Jun 2026 (Q2 FY26) — Jul 29, 2026
Chipotle Q2 FY26 — Recipe for Growth Drives Transaction Growth Amidst Industry Headwinds
Read the full callChipotle (CMG) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Chipotle earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,349 | +9.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 15.7 | −2.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 404 | −7.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
35 of 57 judged targets kept · 41 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Cost of sales | about 30% | Mar 2026 | Cost of sales in the quarter were 29.7%, an increase of about 80 basis points from last year. | Achieved |
| Catering program rollout | begin a broad rollout | Mar 2026 | We are working through the remaining pilot learnings now positioning ourselves for a national launch in 2027. | Delayed |
| Menu price impact | about 70 basis points | Dec 2025 | Price was around 90 basis points, and then mix was a drag of about 100 basis points to net to that check. | Missed |
22 of CHIPOTLE MEXICAN GRILL INC's 98 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 95 more targets are in the full ledger.
Claimed
- Revenue grew 9.3% to $3.3 billion, driven by continued positive comparable sales and transactions.
- Comparable restaurant sales increased 2.2%, including a transaction comp of 1%, with momentum building through the quarter.
- Opened 101 new restaurants in Q2, including 80 Chipotlanes, maintaining strong new restaurant productivity and cash-on-cash returns.
- Chipotle Honey Chicken LTO outperformed last year's launch with a cumulative attachment rate north of 25%.
- Active members in the Rewards program reached 23 million, with in-store loyalty comps outpacing order-ahead loyalty comps since the relaunch.
Qualified
- Restaurant-level margin decreased 220 basis points year-over-year to 25.2%.
- Adjusted diluted EPS was $0.33, flat to last year.
- Cost of sales increased 80 basis points to 29.7% due to inflation in beef and freight, and increased usage of certain ingredients.
- Labor costs increased 30 basis points to 25% due to wage inflation and performance bonuses.
- Softer trends in recent weeks, with a 200 basis point impact in late July attributed to heightened consumer caution and industry-wide cyclospora concerns.
Price
$29.85 −0.13% · −$0.04
Performance −28.7% 1Y
1Y: $41.86 on 17 Oct 2025 → $29.85. High $42.36 (21 Oct 2025), low $28.18 (4 Jun 2026).
- Previous close
- $29.89
- 52-week range
- $28.18 – $42.36
- One year
- −28.30%
Overview
- Symbol
- CMG
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
35 of 57 judged targets kept · 41 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Cost of sales | about 30% | Mar 2026 | Cost of sales in the quarter were 29.7%, an increase of about 80 basis points from last year. | Achieved |
| Catering program rollout | begin a broad rollout | Mar 2026 | We are working through the remaining pilot learnings now positioning ourselves for a national launch in 2027. | Delayed |
| Menu price impact | about 70 basis points | Dec 2025 | Price was around 90 basis points, and then mix was a drag of about 100 basis points to net to that check. | Missed |
Claimed
- Revenue grew 9.3% to $3.3 billion, driven by continued positive comparable sales and transactions.
- Comparable restaurant sales increased 2.2%, including a transaction comp of 1%, with momentum building through the quarter.
- Opened 101 new restaurants in Q2, including 80 Chipotlanes, maintaining strong new restaurant productivity and cash-on-cash returns.
- Chipotle Honey Chicken LTO outperformed last year's launch with a cumulative attachment rate north of 25%.
- Active members in the Rewards program reached 23 million, with in-store loyalty comps outpacing order-ahead loyalty comps since the relaunch.
Qualified
- Restaurant-level margin decreased 220 basis points year-over-year to 25.2%.
- Adjusted diluted EPS was $0.33, flat to last year.
- Cost of sales increased 80 basis points to 29.7% due to inflation in beef and freight, and increased usage of certain ingredients.
- Labor costs increased 30 basis points to 25% due to wage inflation and performance bonuses.
- Softer trends in recent weeks, with a 200 basis point impact in late July attributed to heightened consumer caution and industry-wide cyclospora concerns.
