10-Q · April 30, 2026
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…
Earnings analysis · 10-Q
CMG earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
Chipotle delivered $3.293 billion of revenue, up from $3.0 billion year over year but below the $3.35 billion prior-quarter level, while diluted EPS fell to $0.27 from $0.29 a year ago and $0.32 sequentially. Comparable…
Read full summary
Chipotle delivered $3.293 billion of revenue, up from $3.0 billion year over year but below the $3.35 billion prior-quarter level, while diluted EPS fell to $0.27 from $0.29 a year ago and $0.32 sequentially. Comparable restaurant sales increased 2.1%, and management raised its 2026 comparable-sales outlook to low-single-digit growth while maintaining 350 to 370 planned openings. Liquidity remained strong at $1.0 billion, but the EPS miss and ongoing commodity, labor and operating-cost pressures support a neutral assessment.
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
- $0.27
What stood out
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Revenue grew year over year; EPS declined
Revenue was $3.293 billion, up from $3.0 billion in the prior-year quarter but down from $3.35 billion in the immediately preceding quarter. Diluted EPS was $0.27 versus $0.29 a year ago and $0.32 in the prior quarter.
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Positive comparable-sales growth
Comparable restaurant sales increased 2.1%, marking the third consecutive quarter of positive same-store sales growth, according to the quarterly earnings information provided.
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Comparable-sales outlook raised
The 2026 comparable-restaurant-sales outlook was raised to low-single-digit growth from prior flat guidance, while management maintained a plan to open 350 to 370 restaurants.
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Strong liquidity position
As of September 30, 2026, the company had $1.0 billion in cash, cash equivalents, current and long-term investments, and restricted cash, with the majority interest bearing.
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Substantial share repurchase activity
The company repurchased 3,438,451 shares during the third quarter at an average price of $34.05, including 3,230,208 shares under the public repurchase program; $1.569 billion remained available under the authorization at September 30, 2026.
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Effective disclosure controls
Management concluded that disclosure controls and procedures were effective as of September 30, 2026, and reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls.
What to watch
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EPS missed estimates
Diluted EPS of $0.27 missed the $0.29 consensus estimate and declined from $0.32 in the prior quarter, indicating earnings pressure despite $3.293 billion of revenue.
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Commodity and supply-cost exposure
The company states that ingredient, packaging, equipment, construction-material, utility and freight costs can be affected by tariffs, exchange rates, weather, geopolitical events and supply disruptions. Supplier pricing protocols generally range from 1 to 24 months, leaving exposure to cost inflation and eventual repricing.
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Interest-rate risk remains
The filing states there were no material changes to the risk factors described in the 2025 Form 10-K. Nevertheless, $1.0 billion of cash, investments and restricted cash was subject to interest-rate exposure, which can affect interest income, cash flows and results of operations.
Management's outlook
The filing does not provide numeric EPS or revenue guidance. Management's 2026 comparable-restaurant-sales outlook was raised to low-single-digit growth from prior flat guidance, while the planned opening outlook remained 350 to 370 restaurants.
Earlier filings 4
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.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.