Starbucks Denies It Is Considering a Chipotle Acquisition

Starbucks denied Monday that it is considering acquiring Chipotle Mexican Grill, following days of speculation about a potential restaurant-industry deal that moved both companies’ shares.

“Starbucks is not buying Chipotle,” a Starbucks spokesperson said.

Chipotle shares were down more than 2% in premarket trading, while Starbucks shares were more than 1% higher. The rumors had previously pushed Chipotle shares higher and Starbucks shares lower.

Investors also linked the speculation to Starbucks CEO Brian Niccol, who previously led Chipotle. Chipotle shares are down about 20% over the last year as the fast-casual chain works to recover from a difficult 2025, when restaurant traffic declined.

Starbucks shareholders were concerned that a potential acquisition could become an expensive distraction while the coffee chain works through its own turnaround. The potential deal faced limited business overlap and uncertain strategic benefits, along with challenges from Chipotle’s lack of drive-thru locations and differences in store formats.

Those concerns had lowered expectations for a Starbucks acquisition before Monday’s denial. Earlier analysis examined the low odds of a Starbucks acquisition of Chipotle.