CMG earnings analysis
What we found in CMG's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Total revenue grew to $3.088 billion, up 7.4% from $2.875 billion in Q1 2025.
- Comparable Restaurant Sales Up
- Comparable restaurant sales increased by 0.5% driven by a 0.6% rise in transactions.
- Digital Sales Contribution
- Digital sales represented 38.6% of total food and beverage revenue.
- Increase in Cash Flow from Operations
- Operating cash flow was $651.4 million, up from $557.1 million in Q1 2025.
- New Restaurant Openings
- Chipotle opened 49 new restaurants in Q1 2026, including 42 with Chipotlanes.
- Reduction in Income Tax Provision
- Provision for income taxes decreased 10.4% to $103 million from $114.9 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Labor Costs
- Labor costs rose 12.1% year-over-year to $805.4 million, representing 26.1% of total revenue.
- Ingredient Cost Inflation
- Food, beverage and packaging costs increased by 8.9%, accounting for 29.6% of total revenue.
- Lower Average Check
- Average restaurant sales dropped by 2.9% year-over-year to $3.094.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.24
What they said about what is next.
Management anticipates comparable restaurant sales to be approximately flat for full-year 2026 and plans to open 350 to 370 new restaurants.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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