Drew North

“I know last quarter, one of the key updates was on sales transfer was an impact on Q1. I didn't hear that in the prepared remarks regarding the Q2 traffic performance.”

“I was wondering if you saw any regional or market divergences around the World Cup that would tell you there was a benefit for Chipotle in recent months, and then I have a follow-up.”

“And then one on development, as we think about 2027 unit openings, I guess what are you seeing in terms of development costs or inflation there? And perhaps you can give us an update on how cash-on-cash returns are coming in for new openings relative to your targets as you've ramped up growth.”

“I wanted to follow up on the commodity outlook and maybe get a little bit more specific. I think previously the expectation was for commodity inflation to peak in Q2, maybe as high as the very high single digits and moderate through the balance of the year.”

“I wanted to come back to the topic of competition and maybe just ask directly if you think that the recent launch of energy drinks by Starbucks has had any influence on your trends over the last month or so.”