Chipotle (CMG) · Restaurants
Chipotle Q2 2026 earnings: summary, key numbers & outlook
Results filed 29 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Chipotle's second quarter total revenue increased 9.3% to $3.3 billion with comparable restaurant sales up 2.2%, diluted EPS flat at $0.32 and operating margin of 15.7%, a decrease from 18.2%.
Chipotle grew total revenue 9.3% to $3.3 billion in the second quarter, driven mainly by new restaurant openings and, to a lesser extent, comparable sales up 2.2%. That was a 1.2% rise in average check and a 1.0% rise in transactions. Costs rose faster than sales, so operating margin fell to 15.7% from 18.2% and diluted EPS stayed flat at $0.32.
Management raised its full year comparable sales outlook to the low single digit range and still expects 350 to 370 new restaurant openings and a 24% to 26% underlying tax rate.
Key numbers
- Total revenue · GAAP
- $3.3 billion
- Net income · GAAP
- $403.5 million
- Diluted EPS · GAAP
- $0.32
- Adjusted diluted EPS · non-GAAP
- $0.33
- Operating margin · GAAP
- 15.7%
- Income from operations · GAAP
- $525.6M
- Restaurant level operating margin · non-GAAP
- 25.2%
- Comparable restaurant sales
- 2.2%
up 9.3% from a year ago
compared to $436.1 million a year ago
flat from a year ago
flat from a year ago
a decrease from 18.2%
compared to $559,057 a year ago
a decrease from 27.4%
consisting of a 1.2% increase in average check and a 1.0% increase in transactions
| Segment or metric | Value | Change |
|---|---|---|
| Digital sales share of food and beverage revenue | 38.3% | an increase from 35.5% |
| Comparable restaurant transactions | 1.0% | increase |
| Company-owned restaurant openings | 100 | compared to 61 a year ago |
| Company-owned restaurants, end of period | 4,186 | compared to 3,839 a year ago |
| Average restaurant sales | $3.1M | compared to $3,142 a year ago |
| Partner-operated restaurants, end of period | 15 | compared to 5 a year ago |
Where each number comes from
- Total revenue: “Second quarter highlights, year over year: •Total revenue increased 9.3% to $3.3 billion •Comparable restaurant sales increased 2.2%”
- Net income: “Net income for the second quarter of 2026 was $403.5 million, or $0.32 per diluted share, compared to $436.1 million, or $0.32 per diluted share, in the second quarter of 2025.”
- Diluted EPS: “•Diluted earnings per share remained flat at $0.32 •Adjusted diluted earnings per share1 remained flat at $0.33 •Opened 100 company-owned restaurants”
- Adjusted diluted EPS: “•Diluted earnings per share remained flat at $0.32 •Adjusted diluted earnings per share1 remained flat at $0.33 •Opened 100 company-owned restaurants”
- Operating margin: “•Operating margin was 15.7%, a decrease from 18.2% •Restaurant level operating margin1 was 25.2%, a decrease from 27.4% •Diluted earnings per share remained flat at $0.32”
- Income from operations: “Three months ended June 30, 2026 | Percent of total revenue | 2025 | Percent of total revenue Income from operations | $525,595 | 15.7% | $559,057 | 18.2%”
- Restaurant level operating margin: “•Operating margin was 15.7%, a decrease from 18.2% •Restaurant level operating margin1 was 25.2%, a decrease from 27.4% •Diluted earnings per share remained flat at $0.32”
- Comparable restaurant sales: “Comparable restaurant sales increased 2.2%, consisting of a 1.2% increase in average check and a 1.0% increase in transactions.”
- Digital sales share of food and beverage revenue: “Digital sales represented 38.3% of total food and beverage revenue for the three months ended June 30, 2026, an increase from 35.5% for the three months ended June 30, 2025.”
- Comparable restaurant transactions: “Comparable restaurant sales increased 2.2%, consisting of a 1.2% increase in average check and a 1.0% increase in transactions.”
- Company-owned restaurant openings: “During the second quarter we opened 100 company-owned restaurants, of which 80 included a Chipotlane, and one international partner-operated restaurant.”