The full ledger
Open CHIPOTLE MEXICAN GRILL INC’s full ledger
A free account opens 5 company ledgers a month. All 98 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
Chipotle Q1 FY26 — Recipe for Growth drives return to positive transactions
Read the full callDec 2025 (Q4 FY25) — Feb 3, 2026
Chipotle Q4 FY25 — Record Restaurant Growth and Strategic Initiatives Amidst Consumer Headwinds
Read the full callEvery analysed call
Chipotle earnings calls (CMG)
Financials
What the filings say
Net profit, year on year: −7% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,794 | 2,845 | 2,875 | 3,063 | 3,003 | 2,984 | 3,088 | 3,349 |
| Expenses | 2,320 | 2,430 | 2,396 | 2,504 | 2,526 | 2,563 | 2,691 | 2,823 |
| Operating profit | 473 | 416 | 479 | 559 | 477 | 420 | 397 | 526 |
| Operating margin | 16.9% | 14.6% | 16.7% | 18.3% | 15.9% | 14.1% | 12.9% | 15.7% |
| Profit before tax | 503 | 439 | 502 | 577 | 497 | 434 | 406 | 533 |
| Tax rate | 22.9% | 24.4% | 22.9% | 24.5% | 23.1% | 23.7% | 25.4% | 24.3% |
| Net profit | 387 | 332 | 387 | 436 | 382 | 331 | 303 | 404 |
| EPS ($ per share) | 0.28 | — | 0.29 | 0.32 | 0.29 | — | 0.23 | 0.32 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 19 | 14 | 13 |
| Reserves | 2,574 | 2,921 | 3,276 | 3,929 | 4,828 | 6,057 | 1,574 | 620 |
| Total liabilities | 824 | 3,422 | 3,963 | 4,356 | 4,559 | 4,982 | 5,549 | 6,164 |
| Fixed assets | 1,379 | 1,459 | 1,584 | 1,769 | 1,951 | 2,170 | 2,390 | 2,679 |
| Investments | 427 | 400 | 344 | 261 | 515 | 735 | 674 | 699 |
| Total assets | 2,266 | 5,105 | 5,983 | 6,653 | 6,928 | 8,044 | 9,204 | 8,995 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 622 | 722 | 664 | 1,282 | 1,323 | 1,783 | 2,105 | 2,114 |
| Cash from investing | -388 | -292 | -433 | -522 | -830 | -946 | -838 | -35 |
| Cash from financing | -167 | -202 | -105 | -549 | -929 | -661 | -1,074 | -2,471 |
| Net cash flow | 66 | 228 | 127 | 210 | -437 | 177 | 192 | -392 |
| Capital expenditure | -287 | -334 | -373 | -442 | -479 | -561 | -594 | -666 |
| Free cash flow | 334 | 388 | 290 | 840 | 844 | 1,223 | 1,511 | 1,448 |
CMG revenue by segment
| Segment | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|
| U S | 98% | 98% | 98% | 98% | 98% | 98% | +8.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CMG operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| New restaurants opened | 57And we opened 57 new restaurants, including 48 Chipotlanes.Source: earnings call transcript | 61And we opened 61 new restaurants, including 47 Chipotlanes.Source: earnings call transcript | 84And we opened 84 new restaurants, including 64 Chipotlane.Source: earnings call transcript | 132And we opened 132 new restaurants, including 97 Chipotlanes as well as 7 additional partner-operated restaurants.Source: earnings call transcript | 49And we opened 49 new restaurants, including 42 for Chipotle.Source: earnings call transcript | 101Adjusted diluted earnings per share was $0.33, flat to last year, and we opened 101 new restaurants, including 80 Chipotlanes and 1 international partner-operated restaurant.Source: earnings call transcript | +106.1% |
