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Analyst
Andrew North
Period: Reporting periods mapped to calendar 2025 Q3 – 2026 Q2 (4 quarters; questions recorded in 3).
- Questions
- 5on tracked calls
- Challenge rate
- 0%none of 5 questionsLimited sample
- Companies
- 1questioned at least once
- Reporting periods
- 3with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 5 of 5 questions from 1 company
CMGChipotle Mexican Grill5 questions · 3 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
if you saw any regional or market divergences around the World Cup that would tell you there was a benefit for Chipotle
Show response
Adam said about 300 restaurants near World Cup stadiums saw a 50 to 100 basis point comp lift, but the overall quarter impact was less than 5 basis points.
what gave you comfort to trend towards the higher end of that initial 1% to 2% guide?
Show response
Adam credited the rolling market-by-market pricing strategy for precise resistance reads, giving comfort to trend toward the high end of the 1-2% range.
Calendar 2026 Q1
Wondering if you have any updated perspective on the shape of the margins as we get to the second half
Show response
Adam explained Q1 pricing of 0.9% vs mid-3% inflation creates the dislocation; expects inflation to drop in H2 as elevated beef costs are lapped, with pricing continuing to tick up slowly.
wondering if that gap has widened versus control for some of the early restaurants with the equipment
Show response
Scott confirmed outperformance on throughput, taste of food, and OSAT with comp lift ranging from 200 to 400 basis points. Currently at 600 restaurants with 30 installs per week, moving to 45.
Calendar 2025 Q3
any guardrails on how you're thinking about 2026 from a comp perspective or maybe traffic and the time line getting back to positive traffic?
Show response
Adam explained 2026 baseline starts negative due to sequential step-downs throughout 2025, but confident initiatives can build above that. Scott referenced Recipe for Growth strategy with clear ownership and deliverables.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| CMG Chipotle Mexican Grill | 5 | 0%none of 5 questions |
- CMGChipotle Mexican Grill · 5 questions0%none of 5 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2025 Q3 | 1 | 0%none of 1 question | 1 |
| 2025 Q4 | No questions recorded | — | — |
| 2026 Q1 | 2 | 0%none of 2 questions | 1 |
| 2026 Q2 | 2 | 0%none of 2 questions | 1 |
- 2025 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q4No questions recorded
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Guidance Reliability2
- Demand1
- Pricing1
- Margin1
- Cost Pressure1
- Innovation & R&D1
- Capex Investment1
- Revenue Growth1