that warrants additional investment and has given us the confidence to build our pipeline for meaningful growth in the coming years.

我們也很受鼓舞地看到，即使在我們最密集的市場增加餐廳，這些成果仍能維持，進一步強化我們在該區域至少營運 7,000 家餐廳的能力信心。幾乎一年 365 天每天開一家 Chipotle 並非易事，但這些成果讓我們相信，我們的人才與不動產管線能支撐此等成長規模，同時維持既有餐廳基礎的強健。在歐洲，我們今年的成果反映了我們多年來致力於讓該區域與北美標準對齊的努力。這已將單店經濟效益提升至值得加碼投資的水準，並讓我們有信心為未來幾年的實質成長建立展店管線。

At the same time, the strength of our company-owned operating model is influencing how we're able to approach partner-operated growth. As we enter new markets, Chipotle is highly attractive to best-in-class local operators because of what I just outlined, our proven brand strength and leading unit economic model. Our unique partnerships allow us to expand access to Chipotle globally while still participating meaningfully in the long-term growth and profitability of each new market.

同時，我們以自營為主的營運模式之優勢，也正在影響我們推動合作夥伴營運成長的方式。當我們進入新市場時，Chipotle 因我剛才所概述的內容、我們經驗證的品牌實力以及領先的單店經濟模型，而對一流的在地營運商極具吸引力。我們獨特的合作關係讓我們得以在全球擴大 Chipotle 的可及性，同時仍能在每個新市場的長期成長與獲利中實質參與。

With that, I will now go through the key P&L line items, beginning with cost of sales. Cost of sales in the quarter were 29.7%, an increase of about 80 basis points from last year. The benefits of menu price alongside lower avocado and dairy prices were more than offset by inflation, primarily in beef and freight as well as increased usage of several ingredients, including chicken, steak and produce. For Q3, we anticipate cost of sales to be just under 30% as sequentially higher avocado pricing will be offset with menu pricing. Overall, we anticipate cost of sales inflation to be in the low single-digit range for Q3.

接下來，我將說明損益表的關鍵科目，先從銷貨成本開始。本季銷貨成本為 29.7%，較去年增加約 80 個基點。菜單調價以及酪梨與乳製品價格下降所帶來的效益，已被通膨所抵銷，主要來自牛肉與運輸費用，並且多項食材用量增加，包括雞肉、牛排與蔬果。針對第三季，我們預期銷貨成本將略低於 30%，因酪梨價格的季比上升將由菜單定價所抵銷。整體而言，我們預期第三季銷貨成本通膨將落在低個位數區間。

Labor costs for the quarter were 25%, an increase of about 30 basis points from last year. The increase was primarily driven by wage inflation and performance bonuses in addition to labor execution in restaurants as we lean into the guest experience, including our Hospitality Huddles held during June. These were partially offset by the impact from menu price increases. For Q3, we expect our labor cost to be in the mid-25% range with wage inflation in the low single-digit range.

本季人事成本為 25%，較去年增加約 30 個基點。增加主要由薪資通膨與績效獎金所帶動，此外，為強化顧客體驗，我們也在餐廳端加強人力執行，包括 6 月舉辦的 Hospitality Huddles。上述影響部分被菜單調價的效果所抵銷。針對第三季，我們預期人事成本將落在 25% 的中段區間，薪資通膨則在低個位數區間。

Other operating costs for the quarter were 14.9%, an increase of about 90 basis points from last year, primarily driven by higher marketing and inflation across several items, most notably insurance, maintenance and utility costs.

本季其他營運成本為 14.9%，較去年增加約 90 個基點，主要由行銷費用提高以及多項成本通膨所致，其中以保險、維修與公用事業成本最為顯著。

Marketing costs were 3% of sales, an increase of about 30 basis points from last year. In Q3, we expect marketing costs to remain in the low 3% range and for the full year, also in the low 3% range. For Q3, we anticipate other operating costs to be in the mid-15% range.

行銷成本占營收 3%，較去年增加約 30 個基點。第三季我們預期行銷成本將維持在 3% 的低段區間，全年亦將維持在 3% 的低段區間。第三季我們預期其他營運成本將落在 15% 的中段區間。

G&A for the quarter was $190 million on a GAAP basis or $176 million on a non-GAAP basis, excluding $13 million related to certain legal settlements and restructuring costs associated with our Recipe for Growth strategy and $1 million related to retention equity awards granted to key executives in August of 2024. G&A included $148 million of underlying G&A, $25 million of noncash stock compensation, $5 million related to higher bonus accruals and payroll taxes offset by a $2 million benefit related to our All Manager Conference. We expect our G&A to be around $180 million on a non-GAAP basis in Q3, which will include $152 million in underlying G&A, $25 million in noncash stock compensation, although this amount could move up or down based on our actual performance, and $3 million in higher bonus accruals and payroll taxes.

本季一般及行政費用（G&A）按 GAAP 基礎為 1.90 億美元，按非 GAAP 基礎為 1.76 億美元；非 GAAP 已排除 1,300 萬美元（與特定法律和解及與我們「Recipe for Growth」策略相關的重整成本）以及 100 萬美元（與 2024 年 8 月授予關鍵高階主管的留任股權獎勵相關）。G&A 包括 1.48 億美元的基礎 G&A、2,500 萬美元的非現金股票薪酬、與較高的獎金提列及薪資稅相關的 500 萬美元，並由與我們 All Manager Conference 相關的 200 萬美元利益所抵銷。我們預期第三季非 GAAP 基礎的 G&A 約為 1.80 億美元，其中包括 1.52 億美元的基礎 G&A、2,500 萬美元的非現金股票薪酬（該金額可能會依實際績效而上調或下調），以及與較高的獎金提列及薪資稅相關的 300 萬美元。

As we continue to scale, our G&A growth is predominantly driven by field leadership roles supporting new restaurants. Our disciplined approach to investments in technology and other areas has resulted in efficiencies across the P&L while still delivering meaningful leverage to underlying G&A over the past five years. We believe that in the coming years, we can continue to fuel our Recipe for Growth strategy and leverage G&A.

隨著我們持續擴張，G&A 的成長主要由支援新餐廳的區域現場領導職位所驅動。我們在科技與其他領域採取紀律性的投資方式，使損益表各項目產生效率，同時在過去五年也讓基礎 G&A 實現顯著的槓桿效益。我們相信在未來幾年，我們能持續推動「Recipe for Growth」策略並進一步槓桿化 G&A。

Depreciation for the quarter was $98 million or 2.9% of sales. For 2026, we expect it to remain around 3% of sales. Our effective tax rate for Q2 was 24.3% on a GAAP basis and 24.0% on a non-GAAP basis. For fiscal 2026, we estimate our underlying effective tax rate will be in 24% to 26% range, though it may vary based on discrete items.

本季折舊費用為 9,800 萬美元，占營收 2.9%。針對 2026 年，我們預期其將維持在約占營收 3% 的水準。第二季我們的有效稅率按 GAAP 基礎為 24.3%，按非 GAAP 基礎為 24.0%。針對 2026 會計年度，我們估計基礎有效稅率將落在 24% 至 26% 區間，但可能會因一次性項目而有所波動。

We ended the quarter with $800 million in cash, restricted cash and investments, a decrease of $1.3 billion compared to a year ago as we continue to utilize our balance sheet to opportunistically repurchase stock, including $631 million in the second quarter at an average price of $32.55. This brings our year-to-date total to over $1.3 billion at an average price of $34.35. With access to our $500 million revolver and no debt, we will continue to opportunistically repurchase stock; and during the quarter, the Board authorized an additional $1.3 billion to our repurchase authorization. At the end of the quarter, we had $1.7 billion remaining.