| New restaurants opened Chipotlanes | 48And we opened 57 new restaurants, including 48 Chipotlanes.Source: earnings call transcript | 47And we opened 61 new restaurants, including 47 Chipotlanes.Source: earnings call transcript | 64And we opened 84 new restaurants, including 64 Chipotlane.Source: earnings call transcript | 97And we opened 132 new restaurants, including 97 Chipotlanes as well as 7 additional partner-operated restaurants.Source: earnings call transcript | — | 80Adjusted diluted earnings per share was $0.33, flat to last year, and we opened 101 new restaurants, including 80 Chipotlanes and 1 international partner-operated restaurant.Source: earnings call transcript | — |
| Restaurants Middle East | 5We now have 5 restaurants open, including 3 in Kuwait and 2 in Dubai.Source: earnings call transcript | — | 7In the Middle East, we opened 2 partner-operated restaurants with the Alshaya Group bringing our total to 7 restaurants including our first in Qatar.Source: earnings call transcript | 14We opened 7 more partner-operated restaurants in the fourth quarter and 11 for the year with a total of 14 restaurants in the region.Source: earnings call transcript | — | 15We had -- our partnership started just a couple of years ago, and we're already at 15 restaurants with Alshaya across 3 or 4 different countries.Source: earnings call transcript | — |
| New restaurants opened Middle East | 2In the Middle East, we opened 2 more restaurants with the Alshaya Group in February.Source: earnings call transcript | — | 2In the Middle East, we opened 2 partner-operated restaurants with the Alshaya Group bringing our total to 7 restaurants including our first in Qatar.Source: earnings call transcript | 7We opened 7 more partner-operated restaurants in the fourth quarter and 11 for the year with a total of 14 restaurants in the region.Source: earnings call transcript | — | — | +250% |
| New restaurants opened US and Canada | — | 61In the US and Canada, we opened 61 new restaurants, which marked a record for the second quarter.Source: earnings call transcript | — | — | 49In the US and Canada, we opened 49 new restaurants in the first quarter and remain on track to open around 350 for the full year, with approximately 80%, including in Chipotle.Source: earnings call transcript | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
52 filings between Oct 31, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$7.25M
5 sales by 3 insiders
Compensation
not trading decisions- 22
- Award — granted as compensation
- 3
- Option exercise — converted options into shares
- 19
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 other filings, 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Garner Curtis E | — | $7.03M | Feb 6, 2026 |
| FILIKRUSHEL PATRICIA | — | $122.5K | Feb 24, 2026 |
| Bush Matthew R | — | $95.6K | Aug 21, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Rymer Adam T Chief Financial Officer | Tax withheld | 3,253 | $103.9K |
| Sep 17, 2026 | Sami Sabir Director | Award | 4,747 | $159.1K |
| Aug 22, 2026 | Rymer Adam T Chief Financial Officer | Tax withheld | 9,276 | $327.4K |
| Aug 22, 2026 | Eskenazi Ilene Chief Legal and HR Officer | Tax withheld | 19,701 | $695.2K |
| Aug 22, 2026 | Schalow Laurie Chief Corp Affairs Officer | Tax withheld | 20,075 | $708.4K |
| Aug 22, 2026 | Boatwright Scott Chief Executive Officer | Tax withheld | 31,522 | $1.11M |
| Aug 22, 2026 | Garner Curtis E Pres, Chief Strgy & Tech Off | Tax withheld | 27,582 | $973.4K |
| Aug 21, 2026 | Bush Matthew R Controller, PAO | Sale | 2,675 | $95.6K |
| Aug 7, 2026 | Machado Fernando Chief Brand Officer | Award | 76,243 | $0 |
| Jun 11, 2026 | weinstein joshua ian Director | Award | 6,880 | $215.0K |
