Starbucks said Monday, Oct. 12, 2026, that it is not pursuing an acquisition of Chipotle Mexican Grill, responding to speculation following a Financial Times report about a possible deal.
A Starbucks spokesperson told Fox Business the company was focused on its “Back to Starbucks” strategy and planned to share its fourth-quarter results and fiscal 2027 guidance later in October.
The Financial Times report, citing people familiar with the matter, said Starbucks had explored a potential bid with advisers. Starbucks’ denial followed the report, which had prompted Chipotle shares to climb more than 7% and Starbucks shares to drop about 3%, according to Reuters.
The market moves reversed after Starbucks dismissed the possibility of a takeover. In afternoon trading Monday, Chipotle shares were down about 4%, while Starbucks shares were up roughly 1.5%, the source reported.
Starbucks CEO Brian Niccol previously led Chipotle for six years before leaving in 2024 to become Starbucks’ chief executive. Reuters reported that Chipotle expanded its digital business and recorded strong growth during his tenure.
Chipotle had not immediately responded to Fox Business’ request for comment, according to the report.