本季期末我們持有的現金、受限制現金及投資合計為 8.00 億美元，較一年前減少 13 億美元，因我們持續運用資產負債表把握時機回購股票；其中第二季回購 6.31 億美元，平均價格為 32.55 美元。這使得今年迄今的回購總額超過 13 億美元，平均價格為 34.35 美元。在可動用 5.00 億美元循環信貸額度且無負債的情況下，我們將持續把握時機回購股票；此外，本季董事會核准將回購授權額度再增加 13 億美元。本季期末，我們尚餘 17 億美元的回購額度。

To close, I want to thank our nearly 140,000 employees for their hard work and commitment to delivering real hospitality in every restaurant every day. It's exciting to see our Recipe for Growth strategy continue to gain momentum this quarter, and we know there is significant opportunity ahead. With Chipotle's uniquely positioned brand and the leading economic model with our foundation, I'm confident we have the right priorities and teams in place to build on this momentum and drive sustainable growth for years come.

最後，我要感謝我們近 14 萬名員工的辛勤付出與承諾，讓每一家餐廳每天都能提供真誠的款待。很令人振奮的是，我們的「Recipe for Growth」策略在本季持續加速推進，我們也知道前方仍有龐大的機會。以 Chipotle 獨特且具優勢的品牌定位，以及領先的經濟模型作為基礎，我有信心我們已具備正確的優先事項與團隊，能在此動能上再接再厲，並在未來多年推動可持續的成長。

And with that, we'll open it up for questions.

接下來，我們開放提問。

(Operator Instructions) Sara Senatore, Bank of America.

(接線員指示) 美國銀行的 Sara Senatore。

I guess I wanted to ask maybe about -- you mentioned the kind of core underpinnings of what your -- what is driving your comp, delicious food, generous portions, quality. I guess, maybe two questions about those two components. One is can you talk about bringing back LTOs from the pantry. I think in the past, you've said the lift kind of builds every time. Different card data maybe suggest different things. Is it still the case that as people kind of revisit these LTOs, the lift you get from Honey Chicken, for example, is as good or better than the last time you brought it?

我想問的可能是——你提到推動同店表現的核心基礎，也就是美味的食物、份量大方、品質。我想針對這兩個面向問兩個問題。第一個是，你能談談把儲備的限時供應品項（LTO）再度帶回來嗎？我記得過去你們曾說過，每次推出帶動效果都會逐步累積。但不同的刷卡資料可能顯示不同的情況。現在是否仍是如此，也就是當消費者再次回訪這些 LTO 時，例如蜂蜜雞（Honey Chicken）所帶來的拉抬效果，是否與上次推出時一樣好，甚至更好？

And then I guess on the sort of generous portions, are you seeing any changes in value perception? I mean, it's obviously always been very good value for the money, but I think maybe the perception hasn't as fully reflected that. So anything on that and just sort of the impact of having underpriced the industry for so long?

另外關於份量大方這點，你們是否看到消費者對價值感的認知有任何變化？我的意思是，它一直以來都很物超所值，但我覺得市場的感受可能沒有完全反映出來。所以想請你談談這方面，以及長期以來你們的定價低於同業所帶來的影響。

Sara, Scott here. Thanks for the question. I'll tell you, Chipotle Honey Chicken did perform better the second time around as do many of our LTOs. So we're excited about the pantry items that we have. I do think there's a point of diminishing returns. I don't know what -- if that's the fifth or sixth time around.

Sara，我是 Scott。謝謝你的問題。我可以告訴你，Chipotle 蜂蜜雞第二次推出時的表現確實更好，我們許多 LTO 也是如此。所以我們對手上這些「儲備品項」感到很興奮。我也認為確實會有邊際效益遞減的時點。我不確定那會是第五次或第六次推出時發生。

That said, we have ramped up innovation in menu 4x what it was just a couple of years ago. And you're going to see new items come on to the calendar in the coming months ahead and us revisit tried and true favorites that continue to perform better and better the second and third time we introduce those to the consumer or reintroduce those to the consumer.

話雖如此，我們在菜單創新上的投入已提升到兩三年前的 4 倍。接下來幾個月，你會看到行事曆上推出新產品，同時我們也會重新帶回那些經得起考驗、口碑良好的品項；而這些品項在第二次、第三次向消費者推出或重新推出時，往往表現會愈來愈好。

As it relates to value, Sara, I'm happy to report our brand tracker showed really solid progress across all income groups and age cohorts on value perception. Our affordability scores were better in Q2 than they've been in probably the past couple of years. And so I think we're making meaningful progress as it relates to value at Chipotle.

就價值而言，Sara，我很高興回報，我們的品牌追蹤顯示，在所有收入族群與年齡世代對「價值感」的認知上，都取得了相當扎實的進展。我們第二季的可負擔性評分，比過去大概兩年來任何時候都更好。因此，我認為我們在 Chipotle 的價值主張上正取得實質進步。

What we also learned, I think, as an important note, is value isn't just about discounting and price point. It's about convenience. It's about execution. It's about menu innovation. There's a host of things that the consumer is looking at to determine value. Obviously, the introduction of the high-protein menu is playing a part in that as well as an approachable price point with an emerging trend around protein and who better to capitalize on great protein than Chipotle Mexican Grill. We have the best proteins in the world with the best husbandry practices in the world, and we should own that category.

我想我們也學到了一點，作為一個重要提醒：價值不只是折扣與價格帶。它也關乎便利性。關乎執行力。關乎菜單創新。消費者會從許多面向來判斷價值。顯然，高蛋白菜單的推出也在其中扮演角色；再加上在蛋白質趨勢興起之際，我們提供親民的價格帶，而要把「優質蛋白」這件事做得最好，還有誰比 Chipotle Mexican Grill 更適合。我們擁有全世界最好的蛋白質食材與最好的畜牧飼養實務，我們應該在這個品類中占據主導地位。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Just want to talk about sort of a pushback that I hear and that is that it feels like Chipotle is doing a lot and spending a lot to get the 1% to 2% same-store sales growth lately. And how do I know that they're really going to be picking up momentum into '27? And I know you have a different view on that, but maybe you could take a crack at helping maybe give a sense of how you can feel confident at this moment, meaning you even talked about lately dealing with some tough comparisons and some slowdown lately, but you're taking up the guidance to up low single digits. So clearly, you feel confident about some bit of momentum picking up either in the current business and the underlying but also something in the initiatives ahead. So maybe you could help give us a sense of where you have that confidence.

我想談談我聽到的一種反彈聲音：感覺 Chipotle 最近為了達到 1% 到 2% 的同店銷售成長，做了很多事、也花了很多錢。那我怎麼知道你們真的能在 2027 年之前重新加速、拾回動能？我知道你們對此有不同看法，但也許你可以試著說明一下，為什麼你們此刻能有信心——你甚至提到最近面臨一些艱難的比較基期，以及近期有些放緩，但你們仍把指引上調到低個位數成長。所以顯然，你們對動能回升有信心，不論是來自當前業務與基本面，或是來自接下來的各項計畫。因此，也許你可以幫我們理解，你們的信心來源是什麼。

David, thank you. I'll tell you, the transaction growth we saw in Q2 was really the early days of the Recipe for Growth strategy hard at work for us, specifically around menu innovation. And so if you think about what we're doing, is we're investing in our restaurant execution, and that investment is in the form of high-efficiency equipment package and really investing in better throughput and hospitality. And the proof points, the early proof points in guest satisfaction, food quality and operational consistency tell us we're on the right track. And then we're building additional transaction growth drivers through, I talked about, menu innovation, deeper Rewards engagement, stronger brand communication and expanded group occasions.

