Chipotle Mexican Grill owns and operates fast-casual Mexican restaurants in the U.S. and internationally, with nearly 4,000 company-owned U.S. locations and over 100 international locations across Canada, the UK, France, and Germany. Customers build their own meals from a short, fixed menu of burritos, bowls, tacos, quesadillas, and salads, ordered at a counter, through the Chipotle app or website (including via the Chipotlane drive-through format), or via third-party delivery. Chipotle owns and operates all U.S. restaurants — there are no franchisees. Revenue comes entirely from restaurant-level food and beverage sales. The key profit drivers are comparable restaurant sales growth (targeting mid-single-digit comps, driven by transactions rather than price), average unit volume, and restaurant-level margin. Chipotle is opening roughly 330-345 new restaurants per year, targeting a long-term goal of 7,000 North American locations. Digital sales represent about 37% of revenue, and the Chipotle Rewards loyalty program has over 21M active members. Operationally, Chipotle is investing in back-of-house equipment upgrades to reduce prep time and improve peak-period throughput, which management sees as the primary lever to increase AUV and expand restaurant-level margins toward 30%. Internationally, Chipotle is expanding into the Middle East, Mexico, Singapore, and South Korea. Chipotle carries no debt and returns capital primarily through share repurchases.