- Company-owned restaurants, end of period: “Opened | 100 | 49 | 132 | 84 | 61 Permanent closures | (3) | (1) | (5) | (4) | (2) Relocations | (1) | - | (1) | (3) | (1) Total | 4,186 | 4,090”
- Average restaurant sales: “Total | 4,186 | 4,090 | 4,042 | 3,916 | 3,839 Average restaurant sales | $3,102 | $3,094 | $3,104 | $3,132 | $3,142”
- Partner-operated restaurants, end of period: “Opened | 1 | - | 7 | 2 | - Total | 15 | 14 | 14 | 7 | 5”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $3.3B | +9.3% | +8.4% |
| Operating income | $525.6M | −6.0% | +32.4% |
| Net income | $403.5M | −7.5% | +33.3% |
| Diluted EPS | $0.32 | +0.0% | +39.1% |
| Free cash flow | $463.4M | +15.6% | −1.6% |
| Operating margin | 15.7% | −2.5 pts | +2.8 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| New restaurant openings | 2026 | 350 to 370 |
| Underlying effective tax rate before discrete items | 2026 | between 24% and 26% |
Key takeaways
Revenue grew 9.3% on new restaurants
Total revenue increased 9.3% to $3.3 billion, driven by new restaurant openings and, to a lesser extent, comparable restaurant sales.
Comparable sales improved for second straight quarter
Comparable restaurant sales rose 2.2% versus 0.5% in the prior quarter, with transactions up 1.0% and average check up 1.2%.
Margins fell as costs outpaced sales
Operating margin was 15.7% versus 18.2%, and restaurant level operating margin was 25.2% versus 27.4%, with food, beverage and packaging costs at 29.7% of revenue.
Full year comp guidance raised
Management now expects full year comparable restaurant sales growth in the low single digit range, plus 350 to 370 new restaurant openings.
Heavy buybacks continued, cash declined
Chipotle repurchased $630.7 million of stock at an average price per share of $32.55, and the Board added $1.3 billion in authorizations, leaving $1.7 billion available.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $2.8B * |
| Q1 2025 | $2.9B |
| Q2 2025 | $3.1B |
| Q3 2025 | $3.0B |
| Q4 2025 | $3.0B * |
| Q1 2026 | $3.1B |
| Q2 2026 | $3.3B |
| Q3 2026 | $3.3B |
Data
| Q1 2025 | $0.28 |
| Q2 2025 | $0.32 |
| Q3 2025 | $0.29 |
| Q1 2026 | $0.23 |
| Q2 2026 | $0.32 |
| Q3 2026 | $0.27 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | 14.6% |
| Q1 2025 | 16.7% |
| Q2 2025 | 18.2% |
| Q3 2025 | 15.9% |
| Q4 2025 | 14.1% |
| Q1 2026 | 12.9% |
| Q2 2026 | 15.7% |
| Q3 2026 | 13.7% |
Data
| Q4 2024 | $353.9M |
| Q1 2025 | $412.3M |
| Q2 2025 | $400.7M |
| Q3 2025 | $406.2M |
| Q4 2025 | $228.4M |
| Q1 2026 | $471.0M |
| Q2 2026 | $463.4M |
| Q3 2026 | $347.1M |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
How did Chipotle's revenue and earnings do in Q2 2026?
Total revenue rose 9.3% to $3.3 billion, while net income was $403.5 million and diluted EPS was flat at $0.32. Adjusted diluted EPS was also flat at $0.33.
Why did Chipotle's margins fall?
Operating margin fell to 15.7% from 18.2%. Food, beverage and packaging costs rose to 29.7% of revenue on beef and freight inflation, and labor rose to 25.0% on wages, bonuses and hospitality staffing.
What is Chipotle's 2026 outlook?
Management raised its full year comparable sales outlook to the low single digit range. It expects 350 to 370 new restaurant openings and an underlying tax rate between 24% and 26%.
Are customers visiting more often?
Comparable transactions increased 1.0% and average check rose 1.2%, for comparable sales growth of 2.2%. Digital sales were 38.3% of food and beverage revenue, up from 35.5%.
How much is Chipotle returning to shareholders?
It repurchased $630.7 million of stock in the quarter at an average price of $32.55 per share. As of June 30, 2026, $1.7 billion remained available under authorizations, including an added $1.3 billion.
Documents
SEC filing