David，謝謝你。我可以告訴你，我們在第二季看到的交易量成長，確實是「成長配方（Recipe for Growth）」策略開始發揮作用的早期成果，特別是在菜單創新方面。如果你看我們正在做的事，我們正在投資於餐廳端的營運執行，而這些投資包括導入高效率設備套組，並且真正投入於提升出餐吞吐量與待客體驗。而在顧客滿意度、餐點品質與營運一致性方面的初步佐證，讓我們相信方向是對的。此外，我們也在建立更多交易量成長的驅動因素，包括我提到的菜單創新、更深度的 Rewards 互動、更強的品牌溝通，以及擴大團體用餐情境。

And all of these things, David, are starting to show green shoots of positive momentum, but they will continue to build and scale as the year unfolds, which will add layers of growth as it sets up for the balance of the second half of '26 and into 2027. And we're early days on what Arlie -- I believe Arlie will do in our digital properties and digital commerce for our business. The early thinking I won't share here on the call today is really innovative, really creative and really pushing our creative ambition. That's what we talked about with Fernando as it relates to our brand communication, culturally relevant branding that is not only a part of culture but leading culture, and he also is really stretching the team on creative ambition. And again, the idea that he and I have discussed over the past couple of weeks are really industry changing and leading. And so I'd say we're early days. The momentum is already building, and we have more levers that we will continue to pull as 2026 unfolds.

David，這些事情都已開始出現正向動能的「綠芽」，而且會隨著年度推進持續累積並擴大規模，為 2026 年下半年以及 2027 年奠定更多層次的成長動能。另外，我們也才剛開始看到 Arlie 將在我們的數位資產與數位商務上為業務帶來的影響。目前的一些初步想法，我今天在電話會議上先不分享，但確實非常創新、非常有創意，也在推升我們的創意企圖心。這也呼應我們與 Fernando 討論的品牌溝通方向：做出具文化相關性的品牌塑造，不只是成為文化的一部分，更要引領文化；他也在大幅拉高團隊的創意企圖心。而且，我和他在過去幾週討論的想法，確實非常具有產業變革性與領先性。所以我會說，我們仍在早期階段。動能已經在累積，而隨著 2026 年展開，我們還有更多槓桿會持續拉動。

Dennis Geiger, UBS.

Dennis Geiger，UBS。

I was wondering if you could provide a little bit more color on the guide for the positive low single in 2026 on the comps, including perhaps any insights into the third quarter or early days? I know you talked about the softening in recent weeks. But just anything on that trajectory, maybe where the trend was into some of the challenges for the industry in recent weeks, Scott, and just how you're thinking about cadence from here if anything to share there?

我想請你們就 2026 年同店（comps）指引為正向低個位數成長，提供更多細節，包括第三季或初期走勢的任何洞見。我知道你們提到最近幾週有些轉弱。但想了解那個走勢軌跡——在近期產業面臨一些挑戰的背景下，Scott，趨勢是如何演變的，以及你們接下來對節奏（cadence）的看法；若有任何可以分享的內容。

Yes. Thanks, Dennis. It's Adam. I'll jump in. So traffic in the second quarter really improved throughout the quarter, and we're really encouraged by the momentum that is building as we continue to execute on our Recipe for Growth initiatives, and that momentum continued into the first half of July.

好的。謝謝，Dennis。我是 Adam。我來補充。第二季的來客數（traffic）在整個季度中持續改善；隨著我們持續落實「成長配方」各項計畫，動能正在累積，這讓我們非常受到鼓舞，而這股動能也延續到 7 月上半月。

And then in the second half of July, we did see a softening, call it about 200 basis points or so right around the issue that's affecting the industry around cyclospora. And so we took that into account when we're looking at Q3, so you do have to keep in mind, like I said in my prepared comments, Q3 is the toughest lap that we have this year. But at this point, we anticipate our comps will be somewhere around a plus 1% in Q3, which does assume a continuation of that roughly 200 basis point impact because it's really tough at this point to predict how long it will persist.

接著在 7 月下半月，我們確實看到一些轉弱，大約可說是 200 個基點左右，時間點大致與產業受到環孢子蟲（cyclospora）議題影響相吻合。因此我們在看第三季時已將此納入考量；所以你必須記得，就像我在事先準備的發言中提到的，第三季是我們今年最艱難的比較基期。但就目前而言，我們預期第三季同店大約會在 +1% 左右；這個預期也假設那約 200 個基點的影響會持續，因為此刻很難預測它會持續多久。

And so as we took that into account and we started to think about the full year, again, excited about the momentum that we're getting, and we're confident that we can continue to build upon this momentum for the rest of the year. And then based off of our year-to-date performance as well as how we're setting up Q3 and what we have in store for Q4, that gave us the confidence to raise our guidance to that low single-digit range.

因此，在把這些因素納入考量並開始思考全年表現時，我們再次強調，我們對目前取得的動能感到振奮，也有信心在今年剩餘時間持續在此基礎上再加碼。此外，基於我們年初至今的表現、第三季的布局，以及第四季的規劃，這些都讓我們有信心把指引上調至低個位數成長區間。

And if I could jump in here. I know cyclospora is really on everyone's mind. I want to start by saying the health and safety of our guests and team members remains our highest priority, and Chipotle maintains a very robust food safety program. We work closely with various governments and agencies, and they monitor issues in the supply chain and conduct their investigations and take responsive action as appropriate, including trace back and the removal of product if necessary. And together, these measures really help protect our guests and reinforce our commitment to serve safe, high-quality food every day.

如果我可以在這裡補充一下。我知道環孢子蟲（cyclospora）確實是大家都很關心的議題。我想先說，顧客與團隊成員的健康與安全始終是我們的最高優先事項，而 Chipotle 也維持一套非常健全的食品安全計畫。我們與各級政府與機構密切合作；他們會監測供應鏈中的問題、進行調查，並在適當時採取應對措施，包括追溯來源（trace back）以及在必要時移除產品。而這些措施共同作用，確實有助於保護顧客，並強化我們每天提供安全、高品質食物的承諾。

So I just want to make sure we put that to rest. We're not impacted -- or we are impacted from a sales perspective, but we're not involved in the cyclospora conversation today. The products that are caught up in that conversation, we don't use in our -- on our menu, and our lettuces are sourced here in California.

所以我只是想確保把這點說清楚。我們在銷售面確實受到影響——但就今天的環孢子蟲（cyclospora）討論而言，我們並未牽涉其中。這次被捲入討論的那些產品，我們在菜單中並未使用；而且我們的生菜是在加州本地採購。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

My question is about capital allocation and the linkage of that one to your stores. I think, Scott, last time we met you, you were mentioning that you are seeing an opportunity to refresh the store base to allow for the elevated marketing to actually reflect also in the operating system and in the flow in the store. And I think you were identifying three level of investments for about 1,000 to 1,500 stores in North America.

