奇波雷墨西哥燒烤 (CMG) 2026 Q3 法說會逐字稿

Good afternoon and welcome to Chipotle Mexican Grill's third quarter fiscal 2026 earnings call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Christian D'Souza, Vice President, Investor Relations. Please go ahead.

下午好，歡迎參加 Chipotle Mexican Grill 2026 會計年度第三季財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把會議交給投資人關係副總裁 Christian D'Souza。請開始。

Hello, everyone, and welcome to Chipotle Mexican Grill's third 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 Chipotle Mexican Grill 2026 會計年度第三季財報電話會議。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，我們網站上亦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.

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。

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. 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.

有關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 季報中所載之風險因素。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所附連結查閱。

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.

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。之後我們將開放提問。

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

接下來，我把電話會議交給 Scott。

Thank you, Christian, and good afternoon, everyone. We are pleased to see the momentum in our business continue in the quarter as we delivered revenue growth of 9.6%, once again including positive comparable sales and transactions.

謝謝你，Christian，各位下午好。我們很高興看到本季業務動能持續，營收成長 9.6%，且再次實現同店銷售與交易量皆為正成長。

These results were fueled by our Recipe for Growth strategy as we continue to improve restaurant execution, deepen engagement with our rewards members, bring new craveable innovation to the menu and expand occasions.

這些成果來自我們的「成長配方（Recipe for Growth）」策略：我們持續提升餐廳營運執行、深化與獎勵會員的互動、為菜單帶來令人垂涎的創新，並擴大消費情境。

Additionally, our marketing connected with consumers in new and culturally relevant ways, including through our 100 Creators campaign, and we've been opening a new restaurant nearly every day of the year and see tremendous opportunity to continue to do so even in our most dense markets.

此外，我們的行銷以嶄新且具文化相關性的方式與消費者連結，包括透過「100 Creators」活動；同時我們幾乎全年每天都在開設一家新餐廳，並且即使在最密集的市場中，我們仍看到持續拓展的巨大機會。

Our focus remains clear, strengthen what differentiates Chipotle, execute with greater consistency and create more reasons for guests to choose us. Broader consumer and industry headwinds may continue, but initiatives across our Recipe for Growth strategy are building and giving us more tools to win in any environment.

我們的重點依然明確：強化 Chipotle 的差異化優勢、更一致地執行，並創造更多理由讓顧客選擇我們。整體消費與產業逆風可能仍將持續，但我們「成長配方」策略下的各項舉措正在累積，並讓我們在任何環境中都有更多工具取勝。

We are still in the early stages of this work and it's gaining traction. The progress we delivered this quarter gives us even greater conviction in our strategy and the multiple avenues we have to drive sustained growth at scale.

我們仍處於這項工作的早期階段，但已逐步見到成效。本季所取得的進展，讓我們對策略更具信心，也更確信我們擁有多條路徑，能以規模化方式推動可持續成長。

In short, we are a category leader. We have a uniquely differentiated brand with strong fandom, and we believe much of our growth opportunity is still in front of us.

簡而言之，我們是品類領導者。我們擁有高度差異化的品牌與強大的粉絲基礎，我們相信多數成長機會仍在前方。

Now I'll walk through our progress across each of the five strategic pillars, starting with our first pillar, protecting and strengthening the core, because everything begins with running great restaurants. For our guests, that means delicious food made from high-quality ingredients, generous and consistent portions, exceptional throughput, on-time and accurate digital orders, clean restaurants and genuine hospitality.

接下來我將說明我們在五大策略支柱上的進展，先從第一支柱「保護並強化核心」談起，因為一切都始於把餐廳經營好。對顧客而言，這代表以高品質食材製作的美味餐點、份量大方且一致、卓越的出餐效率（throughput）、準時且正確的數位訂單、乾淨的餐廳，以及真誠的待客之道。

These are fundamental to our brand promise, and we remain focused on delivering them consistently throughout the day across every restaurant globally. Our high-efficiency equipment package is showing how targeted investments in our restaurants can drive better outcomes for our guests, our teams and our business.

這些都是我們品牌承諾的基礎，我們仍專注於在全球每一家餐廳、全天候一致地交付這些體驗。我們的高效率設備套組（HEEP）顯示，對餐廳進行有針對性的投資，能為顧客、團隊與業務帶來更好的成果。

Restaurants with HEEP are delivering hundreds of basis points of comparable sales uplift, improvements in guest satisfaction and taste of food scores and over two additional entrees during the peak 15-minute period.

配置 HEEP 的餐廳帶來同店銷售提升數百個基點，顧客滿意度與餐點風味評分均有所改善，且在尖峰 15 分鐘時段可多完成超過兩份主餐。

HEEP is now installed in over 1,700 restaurants and we continue to work toward approximately 2,000 restaurants by year-end. HEEP is designed to simplify morning prep and grill operations, improve culinary consistency and flavor, reduce menu outages and help our teams deploy more effectively during peaks.

目前 HEEP 已安裝於超過 1,700 家餐廳，我們持續朝年底約 2,000 家餐廳的目標邁進。HEEP 的設計旨在簡化早晨備料與烤台作業、提升烹調一致性與風味、降低缺品情況，並協助我們的團隊在尖峰時段更有效地配置人力。

Importantly, we continue to reinvest the labor efficiencies created by the equipment back into our restaurants, giving our teams greater capacity to focus on throughput and hospitality. Throughput remains a key focus and one of the most important ways we believe we can improve the guest experience and drive incremental transactions.

重要的是，我們持續把設備帶來的人力效率再投資回餐廳，讓團隊有更大餘裕專注於出餐效率與待客服務。出餐效率仍是關鍵重點，也是我們認為能改善顧客體驗並帶動增量交易的最重要方式之一。

When we have the four pillars of throughput in place, our teams can move guests through the line faster while creating more opportunities to engage with them in a genuine and hospitable way. We have been focused on linebacker and expo deployment for the past several quarters and have made great progress on execution.

當出餐效率的四大支柱到位時，我們的團隊就能更快讓顧客通過點餐動線，同時創造更多機會以真誠且好客的方式與顧客互動。過去幾季我們一直聚焦於 linebacker 與 expo 的人力配置，並在執行上取得很大進展。

We are now expanding our focus to drive consistent execution across all four pillars, including mise en place and aces in their places, which is happening in fewer than half our restaurants today. We fully recognize the importance of exceptional throughput and know this is our strategic advantage. While we've made progress, I know we can be better.

我們現在正擴大重點，推動四大支柱全面且一致的執行，包括 mise en place 與「aces in their places」，而目前這在我們不到一半的餐廳中發生。我們充分認知卓越出餐效率的重要性，也知道這是我們的策略優勢。雖然已有進展，但我知道我們還能做得更好。

We will be emphasizing this evolution in Q4, so we are well prepared for the seasonal ramp in 2027, and we enter the new year with the momentum necessary to be great.

我們將在第四季強調這項演進，確保為 2027 年的季節性需求爬坡做好準備，並以必要的動能迎接新的一年、做到卓越。

At the same time, we are reinforcing accountability around hospitality and execution. I attended our team director conference during the quarter and this year's agenda was focused on being brilliant at the basics that bring guests back time after time.

同時，我們也在待客服務與營運執行方面強化問責。本季我參加了我們的團隊總監會議，今年的議程聚焦於把基本功做到極致，讓顧客一次又一次回來。

Preparing exceptional food is central to this, and Jason Kidd, our Chief Operating Officer, had a simple message for our teams: run to the food. Taste it every time and ensure it's delicious for our guests. That focus is already paying off, with Taste of Food scores up nearly a point year over year. We're proud of that progress, but just like throughput, we know we can be even better.

準備出色的餐點是其中的核心，我們的營運長 Jason Kidd 給團隊一個簡單訊息：奔向食物。每一次都要試吃，確保端給顧客的是美味的餐點。這個重點已開始帶來成果，餐點風味（Taste of Food）評分年增接近 1 分。我們為此進展感到自豪，但就像出餐效率一樣，我們知道還能更好。

Great execution starts with great leadership in the restaurants, and we continue to optimize general manager and apprentice deployment to ensure our busiest day parts are supported. These efforts are collectively leading to the better outcomes we are seeing in operational metrics, and we have made meaningful progress, but we know there is more opportunity ahead. Our goal is to deliver the Chipotle experience with consistency in every restaurant every day.

卓越的執行始於餐廳內卓越的領導力；我們持續優化店經理與學徒（apprentice）的配置，確保最繁忙的時段有人支援。這些努力共同促成我們在營運指標上看到的更佳成果；我們已取得實質進展，但也知道前方仍有更多機會。我們的目標是每天在每一家餐廳都能一致地交付 Chipotle 體驗。

Turning to our second pillar, modernizing our business through technology and digital innovation. Our goal is straightforward. Use technology to make our teams more effective and make the Chipotle experience easier, faster, and more rewarding for our guests.

接著談第二支柱：透過科技與數位創新來現代化我們的業務。我們的目標很直接。運用科技讓團隊更有效率，並讓顧客的 Chipotle 體驗更容易、更快速、也更有回饋。

Under Chief Digital Officer Arlie Sisson's leadership. We are building the capabilities to accelerate progress, and Arlie is strengthening her team with the addition of AI and architecture leadership to help accelerate innovation across the business. We are still in the early stages of what AI can do.

在首席數位長 Arlie Sisson 的領導下，我們正在建立能力以加速推進；Arlie 也透過增聘 AI 與架構領導人才來強化團隊，協助加速全公司創新。我們仍處於探索 AI 能力的早期階段。

One example is our AI-enabled cook-to-needs tool, which entered pilot during the third quarter and is now rolled out to over 500 restaurants. The tool, which we plan to roll out nationally early next year, uses AI-based demand forecasts to recommend the right amount of freshly prepared food at the right time.

其中一個例子是我們的 AI 驅動「按需求烹調（cook-to-needs）」工具，已於第三季進入試點，並已擴展至超過 500 家餐廳。該工具計畫於明年初在全國推行，透過 AI 的需求預測，建議在正確的時間準備適量的新鮮餐點。

This helps reduce manual data entry, increase prep efficiency and readiness, reduce waste and support better deployment and more consistent culinary execution.

這有助於減少人工資料輸入、提升備料效率與就緒度、降低浪費，並支援更佳的人力配置與更一致的烹調執行。

Alongside this, we are also developing Ava Cado, our in-restaurant AI assistant. And see the potential to expand its scope and assist General Managers with operational insights and actionable coaching that can help our team leaders make better decisions in real time.

此外，我們也正在開發 Ava Cado——我們的店內 AI 助理。我們也看到擴大其範疇的潛力，協助店總經理取得營運洞察與可執行的教練式建議，幫助團隊主管即時做出更好的決策。

Our proprietary digital make line interface, which we call Chipotle Kitchen, is also currently rolling out to our restaurants with plans to reach several hundred by year-end. The technology is designed around improving the outcomes that matter most for our teams and guests: order accuracy, on time fulfillment, speed, ease of integrating new menu items and guest satisfaction. We will continue scaling to the entire system throughout 2027.

