WHEN: Today, Monday, October 12, 2026
WHERE: CNBC’s “Squawk on the Street”
Following is the unofficial transcript of breaking news from CNBC’s Jim Cramer on “Squawk on the Street” (M-F, 9AM-12PM ET) today, Monday, October 12. Following is a link to video on CNBC.com: https://www.cnbc.com/video/2026/10/12/starbucks-is-not-buying-chipotle.html.
All references must be sourced to CNBC.
JIM CRAMER: Yeah, this weekend I worked with Brian Niccol. I can confirm that Starbucks is not going to buy Chipotle. They’re not interested in doing it. They’re going to stay laser focused. Brian says he’s got great momentum at Starbucks. Importantly, plenty of room for growth. And what he’s going to do is look forward to sharing fourth quarter results, including fiscal year ’27 guidance later this month. So let’s just put that to bed. Move on.
DAVID FABER: When that had crossed, I think it was an FT story. I had indicated, Jim, that I had been hearing the rumors about it, but obviously had not reported anything on it, and there were a lot of doubts around it. I would say that the market reaction was somewhat muted. Chipotle did, you know, Starbucks’ stock did go down. Chipotle did have a bit of a bid to it, although immediately gave that up the next day because they’re in the middle of their turnaround. It’s going really well, and the key question that I got, by the way, when I initially heard it was like, really? Was why would you get in the way of something like that?
CRAMER: Yeah, I mean, I don’t want to spend too much time with it because there’re just two companies, but I do know that Brian Niccol would say, look, our turn is real, and the numbers are real, and we don’t want to derail anything. He confirmed, of course, what he said last time, they almost hit, 7.9% comps. Why would he even look at Chipotle? So I know that they do talk. Obviously, it’s great. He left Chipotle with a great relationship. But that story’s done, next.
FABER: Done over.
CRAMER: Over.
FABER: Finished.
CRAMER: Yeah, it’s as finished as the Eagles were when they didn’t take a touchback.