我的問題是關於資本配置，以及它與門店之間的連結。我記得，Scott，上次我們見面時你提到，你看到一個機會可以翻新門店基礎，讓加碼的行銷投入也能在營運系統與店內動線上有所體現。而且我想你當時提到，針對北美約 1,000 到 1,500 家門店，你們辨識出三個層級的投資方案。

Now assuming that some of the stores would have been refreshed anyway, given that they are hitting the 10-year mark, so I wonder if you've been able to size up the incremental CapEx needed and if you have any early indication on any expected sales uplift that could generate and the timing of that. And then still on capital allocation. Have you considered leveraging partners in other international markets instead of owning and operating your stores?

現在假設有些門市反正也會在接近 10 年這個時間點進行翻新，所以我想請教你們是否已能估算所需的增量資本支出（CapEx），以及是否有任何初步跡象顯示這可能帶來的預期銷售提升與其發生時點。另外仍然關於資本配置。你們是否考慮過在其他國際市場透過合作夥伴來擴張，而不是自行擁有並營運門市？

Yes. Thanks for the question. We're always reinvesting in our restaurants. I think that's a really important note, even our oldest assets. But we haven't done an aesthetic remodel in the brand's history. And so what I wanted to accomplish this year is stage gate, if you will, the idea of a remodel-refresh program and is there a return on that investment. We're in early days. We have selected several locations across several geographies to make different levels of investment in today. So think -- I want you to think between $100,000 and $300,000 per restaurant to see what the return -- what the consumer perceptions are and then what the overall return will be. I have nothing to report today unfortunately, but I'll tell you that work is in flight. I'm optimistic, but we remain patient to see how the returns shake out by each level of investment.

是的。謝謝你的提問。我們一直都在對餐廳再投資。我認為這點非常重要，即便是我們最老的資產也是如此。但我們在品牌歷史上從未做過美學層面的整體改裝。所以我今年想做的是，某種程度上以「階段闖關」（stage gate）的方式來驗證翻新／更新計畫的概念，以及這項投資是否有回報。我們還在非常早期的階段。我們已在不同地理區域挑選了幾個據點，進行不同程度的投資。所以你可以想像每家餐廳投資約 10 萬到 30 萬美元，來觀察回報——消費者觀感如何，以及整體投資報酬會是什麼。很遺憾我今天沒有可報告的結果，但我可以告訴你，相關工作正在進行中。我抱持樂觀態度，但我們也會保持耐心，看看不同投資等級下的回報最終如何。

As it relates to partner-operated restaurants, we are building partnerships around the globe, very strategic in a very slow measured way. We've talked about Alshaya in Middle East. We've talked about Alsea in Latin America and SPC in Southeast Asia. And those are partnerships either through just partner-operated and/or JVs, and we will leverage the strength of the partner, the quality of the partner, our operational ability in those markets to garner the most -- I think the healthiest return for the Chipotle brand based on the strength of the brand and strength of the economic model. So I don't know if I answered your question, but as we think about growth globally, we'll continue to own and operate Western Europe and grow from that base. But you can think about the rest of the world as partner operated.

至於合作夥伴營運的餐廳，我們正在全球以非常策略性、且非常緩慢且審慎的方式建立合作關係。我們談過中東的 Alshaya。我們談過拉丁美洲的 Alsea，以及東南亞的 SPC。這些合作關係可能是單純由夥伴營運，和／或合資（JV），我們會運用夥伴的優勢、夥伴的品質，以及我們在那些市場的營運能力，來為 Chipotle 品牌取得最——我認為是最健康的回報，這是基於品牌的強度與經濟模型的強度。所以我不確定是否回答到你的問題，但當我們思考全球成長時，我們會持續在西歐採自有自營並以此為基礎擴張。但你可以把世界其他地區視為由合作夥伴營運。

Greg Francfort, Guggenheim.

Greg Francfort，Guggenheim。

My question, I guess, just on digital sales. I mean, I think digital sales grew 18%, including the unit growth in the quarter year-over-year, and you kind of four quarters ago really turned that on. And was there something like a big catalyst that kind of unlocked this? And I guess what you're seeing in the digital sales versus the non-digital sales, what's driving some of these changes at the register around loyalty and ability to pay and all that? I'm just curious if that's all linked.

我的問題我想是關於數位銷售。我的意思是，我認為本季數位銷售年增 18%，其中也包含了門市數成長的因素，而你們大概在四個季度前真的把這塊推動起來。是否有什麼重大催化因素促成這個突破？另外，你們看到數位銷售相對於非數位銷售的表現，究竟是什麼在驅動收銀端在會員忠誠度、支付能力等方面的變化？我只是好奇這些是否彼此都有連動。

It is all linked. I'll tell you, and the launch of Summer of Extras last year really helped us understand where we have the right to win with the consumer in digital. And we learned things that would work and things that don't work, quite frankly, for our brand. And so that informed really the refresh that we did and relaunch just a couple of months ago around Rewards on Repeat, where we removed some friction from the app. We gave you greater flexibility in how you earn rewards. We gave you greater flexibility on how you redeem those rewards.

這些確實都是連動的。我可以告訴你，去年推出的 Summer of Extras 真的幫助我們理解，在數位領域我們在哪些地方有權利（right）去贏得消費者。坦白說，我們也學到哪些做法有效、哪些對我們品牌並不奏效。因此，這些洞察也促成了我們在幾個月前針對 Rewards on Repeat 所做的更新與重新上線，我們移除了 App 中的一些摩擦。我們讓你在累積獎勵的方式上有更大的彈性。我們也讓你在兌換獎勵的方式上有更大的彈性。

And then building out Summer of Extras this year has really all helped to accelerate our digital ability to drive revenue, which is really important, is -- and I think we're also capitalizing on an emerging trend. We were just positioned right place, right time. But I think the team is doing incredible work to make sure we're relevant.

此外，今年擴大推動 Summer of Extras，也確實加速了我們透過數位能力帶動營收的速度，這點非常重要——而且我認為我們也正在掌握一個正在浮現的趨勢。我們只是剛好在對的時間、對的位置。但我認為團隊做了非常出色的工作，確保我們保持相關性。

I will tell you, Arlie is taking a holistic look and approach to digital. There's more work to do. We are early days. I think the innovation that she's going to bring to digital commerce over the next many weeks and months is going to be game changing.

我可以告訴你，Arlie 正以更全面的角度與方法來看待數位業務。還有更多工作要做。我們仍在早期階段。我認為她在接下來幾週到幾個月將為數位商務帶來的創新，會是改變遊戲規則的。

John Ivankoe, JPMorgan.

John Ivankoe，JPMorgan。

This is Christabel on for John. I wanted to ask on the HEEP rollout. Should we expect all of this to kind of be reinvested into labor back into the production line? And so do you think any of that could be helped to drive positive traffic, customer satisfaction on the front line?

我是 Christabel，代替 John 提問。我想問關於 HEEP 的推廣（rollout）。我們是否應預期這些效益大多會再投資到人力、回到產線上？因此你是否認為其中一部分能有助於帶動正向來客數、以及第一線的顧客滿意度？

If I understand your question was how is HEEP impacting restaurant performance and are we reinvesting the labor. The answer is yes. We see about -- I think it's two to four hours of efficiency depending on volume, and we are leading that labor in restaurant to really help support getting prep done in the morning, so we're actually deployed during peak, and then having that labor deployed on the line to move throughput. And we're seeing that translate into transactions lift in those restaurants, both in max 15, so think throughput efficiencies as well as overall total sales. We're also seeing better taste of food scores, which is obviously meaningful for the consumer.