我們自有的數位出餐線介面（我們稱之為 Chipotle Kitchen）目前也正逐步導入各餐廳，並計畫在年底前擴展至數百家門市。這項技術的設計核心在於改善對我們團隊與顧客最重要的成果：訂單正確性、準時履約、速度、新品項導入整合的便利性，以及顧客滿意度。我們將在 2027 年持續擴大規模，推廣至整個系統。

In April, we revamped Chipotle Rewards and are continuing to see strong results from the program, with our highest comps consistently coming from loyalty occasions. In-store enrollment has also remained elevated, driving our active membership to reach over 24 million guests for the quarter and we continue to see significant opportunity to deepen engagement with members.

4 月，我們重新改版 Chipotle Rewards，並持續看到該計畫帶來強勁成效；我們最高的同店表現（comps）一貫來自會員忠誠度消費情境。門市端的入會也維持在高檔，帶動本季活躍會員數突破 2,400 萬名顧客；我們仍看到顯著機會可深化會員互動。

Summer of Extras was a strong example with 6.8 million rewards members opting into the program, an increase over last year. Members earned 25 million badges and completed approximately 600,000 challenges.

「Summer of Extras」就是一個強而有力的例子，共有 680 萬名獎勵會員選擇加入該活動，較去年增加。會員共獲得 2,500 萬個徽章，並完成約 60 萬項挑戰。

Most importantly, our loyalty share of sales increased to over 33%, our highest ever. This is exactly what the program is designed to do, deepen engagement and give guests more reasons to visit Chipotle.

最重要的是，我們的會員銷售占比提升至超過 33%，創下歷史新高。這正是該計畫的設計目的：深化互動，並讓顧客有更多理由造訪 Chipotle。

We also continue to progress with our frictionless rewards pilot. Around 30% of our guests use Apple Pay in-store and they will be able to automatically earn points while paying, eliminating the need for a separate reward scan. It's a simple change, but an important one because it reduces a key friction point while also supporting throughput.

我們也持續推進無摩擦（frictionless）獎勵試點計畫。約有 30% 的顧客在門市使用 Apple Pay，他們將能在付款時自動累積點數，免去另外掃描會員獎勵的步驟。這是一項簡單的改動，但很重要，因為它降低了一個關鍵摩擦點，同時也有助於提升出餐吞吐量。

We will advance the test through stage gate in Q4 and plan to take the technology across the enterprise in 2027. Longer-term, we see a significant opportunity for technology to make rewards increasingly personalized, improve in-restaurant identification and help us more effectively reengage lapsed members.

我們將在第四季透過階段闖關（stage gate）推進測試，並計畫於 2027 年在全企業範圍導入該技術。從更長期來看，我們看到科技能讓獎勵更趨個人化、改善店內身分辨識，並協助我們更有效地重新喚回流失會員的重大機會。

Our third strategic pillar is evolving our brand messaging. Accelerating menu innovation and expanding the occasions where guests choose Chipotle. At the center of this work is the value proposition that has defined Chipotle for more than three decades.

我們的第三個策略支柱是演進品牌訊息傳達。加速菜單創新，並擴大顧客選擇 Chipotle 的消費情境。這項工作的核心，是三十多年來定義 Chipotle 的價值主張。

Real food made with high-quality ingredients, freshly prepared using classic culinary techniques, served with generous portions and speed and an accessible price point. Our brand tracker revealed that our value scores and overall brand health remain strong in Q3 with sequential gains in both amount and quality of food for the money.

以高品質食材製作的真食物，採用經典烹飪技法新鮮現做，以大份量與速度提供，並具備可負擔的價格帶。我們的品牌追蹤顯示，第三季我們的價值評分與整體品牌健康度仍維持強勁，且在「花同樣的錢能買到的食物份量與品質」兩項指標上皆呈現連續性提升。

Under Chief Brand Officer Fernando Machado's leadership, we are supercharging how we communicate our value proposition and connecting what makes Chipotle different with what matters to consumers today. And we are doing it in ways that are more ambitious, culturally relevant and distinctive to the brand.

在首席品牌長 Fernando Machado 的領導下，我們正強化我們傳達價值主張的方式，並把 Chipotle 的差異化優勢與當今消費者重視的要點連結起來。我們也以更具企圖心、更貼近文化脈動、且更具品牌辨識度的方式來執行。

We are showing up across creator content, sports and entertainment, gaming, fashion and other spaces to meet guests where they are and guests are recognizing the differentiation. We saw stable or improving wallet share across the quarter with broad strength across income and age cohorts.

我們在創作者內容、運動與娛樂、遊戲、時尚及其他領域多點布局，在顧客所在之處與其相遇，而顧客也正在認可我們的差異化。本季我們看到錢包占比（wallet share）維持穩定或有所改善，且在各收入與年齡族群中普遍展現強勁表現。

Importantly, we saw lower income cohorts outperform higher income cohorts for the first time this year, with the greatest strength in September when promotional activity was at its lowest.

值得注意的是，今年首次出現低收入族群表現優於高收入族群的情況；其中 9 月的強勢最為明顯，當時促銷活動也處於全年最低水準。

Driving this in Q3 was our 100 Creators campaign, which brought popular creators directly into Chipotle kitchens to experience the brand firsthand and capture the care, craft and fresh preparation that goes into our food every day.

第三季推動這一切的，是我們的「100 Creators」活動：我們邀請知名創作者直接走進 Chipotle 廚房，親身體驗品牌，並捕捉我們每日製作食物所投入的用心、工藝與新鮮現做流程。

Our work with Cardi B and the Bardi Bowl created another meaningful connection while promoting our Chili Lime Chips. The Salish Matter kids meal helped us engage families with younger guests. While our PGA 2K25 integration allowed us to tap into the strong affinity between Chipotle and the golf community.

我們與 Cardi B 合作推出 Bardi Bowl，也在推廣我們的 Chili Lime Chips 的同時，建立了另一個有意義的連結。Salish Matter 兒童餐則幫助我們與有年幼顧客的家庭互動。而我們與 PGA 2K25 的整合，讓我們得以切入 Chipotle 與高爾夫社群之間的強烈連結。

And recently, we revealed that the music within our 100 creatives campaign was the result of a partnership with the London Vegetable Orchestra. We enlisted them to record an original track at the legendary Abbey Road Studios with instruments made from our 53 real ingredients.

此外，近期我們揭露，在「100 creatives」活動中的音樂，來自與倫敦蔬菜管弦樂團（London Vegetable Orchestra）的合作。我們邀請他們在傳奇的 Abbey Road Studios 錄製原創曲目，並使用由我們 53 種真實食材製成的樂器。

These activations are designed to do more than generate attention. They help us tell the story in fresh ways, broaden our reach and keep the brand top of mind.

這些行銷啟動（activations）的目的不僅是製造關注。它們幫助我們以新鮮方式講述品牌故事、擴大觸及，並讓品牌維持在顧客心智的首選位置。

Menu innovation is another important factor in enhancing our value proposition, attracting new guests and giving existing guests more reason to visit, all while staying true to our Food with Integrity commitment and the culinary principles that define Chipotle.

菜單創新也是提升我們價值主張、吸引新顧客並讓既有顧客更常回訪的重要因素，同時我們仍忠於「Food with Integrity」承諾與定義 Chipotle 的烹飪原則。

On August 31, we broke new ground by launching two limited-time offerings together, bringing back Pollo Asada with an all-new recipe and our Chili Lime Chips, our first innovation in the category.

8 月 31 日，我們以同時推出兩項限時商品的方式開創新局：以全新配方帶回 Pollo Asada，並推出 Chili Lime Chips——這也是我們在該品類的首次創新。

Pollo Asada features freshly grilled adobo chicken seasoned with garlic and Mexican spices, hand-cut cilantro and bright citrus. Guest response has exceeded our expectations driving incremental transactions and an attachment rate in the low 20% range, which is significantly higher than our prior launch.

Pollo Asada 主打新鮮炭烤的 adobo 雞肉，以大蒜與墨西哥香料調味，搭配手切香菜與明亮的柑橘風味。顧客反應超出我們預期，帶動增量交易（incremental transactions），且加購率落在 20% 出頭，明顯高於我們先前的上市表現。

Chili Lime Chips were inspired by a viral fan food hack and are made fresh daily and hand-seasoned with fresh squeezed lime and chili peppers. Guest response has been very positive, driving incremental growth in overall chip incidence.

Chili Lime Chips 的靈感來自爆紅的粉絲食物小技巧（food hack），每日新鮮製作，並以現榨萊姆汁與辣椒手工調味。顧客回饋非常正面，帶動整體薯片購買發生率（chip incidence）的增量成長。

Cilantro Lime Sauce also remained on the menu throughout the quarter and has maintained a strong attachment rate, while outperforming the benchmark set by prior sauce innovation.

Cilantro Lime Sauce 也在整個季度持續供應，並維持強勁的加購率，同時表現優於先前醬料創新所建立的基準。

Next week, we are excited to bring back Smoked Brisket for a limited time with a new and even more delicious recipe, featuring responsibly raised beef that is seasoned with spices, including smoked serrano and chipotle chili peppers before being smoked over mesquite wood.

下週，我們很高興將以限時方式帶回 Smoked Brisket，並推出全新、更加美味的配方；其特色是採用負責任飼養的牛肉，先以香料調味（包含煙燻 serrano 與 chipotle 辣椒），再以豆科灌木木材（mesquite wood）煙燻。

Once in our restaurants, teams sear the Brisket on the plancha, finish it with spices, toss it in a savory sauce made with smoky chili peppers and hand chop it in small batches throughout the day. Smoked Brisket has demonstrated both broad guest appeal and incremental transaction growth in the past, and we look forward to bringing it back.

進入餐廳後，團隊會在鐵板（plancha）上將牛胸肉煎封，最後再以香料收尾，拌入以煙燻辣椒製成的鹹香醬汁，並在一天中分小批次手工切碎。過去 Smoked Brisket 已展現廣泛的顧客吸引力與增量交易成長，我們也期待再次推出。

We have been hard at work this year on our innovation pipeline, which remains strong. 2027 and beyond, we see considerable opportunity across proteins, sides and beverages, giving us multiple ways to create fresh news around Chipotle while staying true to who we are.

今年我們在創新產品管線上投入大量心力，而該管線仍然強勁。展望 2027 年及以後，我們在蛋白質、配菜與飲品方面看到可觀機會，讓我們能以多種方式為 Chipotle 創造新鮮話題，同時忠於我們的本質。

We also continue to make progress on our efforts to expand catering nationally and we intend to begin rolling it out in Q1 of 2027. We have been working on refining our approach and developing bespoke load balancing tools to help optimize the process.

我們也持續推進全國性擴大外燴（catering）的工作，並打算在 2027 年第一季開始逐步推出。我們一直在精煉作法，並開發客製化的負載平衡工具，以協助最佳化流程。

And our pilots have delivered the operational, marketing and technology insights we need to feel confident we can grow without disrupting the core lunch and dinner business. Catering guests have heightened expectations, and we intend to deliver flawless execution as we scale.

而我們的試點計畫已提供我們所需的營運、行銷與技術洞察，使我們有信心能在不干擾核心午餐與晚餐業務的情況下成長。外燴顧客的期待更高，我們打算在擴張過程中提供零失誤的執行。

Additionally, Chipotle family meals, which are also available in Canada, are resonating as a convenient, high-value solution for groups of four to six. To drive awareness for the family meal offering, this month we launched a memorable marketing campaign, which I'll just say, like its name, is an enormous bag to highlight the oversized meal offering. This was a fun and distinctive way to connect the brand to culture, drive buzz and showcase value.

