Q2 26 EPS
$0.33
BEAT +3.97%
Est. $0.32
Q2 26 Revenue
$3.35B
BEAT +0.51%
Est. $3.33B
vs S&P Since Q2 26
-7.2%
TRAILING MARKET
CMG -3.1% vs S&P +4.2%
Market Reaction
Did CMG Beat Earnings? Q2 2026 Results
Chipotle Mexican Grill delivered a solid second-quarter beat on Wednesday, posting adjusted diluted EPS of $0.33 against the $0.32 consensus estimate, a 3.97% beat that extended the burrito chain's streak to four consecutive quarters of topping EPS e… Read more Chipotle Mexican Grill delivered a solid second-quarter beat on Wednesday, posting adjusted diluted EPS of $0.33 against the $0.32 consensus estimate, a 3.97% beat that extended the burrito chain's streak to four consecutive quarters of topping EPS expectations. Revenue climbed 9.3% year over year to $3.35 billion, edging past the $3.33 billion consensus by 0.51%, fueled by 100 new restaurant openings and a 2.2% comparable sales gain that included improving transaction trends, a metric management has leaned on heavily to validate its "Recipe for Growth" strategy. The topline momentum, however, came with margin trade-offs; restaurant-level operating margin contracted to 25.2% from 27.4% a year ago, pressured by beef and freight inflation pushing food costs to 29.7% of revenue. With its stock trading roughly 30% below its 52-week high heading into the print, investors got incremental reassurance as management raised full-year comparable sales guidance to the low single-digit range and reaffirmed plans to open 350 to 370 restaurants in 2026.
Key Takeaways
- • New restaurant openings (100 company-owned in Q2 2026)
- • Comparable restaurant sales increase of 2.2% (1.2% average check, 1.0% transactions)
- • Digital sales grew to 38.3% of food and beverage revenue from 35.5% year over year
- • Second consecutive quarter of improving transaction comp
- • Chipotlane locations enhancing guest access, convenience, and increasing new restaurant sales, margins, and returns
CMG Forward Guidance & Outlook
For full year 2026, management raised comparable restaurant sales guidance to the low single-digit range. The company expects 350 to 370 new restaurant openings, including 10 to 15 international partner-operated restaurants, with approximately 80% of new company-owned restaurants featuring a Chipotlane. The estimated underlying full-year effective tax rate is expected between 24% and 26% before discrete items.
CMG YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
CMG Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our positive results reflect the momentum we're building as our Recipe for Growth strategy continues to take shape. We're seeing encouraging progress because we're focused on the right growth drivers—bringing meaningful menu innovation to our guests, deepening engagement through Chipotle Rewards, elevating hospitality in every restaurant, and expanding opportunities to serve more group occasions. These efforts are building a stronger business and reinforcing our confidence in Chipotle's ability to deliver sustainable long-term growth and shareholder value.”
— Scott Boatwright, Q2 2026 Earnings Press Release
CMG Earnings Trends
CMG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CMG EPS Trend
Earnings per share: estimate vs actual
CMG Revenue Trend
Quarterly revenue: estimate vs actual
CMG Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.32 | $0.33 | +3.97% | $3.35B | +0.51% |
| Q1 26 BEAT Non-GAAP adjustments include $11.875 million in legal proceedings costs in labor, $2.140 million in Recipe for Growth restructuring costs, $0.625 million in legal proceedings in G&A, and $3.007 million in retention stock-based compensation, totaling $17.647 million pre-tax ($13.398 million after tax). | $0.24 | $0.24 | +1.39% | $3.09B | — |
| Q4 25 BEAT FY | $0.24 | $0.25 | +4.91% | $2.98B | +0.60% |
| FY Full Year | $1.16 | $1.14 | -1.39% | $11.93B | +0.15% |
| Q3 25 BEAT | $0.29 | $0.29 | +0.97% | $3.00B | -0.63% |
| Q2 25 BEAT | $0.33 | $0.33 | +1.32% | $3.06B | -1.71% |
| Q1 25 BEAT | $0.28 | $0.29 | +4.43% | $2.88B | -2.39% |