如果我理解正確，你的問題是 HEEP 如何影響餐廳表現，以及我們是否把省下來的人力再投入。答案是肯定的。我們看到大約——我想依據營業量不同，約有 2 到 4 小時的效率提升，而我們把這些人力留在餐廳裡，主要用來支援早上備料完成，讓我們在尖峰時段能實際投入，並把人力部署到產線上以提升出餐吞吐量（throughput）。我們也看到這轉化為那些餐廳的交易量提升，不論是在 max 15（可理解為吞吐效率）以及整體總銷售上。我們也看到食物口味評分更好，這對消費者當然很有意義。

So we're on the right path. We're rolling out as aggressively as we can. We'll be in 2,000 restaurants by the end of the year. Hope to have the entire portfolio completed sometime in 2027. And then all new restaurants that we're building today come standard with the HEEP package today. So we know we're on the right track. We're going as fast as we can, and there's meaningful upside to getting the package installed.

所以我們走在正確的路徑上。我們正以能做到的最快速度推廣。到今年年底，我們將覆蓋 2,000 家餐廳。希望在 2027 年的某個時間點完成整個門市組合（portfolio）。而且我們現在新建的所有餐廳，都已標配 HEEP 套件。所以我們知道方向是對的。我們會盡可能加快速度，而安裝這套套件有相當可觀的上行空間。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

This is Zach Ogden on for Andrew. So Scott, at a conference back in May, you talked about how 350 company-operated openings per year is the right level for Chipotle. Can you talk about why you view that as the right level versus maybe the prior ceiling of 400 stores and maybe what the gating factor is to accelerating above 350?

我是 Zach Ogden，代替 Andrew 提問。Scott，你在 5 月的一場會議上提到，每年開出 350 家自營新店是 Chipotle 的合適水準。你能談談為什麼你認為 350 是合適水準，而不是先前可能的上限 400 家？以及把速度提高到 350 以上的關鍵限制因素是什麼？

Yes. As I look across the landscape of what we do compared to our competitors, the white space that exists in the US today and quite frankly, our ability to develop ready now capable leaders, I feel like one restaurant per day is meaningful growth and something we can continue to handle and support as an organization. We've demonstrated historically our ability to open restaurants successfully. I know I never want to lose that edge. I think there could be a point of diminishing returns either in how the restaurant opens beyond 350 or could possibly fracture the base if you get too aggressive. But I like 350 number. The team likes it. We feel comfortable with it, and we're developing ready now capable leaders to support that growth.

是的。當我觀察我們與競爭對手相比所做的事情、目前美國市場仍存在的空白機會（white space），以及坦白說我們培養「隨時可上任」（ready now）的勝任領導人才的能力時，我覺得一天開一家店是很有意義的成長速度，而且以組織而言我們也能持續承接並支援。我們過去已經證明自己有能力成功開店。我知道我絕不想失去這個優勢。我認為如果超過 350，可能會出現邊際報酬遞減——不論是在開店品質上，或是如果太過激進，可能會讓既有基礎受到影響。但我喜歡 350 這個數字。團隊也喜歡。我們對此感到安心，而且我們正在培養「隨時可上任」的勝任領導人才來支援這樣的成長。

As it relates to incremental growth, think about global expansion, whether that's company owned in Western Europe, but also think about development with partner-operated restaurants really in the early stages today. That will ramp very quickly, evidenced by what we're seeing in the Middle East. We had -- our partnership started just a couple of years ago, and we're already at 15 restaurants with Alshaya across three or four different countries. They have meaningful acceleration in development this upcoming year for 2027, and think about other partners ramping at that pace. I think we can still target the number we've talked about historically and feel good about that growth number.

就增量成長而言，可以從全球擴張來思考，無論是在西歐的直營門店，同時也要思考與合作夥伴營運的餐廳之發展，而這部分目前仍處於非常早期的階段。這將會非常快速地加速擴張，從我們在中東看到的情況即可證明。我們的合作夥伴關係是幾年前才開始的，但我們已經與 Alshaya 在三到四個不同國家開出 15 家餐廳。他們在接下來一年、也就是 2027 年，開店發展將有顯著加速，也可以想像其他合作夥伴也會以這樣的速度加速擴張。我認為我們仍然可以以過去歷來談到的目標數字為準，並且對那個成長數字感到有信心。

Jon Tower, Citi.

Jon Tower，花旗。

Maybe, Scott, just you have a new CMO onboard and obviously, he's relatively new to the brand, but I'm just curious in terms of how you see the brand being positioned in the market. I know the For Real campaign has been out there for a very long time in front of guests, and my own opinion is it's kind of gone a little stale. So I'm curious to hear from your perspective where you think it should go.

Scott，或許請教一下，你們新任 CMO 已到任，顯然他對品牌而言還算新，但我很好奇你如何看待品牌在市場上的定位。我知道「For Real」活動在顧客面前已經推出很長一段時間了，而我個人的看法是它似乎有點變得陳舊。所以我想聽聽你從你的角度認為它接下來應該往哪個方向走。

And will there be -- specifically around value and/or kind of the quality of the ingredients, is that going to be something that's -- are those things going to be highlighted for guests more prominently than in the past and especially when you contrast it against a number of, say, limited-service competitors that aren't really doing the food rep that you're doing within stores? Like just trying to get a feel for what direction do you think this is going to end up going.

另外，是否會——特別是圍繞「價值」以及／或食材品質——這些是否會比過去更明顯地向顧客強調？尤其是當你把它與一些例如有限服務（limited-service）的競爭對手相比，他們並沒有像你們在店內所做的那樣進行食物準備。我只是想更了解你認為最終會朝什麼方向發展。

If you keep talking, I think Fernando is going to hire you on the team. Here's what I would tell you. The For Real campaign was extraordinary. And the creativity around that launch of that campaign was just exceptional, and it served us well for many, many years. So if you think about what Fernando is going to do, it's not a 180 pivot. It's really the next evolution of what For Real looks like for us.

如果你再繼續講下去，我想 Fernando 會把你聘進團隊。我會這麼說：「For Real」活動非常出色。而該活動推出時的創意表現也極其卓越，並且在很多很多年裡都很好地為我們服務。所以如果你思考 Fernando 接下來要做的事，那不是 180 度的大轉向。而更像是「For Real」對我們而言的下一階段演進。

And so you can -- you've already tied to it already, but I'll tell you, you're going to see more of how we prepare our food fresh in restaurant. You're going to see more of our ingredient usage and how we think about ingredients. You're going to see more around how we think about the Chipotle brand and how we're creating this opportunity to cultivate a better world. He's going to really, I talked about this earlier, but stretch our creative ambition and do things that break through the sea of sameness that's on television today.

所以你可以——你其實已經提到了一些——但我可以告訴你，你會看到更多我們如何在餐廳內新鮮現做地準備食物。你會看到更多我們的食材使用，以及我們如何看待食材。你會看到更多我們如何看待 Chipotle 品牌，以及我們如何創造這個機會去培育一個更美好的世界。他會真正地——我先前也提過——拉高我們的創意企圖心，做出能在當今電視上那片千篇一律的內容海中脫穎而出的作品。

And it relates to value. It will highlight our value but different than you think about price pointed or discount. It'll highlight the extraordinary value that is Chipotle based on the best ingredients in the world prepared fresh in restaurant daily and an abundance and speed you really can't anywhere else at a really approachable price point. And that's what we're going to celebrate.

至於「價值」這件事。我們會強調我們的價值，但方式會不同於你所想的那種以定價點或折扣為主的做法。我們會強調 Chipotle 的非凡價值：使用世界上最好的食材、每天在餐廳新鮮現做，並且提供你在其他地方很難同時得到的份量與速度，而且價格非常親民。這就是我們要慶祝的重點。

Brian Vaccaro, Raymond James.

