Monitor Q2 2026 trends for margin stabilization and transaction momentum; the maintained flat comp guidance suggests no near-term catalyst. Watch for cost inflation (beef, freight) and legal liability overhang ($11.9M labor proceeding).
Price Chart
Executive Summary
Chipotle reported Q1 2026 revenue of $3.09B (+7.4% YoY) driven by new store openings and a return to positive comparable sales (+0.5%), but GAAP EPS of $0.23 missed the $0.24 consensus by 4.2% as operating margin compressed 380 bps to 12.9% due to wage inflation and higher food costs. Net income fell 21.6% YoY, and management maintained its full-year outlook of flat comparable sales and 350–370 new openings.
Key Financial Metrics
Key Facts
- Q1 2026 total revenue $3.088B, +7.4% YoY vs $2.875B
- GAAP diluted EPS $0.23 vs consensus $0.24 (miss of 4.2%)
- Comparable restaurant sales +0.5% (transactions +0.6%, check -0.1%)
- Operating margin 12.9% vs 16.7% a year ago, down 380 bps
- Restaurant-level operating margin 23.3% adjusted to 23.7%, down from 26.2%
- Net income $302.8M vs $386.6M, -21.6% YoY
- Opened 49 company-owned restaurants (42 with Chipotlane)
- Full-year outlook maintained: flat comparable sales, 350–370 openings
- Repurchased $700.8M of stock at avg $36.14/share in Q1
Financial Impact
Net income declined ~$84M YoY and EPS missed consensus by 4.2%, offsetting revenue beat from store growth. Market cap may react negatively in short term.
Risk Factors
- Wage inflation and higher labor costs continuing to pressure margins
- Food cost inflation (beef, freight) above pricing power
- Legal proceedings and restructuring costs adding $17.6M in non-GAAP adjustments
- Guidance of flat comparable sales implies limited top-line growth from existing stores
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001058090-26-000027 |
| Document: cmg-20260429.htm | 0001058090-26-000027 |
| Document: 0001058090-26-000027-index-headers.html | 0001058090-26-000027 |
| Document: 0001058090-26-000027-index.html | 0001058090-26-000027 |
| Document: 0001058090-26-000027.txt | 0001058090-26-000027 |
| 8-K Data (Synthetic) | 0001058090-26-000027 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 8w ago | 8-K | $34.50 $38.52 | ▲ +11.65% | ▲ +12.25% | $32.43 (−6.00%) |
Jul 8, 2026 12w ago | 8-K | $34.60 $33.71 | ▼ −2.57% | ▼ −4.81% | $32.43 (−6.27%) |
Apr 29, 2026 22w ago | 8-K | $33.97 $31.88 | ▼ −6.15% | ▼ −11.38% | $32.43 (−4.52%) |
Feb 28, 2026 30w ago | Institutional Cluster | $36.70 $31.16 | ▼ −15.09% | ▼ −7.15% | $32.43 (−11.63%) |
US Market Status
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