Starbucks is ‘not buying Chipotle’ after report it explored a deal

Starbucks said Monday that it would not be moving to buy Chipotle Mexican Grill, after a report last week said the coffeehouse chain had evaluated the prospect.

“As a matter of policy, we don’t comment on rumors and speculation, but we want to be clear we are not buying Chipotle,” a Starbucks spokesperson told NBC News in an email.

“Our team is laser focused on executing our Back to Starbucks strategy,” they said, while adding that the company looked forward to sharing its latest financial results later in October.

The announcement from Starbucks came after the Financial Times reported Thursday that “Starbucks has explored a takeover of Chipotle Mexican Grill.” The report also said that it had hired advisers to work on a takeover proposal for Chipotle.

Starbucks responded to the report later Thursday by issuing a statement that did not definitively address the status of its interest in Chipotle.

A deal between Starbucks and Chipotle would have been transformative for the restaurant and fast-casual dining sector. It would have also reunited Starbucks CEO Brian Niccol with Chipotle, the company he led until late 2024.

For Subscribers

FOR SUBSCRIBERSThe American consumer keeps spending. How much longer can it last?

FOR SUBSCRIBERSAttack on Saudi airport dials up pressure on D.C.

FOR SUBSCRIBERSRepublican attempts to trip up James Talarico keep backfiring

FOR SUBSCRIBERSAnother Hormuz? What to know about the Houthi threat to the Red Sea

FOR SUBSCRIBERSGOP ad buyer mixes up Portlands, spends money meant to help Maine Sen. Susan Collins in Oregon

FOR SUBSCRIBERSJane Doe’s night started with catching up. It ended with a frat party that changed everything.

FOR SUBSCRIBERS‘Trump never cared about us’: Ukraine smarts at U.S. pressure and deal with Putin

FOR SUBSCRIBERSFacing smaller crowds and low approval ratings, Trump tries to rally the base

FOR SUBSCRIBERSAcross both parties, Black candidates look to make history in governor’s races

FOR SUBSCRIBERSAbortion isn’t top of mind for voters, but Democrats are betting it could motivate their base

FOR SUBSCRIBERSFlock ‘false flags’ lead to frightening motorist encounters with police

FOR SUBSCRIBERSInside one country’s ambitious campaign to plant 50 billion trees

FOR SUBSCRIBERSOne year on, Gaza ceasefire exists ‘in name only,’ aid groups say amid near-daily Israeli strikes

FOR SUBSCRIBERSBad blood spills over in the Texas Senate race — and it’s tearing Republicans apart

FOR SUBSCRIBERSOpenAI said it solved hundreds of math problems. The results are dividing mathematicians.

Slide 1 of 1

In the immediate aftermath of the FT report, Starbucks shares fell, while Chipotle’s stock surged sharply higher.

For Subscribers

FOR SUBSCRIBERSThe American consumer keeps spending. How much longer can it last?

FOR SUBSCRIBERSAttack on Saudi airport dials up pressure on D.C.

FOR SUBSCRIBERSRepublican attempts to trip up James Talarico keep backfiring

FOR SUBSCRIBERSAnother Hormuz? What to know about the Houthi threat to the Red Sea

FOR SUBSCRIBERSGOP ad buyer mixes up Portlands, spends money meant to help Maine Sen. Susan Collins in Oregon

FOR SUBSCRIBERSJane Doe’s night started with catching up. It ended with a frat party that changed everything.

FOR SUBSCRIBERS‘Trump never cared about us’: Ukraine smarts at U.S. pressure and deal with Putin

FOR SUBSCRIBERSFacing smaller crowds and low approval ratings, Trump tries to rally the base

FOR SUBSCRIBERSAcross both parties, Black candidates look to make history in governor’s races

FOR SUBSCRIBERSAbortion isn’t top of mind for voters, but Democrats are betting it could motivate their base

FOR SUBSCRIBERSFlock ‘false flags’ lead to frightening motorist encounters with police

FOR SUBSCRIBERSInside one country’s ambitious campaign to plant 50 billion trees

FOR SUBSCRIBERSOne year on, Gaza ceasefire exists ‘in name only,’ aid groups say amid near-daily Israeli strikes

FOR SUBSCRIBERSBad blood spills over in the Texas Senate race — and it’s tearing Republicans apart

FOR SUBSCRIBERSOpenAI said it solved hundreds of math problems. The results are dividing mathematicians.

Slide 1 of 1

But over the past year, the two companies have been on different trajectories. Starbucks is in the midst of a vast turnaround program, which Niccol has touted in recent weeks as delivering progress. Over the past year, Starbucks shares have risen 15%.

On the other hand, Chipotle’s shares have plunged 20% over the past 12 months. Both companies are grappling with broadly higher prices for consumers and lagging traffic and are trying to revive sales.

Chipotle did not immediately respond to a request for comment Monday.