Brian Vaccaro，Raymond James。

I just had two quick clarifications. The first one was just your comments around the third quarter comp guide. Adam, I think you said about 1%, and I think you also said that the cyclospora impact is about 200 basis points. So is it right to think ballpark that you think the underlying trend is up about 3% but that you assumed this 2% headwind sustains for the rest of the quarter. Is that the right interpretation of that 1% guide?

我有兩個快速釐清的問題。第一個是關於你對第三季同店銷售（comp）指引的評論。Adam，我想你說大約 1%，而且你也說環孢子蟲（cyclospora）的影響大約是 200 個基點。所以是否可以大致理解為：你認為基本趨勢約成長 3%，但你假設這 2% 的逆風會在本季剩餘期間持續存在。這樣解讀你們 1% 的指引是正確的嗎？

Yes, yes, that's correct, and that's what our expense line guidance was based off of, was that 1% guide because, again, it assumes the continuation of that impact through the rest of the quarter because, again, very difficult to predict how long this could last.

是的，是的，沒錯；而且我們的費用線指引也是以那個 1% 的指引為基礎，因為——再次強調——它假設這個影響會在本季剩餘期間持續，因為——同樣地——很難預測這種情況會持續多久。

Understood. Okay. That's helpful. And then just on the HEEP benefits to throughput, obviously, encouraging to hear there. Can you just level set where max 15-minute throughput is for the system overall, the sort of ex HEEP or the stores that don't have HEEP in place?

了解。好。這很有幫助。另外關於 HEEP 對出餐效率（throughput）的效益，聽起來確實令人鼓舞。你能否幫我們校準一下：就整個系統而言，在未導入 HEEP（或尚未導入 HEEP 的門店）情況下，15 分鐘最大出餐量（max 15）大概是多少？

Yes, absolutely. So we mentioned that the restaurants that have HEEP in place, they're doing about two or three entrees more in their max 15. And so when you think about it, overall, we're kind of in that low 20% range in store. And then that doesn't count digital, of course, and digital being almost 40% of our sales. Digital tends to be somewhere in that mid-teens. So when you combine both, we're kind of in that low to mid-30s on our max 15 for each restaurant each day.

可以，當然。我們提到，已導入 HEEP 的餐廳，在其 15 分鐘最大出餐量（max 15）上大約能多做出 2 到 3 份主餐（entrees）。因此整體來看，門店端我們大概落在 20 出頭的區間。當然這不包含數位訂單，而數位訂單約占我們銷售的將近 40%。數位端通常落在十幾份的中段水準。所以把兩者加總起來，每家餐廳每天的 15 分鐘最大出餐量大概在 30 出頭到 30 中段的區間。

Brian Mullan, Piper Sandler.

Brian Mullan，Piper Sandler。

Just a question on loyalty and the efforts to promote the program in restaurant. Can you just elaborate a little bit more on those efforts? Maybe what's working well and what can you potentially do better on that front? And related to it, just for clarification, those in-store transactions, where I think you said 80% of them don't have loyalty, do those over-index or correlate with your lower-income guests? I'm not sure if it's right to draw that relationship but if you could just comment on that.

我想問一個關於會員忠誠（loyalty）以及在餐廳內推廣該計畫的努力。你能否再多說一點這些作法？例如哪些做得不錯、以及在哪些方面可能還能做得更好？另外相關的釐清問題：就店內交易而言，我記得你說其中有 80% 沒有加入 loyalty，那些交易是否更集中或與你們較低收入的顧客族群有關聯？我不確定這樣連結是否正確，但想請你評論一下。

Yes, I'll start with the last part of your question. No, they don't. In fact, I think it's more broad-based. And so the 20% we know could have a meaningful lift if we can get them into our Rewards program. But I think there are some components of our business that prohibit that from happening in a really frictionless way. And Curt and team are working on how do we make this a more seamless experience for that consumer, visiting with your phone, trying to get your loyalty app up, pay with your credit card. It's really a clunky experience.

好的，我先回答你問題的最後一部分。不，並不是。事實上，我認為它更偏向廣泛分布。因此，我們知道那 20% 若能導入我們的 Rewards 計畫，將可能帶來顯著提升。但我認為我們業務中有一些環節，使得要以非常無摩擦（frictionless）的方式達成並不容易。Curt 和團隊正在研究：如何讓消費者在到店時，用手機打開會員 app、再用信用卡付款的流程變得更順暢。目前這確實是一個很卡、很不流暢的體驗。

And so what Curt and team are going to do in August is now have a one-stop pay, and once you pay, you get your Rewards points. You can ask to be enrolled in the program. So it's going to be more seamless execution and execution that happens behind the scenes without being overly reliant on the restaurant team, which I think would impact throughput, which we are obviously not going to do. And so we have more work to do there in really educating the consumer on the loyalty program in restaurant and then creating that frictionless experience, which we think we have a handle on, so more to come.

因此 Curt 和團隊在 8 月要做的是推出一站式付款；一旦你完成付款，就會獲得 Rewards 點數。你也可以選擇要求加入該計畫。所以執行上會更無縫，而且很多流程會在幕後完成，不會過度依賴餐廳團隊；我認為那樣會影響出餐效率（throughput），而這顯然是我們不會做的。因此，我們在店內對消費者進行 loyalty 計畫教育，以及打造無摩擦體驗方面，還有更多工作要做；我們認為已掌握方向，後續會有更多更新。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

Great. Scott, a few minutes ago, you mentioned some new items may be coming to the menu in the months ahead. I was hoping you could elaborate a little bit more on this. Are these center-of-the-plate items that you're talking about? Or is this side items? And any more detail you care to provide or can provide would be helpful.

很好。Scott，幾分鐘前你提到未來幾個月菜單上可能會推出一些新品。我希望你能再多補充說明一下。你指的是主菜（餐盤中心）品項嗎？還是配菜？你願意或能提供的任何更多細節都會很有幫助。

Yes. Here's what I would tell you. The team is hard at work. We have expanded the team on culinary to really address this challenge of really driving thoughtful menu innovation, not just pantry items but new news to business. So I want you to think about it as we're running down really center-of-the-plate items.

是的。我會這麼跟你說。團隊正在全力投入。我們擴編了餐飲研發（culinary）團隊，來真正應對並推動更有想法的菜單創新，不只是既有食材庫裡的品項，而是對業務而言真正的新品與新消息。所以你可以把它想成：我們正在聚焦於真正的主菜（餐盤中心）品項。

We also have teams working on beverage. We have teams working on sides. We have teams working on desserts, and I think there's meaningful work that's happening today. And we've stage gated -- I'm sure you've seen either through social media over the last couple of months, we've stage gated some really big ideas that we're working on that we're pushing through our stage-gate process that have merit and that you could see on the calendar maybe back half of '26 but certainly in 2027.

我們也有團隊在做飲品。也有團隊在做配菜。也有團隊在做甜點，而且我認為目前正在進行的工作相當有份量。另外我們也採用階段闖關（stage-gate）流程——我相信你在過去幾個月可能也從社群媒體上看到——我們已經讓一些正在推進的大型構想進入闖關流程；這些想法是有價值的，你可能會在時程表上看到它們出現在2026年下半年，但更確定會在2027年。

Brian Harbour, Morgan Stanley.

