10-Q · July 24, 2025
Chipotle reported Q2 total revenue of $3,063.4 million, up 3.0% year-over-year, while GAAP diluted EPS was $0.32, a 3.0% decrease versus the prior-year quarter. Comparable restaurant sales declined 4.0% (transactions…
Earnings analysis · 10-Q
CMG earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Chipotle Mexican Grill reported Q1 2026 results with total revenue reaching $3.088 billion, a 7.4% increase year-over-year. Diluted EPS was reported at $0.23, marking a decline of 17.9% compared to the previous year's…
Read full summary
Chipotle Mexican Grill reported Q1 2026 results with total revenue reaching $3.088 billion, a 7.4% increase year-over-year. Diluted EPS was reported at $0.23, marking a decline of 17.9% compared to the previous year's Q1 EPS of $0.28. The company anticipates roughly flat comparable restaurant sales for the full year and plans to open 350 to 370 new locations in 2026.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.24
What stood out
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Revenue Growth
Total revenue grew to $3.088 billion, up 7.4% from $2.875 billion in Q1 2025.
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Comparable Restaurant Sales Up
Comparable restaurant sales increased by 0.5% driven by a 0.6% rise in transactions.
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Digital Sales Contribution
Digital sales represented 38.6% of total food and beverage revenue.
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Increase in Cash Flow from Operations
Operating cash flow was $651.4 million, up from $557.1 million in Q1 2025.
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New Restaurant Openings
Chipotle opened 49 new restaurants in Q1 2026, including 42 with Chipotlanes.
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Reduction in Income Tax Provision
Provision for income taxes decreased 10.4% to $103 million from $114.9 million in Q1 2025.
What to watch
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Increased Labor Costs
Labor costs rose 12.1% year-over-year to $805.4 million, representing 26.1% of total revenue.
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Ingredient Cost Inflation
Food, beverage and packaging costs increased by 8.9%, accounting for 29.6% of total revenue.
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Lower Average Check
Average restaurant sales dropped by 2.9% year-over-year to $3.094.
Management's outlook
Management anticipates comparable restaurant sales to be approximately flat for full-year 2026 and plans to open 350 to 370 new restaurants.
Earlier filings 4
10-Q · April 24, 2025
Chipotle reported total revenue of $2,875.3 million for Q1 2025, up 6.4% year‑over‑year, while diluted EPS was $0.28, a 7.7% increase from $0.2614. Comparable restaurant sales fell 0.4% (transactions down 2.3%) even as…
10-Q · July 25, 2024
Chipotle reported second-quarter total revenue of $2,973.1 million, up 18.2% year-over-year, driven by an 11.1% comparable restaurant sales increase and digital sales representing 35.3% of food & beverage revenue.…
10-Q · April 25, 2024
Chipotle reported first-quarter total revenue of $2,701.8 million, up 14.1% year-over-year, with comparable restaurant sales up 7.0%. Diluted EPS was $13.01, a 23.9% increase versus prior-year EPS of $10.50. Operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.