Analyst Consensus ?
ConsensusBuy66 ratings
Bullish4669.7%
Neutral2030.3%
Bearish00.0%
Chipotle Mexican Grill, Inc. · CMG · FY2026 Q1 · Calendar Q2 2026
Chipotle Q1 2026: Slight Beat on Revenue and EPS, Comp Sales Edge Positive, Guidance Maintained
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.
Reported After market closeNYSEConsumer Cyclical
$43.92B market cap
90quality score
Company context
Snapshot as of publicationChipotle Mexican Grill, Inc., along with its affiliated companies, oversees the ownership and daily running of Chipotle Mexican Grill eateries. By February 15, 2022, its global presence included roughly 3,000 restaurant locations spread across the United States, Canada, the United Kingdom, France, Germany, and other parts of Europe. The company was established in 1993 and maintains its principal office in Newport Beach, California.
Earnings scorecard
Reported versus consensus
Reported EPS
$0.24
Consensus $0
EPS surprise
+1.1%
Reported versus consensus
Reported revenue
$3.09B
Consensus $3.07B
Revenue surprise
+0.7%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$34.24Current
$30.1Low
$46.74Average
$70High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Mizuho | Outperform | Outperform | Maintain | Jul 13, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 13, 2026 |
| JP Morgan | Overweight | Neutral | Upgrade | Jun 5, 2026 |
| Morgan Stanley | Equal Weight | Overweight | Downgrade | Jun 3, 2026 |
| Argus Research | Buy | Hold | Upgrade | May 5, 2026 |
| Guggenheim | Neutral | Neutral | Maintain | May 1, 2026 |
| TD Cowen | Buy | Buy | Maintain | Apr 30, 2026 |
| Stephens & Co. | Equal Weight | Equal Weight | Maintain | Apr 30, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Apr 30, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Apr 30, 2026 |
| BTIG | Buy | Buy | Maintain | Apr 30, 2026 |
| BNP Paribas | Neutral | Neutral | Maintain | Apr 30, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Apr 30, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Apr 21, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Feb 4, 2026 |
| Telsey Advisory Group | Outperform | Outperform | Maintain | Feb 4, 2026 |
| Stifel | Buy | Buy | Maintain | Feb 4, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Feb 4, 2026 |
| BWG Global | Mixed | Positive | Downgrade | Jan 22, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jan 8, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jan 5, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Oct 30, 2025 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Oct 30, 2025 |
| UBS | Buy | Buy | Maintain | Oct 20, 2025 |
| Jefferies | Hold | Hold | Maintain | Oct 13, 2025 |
| Baird | Outperform | Outperform | Maintain | Oct 10, 2025 |
| Rothschild & Co | Buy | Neutral | Upgrade | Sep 3, 2025 |
| BMO Capital | Outperform | Market Perform | Upgrade | Jul 18, 2025 |
| TD Securities | Buy | Buy | Maintain | Jun 18, 2025 |
| Loop Capital | Buy | Buy | Maintain | Apr 24, 2025 |
| Wedbush | Outperform | Outperform | Maintain | Feb 5, 2025 |
| Oppenheimer | Outperform | Outperform | Maintain | Jan 7, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Aug 14, 2024 |
| B of A Securities | Buy | Buy | Maintain | Jul 21, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Apr 26, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 8, 2023 |
| OTR Global | Positive | Mixed | Upgrade | Jun 27, 2022 |
| Gordon Haskett | Buy | Hold | Upgrade | Jan 26, 2022 |