Brian Harbour，Morgan Stanley。

This is Kelly on for Brian. I know you've said in the past that younger and lower to middle income guests had been under more pressure. Just curious if you can give us an update on the trends you saw in second quarter by age and income or if there's anything to call out in 3Q to date. Just want to know if any groups are beginning to improve relative to the higher income cohort or if you're seeing any meaningful differences in frequency across the groups.

我是代替Brian發問的Kelly。我知道你過去曾說過，年輕族群以及中低收入客群承受的壓力較大。想請你更新一下第二季按年齡與收入觀察到的趨勢，或是第三季迄今有沒有什麼值得特別指出的。我想了解是否有任何族群相較於高收入族群開始改善，或你是否看到各族群在來客頻率上有任何顯著差異。

Yes, yes. Thank you for the question. So what I would say is those two cohorts that were under the most pressure, right, the younger cohort, the lower income cohort. They really have improved the most compared to everyone else. So if you're looking at our results from Q1 even into Q2, it's been pretty broad-based but had -- we definitely had outsized impact with those two groups.

是的，是的。謝謝你的問題。我會說，那兩個承受最大壓力的族群——也就是年輕族群與低收入族群——相較於其他族群，他們的改善幅度其實最大。所以如果你看我們從第一季到第二季的表現，改善相當廣泛，但——我們確實在這兩個族群上看到更為突出的正面影響。

And it really centers around menu innovation. So think of the Chipotle Honey Chicken launch as well as Cilantro Lime Sauce, also the promotions that we're running in our restaurants. Matchday BOGO, for example, was a huge day for us and really celebrated World Cup fans as well as our Rewards program, as we kind of really zero in on each of these initiatives, really having an outsized impact on those. So I think we're doing a really good job of meeting those two cohorts and really giving them what they want to see out of Chipotle.

而這主要圍繞在菜單創新。例如Chipotle Honey Chicken的上市，以及Cilantro Lime Sauce，還有我們在餐廳端推出的促銷活動。例如Matchday買一送一（BOGO）對我們來說是非常重要的一天，也確實在慶祝世界盃球迷，同時也帶動我們的Rewards獎勵計畫；當我們更聚焦於這些舉措時，對上述族群的影響特別顯著。所以我認為我們在滿足這兩個族群、並提供他們想從Chipotle看到的內容方面，做得非常好。

Yes. I would just add to that is we saw our highest year-over-year gains in wallet share last quarter since 2024, and we have taken share in each month of 2026, which tells us we're on the right path, and that's across all income cohorts and age groups.

是的。我再補充一點：我們上季在錢包份額（wallet share）的年增幅度，是自2024年以來最高；而且我們在2026年的每個月份都在搶占市占，這告訴我們方向是對的——而且這涵蓋所有收入層級與年齡族群。

Chris Carril, KeyBanc.

Chris Carril，KeyBanc。

Thanks for the 3Q margin detail, Adam, but can you provide maybe an update on how you're thinking about the margin outlook beyond the current quarter? I think last quarter, you spoke to the gap between pricing and inflation narrowing near the end of the year. So any update around this would be helpful.

Adam，謝謝你提供第三季毛利率的細節，但你能否更新一下你對本季之後毛利率展望的看法？我記得上季你提到，定價與通膨之間的差距在年底附近會縮小。若能就此提供任何更新會很有幫助。

Yes, absolutely. So that gap between price and inflation, as you know, is at its widest point really in the first half of the year. That is definitely easing in the second half as we continue this measured approach to taking price increases with this rolling strategy that we have.

是的，當然。如你所知，價格與通膨之間的差距在一年上半年其實是最擴大的時點。而在下半年，隨著我們以既定的滾動式策略、採取審慎的調價方式持續推進，這個差距確實正在收斂。

And so in Q3, I would expect inflation to be closer to about 3%, while pricing, like we said in the prepared comments, will be closer to that mid-2% range. So that dislocation has narrowed meaningfully from the first half where pricing was more in that 1% range, while inflation was kind of in that low to mid-3%. And so on a go-forward basis, we're pretty much there in Q3, but from Q4 forward, we expect those two to match and that -- therefore, that dislocation will not be there on a go-forward basis.

因此在第三季，我預期通膨會更接近約3%，而定價如同我們在事先準備的講稿中所說，會更接近2%中段的區間。所以相較於上半年——當時定價大約在1%左右、而通膨約在3%初到中段——這種落差已明顯縮小。因此就後續而言，我們在第三季基本上就已接近一致；但從第四季起，我們預期兩者會相互匹配——也就是說，未來將不會再出現這種落差。

Drew North, Baird.

Drew North，Baird。

Great. I have one on more recent trends. I was wondering if you saw any regional or market divergences around the World Cup that would tell you there was a benefit for Chipotle in recent months. And then I have a follow-up.

很好。我有一題關於近期趨勢。我想知道，圍繞世界盃期間，你是否看到任何地區或市場之間的分歧，能顯示Chipotle在近幾個月有受惠。然後我還有一個追問。

Yes. So on the World Cup, very small impact to the quarter. We do have about 300 restaurants or so that were within, call it, 10 miles of World Cup stadium. So during the tournament, they saw a small benefit anywhere from maybe 50 to 100 basis points in comps specific in those locations. But if you look at the overall quarter, the impact was less than 5 basis points. So nice impact for those close restaurants, but on the overall quarter, it was a very small impact. And then you had a follow-up.

是的。就世界盃而言，對本季的影響非常小。我們大約有300家左右的餐廳，位於世界盃球場方圓約10英里內。因此在賽事期間，這些據點的同店銷售（comps）大概有小幅受惠，約增加50到100個基點。但如果看整體季度，影響不到5個基點。所以對靠近球場的餐廳是個不錯的助益，但對整體季度而言影響非常小。你剛才說還有追問。

Yes. On pricing, I know you've been conservative this year rolling out pricing methodically over the course of the year. I was wondering what you've learned from this process as the year progressed. And what gave you comfort to trend towards the higher end of that initial 1% to 2% guide?

是的。關於定價，我知道你們今年相對保守，採取在一年中逐步、有系統地推行調價。我想知道，隨著今年進行到現在，你們從這個流程中學到了什麼？以及是什麼讓你們有信心把結果推向最初1%到2%指引的較高端？

Yes, absolutely. So what we've learned is the process is working very nicely. I mean we've talked about this in the past. The key benefits really of this strategy are -- it allows us to measure resistance more precisely and adjust if necessary, and kind of just continue to roll out market by market, region by region as we like to go. And then it also gives us the ability to adjust if we need depending on the elation that we're seeing. And so we just feel like it's a much more dynamic situation. And as we've gotten these reads on resistance and as we've gotten consumer feedback on it, it's allowed us to continue to push forward. And so I think you'll see us continue to follow this strategy going forward, and you won't have that dislocation. That was really just a timing impact. So we're really happy with how it's performing, and we're going to continue down this path.

是的，當然。我們學到的是，這個流程運作得非常好。我們過去也談過這點。這個策略的關鍵好處在於——它讓我們能更精準地衡量消費者的抗性，並在必要時做出調整，然後依我們偏好的方式，按市場、按區域逐步推行。同時，它也讓我們能依據我們看到的反應（reaction）在需要時做調整。因此我們覺得這是一個更具動態性的做法。隨著我們取得對抗性程度的讀數、也收到消費者回饋，這讓我們能持續往前推進。所以我認為你會看到我們未來會持續採用這個策略，而且不會再出現那種落差。那主要只是時間點造成的影響。因此我們對目前的表現非常滿意，也會繼續走這條路。

Jim Salera, Stephens.

