13 paragraphs in Risk Factors of the 10-K filed Feb 4, 2026
with nothing like them in the 10-K filed Feb 5, 2025. Quoted exactly.
Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 46 Consumer discretionary companies:
a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it.
A paragraph most of them have is marked boilerplate. No line means no other company has one like it.
This counts text; it does not say how serious a risk is.
We continue to invest in and utilize emerging technologies that have potential to make business tasks easier, more efficient and less labor intensive, including artificial intelligence and machine learning. These new technologies may not deliver the expected efficiencies and could expose us to new risks, including risks related to cybersecurity, data privacy, inaccuracies, hallucinations, bias or discrimination and claims of intellectual property infringement.
Similar paragraph at 1 of 46 other Consumer discretionary companies:
SBUX
Our financial condition and results of operations have been, and may continue to be, adversely affected by a number of macroeconomic and other factors, many of which are largely outside our control.
Similar paragraph at 3 of 46 other Consumer discretionary companies:
LEN,
NKE,
SBUXRestaurant dining generally is dependent upon consumer discretionary spending, which may be affected by macroeconomic conditions that are beyond our control. A prolonged economic downturn or slow recovery may reduce consumer spending, leading to lower demand or shifts to lower-priced options. Factors such as unemployment, inflation, interest rate changes, taxes, access to credit, public health crises, trade disputes, and geopolitical instability can all impact consumer behavior, including discretionary spending, potentially reducing demand for our products. A significant decrease in guest traffic or average transaction size would negatively impact our financial performance. If economic uncertainty persists, guests may adopt lasting changes in spending habits, potentially affecting our sales, profitability, and growth plans.
Similar paragraph at 1 of 46 other Consumer discretionary companies:
SBUXOur operating results have been, and will continue to be, subject to a number of other macroeconomic and other factors, many of which are largely outside our control. Any one or more of the factors listed below could have a material adverse impact on our business, financial condition, or results of operations:
Similar paragraph at 3 of 46 other Consumer discretionary companies:
APTV,
MGM,
SBUX•Climate change and extreme weather affecting costs and availability of ingredients;
•Changes in tax laws and government regulations, such as the One Big Beautiful Bill Act, enacted in the U.S. in July 2025;
Similar paragraph at 1 of 46 other Consumer discretionary companies:
SBUX•Government shutdowns and election-related impacts globally, including regime change and political and civil unrest;
Similar paragraph at 1 of 46 other Consumer discretionary companies:
SBUX•Terminations of or changes in existing trade agreements among the countries in which we purchase ingredients; and
Similar paragraph at 1 of 46 other Consumer discretionary companies:
SBUX•Tariffs imposed on commodities or goods, including recent tariffs imposed or threatened to be imposed by the U.S. on other countries, and any retaliation measures taken by such countries.
Similar paragraph at 1 of 46 other Consumer discretionary companies:
SBUXThese factors also could cause us to, among other things, reduce the number and frequency of new restaurant openings, close restaurants or delay remodeling of our existing restaurant locations. Further, poor economic conditions may force nearby businesses to shut down, which could reduce traffic to our restaurants or cause our restaurant locations to be less attractive.
Read in the 10-K ↗
Failure to meet market expectations for our financial performance or any announced guidance will likely adversely affect the market price and increase the volatility of our stock, and fluctuations in the stock market as a whole may also impact the market price and volatility of our stock.
Similar paragraph at 3 of 46 other Consumer discretionary companies:
SBUX,
TJX,
WSMWe have in the past failed, and may in the future fail, to meet our forecasted guidance or market expectations, which has adversely affected, and could in the future adversely affect, the market price of our stock. Any guidance we provide is based on certain assumptions at the time the guidance is given, which may or may not prove to be correct. Failure to meet announced guidance or market expectations of future results, particularly with respect to our operational and financial results and shareholder returns, whether due to our assumptions not being met or the impact of various risks and uncertainties, will likely result in either or both a decline in or increased volatility in the market price of our stock. In addition, price and volume fluctuations in the stock market as a whole may affect the market price of our stock in ways that may be unrelated to our financial performance.
Similar paragraph at 1 of 46 other Consumer discretionary companies:
SBUX
For these reasons, results for any one quarter are not necessarily indicative of results to be expected for any other quarter or for any year. A significant or sudden decrease in our stock price could entice an activist shareholder to initiate a campaign against the Company. If we are the target of public activism, it could cause us to incur significant costs, including legal expenses, divert the attention of our management and Board, create uncertainty about our strategic direction and cause stock price volatility that is unrelated to our business fundamentals.
Read in the 10-K ↗
New in the latest 10-Q
5 paragraphs in the 10-Q filed Oct 29, 2026 with nothing like
them in the 10-Q filed Jul 31, 2026 (at least half the words must differ; new numbers alone do not count).
Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
(Former name, former address and former fiscal year, if changed since last report)
Read in the 10-Q ↗
We use the investor relations section at ir.chipotle.com and newsroom section at newsroom.chipotle.com, as well as other portions of our website (together, our "website") and our LinkedIn profile as means to routinely distribute important or material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors and potential investors are encouraged to consult our website and this social media channel regularly for important information, in addition to following our press releases, filings with the SEC, and public conference calls and webcasts. You may sign up on our website to automatically receive e-mail alerts when we post financial information and issue press releases and to receive information about upcoming events. The information contained on, or that may be accessed through, our website, LinkedIn, and any corresponding applications of those sites, is not incorporated by reference into, and is not a part of, this quarterly report on Form 10-Q.
Read in the 10-Q ↗
Financial statements and notes
All share repurchase amounts presented above, including amounts authorized for repurchase, exclude applicable transaction fees and excise taxes.
Read in the 10-Q ↗
Partner-Operated Restaurants. During the three months ended September 30, 2026, we entered three new markets, Mexico, Saudi Arabia, and South Korea, with the opening of our first partner-operated restaurant in each market. In total, we opened five partner-operated restaurants during the quarter.
Read in the 10-Q ↗
Three months ended Nine months ended ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── (dollars in millions) For the period ended September 30, 2025 $ 146.7 $ 491.7 Change from: Performance bonuses 6.8 23.5 Conferences, primarily biennial All Managers’ Conference 0.6 21.0 Stock-based compensation, excluding August 2024 retention awards 20.3 20.9 Wages 4.5 15.7 Legal contingencies 1.5 13.8 Restructuring - 7.0 Outside services related to corporate initiatives 6.6 6.8 Stock-based compensation, August 2024 retention awards (6.5) (26.7) Other 4.7 5.7 For the period ended September 30, 2026 $ 185.2 $ 579.4
Read in the 10-Q ↗
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 29, 2026 against Item 1A of the 10-K filed Feb 4, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
Added10-Q 2026-10-29 vs 10-K 2026-02-04
For a description of risk factors that could impact our business, including risks and uncertainties related to consumer sentiment and changes in discretionary spending; changes in the costs of ingredients and restaurant equipment, including from tariffs, trade sanctions or taxes; competitive market conditions; and macroeconomic and geopolitical conditions, see Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2025. We have had no material changes in our risk factors from those described in our Annual Report on Form 10-K for the year ended December 31, 2025.
Read it in the 10-Q at sec.gov ↗
