Chipotle Mexican Grill, Inc. (CMG) Q2 2023 Earnings Call Transcript

Chipotle Mexican Grill, Inc. (NYSE:CMG) Q2 2023 Earnings Conference Call July 26, 2023 4:30 PM ET

Company Participants

Cindy Olsen – Head of Investor Relations and Strategy

Brian Niccol – Chairman and Chief Executive Officer

Jack Hartung – Chief Financial officer and Chief Administrative Officer

Conference Call Participants

Andrew Charles – TD Cowan

David Tarantino – Baird

Sara Senatore – Bank of America

Danilo Gargiulo – Bernstein

David Palmer – Evercore ISI

John Ivankoe – JPMorgan

Brian Mullan – Piper Sandler

Chris O’Cull – Stifel

Jon Tower – Citi

Dennis Geiger – UBS

Brian Harbour – Morgan Stanley


Good afternoon, and welcome to the Chipotle Mexican Grill Second Quarter 2023 Results Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. Please note, this event is being recorded.

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

Cindy Olsen

Hello, everyone, and welcome to our second quarter fiscal 2023 earnings call. By now, you should have access to our earnings press release. If not, it may be found on our Investor Relations website at

I will begin by reminding you that certain statements and projections made in this presentation about our future business and financial results constitute forward-looking statements. These statements are based on management’s current business and market expectations, and our actual results could differ materially from those projections in the forward-looking statements. Please see the risk factors contained in our Annual Report on Form 10-K and in our Form 10-Q 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

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