Jim Salera，Stephens。

I was hoping you could give us some incremental color on the LTO contribution to the frequency uplift that you're seeing. I don't know if you have any historical benchmarks that you can use for kind of overall LTO contribution to the whole amount of traffic in the quarter, but would love any commentary on that given the stepped-up LTO cadence this year.

我希望您能就您所觀察到的、LTO 對來客頻次提升的貢獻，提供一些額外的說明。我不確定您是否有任何可用的歷史基準，用來衡量 LTO 在該季度整體客流量中的貢獻占比，但鑑於今年 LTO 推出節奏加快，也很希望聽到您對此的評論。

Yes. I mean, I'll start. We haven't given any specifics on specific LTOs and kind of what the lift has seen. But what we have seen, especially with Chipotle Honey Chicken this year and even Chicken al Pastor earlier in the year, is that we're seeing an increase in transactions and as we dig into those transactions just coming from our most frequent guests coming in more often because they're excited about the menu innovation, but we're also driving in more new guests.

是的。我的意思是，我先說。我們尚未就特定 LTO 以及其帶來的提升幅度提供任何具體數據。但我們今年看到的情況是，特別是 Chipotle 蜂蜜雞（Honey Chicken），以及年初的 Chicken al Pastor，我們看到交易筆數增加；而當我們進一步拆解這些交易時，發現不僅是我們最常光顧的顧客因為對菜單創新感到興奮而更常來店，我們也帶來了更多新顧客。

And so we typically see hundreds of basis points of trans lift, of which -- most of which sustains during the entire promotion. And even when these LTOs tend to leave, we measure then the stickiness of those customers that we've either attracted in or again, those more frequent guests coming in more often. And we really like what we see from that standpoint as well. So again, we see this as a multiyear lever of increasing our AUVs over time versus kind of a short spike in sales, if that makes sense.

因此，我們通常會看到交易量提升達數百個基點，其中——大部分會在整個促銷期間持續。即使這些 LTO 結束後，我們也會衡量那些我們吸引進來的顧客，或是再次更頻繁來店的高頻顧客，其留存黏著度。從這個角度來看，我們也非常喜歡我們所看到的結果。所以再次強調，如果這樣說得通的話，我們把這視為一個多年期的槓桿，能隨時間推升我們的 AUV（平均單店營收），而不只是短期的銷售尖峰。

Yes, absolutely. And if I could ask one follow-up on that. You highlighted some of the protein LTOs coming up in the back half of the year. Given that being a more and more frequent characteristic that consumers are looking for from food, do you find the guests that gravitate towards the higher protein offerings are existing Chipotle guests? Or does that bring in kind of the new cohorts that didn't frequently interact with the brand in the past?

是的，完全同意。如果我可以再追問一個問題。您提到今年下半年會推出一些蛋白質類的 LTO。鑑於高蛋白正成為消費者在食物上愈來愈常見的訴求，您是否發現偏好高蛋白產品的顧客主要是既有的 Chipotle 顧客？還是這會帶來一些過去不常與品牌互動的新客群？

And do you have any sense for converting the frequency there relative to kind of the core menu items?

另外，您是否對其帶來的來客頻次轉換，相較於核心菜單品項，有任何觀察？

Here's what I would tell you is it brings in new customers who want to try the brand for the first time. And what we have recognized is when a guest tries an LTO, their lifetime value goes up in a material way, which gives us confidence that the LTO strategy is on track and the right approach. But we also see our current customers come in more frequently because they have new options to eat around on the menu, which they enjoy. And so you'll see a couple more center-of-the-plate items in the back half of the year.

我可以告訴你的是，它確實會帶來想要第一次嘗試我們品牌的新顧客。而我們也注意到，當一位顧客嘗試 LTO 後，他們的終身價值（LTV）會以顯著幅度提升，這讓我們更有信心 LTO 策略走在正確軌道上、也是正確的方法。但我們也看到現有顧客因為菜單上有新的選擇可以輪換享用而更常來店。因此，你會在下半年看到更多「主菜核心」的品項。

You'll also see us bring in some sides innovation, and we're leaning into beverage innovation in a more meaningful way. I think there's significant opportunity in beverage, and we are running down a path today to really capitalize on what's happening in beverage. We have a lot of work to do in this category, but I feel like we have the right team on it and the right approach and the right strategy.

你也會看到我們帶來一些配菜方面的創新，同時我們也會以更有意義的方式加碼飲料創新。我認為飲料有很大的機會，我們目前正沿著一條路徑前進，真正把握飲料品類正在發生的趨勢。我們在這個品類還有很多工作要做，但我覺得我們有合適的團隊、合適的方法，以及合適的策略。

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

問答環節到此結束。我想把電話會議交回去，看看是否有任何結語。

Well, thank you for joining our call today. I'm really proud of the results we delivered in the second quarter as we continue to execute our Recipe for Growth strategy. We're seeing encouraging momentum across the business from improvements in throughput, restaurant execution to the expansion of catering, a really strong pipeline of menu innovation, lower turnover, continued deployment of our high-efficiency equipment package, investments that are enhancing our digital capabilities and strengthening the experience for both really our guests and our team members, which I think is really important.

好的，感謝各位今天參加我們的電話會議。在我們持續執行「成長配方（Recipe for Growth）」策略之際，我對第二季交出的成果感到非常自豪。我們看到整體業務出現令人鼓舞的動能，涵蓋出餐效率（throughput）改善、餐廳營運執行提升、外燴業務擴張、非常強勁的菜單創新管線、離職率降低、持續導入我們的高效率設備套組，以及能強化數位能力並提升顧客與團隊成員體驗的投資——我認為這點非常重要。

At the same time, we're continuing to invest in our people while thoughtfully expanding our global reach. While we're pleased with the progress we've made, we're even more excited about what's ahead for this great brand. I think we have the right team. We have a strategy that is driving results and an incredibly strong brand.

同時，我們也在持續投資於我們的人才，並在審慎的前提下擴大全球版圖。雖然我們對目前取得的進展感到滿意，但我們對這個卓越品牌的未來更感到興奮。我認為我們有合適的團隊。我們有一套能帶來成果的策略，以及一個極其強大的品牌。

As we continue to execute our strategy, we're working on a plan to gather many of the folks on the call here today and others in the new year where we can showcase what's new in our restaurants and provide an opportunity for you to hear directly from our new leadership team, existing leadership team and the new folks that have joined our team in a place. So keep an eye out for that. We're excited to have you see really firsthand the progress we're making across the business, experience our operations up close and spend time with the leadership team, as I said, including the new executives that we brought on the team.

在我們持續執行策略的同時，我們也在規劃於新的一年，邀請今天在電話會議上的許多朋友以及其他人士齊聚一堂，屆時我們可以展示餐廳的最新內容，並讓各位有機會直接聽取我們新領導團隊、現有領導團隊，以及新加入成員的分享。請留意後續通知。我們很期待各位能親眼見證我們在整體業務上的進展，近距離體驗我們的營運，並與領導團隊相處交流——如我所說，也包括我們新延攬加入團隊的高階主管。

So that said, thank you again for your time, your partnership and continued confidence in Chipotle. We appreciate your support and look forward to updating you on continued progress next quarter.

因此，再次感謝各位撥冗、合作夥伴關係，以及對 Chipotle 持續的信心。我們感謝各位的支持，並期待在下個季度向各位更新我們持續取得的進展。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。