$SBUX FY28 FRAMEWORK • 5%+ CONSOLIDATED NET REV • 3% GLOBAL AND U.S. COMPS • 2-3% NEW STORE REV CONTRIB. • 13.5-15% OP. MARGINS • $3.35-$4 EPS

$CMG

Chipotle's $CMG "5 Point Plan to Accelerate Growth" is written as if you forgot you have a project due so you quickly wrote up some nonsense at lunch

$CMG Many old wall resto analysts are back to the drawing board with their "top pick of 2026" getting out the gate on the wrong foot this AM - a shallow EPS beat on true ups...yikes! But Jan momentum and post-storm rebounds right!? How does flat SSS growth in 2026 taste? Hedgeye

...and believe me we heard the bull case on $CMG. "2025 was bad, so 2026 will be better"... Who said so? What is the plan? A reliance on macro is not a strategy... a strat that should not be centered around check dilutive offerings & step-ups in marketing (they have no CMO)

$CMG is a great brand, a household name that should not be stuck in this rut. In his tenure, Boatwright has not delivered for shareholders. Hedgeye Restaurants asked back in Nov '25 who would come in and think differently about the business. The loss of institutional knowledge from

In today's Morning Shift note, we ran through today's ISM Services data and ADP Employment, giving context on what to look out for. Reach out to us for access. Hedgeye Jonesy

AI or not... just keep it simple... yet $CMG is pickled. Portion police all over the brand online and will never be sadisfied - yet if brand makes smaller portions it'll kill check. Lose lose. ex-CMG CMO Tressie at $SBUX is killing it, exposing the holes in CMG's team

Sup $BROS

Talk to me, old friend. What happened today? $WEN

Love this... x.com/i/broadcasts/1…

So full...So fun... Ranking Chicken Sandos with Ryan Ricci from your favorite/least favorite brands. $MCD's McCrispy? Ofc. $EAT's Big Crispy? You know it. $WING $WEN ehhhh... $YUM yum. Dave's? Wowza