Chipotle Mexican Grill Inc

Latest Results (28.08.2026):

Chipotle Mexican Grill, Inc. reported results for the first quarter of 2026 (Q1 2026): total revenue rose 7.4% to about $3.1 billion driven by new restaurant openings and a 0.5% increase in comparable restaurant sales (transactions +0.6%). Profitability and EPS declined year‑over‑year amid higher operating costs. The company opened 49 company‑owned restaurants in the quarter, repurchased roughly $700.8 million of stock, and reiterated a 2026 outlook calling for roughly flat comparable sales and significant new restaurant growth.

Revenue & comparable sales

Total revenue was $3.1 billion, up 7.4% year‑over‑year. Comparable restaurant sales increased 0.5%, driven by a 0.6% rise in transactions and a 0.1% decline in average check. Digital sales represented 38.6% of food and beverage revenue.

Profitability & EPS

Operating margin fell to 12.9% from 16.7% a year earlier. Adjusted restaurant level operating margin was 23.7% (down from 26.2%). Net income was $302.8 million, or $0.23 diluted EPS (down ~17.9%); adjusted diluted EPS was $0.24 (down ~17.2%).

Cost pressures

Food, beverage and packaging costs rose to 29.6% of revenue (from 29.2%), driven by beef, freight and higher produce usage (partially offset by lower dairy and avocado costs). Labor increased to 26.1% of revenue (from 25.0%) due to wage inflation, lower average restaurant volumes and higher benefits; adjusted labor was 25.7% excluding legal‑related costs. G&A rose to $203.7 million, reflecting the All Managers Conference, performance bonuses and wages.

Restaurants & operations

Chipotle opened 49 company‑owned restaurants in Q1 2026 (42 with a Chipotlane), bringing company‑owned units to 4,090. Company commentary noted Chipotlanes continue to boost access, sales and returns. Trailing‑12 month average restaurant sales were roughly $3,094.

Capital allocation & cash flow

The company repurchased approximately $700.8 million of stock at an average price of $36.14 per share and has about $1.0 billion remaining under its repurchase authorizations. Net cash provided by operating activities was $651.4 million for the quarter; cash, cash equivalents and restricted cash at quarter end were about $282.3 million.

Outlook

For full‑year 2026, management expects comparable restaurant sales to be about flat, plans 350–370 new restaurant openings (including 10–15 international partner‑operated locations), targets ~80% of company‑owned restaurants to have a Chipotlane, and estimates an underlying effective tax rate of 24%–26% (before discrete items).