此外，Chipotle 家庭餐（在加拿大也有提供）正引起共鳴，成為 4 至 6 人團體方便且高性價比的解決方案。為了提升家庭餐的認知度，本月我們推出一個令人印象深刻的行銷活動；我只能說，就像它的名字一樣，是一個「巨大袋子」，用來凸顯超大份量的餐點組合。這是一種有趣且具辨識度的方式，將品牌與文化連結、帶動話題並展現價值。

Early results have shown a step-up of over 30% in family meal sales. Together, catering and Chipotle family meals represent approximately 3% of sales today. Both remain highly incremental and operationally efficient, giving us another meaningful runway for growth.

初步結果顯示，家庭餐銷售提升超過 30%。目前外燴與 Chipotle 家庭餐合計約占銷售額的 3%。兩者都具有高度增量性且營運效率高，為我們提供另一條具意義的成長跑道。

Turning to our fourth pillar, cultivating the best talent in the industry, our people remain our greatest competitive advantage. Quality of our restaurant teams and leadership directly influences consistency, hospitality, restaurant performance, and our ability to sustain growth.

接著談到第四個支柱：培育業界最優秀的人才；我們的人才仍是我們最大的競爭優勢。餐廳團隊與領導力的品質，會直接影響一致性、待客之道、餐廳績效，以及我們維持成長的能力。

We continue to make progress building the pipeline of General Managers, apprentices, and field leaders needed to support new restaurant openings. And we're proud to see both General Manager and crew turnover down year over year. We also understand the value of a second tenured manager in the restaurant.

我們持續在建立總經理、學徒與現場領導者的人才梯隊方面取得進展，以支援新餐廳開幕。我們也很自豪看到，無論是總經理或門店夥伴的離職率皆較去年同期下降。我們也理解在餐廳配置第二位具資歷的經理所帶來的價值。

With better operational and guest-facing outcomes occurring in restaurants that do have an apprentice. Three-quarters of our restaurants have apprentices today and we will begin expanding coverage incrementally in 2027.

在有配置學徒的餐廳中，營運表現與面向顧客的成果都更佳。目前我們有四分之三的餐廳已配置學徒，並將於2027年開始逐步擴大覆蓋。

We will keep a keen focus on hospitality and measuring the sustained benefit of this investment and we believe the returns will justify further expansion across the year. Central to our people strategy is offering world-class benefits and educational assistance continues to be a strong driver of retention.

我們將持續高度聚焦於待客之道，並衡量這項投資所帶來的長期效益；我們相信其回報將足以支持在全年進一步擴張。我們人才策略的核心之一，是提供世界級福利，而教育補助持續是提升留任的強力驅動因素。

In August, we celebrated the 10-year anniversary of our partnership with Guild, which provides debt-free education and greater career mobility for our team members. Nearly 25,000 team members have enrolled in the education program and more than 14,000 have completed one. Those programs reinforce something fundamental to our culture. Chipotle is a place where people build meaningful long-term careers.

8月，我們慶祝與Guild合作滿10週年；Guild為團隊成員提供免負債教育與更高的職涯流動性。已有近25,000名團隊成員報名參與教育計畫，且超過14,000人完成其中一項課程。這些計畫強化了我們文化中的一項根本信念。Chipotle是一個讓人們建立有意義、長期職涯的地方。

And as we strengthen leadership across the organization, we're continuing to add capabilities and expertise at the board level to support our long-term ambitions.

隨著我們在整個組織中強化領導力，我們也持續在董事會層級增添能力與專業，以支援我們的長期抱負。

In September, we added Sabir Sami to our board of directors. Sabir brings extensive global restaurant leadership and operating experience. With capabilities that align with our international growth ambitions.

9月，我們邀請Sabir Sami加入董事會。Sabir具備豐富的全球餐飲領導與營運經驗，其能力與我們的國際成長願景高度契合。

Finally, turning to our fifth pillar, we are expanding our global footprint. Our approach to development remains disciplined, site selection, restaurant economics, expected returns and the strength of our talent pipeline all inform the pace of growth, and each remain strong.

最後，談到我們的第五大支柱：我們正在擴大全球版圖。我們的展店策略仍維持紀律；選址、餐廳經濟模型、預期報酬以及人才梯隊的強度都會影響成長步伐，而這些面向目前皆維持強勁。

Chipotlanes continue to be an important part of that model. They provide greater convenience, drive higher digital mix, generate stronger sales and returns and reduce friction for our guests.

Chipotlane（得來速取餐車道）仍是該模式的重要組成。它們提供更高便利性、帶動更高的數位銷售占比、創造更強的營收與報酬，並降低顧客體驗中的摩擦。

During the third quarter, we reached an important milestone with the opening of our 1,500th Chipotlanes. In the US and Canada, we opened 83 new restaurants during the quarter, including 53 Chipotlanes. We continue to see significant white space in both countries and remain confident that we will open around 350 restaurants this year.

第三季，我們達成一項重要里程碑：開出第1,500條Chipotlane。在美國與加拿大，我們本季新開83家餐廳，其中53家為Chipotlane門店。我們在兩國仍看到大量未開發空間，並持續有信心今年將開出約350家餐廳。

Looking ahead to 2027, we expect to open approximately 340 to 360 company-owned restaurants in the US and Canada.

展望2027年，我們預期在美國與加拿大將新開約340至360家直營餐廳。

Our company-owned international business also continued to expand during the quarter with a new restaurant in the UK which has seen opening performance consistent with our strongest London restaurants.

我們的國際直營業務在本季也持續擴張，在英國新開一家餐廳，其開幕表現與我們倫敦最強勢的餐廳一致。

Alongside our company-owned growth, our partner-operated model is allowing us to enter new markets with experienced local operators and expand access to Chipotle around the world. The third quarter marked an important step forward in our ambition to build Chipotle into an iconic global brand as we entered Mexico, Saudi Arabia and South Korea.

除直營成長外，我們的合作夥伴營運模式讓我們能與具經驗的在地營運商進入新市場，並在全球擴大Chipotle的可及性。第三季是我們將Chipotle打造為具代表性的全球品牌之願景的重要進展：我們進入了墨西哥、沙烏地阿拉伯與南韓。

Meaning Chipotle is now available to enjoy in 11 countries across the globe. Each region has demonstrated strong local demand, which can be seen in the long lines of guests waiting for us to open the doors on day one in each new market we enter.

這表示Chipotle目前已可在全球11個國家享用。各地區皆展現強勁的在地需求；在我們進入的每個新市場，開幕首日都可看到大排長龍、等待我們開門的顧客。

In Mexico, our first restaurant opened in July to an extremely positive reception in the Monterey metropolitan area with our partner, Alsea. Opening volumes exceeded our initial expectations and this has reinforced the appeal of the Chipotle brand within the country. We plan to open our next restaurant nearby as well as our first location in Mexico City in 2027.

在墨西哥，我們與合作夥伴Alsea於7月在蒙特雷都會區開出首家餐廳，獲得極為正面的回響。開幕銷售量超出我們的初始預期，進一步印證Chipotle品牌在當地的吸引力。我們計畫在附近再開下一家餐廳，並於2027年在墨西哥城開出首家門店。

We entered Saudi Arabia this quarter in partnership with Alshaya Group and we were thrilled to see new opening volumes set yet another record and build on the demand we have seen across the Middle East. We also opened new restaurants in the UAE and Kuwait, bringing our total across the region to 18 restaurants.

本季我們與Alshaya Group合作進入沙烏地阿拉伯；我們很振奮地看到新店開幕銷售量再創新高，並延續我們在中東各地所見的需求。我們也在阿聯與科威特新開餐廳，使該區域總店數達到18家。

Our long-term outlook in the region remains unchanged and we continue to believe it can support hundreds of Chipotle restaurants overtime. Additionally, our first restaurant in South Korea opened last month near Gangnam Station, where line stretched several city blocks for weeks and average daily sales trends built throughout the quarter.

我們對該區域的長期展望維持不變，並持續相信隨時間推進可支撐數百家Chipotle餐廳。此外，我們在南韓的首家餐廳於上月在江南站附近開幕，排隊人潮連續數週延伸數個街區，且平均日銷售趨勢在整個季度持續走升。

In fact, earlier today, we opened our second location in Seoul and have additional restaurants in development as we build the business with SPC Group, including our planned opening in Singapore next spring.

事實上，就在今天稍早，我們在首爾開出第二個據點，並與SPC Group共同推進更多餐廳開發，包括我們計畫於明年春季在新加坡開幕。

So far in 2026, eight restaurants have opened outside the US and Canada, and the response we are seeing across markets reinforces our belief that the appeal of Chipotle is borderless. Consumers around the globe value high-quality food prepared fresh with real ingredients giving us confidence that our model can resonate well around the globe. In 2027, we expect to open around 15 to 25 restaurants outside the US and Canada.

截至2026年目前為止，美國與加拿大以外已開出8家餐廳；我們在各市場看到的回應，強化了我們的信念：Chipotle的吸引力不受國界限制。全球消費者重視以真實食材新鮮製作的高品質餐點，讓我們更有信心此商業模式能在全球引起共鳴。2027年，我們預期在美國與加拿大以外將新開約15至25家餐廳。

To close, our third quarter results reinforce that our Recipe for Growth strategy is gaining traction and creating multiple levers to navigate a dynamic industry and consumer environment and drive sustained growth.

總結而言，我們第三季的成果再次證明「成長配方（Recipe for Growth）」策略正逐步發揮成效，並創造多重槓桿，以因應多變的產業與消費環境，推動可持續的成長。

We are improving restaurant execution, throughput and hospitality. We are scaling technology and AI while building a more engaging rewards ecosystem. We are accelerating menu innovation and evolving our marketing to keep Chipotle relevant and top of mind. We are also building new occasions through catering and family meals. We continue to develop a deep pipeline of talent and are expanding globally with discipline.

我們正在提升餐廳執行力、出餐效率與待客體驗。我們在擴大科技與AI應用的同時，也打造更具吸引力的會員獎勵生態系。我們正加速菜單創新，並調整行銷策略，讓Chipotle保持相關性並成為消費者的首選。我們也透過外燴與家庭餐建立新的消費情境。我們持續培養深厚的人才梯隊，並以紀律推進全球擴張。

I'm confident we have the right strategy, the right leadership team and a significant opportunity ahead as we continue to build Chipotle into an iconic global brand.

我有信心，我們具備正確的策略、正確的領導團隊，且前方有龐大的機會，能持續將Chipotle打造為具代表性的全球品牌。

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 third quarter results reflect the continued traction of our recipe for growth strategy as well as our ability to respond quickly and decisively when we see shifts in demand.

謝謝你，Scott，各位下午好。我們第三季的表現反映出「成長配方」策略持續發揮動能，也展現我們在看到需求變化時能快速且果斷回應的能力。

In the third quarter, sales grew 9.6% to $3.3 billion, including a comparable restaurant sales increase of 2.1% and a positive transaction comp of 0.8%. Digital sales of $1.3 billion were 38.8% of total sales compared to 36.7% in the prior year.

第三季營收成長9.6%至33億美元，其中同店銷售成長2.1%，交易量同店成長為正0.8%。數位銷售為13億美元，占總銷售的38.8%，高於去年同期的36.7%。

Restaurant level margin was 23.3%, a decline of 120 basis points year-over-year. Adjusted diluted earnings per share was $0.27, down 7% versus last year. And we opened 84 company-owned restaurants and five partner-operated restaurants, expanding into three new markets, Mexico, Saudi Arabia and South Korea.