| Jun 11, 2026 | Gutierrez Mauricio Director | Award | 6,880 | $215.0K |
| Jun 11, 2026 | Hickenlooper Robin S Director | Award | 6,880 | $215.0K |
| Jun 11, 2026 | Maw Scott Harlan Director | Award | 6,880 | $215.0K |
| Jun 11, 2026 | Fuentes Laura Director | Award | 6,880 | $215.0K |
| Jun 11, 2026 | FILIKRUSHEL PATRICIA Director | Award | 6,880 | $215.0K |
| Jun 11, 2026 | Carey Matt Director | Award | 6,880 | $215.0K |
| Jun 11, 2026 | Baldocchi Albert S Director | Award | 6,880 | $215.0K |
| Jun 11, 2026 | WINSTON MARY A Director | Award | 6,880 | $215.0K |
| May 20, 2026 | Baldocchi Albert S Director | Gift | 6,672 | $0 |
| Feb 24, 2026 | FILIKRUSHEL PATRICIA Director | Sale | 3,350 | $122.5K |
| Feb 15, 2026 | Boatwright Scott Chief Executive Officer | Award | 229,457 | $0 |
| Feb 15, 2026 | Schalow Laurie Chief Corp Affairs Officer | Tax withheld | 37,113 | $1.33M |
| Feb 15, 2026 | Schalow Laurie Chief Corp Affairs Officer | Award | 76,577 | $0 |
| Feb 15, 2026 | Rymer Adam T Chief Financial Officer | Tax withheld | 8,971 | $321.5K |
| Feb 15, 2026 | Rymer Adam T Chief Financial Officer | Award | 25,526 | $0 |
| Feb 15, 2026 | Garner Curtis E Pres, Chief Strgy & Tech Off | Award | 254,846 | $0 |
| Feb 15, 2026 | Bush Matthew R Controller, PAO | Tax withheld | 2,365 | $84.8K |
| Feb 15, 2026 | Bush Matthew R Controller, PAO | Award | 6,416 | $0 |
| Feb 15, 2026 | Boatwright Scott Chief Executive Officer | Tax withheld | 120,810 | $4.33M |
| Feb 15, 2026 | Garner Curtis E Pres, Chief Strgy & Tech Off | Tax withheld | 134,177 | $4.81M |
| Feb 9, 2026 | Bush Matthew R Controller, PAO | Tax withheld | 475 | $18.7K |
| Feb 9, 2026 | Boatwright Scott Chief Executive Officer | Tax withheld | 8,048 | $317.0K |
| Feb 9, 2026 | Schalow Laurie Chief Corp Affairs, Food Sft | Tax withheld | 182 | $7.2K |
| Feb 9, 2026 | Garner Curtis E Pres, Chief Strgy & Tech Off | Tax withheld | 659 | $26.0K |
| Feb 6, 2026 | Eskenazi Ilene Chief Legal and HR Officer | Award | 20,310 | $800.0K |
| Feb 6, 2026 | Bush Matthew R Controller, PAO | Award | 3,174 | $125.0K |
| Feb 6, 2026 | Schalow Laurie Chief Corp Affairs, Food Sft | Award | 8,886 | $350.0K |
| Feb 6, 2026 | Kidd Jason Allan Chief Operating Officer | Award | 16,502 | $650.0K |
| Feb 6, 2026 | Garner Curtis E Pres, Chief Strgy & Tech Off | Sale | 61,077 | $2.44M |
| Feb 6, 2026 | Garner Curtis E Pres, Chief Strgy & Tech Off | Tax withheld | 25,023 | $1.00M |
| Feb 6, 2026 | Garner Curtis E Pres, Chief Strgy & Tech Off | Option exercise | 86,100 | $1.00M |
| Dec 12, 2025 | Garner Curtis E Pres, Chief Strgy & Tech Off | Option exercise | 100,000 | $1.17M |
| Dec 12, 2025 | Garner Curtis E Pres, Chief Strgy & Tech Off | Sale | 67,646 | $2.44M |
| Dec 12, 2025 | Garner Curtis E Pres, Chief Strgy & Tech Off | Tax withheld | 32,354 | $1.17M |
| Dec 11, 2025 | Baldocchi Albert S Director | Other | 1,000,000 | $0 |
| Dec 11, 2025 | Baldocchi Albert S Director | Other | 1,000,000 | $0 |
| Dec 1, 2025 | Garner Curtis E Pres, Chief Strgy & Tech Off | Sale | 61,892 | $2.15M |
| Dec 1, 2025 | weinstein joshua ian Director | Award | 3,407 | $0 |
| Dec 1, 2025 | Garner Curtis E Pres, Chief Strgy & Tech Off | Tax withheld | 31,108 | $1.08M |
| Dec 1, 2025 | Garner Curtis E Pres, Chief Strgy & Tech Off | Option exercise | 93,000 | $1.08M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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