Chipotle Mexican Grill, Inc. earnings overview

CMG FY2026 Q1 · Calendar Q2 2026

Chipotle Mexican Grill, Inc.

Chipotle delivered a modest Q1 2026 beat, with revenue of $3.09 billion (up 7.4% YoY) and comparable sales up just 0.5%, narrowly ahead of consensus on both EPS and revenue. The market reacted positively on the print (+3.0% on the day vs. +1.0% for the benchmark) but the stock subsequently drifted 6.3% lower, suggesting investors remain skeptical that menu innovation, rewards relaunch, and technology rollouts can reaccelerate comp growth meaningfully. Management maintained full-year comparable-sales guidance at roughly flat and struck a confident tone on the Recipe for Growth pillars, but with comps barely positive and cost pressures persisting, the path to durable reacceleration is unproven.