餐廳層級利潤率為23.3%，較去年同期下滑120個基點。調整後稀釋每股盈餘為0.27美元，較去年下降7%。我們新開84家直營餐廳與5家合作夥伴營運餐廳，並擴展至三個新市場：墨西哥、沙烏地阿拉伯與南韓。

We entered the quarter with strong sales trends supported by our Recipe for Growth initiatives. However, industry headwinds beginning in mid-July slowed our momentum. We quickly acted to reengage our guests with promotional offers and I am proud of how thoughtfully our teams responded.

我們以強勁的銷售趨勢進入本季，並受到「成長配方」各項措施的支撐。然而，自7月中旬開始的產業逆風放緩了我們的動能。我們迅速採取行動，透過促銷優惠重新吸引顧客；我也為團隊周全且審慎的應對感到自豪。

We were pleased to see trends normalized by late August and we saw further improvement in September after the launch of Pollo Asado and Chili Lime Chips as well as our 100 Creators campaign.

我們很高興看到趨勢在8月下旬恢復正常；而在9月推出Pollo Asado與Chili Lime Chips，以及啟動「100 Creators」活動後，我們也看到進一步改善。

October trends have softened, consistent with the broader industry. However, we continue to see positive underlying engagement with our menu innovation and activations. We look forward to building momentum with the launch of Smoked Brisket next week, and we are confident we will deliver on our guidance of low single-digit comps for 2026.

10月的趨勢有所轉弱，與整體產業一致。不過，我們仍看到消費者對菜單創新與各項行銷活動的底層互動保持正向。我們期待下週推出Smoked Brisket以持續累積動能，並有信心在2026年達成我們對低個位數同店成長的指引。

On pricing, the impact in Q3 was around 2.7%. We anticipate it will increase to about 3% in Q4, bringing total pricing in 2026 to around 2%. As we look ahead to 2027, we currently anticipate overall inflation to remain in the low to mid-single-digit range and expect to continue managing that inflation over the long run with our new approach to menu pricing.

在定價方面，第三季的影響約為 2.7%。我們預期第四季將上升至約 3%，使 2026 年全年定價影響約為 2%。展望 2027 年，我們目前預期整體通膨將維持在低至中個位數區間，並預期將以我們新的菜單定價方法，在長期持續管理該通膨。

Before I walk through the P&L, I want to take a moment to highlight the economics behind our promotional strategy and how we approach our overall marketing investment.

在我帶大家走過損益表之前，我想先花點時間強調我們促銷策略背後的經濟性，以及我們如何看待整體行銷投資。

Promotions such as our buy one, get one activations and protein limited time offers are designed to connect with our guests in a culturally relevant way. They do more than drive a single day or a single quarter of sales. They bring new and lapsed guests into our restaurants, increase frequency among existing guests and keep Chipotle top of mind.

像是我們的買一送一活動以及蛋白質限時供應（LTO）等促銷，旨在以具文化相關性的方式與顧客連結。它們不僅僅是帶動某一天或某一季的銷售。它們能把新客與流失顧客帶回餐廳，提高既有顧客的來店頻率，並讓 Chipotle 持續保持在顧客心中。

As we shared earlier this year, our protein limited time offers typically generate a few hundred basis points of transaction lift over the life of the promotion. And we generally sustain part of that lift longer-term as many new guests continue to dine with us after the offer ends.

如同我們今年稍早分享的，我們的蛋白質限時供應通常在促銷期間可帶來數百個基點的交易量提升。而且在優惠結束後，許多新顧客仍會持續來店用餐，因此我們通常能在長期維持其中一部分的提升幅度。

Our buy one, get one activations have followed a similar pattern and the benefit is amplified when we find opportunities to connect with a cultural moment. It is this stickiness that makes these investments so productive overtime. We evaluate marketing and promotional investments through a return-focused lens. When we have great ideas that deliver attractive returns, we will lean in as we did this quarter.

我們的買一送一活動也呈現類似的模式，而當我們找到機會與某個文化時刻連結時，效益會被放大。正是這種黏著度，使得這些投資隨時間推移變得非常高效。我們以回報為核心的視角來評估行銷與促銷投資。當我們有能帶來具吸引力回報的好點子時，我們就會加大投入，就像本季所做的一樣。

This discipline gives us the flexibility to respond quickly to shifts in demand while protecting the long-term strength of our economic model.

這樣的紀律讓我們在保護長期經濟模型強度的同時，也能靈活且迅速地回應需求變化。

With that, I will go through the key P&L line items, beginning with cost of sales. Cost of sales in the quarter was 29.5%, a decrease of about 50 basis points from last year. The benefits of menu pricing and tariff relief were more than enough to offset inflation, which was primarily driven by beef and freight.

接下來我將說明損益表的關鍵項目，先從銷貨成本開始。本季銷貨成本為 29.5%，較去年下降約 50 個基點。菜單定價與關稅緩解帶來的效益，足以抵銷通膨影響；通膨主要由牛肉與運輸費用所驅動。

For Q4, we anticipate cost of sales to be around 30.5%, primarily due to the impact of our Smoked Brisket limited time offer. On an underlying basis, this puts cost of sales inflation at around 3% for Q4.

對於第四季，我們預期銷貨成本約為 30.5%，主要是受到我們煙燻牛胸肉（Smoked Brisket）限時供應的影響。以基礎面來看，這意味著第四季銷貨成本通膨約為 3%。

Labor costs for the quarter were 25.7%, an increase of about 50 basis points from last year. The increase was driven by sales volumes, wage inflation and higher labor usage in support of promotional activity. In addition, we recognized some discrete costs related to insurance. These factors were partially offset by the benefit of menu price increases.

本季人事成本為 25.7%，較去年增加約 50 個基點。增加主要由銷售量、薪資通膨，以及為支援促銷活動而提高的人力使用所帶動。此外，我們也認列了一些與保險相關的一次性成本。上述因素部分被菜單調價帶來的效益所抵銷。

Excluding these discrete impacts, we saw underlying inflation in the low single-digit range, and we expect this to continue into Q4 with labor costs around 26%. Other operating costs for the quarter were 16%, an increase of about 100 basis points from last year, primarily driven by higher marketing, delivery mix and inflation across several items, including utilities and maintenance.

排除這些一次性影響後，我們看到的基礎通膨落在低個位數區間，並預期第四季將延續此趨勢，人事成本約為 26%。本季其他營運成本為 16%，較去年增加約 100 個基點，主要由較高的行銷費用、外送組合占比提升，以及多個項目的通膨所驅動，包括公用事業費與維修保養。

Marketing costs were in the mid-3% range during the quarter, an increase of about 40 basis points from last year as we leaned into promotional activity to reengage guests following the industry headwinds mid-quarter.

本季行銷成本落在 3% 中段區間，較去年增加約 40 個基點，因為在本季中段面臨產業逆風後，我們加大促銷活動以重新吸引顧客。

In support of the Brisket campaign in Q4, we expect marketing costs to land in the high 3% range, bringing other operating costs to around 16%. Altogether, this will put Q4 margins at just under 22%, which is roughly 150 basis points lower than last year. After normalizing for a 70 basis point gift card breakage benefit in the prior year and the shift in marketing spend to support Brisket, the decline is driven by sales volume.

為支援第四季的 Brisket 行銷活動，我們預期行銷成本將落在 3% 高段區間，使其他營運成本約為 16%。整體而言，這將使第四季利潤率略低於 22%，約較去年低 150 個基點。在將去年 70 個基點的禮品卡破損（breakage）利益，以及為支援 Brisket 而調整的行銷支出進行常態化後，利潤率下滑主要由銷售量所致。

With pricing now in line with inflation, our unit economic model remains intact and we expect margins to expand as we drive additional transaction growth.

在定價已與通膨一致的情況下，我們的單店經濟模型仍然完好，我們預期隨著交易量進一步成長，利潤率將擴張。

G&A for the quarter was $185 million on a GAAP basis or $184 million on a non-GAAP basis, excluding retention equity awards granted to key executives in August of 2024. G&A included $155 million of underlying G&A, $29 million of non-cash stock compensation, offset by $0.5 million related to lower bonus accruals and payroll taxes.

本季一般及行政費用（G&A）在 GAAP 基礎下為 1.85 億美元；在非 GAAP 基礎下為 1.84 億美元，已排除 2024 年 8 月授予關鍵高階主管的留任股權獎勵。G&A 包含 1.55 億美元的基礎 G&A、2,900 萬美元的非現金股票薪酬，並由與較低獎金提列及薪資稅相關的 50 萬美元抵銷。

For Q4, we expect G&A to be around $189 million on a non-GAAP basis, which will include $156 million in underlying G&A, $31 million in non-cash stock compensation, although this amount could move up or down based on our actual performance and $2 million in higher bonus accruals and payroll taxes.

對於第四季，我們預期非 GAAP 基礎下的 G&A 約為 1.89 億美元，其中包含 1.56 億美元的基礎 G&A、3,100 萬美元的非現金股票薪酬（該金額可能會因實際績效而上調或下調），以及 200 萬美元較高的獎金提列與薪資稅。

As we continue to scale, our G&A growth is predominantly driven by field leadership roles supporting new restaurants, and we have leveraged G&A over the past several years, thanks to our disciplined approach to investments in technology and other. In 2027 and beyond, we intend to fuel our recipe for growth strategy while also leveraging 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；而在過去幾年，得益於我們對科技及其他投資的紀律性做法，我們已有效槓桿化 G&A。在 2027 年及之後，我們打算在推動「成長配方」策略的同時，也持續槓桿化 G&A。

Depreciation for the quarter was $103 million or 3.1% of sales, and in Q4, we expect it to remain in the low 3% range. Our effective tax rate for Q3 was 25.6% on a GAAP and non-GAAP basis. For fiscal 2026, we continue to expect our underlying effective tax rate to be in the 24% to 26% range, though it may vary based on discrete items.

本季折舊為 1.03 億美元，占銷售額 3.1%；第四季我們預期仍維持在 3% 低段區間。第三季我們的有效稅率在 GAAP 與非 GAAP 基礎下皆為 25.6%。對於 2026 會計年度，我們仍預期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。

Our balance sheet remained strong as we ended the quarter with $1 billion in cash, restricted cash and investments and no debt.

我們的資產負債表依然強勁，本季末持有 10 億美元的現金、受限制現金及投資，且無負債。

Share repurchases are an important part of our capital allocation program and a meaningful way to return value to shareholders. Year-to-date, we've repurchased $1.4 billion at an average price of $34.32 and we have about $1.6 billion remaining under authorization.

股票回購是我們資本配置計畫的重要一環，也是向股東回饋價值的有意義方式。年初至今，我們以平均每股 34.32 美元回購了 14 億美元的股票，且在核准額度下仍剩約 16 億美元可用。

During the quarter, there was a period where we were unable to repurchase our stock. However, we believe our shares are undervalued and we look forward to returning to the market as soon as the earnings blackout lifts.

