Chipotle adds hundreds of new restaurants in record-breaking year

Chipotle—one of the original and most influential fast-casual spots in the country—just hit a major milestone. In 2024, they opened 304 new restaurants, marking the highest number of openings in a single year in their franchise history, according to a Tuesday earnings call. 

For a bit of context, they opened 271 locations in 2023, and in the two years before that, they were hovering just above 200 each year. And the growth isn’t slowing down—they’re planning to open between 315 and 345 new restaurants in 2025.

The fast-casual juggernaut also reported a total revenue of $11.3 billion—an increase of 14.6% from last year’s $9.9 billion. The chain’s operating margin and diluted earnings per share also increased. 

“Chipotle had another outstanding year,” CEO Scott Boatwright said during the call. “I want to make sure that as we continue to scale Chipotle, everything we do is in service of our guests or those who serve our guests.”

While Chipotle excelled in 2024, many fast-casual competitors struggled to stay afloat, with many beloved chains shutting down or filing for bankruptcy in the past year.

The majority of Wahlburgers locations shut down in January after its partnership with midwestern grocery store Hy-Vee ended. Roti, a chain that pioneered mediterranean-style fast casual, filed for Chapter 11 bankruptcy protection in August. Red Lobster and Buca di Beppo—both former giants of their field—also filed for bankruptcy last year. 

But other competitors like Cava and Sweetgreen have experienced record highs similar to Chipotle. Overall, “comparable” restaurant sales still increased by 7.4%, a little more than half of Chipotle’s growth.

And Chipotle’s expansion comes at a time of reinvention for the restaurant that transformed “fast-casual” from a concept to a cultural zeitgeist with its fully customizable Mexican-style entrees. 

After Chipotle dealt with an onslaught of food safety scares from 2015–2018, CEO Brian Niccols stepped in—doubling the brand’s revenue over five years. He added loyalty programs, drive-throughs, delivery options, and even robot chefs to the chain’s repertoire of enticing customer-facing features.

But Niccols abruptly left the position in September to run Starbucks, leaving former COO Boatwright as his successor. 

Since Boatwright’s ascension, the company raised menu prices, drawing consumer outrage, after promising to increase portions. The company has also struggled with adjusting wages to inflation.

Boatwight said on the earnings call that long-term goals for the company include reaching 7,000 total restaurants in North America (there are currently 3,700 worldwide) and “becoming a global iconic brand.”

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