| Northcoast Research | Buy | Neutral | Upgrade | Feb 9, 2021 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Jul 23, 2020 |
| CFRA | Hold | Hold | Maintain | Apr 22, 2020 |
| William Blair | Outperform | Market Perform | Upgrade | Mar 6, 2020 |
| Maxim Group | Hold | Hold | Maintain | Feb 3, 2020 |
| Bank of America | Neutral | Underperform | Upgrade | Oct 18, 2019 |
| Piper Jaffray | Overweight | Overweight | Maintain | Aug 29, 2019 |
| BTIG Research | Buy | Buy | Maintain | Jul 24, 2019 |
| PiperJaffray | Overweight | Overweight | Maintain | Mar 18, 2019 |
| Stifel Nicolaus | Hold | Hold | Maintain | Jul 27, 2018 |
| Canaccord Genuity | Buy | Buy | Maintain | Jul 27, 2018 |
| Argus | Buy | Hold | Upgrade | May 16, 2018 |
| Nomura | Neutral | Neutral | Maintain | Jan 30, 2018 |
| Standpoint Research | Hold | Underperform | Upgrade | Aug 25, 2017 |
| CLSA | Outperform | Underperform | Upgrade | Jul 19, 2016 |
| Cleveland Research | Neutral | Buy | Downgrade | May 26, 2016 |
| Sterne Agee CRT | Neutral | Neutral | Maintain | Apr 27, 2016 |
| Sterne Agee | Neutral | Neutral | Maintain | Apr 27, 2016 |
| Miller Tabak | Buy | Hold | Upgrade | May 28, 2015 |
| Wunderlich Securities | Hold | Hold | Maintain | Feb 2, 2015 |
| Wunderlich | Hold | Hold | Maintain | Feb 2, 2015 |
| Longbow Research | Neutral | Buy | Downgrade | Aug 8, 2014 |
| Belus Capital | Buy | Hold | Upgrade | Feb 12, 2014 |
| Janney Montgomery Scott | Buy | Neutral | Upgrade | Oct 11, 2013 |
| Janney Capital | Buy | Neutral | Upgrade | Oct 11, 2013 |
| S&P Capital IQ | Hold | Sell | Upgrade | Jul 19, 2013 |
| Lazard | Buy | Neutral | Upgrade | Jan 28, 2013 |
| DA Davidson | Buy | Buy | Maintain | Apr 17, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $34.24. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Analyst unavailable | $41 | $35.25 | +19.7% | Jul 13, 2026 |
| Morgan Stanley | Brian Harbour | $37 | $29.24 | +8.1% | Jun 3, 2026 |
| Piper Sandler | Analyst unavailable | $42 | $32.98 | +22.7% | Apr 30, 2026 |
| Stephens | Analyst unavailable | $39 | $32.98 | +13.9% | Apr 30, 2026 |
| Bernstein | Jeffrey Bernstein | $38 | $32.98 | +11.0% | Apr 30, 2026 |
| Raymond James | Analyst unavailable | $41 | $35.83 | +19.7% | Apr 21, 2026 |
| RBC Capital | Analyst unavailable | $45 | $36.3 | +31.4% | Apr 17, 2026 |
| Guggenheim | Analyst unavailable | $36 | $39.93 | +5.1% | Feb 5, 2026 |
| Deutsche Bank | Lauren Silberman | $48 | $39.92 | +40.2% | Feb 4, 2026 |
| Telsey Advisory | Sarang Vora | $48 | $38.61 | +40.2% | Feb 4, 2026 |
| Morgan Stanley | Brian Harbour | $49 | $39.17 | +43.1% | Feb 4, 2026 |
| BMO Capital | Andrew Strelzik | $52 | $38.92 | +51.9% | Feb 4, 2026 |
| Mizuho Securities | Nick Setyan | $37 | $39.18 | +8.1% | Feb 4, 2026 |
| Stifel Nicolaus | Chris O'Cull | $45 | $39.18 | +31.4% | Feb 4, 2026 |
| Piper Sandler | Analyst unavailable | $44 | $39.18 | +28.5% | Feb 4, 2026 |
| Wells Fargo | Analyst unavailable | $45 | $39.18 | +31.4% | Feb 4, 2026 |
| Barclays | Analyst unavailable | $40 | $39.18 | +16.8% | Feb 4, 2026 |
| Robert W. Baird | Analyst unavailable | $45 | $39.9 | +31.4% | Jan 28, 2026 |
| Piper Sandler | Brian Mullan | $47 | $40.54 | +37.3% | Jan 23, 2026 |
| Wells Fargo | Analyst unavailable | $50 | $40.72 | +46.0% | Jan 22, 2026 |
| Raymond James | Analyst unavailable | $45 | $39 | +31.4% | Jan 21, 2026 |
| Mizuho Securities | Analyst unavailable | $38 | $39.18 | +11.0% | Jan 9, 2026 |
| Telsey Advisory | Analyst unavailable | $50 | $39.18 | +46.0% | Jan 9, 2026 |