本季期間曾有一段時間我們無法回購自家股票。不過，我們認為公司股價被低估，並期待在財報禁售期（earnings blackout）解除後，盡快重返市場。

To close, this quarter demonstrated the strength of our recipe for growth strategy and our ability to respond quickly and effectively when we see ships in demand. Few brands can invest in the highest quality ingredients, offer an accessible price point and still deliver industry-leading economics. That unique model gives us the flexibility to invest behind our guests while protecting the long-term strength of the business.

最後，本季展現了我們「成長配方」策略的強勁，以及當我們看到需求出現變化時，能夠快速且有效回應的能力。很少有品牌能同時投資於最高品質的食材、提供可負擔的價格帶，並仍能交出業界領先的經濟效益。這個獨特的模式讓我們在支持顧客的同時，也能保護企業長期的韌性與實力。

We are optimistic about closing out 2026 on a strong note, and we remain well-positioned to continue creating long-term value for our guests, our teams, and our shareholders.

我們對 2026 年以強勁表現收官感到樂觀，並且我們仍處於有利位置，能持續為顧客、團隊與股東創造長期價值。

And with that, we can open it up for questions.

接下來，我們可以開放提問。

(Operator Instructions)

（接線員指示）

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Thank you. I wanted to ask about this fourth quarter and what you think it means so far. I think you know that this quarter was supposed to be a payoff quarter of sorts where pricing was ramping through the year, you got the new kitchen equipment, you have more stores with that, the marketing improvement, the renewed focus on operations that diminishing cyclospora headwinds and comparisons and I think there was some expectation out there that the comps would continue to ramp maybe 3%-plus and you were kind of going there it looked like in the third quarter.

謝謝。我想請教第四季，以及你們認為目前為止這代表了什麼。我想你也知道，市場原本把這一季視為某種「收成果」的季度：全年定價逐步拉升、新的廚房設備到位且更多門店導入、行銷改善、重新聚焦營運，環孢子蟲（cyclospora）帶來的逆風與比較基期影響也在減弱；我認為外界原本預期同店銷售（comps）會持續走高，可能達到 3% 以上，而你們在第三季看起來確實正朝那個方向前進。

I think there's a perception that comps are down so far in October and so that's making people jump to conclusions about wondering what's working, what's not working. So perhaps you can comment more specifically on October to date, what's happened and then what's your diagnosis, what implications does this have for your strategy and what sort of same-store sales expectation you might have for '27 and thank you.

我認為外界有一種觀感是，10 月份到目前為止的同店比較（comps）下滑得很厲害，因此讓大家急著下結論，開始猜測哪些有效、哪些無效。所以也許你可以更具體地評論一下 10 月截至目前的情況、發生了什麼事，以及你的診斷是什麼；這對你們的策略有何意涵，以及你們對 2027 年的同店銷售可能會有什麼樣的預期，謝謝。

Hi, David, Scott here. Thank you for the question. I'll tell you, we entered the quarter -- I'll tell you how we finished September up 3.8% with little to very little promo activity, which gave us a lot of confidence that we're on the right track.

嗨，David，我是 Scott。謝謝你的提問。我跟你說，我們進入本季時——我先說我們 9 月的收尾：在幾乎沒有到非常少的促銷活動下，我們仍成長 3.8%，這讓我們對走在正確軌道上很有信心。

We saw some broader industry pullback in the first part of October. I'll tell you, we have since regained positive transactions, and we have high confidence in the balance of the quarter. On the back of what is an extraordinary product in Brisket, which has had incredible demand over the past few years when we offered it.

10 月上旬我們看到整體產業出現一些回落。但我可以告訴你，我們之後已經重新回到交易量（transactions）為正成長，對本季剩餘期間也非常有信心。這主要是因為我們的 Brisket 產品非常出色，過去幾年每次推出時需求都非常驚人。

We see no difference this year. We think the products improved and even better. And so we feel very confident that November and December set up very well for us with a potential exit rate on the year of 3% to 4%.

今年我們看不出有任何不同。我們認為產品有改良、甚至更好。因此我們非常有信心，11 月與 12 月對我們來說會是很好的布局，全年可能的期末退出增速（exit rate）可達 3% 到 4%。

And I'll add to that, David, just to give you an idea for Q4. So taking into account the choppy start for the quarter and the dynamic consumer environment, we anticipate that our Q4 comps will actually be around a plus 2%, but like Scott said, we'll an exit rate in that 3% to 4% range. And again, that's going to be fueled by the launch of Brisket next week as well as several marketing initiatives that we have planned.

David，我再補充一下，讓你對第四季有個概念。考量到本季開局較為顛簸以及消費環境的變動，我們預期第四季同店（comps）大約會是 +2%，但如 Scott 所說，期末退出增速會落在 3% 到 4% 的區間。同樣地，這將由下週 Brisket 的上市，以及我們規劃的數項行銷計畫所帶動。

And we're really excited really to continue to build upon this momentum in 2027, too early to give any kind of guide at this point for comps. We'll do that at the next call, but it's still early days with many of our sales building initiatives from a recipe for growth strategy. So you can imagine that we're excited as this continues to build into 2027 and beyond.

而且我們也很期待在 2027 年持續延續並累積這股動能；現在要對同店給出任何指引還太早。我們會在下一次電話會議提供，但目前我們「成長配方（recipe for growth）」策略中的許多銷售成長舉措仍在早期階段。所以你可以想像，隨著這些持續累積到 2027 年及更長遠，我們是很興奮的。

Yeah, David, just one more I'll add on there. I think it's a really important note to say that there's only a few core tentpoles of the strategy that are actually working for us here in 2026. Much of the strategy is yet to continue to build, scale and unfold and most of the growth is still well ahead of us.

對了，David，我再補充一點。我認為很重要的是要指出：在 2026 年，真正對我們產生效果的策略核心支柱其實只有少數幾個。策略的大部分仍有待持續建立、擴大規模並逐步展開，而多數成長仍在前方。

I appreciate it. Thank you.

了解，謝謝。謝謝你。

Thank you, David.

謝謝你，David。

Sara Senatore, Bank of America.

美國銀行（Bank of America）的 Sara Senatore。

Just maybe a question on throughput and then a quick question on, Adam, your comment on marketing. I think with the throughput piece, one of the things that we've heard from others is that maybe there's been too much focus on speed of service at the expense of hospitality.

我想先問一個關於產能/出餐效率（throughput）的问题，然後再快速問一個關於 Adam 你提到行銷的評論。在 throughput 這部分，我們從其他人那裡聽到的一點是，可能過度聚焦服務速度（speed of service），反而犧牲了待客之道/服務體驗（hospitality）。

Just curious, I know you mentioned both, but as you think about measuring some of these other metrics to ensure that the experience is better, has that changed what your checklist or your metrics that you measure for your management teams or how they're compensated.

我很好奇，我知道你同時提到兩者，但當你們思考衡量其他指標以確保體驗更好時，這是否改變了你們給管理團隊的檢核表或衡量指標，或是他們的薪酬如何連動？

And then the question for Adam was, you mentioned normalizing for marketing behind Brisket. I guess I was trying to understand that comment about normalizing since it sort of seems like this is a step up in spending around marketing that has worked for you, but it's not necessarily one time.

另外給 Adam 的問題是，你提到針對 Brisket 的行銷做「常態化（normalizing）」。我想理解你所說的常態化是什麼意思，因為看起來這是你們在行銷支出上的一個上調，而且是有效的，但不一定是一次性的。

Hi, Sara. Scott here. I'll start with the throughput question. I'll flip over to Adam on promo spending. I think it's important to note that Q3's performance and throughput was very consistent with what we saw in Q2. Bonus is still tied, so crew bonus is still tied to quarterly throughput measures.

嗨，Sara，我是 Scott。我先回答 throughput 的問題。促銷支出我再交給 Adam。我認為重要的是要指出，第三季的表現與 throughput 與我們在第二季看到的非常一致。獎金仍然連動，因此員工獎金仍與季度 throughput 衡量指標掛鉤。

And the restaurants where we have HEEP fully loaded, it's about 1,700 restaurants today. We're seeing plus two entrees in those restaurants as compared to the base, which gives us confidence that the HEEP investment is the right investment for our brand. And we'll finish that rollout as we've talked about or near complete that rollout by the end of 2027. I assure you we are going as absolutely fast as we possibly can.

而在我們已完整導入 HEEP 的餐廳——目前大約 1,700 家餐廳——我們看到相較於基準，每家餐廳多出約 2 份主餐（entrees），這讓我們更有信心，HEEP 的投資對我們品牌而言是正確的投資。

Also important to note, Jason and team are about to go under the tent once again with throughput 2.0 and cascade the throughput fundamentals back through the organization once again, which is something we do on an annual basis. That work is starting here this quarter to ensure we are front-footed going into 2027.

同樣重要的是，Jason 和團隊即將再次「進帳篷」（under the tent），推動 throughput 2.0，並把 throughput 的基本功再次向下傳導到整個組織；這是我們每年都會做的事情。這項工作會在本季啟動，以確保我們在進入 2027 年時能夠更積極主動（front-footed）。

Can we get better? I am absolutely positive we can get better. Is it still an absolute focal point for this organization? It is core and center to Jason's operational strategy. We all know full well how critically important it is to our brand and we're going to lean into that momentum that's building in a really meaningful way here in Q4.

我們能不能做得更好？我非常確定我們可以更好。這是否仍是組織的絕對重點？這是 Jason 營運策略的核心與中心。我們都非常清楚這對品牌有多關鍵，我們會在第四季以非常有意義的方式，乘勢加碼這股正在形成的動能。

Yes. Hey, Sara, it's Adam. So to answer your question on marketing, you have to think about the fact that switching to this four-protein LTO strategy that we've had this year is causing some shifts in marketing. So with Brisket coming on in November, there's a little bit more spend in the last two months of the year than kind of prior years. So that's where when we kind of talk about in support of that campaign, we expect marketing costs to be a little bit higher in Q4. So that was where that comment was based on.

是的。嗨，Sara，我是 Adam。針對你行銷的問題，你要考慮到我們今年改採「四種蛋白質」的限時供應（LTO）策略，這會造成行銷上的一些移轉。因此，隨著 Brisket 在 11 月上線，年底最後兩個月的行銷支出會比過往年度略高一些。所以當我們談到為了支持該活動，我們預期第四季行銷成本會稍微高一點，這就是那段評論的背景。

Danilo Gargiulo, Bernstein.

Bernstein 的 Danilo Gargiulo。

Great. Scott, I wanted to expand on the comment that you were making earlier. Regarding your bias to action. I mean, it's clear that so far you've demonstrated greater bias to actions. You had four FTOs, greater market spending, more occasions being driven.

很好。Scott，我想延伸你先前提到的評論。關於你們的「行動偏好（bias to action）」。我的意思是，很明顯到目前為止你們展現了更強的行動偏好。你們有四個 FTO、更高的市場行銷支出、也帶動更多使用情境（occasions）。

Yet on a traffic level, especially on the third quarter, it has been relatively flattish this year. So I know you're not giving any guidance for 2027, but just directionally, what's your expectations on traffic?

然而在來客數（traffic）層面，尤其是第三季，今年相對偏平。所以我知道你們不提供 2027 年的指引，但方向性來說，你對來客數的預期是什麼？

Meaning, do you think that you can get into positive traffic over there even if the market overall is not improving? And if so, can you help us understand maybe the building blocks of this traffic, of this positive traffic growth into 2027? Thank you.

