For the first time since 2020, Chipotle saw a decrease in quarterly same-store sales. CEO Scott Boatwright pointed to cautious consumers and a spending slowdown as the primary culprits for a sales dip and lower-than-expected quarterly revenues. Boatwright has previously said Chipotle would not raise its prices.

Chipotle Mexican Grill tempered its annual comparable sales growth forecast on Wednesday as the Trump administration's tariffs raise supply chain costs and fan economic uncertainty, prompting Americans to spend less on dining out.

Chipotle said Trump’s tariffs might raise its cost of sales by about 0.5% this year, which could translate to tens of millions of dollars in extra spending.