Chipotle Mexican Grill CFO Adam Rymer said the company's number of restaurants outside the U.S. could one day match its domestic footprint, given its potential for sustained growth over the coming decades.

Assessing the company's international portfolio, Rymer told CFO Dive, "We have a huge amount of growth ahead of us, both in company-operated restaurants in Western Europe and in a number of partner-operated restaurants outside of Western Europe."

Room for growth

Chipotle, based in Newport Beach, California, is "really accelerating its international expansion," Rymer said. He noted that in recent years, the company has signed partnership agreements with multiple brand franchisees and food groups, planning to open new locations in places such as Dubai, Kuwait, Mexico, Singapore, and South Korea.

For example, in September 2025, Chipotle announced its first foray into the Asian market through a joint venture with global food company SPC Group, aiming to open new locations in Singapore and South Korea this year, according to a press release at the time.

According to company data, its international portfolio includes 82 restaurants in Canada, 22 in the UK, 7 in France, 2 in Germany, and 15 locations in the Middle East operated by partners.

Rymer said the company has received "incredible interest" in its international expansion. He partly attributes this to Chipotle's status as an "iconic brand" and its culinary philosophy—featuring abundant vegetable ingredients, high fiber, and high protein—characteristics that "resonate around the world."

Rymer assumed the top finance role at the Newport Beach, California-based company in 2024, the latest role in his 17-year career at the fast-casual chain. He previously served in positions including Vice President of Finance, Senior Director of FP&A, and Field Finance and Treasury Management.

Entering new markets is one of the key pillars of the company's "recipe for success" growth strategy. The transformation plan was developed under CEO Scott Boatwright after Chipotle reported a decline in comparable sales, as previously reported by Restaurant Dive, a sister publication of CFO Dive.

Other key aspects of the transformation strategy include modernizing the business model through new technologies such as artificial intelligence, menu innovation, and revamping the company's loyalty rewards program.

To drive innovation, Chipotle also hired Arlie Sisson, who has a background at Hyatt Hotels Corporation, in April for the newly created role of Chief Digital Officer, and appointed Fernando Machado as Chief Brand Officer—the latter previously worked at Restaurant Brands, parent of Burger King and Tim Hortons, according to an April press release.

The fast-casual chain plans to continue its growth in 2026, targeting 350 to 370 new restaurant openings for the full year, including 10 to 15 locations operated by international partners, according to its first-quarter 2026 earnings report. In the first quarter ended March 31, Chipotle's comparable restaurant sales increased 0.5% and it opened 49 new locations, the report showed.

"We believe we can continue to grow at an 8% to 10% pace for the foreseeable future," Rymer told CFO Dive.

Inflationary pressures in margins

As Chipotle advances its transformation strategy, a key focus for Rymer since becoming CFO has been ensuring the finance department is "staffed with the right talent" to "provide the best insights to our executive team," he said.

For example, Corporate Controller Matthew Bush is an 11-year Chipotle veteran who has held the role for about a year. Rymer also said he spends significant time working with Michael Johnston, Vice President of Finance.

"The external environment is really dynamic, both from a vision standpoint and a consumer standpoint, so making sure all our teams are focused on the right areas is critical," Rymer said.

This includes introducing new technologies within the finance function, such as automation—and AI, where the company is still in early stages—so the team can handle the expanding scale of restaurant operations, "allowing us to grow with the company, but at a pace that creates leverage," Rymer said.

Meanwhile, "on the more strategic side, financial planning and corporate finance functions are helping our teams understand the downstream impacts of all this growth," he said.

Having a strong team that provides clear insights is crucial amid inflation and rising food costs affecting consumer behavior. The finance team plays a key role in helping the company understand shifts in consumer dynamics: identifying strengths or "potential soft spots so we can inform our teams accordingly and actually adjust," he said.

"Consumers are always discerning about how they spend their money, but when they're under pressure, they become even more discerning," Rymer said.

Rising costs in areas such as beef and freight also pushed up Chipotle's food, packaging, and beverage costs in the first quarter, when those costs accounted for 29.6% of revenue, compared with 29.2% in the same period last year.

Although "typically, we would offset inflation with price increases, given the current consumer environment, we do tend to avoid significant price increases," Rymer said. During a February earnings call, Rymer noted the company's "disciplined and prudent approach" to 2026 pricing and expected the total impact of price increases for the year to be about 1% to 2%.

"We're able to do that because of the strength of our balance sheet and the fact that we own and operate all of our restaurants. We can let inflation be absorbed in the margins," Rymer told CFO Dive. "That's an investment we're making right now, and our value proposition, I think, is resonating very strongly with customers."