也就是說，即使整體市場沒有改善，你認為你們仍能把來客數拉到正成長嗎？如果可以，能否幫我們理解一下，推動 2027 年來客數轉正成長的組成要素/基石是什麼？謝謝。

Yes, Danilo, I think I heard you asking about traffic. I'll tell you, we've had positive transactions all three quarters of the year thus far and we feel like we're in early days of the recipe for growth strategy, which is designed to do just that. It's a demand driving strategy across the core tenets of technology, restaurant execution, innovation, brand messaging, group occasions. And we feel like we're in early days of that strategy.

是的，Danilo，我想我聽到你在問來客數。我可以告訴你，到目前為止今年三個季度我們的交易量（transactions）都是正成長，而且我們覺得「成長配方（recipe for growth）」策略仍在早期階段，而這個策略的目的正是要做到這件事。這是一個以需求帶動為核心的策略，涵蓋科技、餐廳執行、創新、品牌訊息、團體聚會情境（group occasions）等核心支柱。我們認為這個策略仍在早期階段。

So if you're asking, can we drive transactions in a really challenging consumer environment, I think we've demonstrated for the past three quarters we can do that. And the strategy is only in the early days and will continue to build and scale as the year unfolds and as we enter 2027. So if you're asking me if I have confidence in this team's ability to drive transactions in this environment, the answer is absolutely yes.

所以如果你問的是：在非常具挑戰性的消費環境下，我們能否推動交易量成長——我認為過去三個季度我們已經證明可以做到。而且這個策略仍在早期，會隨著年度推進、以及我們進入 2027 年而持續建立並擴大規模。因此如果你問我是否對這個團隊在此環境下推動交易量的能力有信心，答案絕對是有。

Dennis Geiger, UBS.

Dennis Geiger，瑞銀（UBS）。

Great. Thanks, guys. Wondering if you could talk a little bit more about the 4Q margin expectations. Adam, great color by line item, always helpful. I guess it's relative to the comp expectation for the quarter. Any other moving pieces? I guess that the marketing seems like a pretty big piece of this. Any other moving pieces for the 4Q margins that maybe you didn't touch on, if anything on labor hours, investment in some of the labor programs that you've got, anything on promo impacts? Anything else to flag beyond some of those items you called out earlier?

很好。謝謝各位。想請你們再多談一點第四季（4Q）毛利率的預期。Adam，你按項目拆解的說明很到位，一直都很有幫助。我想這是相對於本季同店（comp）預期來看的。還有其他變動因素嗎？我猜行銷看起來是其中很大的一塊。第四季毛利率還有沒有其他你可能沒提到的變動因素？例如工時、人力方案的一些投資、或促銷（promo）影響？除了你先前提到的那些項目之外，還有什麼需要特別提醒的嗎？

Yes, sure, Dennis. What we called out earlier, of course, when you're kind of looking at it on a year-over-year basis, it's down about 150 basis points. Half of that is that gift card benefit that we got in the prior year. So you kind of have to look at that as a discrete item based off of that comparison. And then really the ad promo shift to support Brisket, call that another 30 basis points or so, and then the remainder is really sales volume.

好的，當然可以，Dennis。我們先前提到的，當你用年對年（YoY）來看時，大約下滑150個基點。其中一半是去年拿到的禮品卡（gift card）效益。所以在做這個比較時，你得把它視為一個獨立項目。接著，為了支援Brisket而把廣告/促銷（ad promo）做了調整，這大概再影響約30個基點，剩下的主要就是銷售量（sales volume）。

So we're expecting with that 2%-ish guide about a flat transaction, but a mixed impact of probably about minus 1%. And then, of course, you've got the year-over-year impact from new restaurant openings. And so that gives you the bridge. But taking a step back and really thinking about margins in total, that will get you, based off of our guidance, it will get you to about a 2026 margin of somewhere in that like mid-23% range.

所以依照我們約2%左右的指引，我們預期交易量（transaction）大致持平，但組合（mix）影響可能約為-1%。另外，當然還有新餐廳開幕帶來的年對年影響。這些就構成了你要的橋接（bridge）。但退一步從整體毛利率來看，依照我們的指引，會把你帶到2026年的毛利率大約落在23%中段（mid-23%）左右。

However, you have to remember that that includes about 100 basis points of kind of that price inflation dislocation, right, because we're going to be around 2% pricing this year, but our OpEx inflation is closer to 3%.

不過你要記得，這裡面包含了大約100個基點的「價格與通膨不匹配」的錯位（dislocation），因為我們今年的定價（pricing）大概在2%左右，但我們的營運費用（OpEx）通膨更接近3%。

And so when you're thinking about 2027, I would consider that 23.5% plus that 100 basis points, we call it a mid-24% margin, it's kind of a baseline assuming that we're able to utilize price to offset inflation and then drive at least a point of trans to offset the impact of our NROs next year. And then any additional traffic growth on top of that will be margin accretive at our usual pass-through of somewhere around 40%. So I think those give you the pieces not only for Q4 but kind of looking forward.

所以當你在思考2027年時，我會把23.5%再加上那100個基點；我們會稱之為24%中段（mid-24%）的毛利率，這算是一個基準情境，前提是我們能用價格來抵消通膨，並且至少帶動約1個百分點的交易量（trans）來抵消明年新店開幕（NROs）的影響。此外，在此之上的任何額外來客數（traffic）成長，都會對毛利率有增益（margin accretive），以我們一貫的傳導率（pass-through）大約40%來看。所以我認為這些不只回答了第四季，也提供了往前看的拆解。

Very helpful. Thank you.

非常有幫助。謝謝。

Chris O'Cull, Baird.

Chris O'Cull，Baird。

Thanks. Good afternoon, guys. Just as a follow-up, Adam, on the response to the margin question. The company has been making some sizable investments, obviously, to increased traffic. What comp do you believe is necessary to stabilize margin performance with this inflation outlook?

謝謝。各位下午好。作為追問，Adam，關於你對毛利率問題的回覆。公司顯然一直在做一些相當可觀的投資來提升來客數（traffic）。在這樣的通膨展望下，你認為需要達到多少同店（comp）才能讓毛利率表現穩定下來？

Yeah, I mean, assuming that we're covering our inflation with pricing, which is what we intend to do, we might not get that right every quarter, but we intend to get that right over time. We need about one point of trans to offset the impact of new restaurant openings. So when you get north of that 1% trans comp, that's when you start to see that 40% flow through.

是的，我的意思是，假設我們用定價把通膨覆蓋掉，這也是我們打算做的；我們不一定每一季都能完全做到，但我們希望長期能做到。我們需要大約1個百分點的交易量（trans）來抵消新餐廳開幕的影響。所以當你的交易量同店成長超過1%之後，你就會開始看到那40%的流入（flow through）。

So if you're looking at 3% inflation, you're thinking a 4% nominal comp might be necessary to stabilize margin?

所以如果你看到3%的通膨，你會認為名目同店（nominal comp）可能需要4%才能讓毛利率穩定？

Yes, that's correct.

是的，沒錯。

Okay, and then how are you thinking about overall level of marketing investment that's right for the business as you go into '27? I think your spend is up over 20% year-to-date, so I'm just curious if you expect a similar rate of growth in marketing spend next year?

好的，那你們在展望2027年時，如何思考對業務而言合適的整體行銷投資水準？我想你們今年迄今（YTD）的支出成長超過20%，所以我想了解你們是否預期明年行銷支出也會有類似的成長幅度？

Hi, Chris, this is Scott. I think 3% is the right range for us to think about and that could flex up or down. We will lean into return generating opportunities and pull back when we don't see that same opportunity as how I would think about it.

嗨，Chris，我是Scott。我認為3%是我們思考的合適區間，而且可以上下彈性調整。我們會加碼在能帶來回報（return generating）的機會上；當我們看不到同樣的機會時就會收斂，我會這樣來看待。

Right now, the baseline for that budget for the upcoming year will be in that 3% range, and we think that gives us a really strong calendar to support what I believe to be a best-in-class LTO platform for the upcoming year, but we'll see. There could be opportunities where we want to lean in, where we know there will be a return to be gained or to be had, and so that's where we'll spend our dollars.

目前，明年這個預算的基準會落在3%左右；我們認為這能讓我們有一個非常強的年度規劃（calendar），去支援我認為是同業最佳（best-in-class）的限時產品（LTO）平台，來迎接明年，但我們再觀察。可能會出現一些機會，我們想加碼，因為我們知道可以取得或實現回報，因此我們就會把資金投到那裡。

John Ivankoe, JP Morgan.

John Ivankoe，摩根大通（JP Morgan）。

Hi, thank you. The question is on the physical asset itself. Outside of the high efficiency equipment package, really looking at the aesthetics of the box. We have talked about this before, but over 2,000 Chipotle restaurants are over 10 years old. How much of an opportunity from both an employee and a customer perspective, might a refresh give you?

嗨，謝謝。我的問題是關於實體資產本身。先不談高效率設備套件，主要看店面的外觀與美感。我們之前談過，超過2,000家Chipotle餐廳已經營運超過10年。從員工與顧客兩個角度來看，翻新（refresh）能帶來多大的機會？

I say that because the vast majority of Chipotle customers, they might not dine in your restaurants, but they actually come to your restaurants whether they order on-premise or pick up a digital order. So that must be a very important touch point for a lot of people. So as you've begun the stage gate, the process in terms of refreshes, how big of an opportunity do you think it might be to modernize the?

我之所以這麼問，是因為絕大多數Chipotle顧客可能不會在店內用餐，但不管是現場點餐或取數位訂單，他們其實都會到店。所以這對很多人來說一定是非常重要的接觸點（touch point）。因此，當你們開始進入階段性關卡（stage gate）、推進翻新流程時，你認為把它現代化的機會有多大？

I think it could be a really big opportunity for the brand. We're in the very early days of testing a group of restaurants here in California, Florida and Texas. We're almost through. We're done with California, Texas is up and running. I think Florida is still in early days of the remodel program. And what we're looking to do is really resurrect some of the legacy restaurants that are, let's call it the first 1,000 restaurants we built in the brand, gosh, now over 20, 30 years ago and what we're looking to do is bring them up to date, more open format, more modern, more differentiated, we think there's a strategic opportunity, we're seeing early signs that give us confidence that we're on the right track.

我認為這對品牌可能是非常大的機會。我們目前還在非常早期的階段，在加州、佛州與德州測試一批餐廳。我們幾乎快完成了。加州已完成，德州也已上線運作。我想佛州的改裝計畫仍在早期階段。我們想做的是，讓一些較早期的老店重新煥發活力——可以說是品牌最早建的前1,000家餐廳，天啊，已經是20、30年前了——我們希望把它們更新到位：更開放的格局、更現代、更有差異化。我們認為這裡有策略性機會；我們也看到一些早期跡象，讓我們有信心方向是對的。

But we'll more to say probably in the Q1 earnings call and how we think about the remodel program, if you will, or a remodel strategy, but we think we're on the right track. We know there's an opportunity to make the environment more appealing, soften up the environment a bit and make the consumer feel more welcome in our restaurants.

不過我們可能會在第一季（Q1）財報電話會議上再多分享一些，包含我們如何看待改裝計畫（remodel program）或改裝策略（remodel strategy）。但我們認為目前走在正確的軌道上。我們知道有機會讓環境更吸引人、讓氛圍柔和一些，並讓消費者在我們的餐廳裡感覺更受歡迎。

Peter Saleh, US bank BTIG.

Peter Saleh，美國銀行BTIG。

Great. Thanks for taking the question. Scott, you just mentioned a great LTO lineup for 2027. Just trying to understand if you guys can help us out with how many of those LTOs next year will be new products versus existing LTOs that are coming back to the menu?

很好。謝謝讓我提問。Scott，你剛提到2027年會有很棒的限時產品（LTO）排程。我想更了解的是，明年這些LTO中，有多少會是新產品、又有多少是既有LTO回歸菜單？

Yeah, it's a great question, Peter. So we'll bring in some new innovation you'll see on the calendar, you won't see it on the calendar, but you'll see it as we launch those products in the marketplace and then you'll see some tried and true favorites, items that we know consumers want because they tell us daily to bring them back.

是個好問題，Peter。我們會在年度規劃中加入一些新的創新；你不會在行事曆上看到它，但當我們把產品推向市場時你就會看到。然後你也會看到一些經過驗證、深受喜愛的經典品項——因為消費者每天都在告訴我們希望把它們帶回來。

And so we have we're setting up the calendar to have about four center of the plate LTOs and then we'll continue to lean into sides dips and we're going to really be a little more front-footed on beverage innovation in the upcoming year. We think there's a really strategic opportunity for our brand to drive incidents in a meaningful way through our partnerships with our beverage partners and so you'll see more of that.

因此我們正在規劃行事曆，讓「主菜盤」類的 LTO 大約一年有四次，接著我們也會持續加碼配菜與沾醬，同時在接下來一年，我們會在飲品創新上更積極一些。我們認為，透過與飲料合作夥伴的合作，品牌在策略上有很大的機會以有意義的方式帶動來客／消費事件，因此你們會看到更多這方面的動作。

But I don't want you to think that LTO, and I get this all the time, means additional complexity necessarily for our restaurant teams. Our set of the plate LTOs are really just a soft change on our core protein. Our teams are executing that with ease in our restaurants and transition from one to the next is more simple than you would find in most brands that have an LTO strategy.

但我不希望你們以為 LTO——我常常被問到——就一定代表會為我們的餐廳團隊增加額外的複雜度。我們的「主菜盤」LTO，其實只是對核心蛋白做一個溫和的調整。我們的團隊在餐廳端執行起來很輕鬆，而且從一檔切換到下一檔，比多數採用 LTO 策略的品牌都更簡單。

So don't be discouraged by the pace of innovation there. Just know that we're going to put forward products that are on trend, on market, on brand and that will drive demand and create value. We've learned that our consumers are looking at value in different ways. Isn't the only way they look at value, they look at innovation, menu innovation is a really meaningful point in the overall value equation.

所以不要因為那樣的創新節奏而感到卻步。只要知道，我們會推出符合趨勢、符合市場、符合品牌定位的產品，這些產品將帶動需求並創造價值。我們也學到，消費者看待「價值」的方式正在改變。價值不只是一種衡量方式；他們也看重創新，而菜單創新在整體價值方程式中是一個非常重要的要素。

Thank you very much.

非常感謝。

Andrew Charles, TD Cowen.

TD Cowen 的 Andrew Charles。

Great, thank you. Talked about high 3% of sales spent on marketing or plan for marketing in the fourth quarter. And I'm curious with Fernando in place for the full quarter. Should we expect this to be a fair run rate for the first half of 2027 and beyond?

好的，謝謝。你們提到第四季行銷費用／行銷計畫大約是銷售額的 3% 多一些。我想問的是，Fernando 這一季是完整在位。我們是否可以預期，這會是 2027 年上半年以及之後一段時間合理的常態水準（run rate）？

We haven't gotten to the point yet where we're going to kind of give an idea of how it's going to be -- from quarter-to-quarter next year. But as Scott said earlier, we're somewhere in that low 3% range or around 3% for next year, but we'll ebb and flow that as we see fit, whether it aligns with what we're doing from a TV standpoint or from a big advertising standpoint around when certain LTOs drop or different investments that we want to make that we believe we can get a great return from.

我們目前還沒到要提供明年逐季走勢指引的階段。但如 Scott 先前所說，明年大概會落在 3% 左右或 3% 出頭的區間；不過我們會視需要做調整與起伏，取決於我們在電視投放或大型廣告上的安排、某些 LTO 上市的時點，或是我們想投入、且相信能取得很高投資報酬的其他投資。

Yeah, that's helpful. And then just on the pricing side as well, we know there was a ramp throughout this year. Are you guys happy with the 2% rate? Do this at a sustainable level? I know you talked about, Adam, for instance, low to mid single-digit inflation for 2027. What's kind of your philosophy on pricing as you look ahead?

了解，這很有幫助。另外在定價方面，我們知道今年一路有逐步拉升。你們對 2% 的漲價幅度滿意嗎？這是可持續的水準嗎？我知道你們提到，例如 Adam 說 2027 年通膨可能是低到中個位數。展望未來，你們對定價的理念大概是什麼？

I mean, it really hasn't changed. I mean, I'd say over the long run, we're going to continue to look at utilizing price to offset inflation, but we want to do it in a very measured, patient way. And I say that because if there's temporary or transitory increases in inflation that we know is only going to last a few months, we won't utilize that opportunity, of course, to pass it on. We'll eat those costs. And so it's more of that longer-term inflation.

我的意思是，基本上沒有改變。長期來看，我們會持續運用定價來抵消通膨，但我們希望以非常審慎、耐心的方式來做。我這麼說是因為，如果通膨只是暫時性或短期性的上升，而我們知道只會持續幾個月，我們當然不會利用那個機會把成本轉嫁出去。我們會自行吸收那些成本。所以我們更關注的是較長期的通膨。

But primarily in the past, it's been closer to that 2% range. And so we hope to get back to that. Sooner rather than later. It's just not looking like that's going to happen in 2027 at this point, but we'll give more color on that as we get into next year.

但過去主要大多是接近 2% 的區間。因此我們希望能回到那個水準。越快越好。只是就目前來看，2027 年似乎不太可能達成，但等進入明年我們會提供更多說明。

But I think it's important to know that the way we're rolling out pricing across the system allows us to measure pre and post net of control the impact of that price lift to ensure we don't see resistance greater than we should. And so we're able to flex pricing up or down or discontinue altogether based on what we're seeing happening in the consumer environment.

但我認為重要的是要知道，我們在整個系統推行定價的方式，讓我們能在調價前後、並扣除控制組（control）影響後去衡量這次提價的效果，以確保我們不會看到超出合理範圍的消費者抗性。因此，我們能依據消費者環境的變化，彈性上調或下調價格，或是乾脆停止推行。

That's helpful. Thanks.

很有幫助。謝謝。

Brian Harbour, Morgan Stanley.

Morgan Stanley 的 Brian Harbour。

Yeah, thanks. The high efficiency equipment package is, does that comp list that you talked about sustain quite nicely? I mean, has this been like an increasing contributor through the course of this year to your same-store sales and is that what you expect in '27 as well?

是的，謝謝。關於高效率設備套組，你提到的那份同店（comp）提升清單是否能相當穩定地延續？我的意思是，這是否在今年的過程中，對你們同店銷售的貢獻愈來愈大？而這也是你們對 2027 年的預期嗎？

Yeah, I mean, I expect it to continue to build. So as we talked about on the call or in the prepared comments, we're at about 1,700 restaurants. But as we said in the past, it takes a few months for us to really start to see that comp lift come into fruition, right? The teams have got to get used to the new equipment and then it takes a little while for the guests to really see kind of that better hospitality, taste of food going up, all of those elements take a little bit longer as well.

是的，我預期它會持續累積增強。如同我們在電話會議或事先準備的講稿中提到的，我們目前大約覆蓋 1,700 家餐廳。但如我們過去所說，通常需要幾個月，我們才會真正看到同店提升開始顯現，對吧？團隊需要時間適應新設備，而顧客也需要一點時間才能感受到更好的待客體驗、食物風味提升等；這些要素也都需要更長一點的時間。

And so there's a bit of a lag. And so I would look at it as even though we're through 1,700 restaurants, it's probably only half of those restaurants that we're actually seeing that have been in place long enough to get that comp list. So I expect this to continue to build. And everything that we look at, whether it's that first phase of restaurants or the ones that have kind of hit that two or three-month mark, those comp lists have sustained in that couple hundred basis point range. And so we're to continue to build on this because I think it will build on our comps in 2027 and also in 2028.

因此會有一些滯後效應。所以我會這樣看：即使我們已經推到 1,700 家餐廳，可能也只有其中一半的餐廳導入時間夠久，足以看到那個同店提升。因此我預期這會持續累積。而我們觀察到的結果，不論是第一批餐廳，或是那些已經達到兩到三個月時間點的餐廳，那些同店提升都能維持在約數百個基點的區間。因此我們會持續在此基礎上加乘，因為我認為它會在 2027 年、以及 2028 年持續支撐我們的同店表現。

An important note there as well to follow on is we're seeing in those restaurants where we're fully loaded stronger guest satisfaction scores, stronger taste of food scores and better throughput at [max 15], which tells us we're on the right track and as that continues to roll out to the entire system, we'll continue to scale and build.

另外補充一個重點：在那些已完整到位（fully loaded）的餐廳，我們看到更強的顧客滿意度分數、更高的食物風味評分，以及在 [max 15] 的更佳出餐效率（throughput）。這些都告訴我們方向正確；隨著持續推廣到整個系統，我們會繼續擴大規模並累積成效。

Do you still expect kind of the mix dynamics that you've been seeing just within the same-for-sales, do you still expect that to continue?

你們是否仍預期，在同店銷售內部你們一直看到的那種組合（mix）動態會持續？

Yeah, I mean, for the near term, I do. So mixed impact in the quarter, for example, is about a minus 1.4%. It's still driven by lower group size, which again is being driven by increased rewards engagement. And rewards percent of sales has been growing nicely. I think we're at around 33% or so right now. We were at about 30% or 31% last year.

是的，就短期而言，我是這麼預期的。例如本季的組合影響大約是 -1.4%。主要仍是由較小的團體規模（group size）所驅動，而這又是由更高的會員獎勵（rewards）參與度所帶動。而獎勵計畫占銷售的比重也在穩健成長。我想我們目前大約在 33% 左右。去年大約是 30% 或 31%。

At that same time. And so seeing nice improvement there. So think of that as people coming in and redeeming for free entrees or certain elements there that's lowering that group size. And so that we expect to continue, especially as we continue to lean in on rewards. But we're also seeing the nice offset from extra meat, for example.

在同一時間點。所以我們看到不錯的改善。你可以把它理解為：人們進店兌換免費主餐或某些項目，因而拉低了團體規模。因此我們預期這會持續，尤其是我們會繼續加碼獎勵計畫。但同時我們也看到例如加點額外肉量所帶來的良好抵消效果。

So still up about 20% from the protein campaign that we launched in January. We'll, of course, start to lap that this January. But we're also seeing offsets in cilantro lime sauce. We only had about a month of chili lime chips, but that. In there as well.

例如，自我們在一月推出蛋白質活動以來，仍維持約 20% 的成長。當然，我們會在明年一月開始面臨去年同期的比較基期（lap）。但我們也看到香菜萊姆醬（cilantro lime sauce）的抵消貢獻。辣椒萊姆脆片（chili lime chips）我們只賣了大約一個月，但那也。也包含在其中。

And then, of course, family meals. But again, I expect that roughly 100 basis points drag from group size to continue as we continue to lean into rewards, but it will ebb and flow based off of some of this LTO activity.

然後，當然還有家庭餐（family meals）。但總體而言，我預期由團體規模帶來的大約 100 個基點拖累會持續，因為我們會繼續加碼獎勵計畫；不過它也會隨著部分 LTO 活動而有所起伏。

John Tower, Citi.

John Tower，花旗。

Great, thanks for taking the question. I'm curious if you could speak to the delivery business, what you saw in the quarter and frankly if there's any channel shifts you're seeing with consumers and specifically are there any initiatives underway to try and build the value perception with consumers in that channel specifically?

很好，謝謝讓我提問。我想請教外送業務：本季你們觀察到什麼情況？坦白說，消費者在通路上是否出現任何轉移？另外，是否有任何正在進行的措施，特別是針對該通路，來提升消費者對價值的感知？

Yes, I kind of start with just kind of what we're seeing. I mean, it was kind of a low single-digit comp, but in all honesty, it was the least in terms of growth in the digital channels. Order ahead was our primary grower. I mean, there's a lot of things going on in there, especially around rewards. And as Scott mentioned earlier, 1,500 Chipotlanes, that's driving a lot of people to order ahead.

是的，我先從我們看到的情況談起。我的意思是，同店成長大概是低個位數，但老實說，在數位通路中，它的成長幅度是最小的。提前下單（Order ahead）是我們主要的成長動能。裡面有很多因素在發生，尤其是圍繞著獎勵計畫。而且如 Scott 先前提到的，1,500 家 Chipotlane（得來速取餐車道）正在推動很多人使用提前下單。

And then catering actually outcomped delivery as well. But delivery is still seeing growth on a year-over-year basis, just not as much as the other digital channels. Scott, I don't know if you want anything to add.

另外，外燴（catering）的表現其實也優於外送。但外送在年對年基礎上仍然在成長，只是沒有其他數位通路成長得那麼多。Scott，我不知道你是否要補充？

Yes, I think delivery. Still a huge growth channel and we've seen a lot of growth over the last three quarters, but we're seeing a lot of progress with loyalty. I think loyalty comps are up over in restaurant comps for the quarter.

是的，我認為外送仍然是。仍然是一個巨大的成長通路，我們在過去三個季度看到很多成長，但我們也看到會員忠誠度（loyalty）方面有很大進展。我認為本季會員忠誠度的同店表現高於餐廳整體同店表現。

The relaunch has really paid huge dividends. We now have 24 million people in the rewards program that are driving 33% of our transactions for the entire system. We think that number can move much higher. If you talk to Arlie, she tell you it should be in the 40%, 50% range and has aspirations and plans to get there. But there's a lot under the hood that's being worked on to continue to drive demand through the channel.

這次重新推出確實帶來了非常可觀的效益。我們現在有 2,400 萬人加入獎勵計畫，推動了全系統 33% 的交易。我們認為這個比例還能提高很多。如果你跟 Arlie 聊，她會告訴你應該在 40%、50% 的區間，而且她也有企圖心與計畫要達到那裡。但在幕後有很多工作正在進行，以持續透過該通路帶動需求。

Brian Bittner, Oppenheimer and Company.

Brian Bittner，Oppenheimer & Company。

Thank you. It's interesting to hear that you're going to begin this catering rollout in the first quarter. Can you talk to us about what percentage of your markets you can scale the catering strategy to, or should we actually be thinking of this as a national strategy?

謝謝。聽到你們將在第一季開始推動外燴的擴大導入很有意思。你們能否談談，你們有多少比例的市場可以擴大外燴策略？或者我們應該把它視為一項全國性策略？

Can you give us an idea of the performance you've been seeing in these pilot markets that maybe give you the confidence to really get after this opportunity?

你們能否分享一下在這些試點市場看到的表現，讓你們有信心積極把握這個機會？

Yes, thanks for the question. We think it's a really strategic opportunity for us. So it's more of a national rollout in the upcoming quarter, but we'll continue to add elements of the offering that will continue to have it scale and ramp for the consumer, whether that's third-party marketing, third-party delivery and/or the technology advancements we need to make to ensure we're load balancing correctly across restaurants.

是的，謝謝你的提問。我們認為這對我們而言是一個非常具策略性的機會。因此在接下來一季會更偏向全國性推廣，但我們也會持續加入更多產品/服務要素，讓消費者端能持續擴大規模並加速爬坡；不論是第三方行銷、第三方外送，和/或我們需要進行的技術升級，以確保我們能在各餐廳之間正確進行負載平衡。

We think today, so group occasions today represent 2% to 3% of sales. If you look at what some of our competitors in the space are doing, upwards of 5%, 10%, dare I say 15% of total sales in catering, we know there's an enormous opportunity.

我們認為目前團體用餐場合約占銷售額的 2% 到 3%。如果你看一些同業競爭者在這個領域的做法，外燴占總銷售額可達 5%、10%，甚至我敢說 15%，我們知道這裡有非常巨大的機會。

We're not trying to get to 15% tomorrow morning. What we'd like to do is see one or two points of growth year-over-year in the next couple of years that we continue to ramp and scale. The goal here is to ensure we can deliver an incredible consumer experience and not disrupt the core business, which is priority number one for us.

我們不是想明天一早就做到 15%。我們希望在未來幾年看到年對年增加 1 到 2 個百分點的成長，並持續爬坡與擴大規模。這裡的目標是確保我們能提供卓越的消費者體驗，同時不干擾核心業務——這是我們的第一優先。

Gregory Francfort, Guggenheim Securities.

Gregory Francfort，Guggenheim Securities。

Hey, thanks for sneaking me in. My question is just on international and maybe what you're seeing there, I think you call that kind of opening up 15 to 25 stores overseas next year. I'm not sure if you guys are willing to break out how many of those might be company-operated and then kind of what sort of ramp maybe we should expect from there the next couple of years?

嗨，謝謝讓我插進來。我的問題是關於國際市場，以及你們在那邊看到的情況。我想你們提到明年海外會開 15 到 25 家店。我不確定你們是否願意拆分其中有多少會是公司自營，另外未來幾年我們應該期待怎樣的爬坡速度？

Yeah, so those 15 to 25 will be all partner-operated across the regions where we're open today. The 340 to 360 will be equity-owned, so thank US, Canada and Western Europe. With some limited growth in Western Europe, we are now actively building a development pipeline there, which takes time as you can imagine.

好的，所以那 15 到 25 家將全部由合作夥伴在我們目前已進入的各區域營運。而 340 到 360 家將是自有資本持有（equity-owned），也就是美國、加拿大與西歐。西歐方面會有一些有限的成長；我們現在也正積極建立那邊的開發案源管線，如你所想這需要時間。

So most of that growth will come through partner-operated, Alshaya Group in the Middle East, our Middle Eastern partner has really aggressive plans for growth there. We'll expand to Singapore in Q1 with our partner SBC and then open up Mexico City early Q1 as well or Q1, Q2 of next year.

因此大部分的成長會來自合作夥伴營運：中東的 Alshaya Group——我們的中東合作夥伴在當地有非常積極的成長計畫。我們將在第一季與合作夥伴 SBC 一起擴展到新加坡，並且也會在明年第一季初於墨西哥城開店，或是在明年第一季、第二季之間。

So that's where the growth is coming. Can they go faster? Perhaps. It will really depend on what's going on with the conflict in the Middle East and how fast our partners in Latin America and Southeast Asia can get up to speed.

所以成長主要來自這些地方。他們能更快嗎？也許。這將很大程度取決於中東衝突的情況，以及我們在拉丁美洲與東南亞的合作夥伴能多快上軌道。

And I would just add one thing on our company operated in Europe, we continue to show better economics and we actually had comps in low double-digit range in Q3. I think we mentioned they were in a high single-digit range in Q2. So that is driving increased restaurant margins and our cash on cash returns in Central London and Frankfurt are still very attractive. So like Scott mentioned, we're going to continue to grow in those areas.

另外我想補充一點關於我們在歐洲的自營門店：我們持續展現更好的經濟效益，而且第三季同店成長在低雙位數區間。我想我們提過第二季是在高個位數區間。這正在推動餐廳利潤率提升，而我們在倫敦市中心與法蘭克福的現金投資報酬率（cash-on-cash returns）仍然非常具吸引力。因此如 Scott 所提，我們會持續在這些地區擴張。

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

謝謝。問答環節到此結束。我想把電話會議交回給 Scott Boatwright，請他做結語。

Well, thank you for joining us today. I'm really proud of the progress our teams delivered in third quarter. The 140,000 team members out in our restaurants that worked so hard for us every single day to deliver an incredible experience to our support center staffs here in Newport Beach and Columbus. We're in the early days of our recipe for growth strategy and believe much of the growth is still to come.

好的，謝謝各位今天加入。我對我們團隊在第三季所交出的進展感到非常自豪。從我們餐廳第一線每天非常努力、為我們提供卓越體驗的 14 萬名團隊成員，到我們在 Newport Beach 與 Columbus 的支援中心同仁。我們的「成長配方」策略仍在早期階段，我們相信更多的成長仍在後面。

And I think that's a really important note and we've seen measurable progress across 2026 with positive transactions in every quarter. And we've seen promising results in multiple areas of the five pillars of our strategy.

我認為這是一個非常重要的重點；我們在 2026 年各季度都看到交易量為正，並取得可衡量的進展。而且我們在策略五大支柱的多個領域都看到令人鼓舞的成果。

Looking forward, we're going to continue to build momentum in this dynamic environment and many of our initiatives are in early stages of the rollout. As I said earlier, I know we have the right strategy and the right team and more growth levers in place today than any point in our history and I'm confident in our ability to build Chipotle into a global iconic brand while creating long-term value for our guests, our teams and our shareholders.

展望未來，我們將在這個充滿動態變化的環境中持續累積動能，而我們許多計畫仍處於推廣的早期階段。如我先前所說，我知道我們有正確的策略與正確的團隊；而且我們目前具備的成長槓桿比公司歷史上任何時點都更多。我對我們把 Chipotle 打造成全球具代表性的標誌性品牌、同時為顧客、團隊與股東創造長期價值的能力充滿信心。

I think it's a really important note to say that we are still a category-defining brand that is the way people want to eat in the world today. And so I think that's an important note and that there's more growth in front of us than there is behind us.

我認為也很重要的一點是：我們仍然是一個定義品類的品牌，符合當今世界人們想要的飲食方式。因此我覺得這點很重要，而且我們前方的成長比已經走過的還要多。

And the question, are we still a growth brand, we absolutely are. We have industry-leading economics. We have incredible growth in front of us and extraordinary team of professionals that are committed to our strategy.

至於問題是：我們是否仍然是一個成長型品牌？我們絕對是。我們擁有業界領先的經濟效益。我們前方有驚人的成長空間，也有一支卓越的專業團隊致力於落實我們的策略。

That said, I just want to say thank you for your continued support, your confidence in Chipotle, and we look forward to updating our continued progress next quarter.

話雖如此，我只想說，感謝各位持續的支持、對 Chipotle 的信任，我們期待在下個季度向各位更新我們持續的進展。

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。您現在可以斷線。