| Gordon Haskett Capital Corporation | Jeff Farmer | $42 | $39.43 | +22.7% | Jan 8, 2026 |
| Truist Financial | Analyst unavailable | $50 | $38.87 | +46.0% | Jan 8, 2026 |
| Barclays | Analyst unavailable | $44 | $38.6 | +28.5% | Jan 7, 2026 |
| Bernstein | Analyst unavailable | $50 | $37.49 | +46.0% | Jan 5, 2026 |
| Mizuho Securities | Analyst unavailable | $36 | $37 | +5.1% | Jan 2, 2026 |
| Evercore ISI | David Palmer | $45 | $37.62 | +31.4% | Dec 19, 2025 |
| UBS | Dennis Geiger | $45 | $31.69 | +31.4% | Oct 31, 2025 |
| Stephens | Analyst unavailable | $35 | $32.52 | +2.2% | Oct 30, 2025 |
| Truist Financial | Jake Bartlett | $45 | $32.92 | +31.4% | Oct 30, 2025 |
| RBC Capital | Logan Reich | $40 | $32.82 | +16.8% | Oct 30, 2025 |
| KeyBanc | Eric Gonzalez | $45 | $33.58 | +31.4% | Oct 30, 2025 |
| Morgan Stanley | Analyst unavailable | $50 | $39.76 | +46.0% | Oct 30, 2025 |
| BTIG | Analyst unavailable | $45 | $39.76 | +31.4% | Oct 30, 2025 |
| Stifel Nicolaus | Chris O'Cull | $50 | $39.76 | +46.0% | Oct 30, 2025 |
| Bernstein | Analyst unavailable | $40 | $39.76 | +16.8% | Oct 30, 2025 |
| Barclays | Analyst unavailable | $38 | $39.76 | +11.0% | Oct 30, 2025 |
| Raymond James | Brian Vaccaro | $40 | $39.76 | +16.8% | Oct 30, 2025 |
| Mizuho Securities | Nick Setyan | $34 | $39.76 | -0.7% | Oct 30, 2025 |
| Goldman Sachs | Christine Cho | $45 | $39.76 | +31.4% | Oct 30, 2025 |
| Mizuho Securities | Analyst unavailable | $40 | $41.06 | +16.8% | Oct 27, 2025 |
| Barclays | Analyst unavailable | $43 | $41.52 | +25.6% | Oct 22, 2025 |
| UBS | Analyst unavailable | $56 | $41.86 | +63.6% | Oct 20, 2025 |
| KeyBanc | Analyst unavailable | $52 | $41.86 | +51.9% | Oct 20, 2025 |
| Wells Fargo | Zachary Fadem | $55 | $41.77 | +60.6% | Oct 16, 2025 |
| Morgan Stanley | Brian Harbour | $59 | $42.1 | +72.3% | Oct 15, 2025 |
| Truist Financial | Jake Bartlett | $53 | $41.8 | +54.8% | Oct 14, 2025 |
| Jefferies | Andy Barish | $44 | $39.82 | +28.5% | Oct 13, 2025 |
| Robert W. Baird | Analyst unavailable | $49 | $40.89 | +43.1% | Oct 10, 2025 |
| Stifel Nicolaus | Chris O'Cull | $60 | $39.4 | +75.2% | Sep 9, 2025 |
| Truist Financial | Jake Bartlett | $60 | $46.76 | +75.2% | Jul 25, 2025 |
| Bernstein | Danilo Gargiulo | $65 | $50.63 | +89.8% | May 23, 2025 |
| Guggenheim | Analyst unavailable | $47 | $51.78 | +37.3% | Apr 25, 2025 |
| Morgan Stanley | Brian Harbour | $65 | $49.06 | +89.8% | Apr 24, 2025 |
| KeyBanc | Eric Gonzalez | $58 | $48.82 | +69.4% | Apr 24, 2025 |
| Bernstein | Jeffrey Bernstein | $52 | $49.54 | +51.9% | Apr 24, 2025 |
| UBS | Dennis Geiger | $65 | $48.08 | +89.8% | Apr 16, 2025 |
| Stifel Nicolaus | Chris O'Cull | $65 | $48.99 | +89.8% | Mar 19, 2025 |
| Evercore ISI | David Palmer | $72 | $64.1 | +110.3% | Dec 5, 2024 |
| RBC Capital | Logan Reich | $70 | $59.91 | +104.4% | Nov 15, 2024 |
| Truist Financial | Jake Bartlett | $72 | $59.27 | +110.3% | Nov 11, 2024 |
| BMO Capital | Andrew Strelzik | $56 | $57.06 | +63.6% | Oct 30, 2024 |
| Loop Capital Markets | Alton Stump | $58 | $57.12 | +69.4% | Oct 30, 2024 |
| Piper Sandler | Brian Mullan | $60 | $56.28 | +75.2% | Oct 30, 2024 |
| Robert W. Baird | David Tarantino | $70 | $60.49 | +104.4% | Oct 30, 2024 |
| Bernstein | Jeffrey Bernstein | $60 | $60.49 | +75.2% | Oct 30, 2024 |
| Truist Financial | Jake Bartlett | $71 | $59.28 | +107.4% | Oct 15, 2024 |
| Evercore ISI | David Palmer | $70 | $59.28 | +104.4% | Oct 15, 2024 |
| Bernstein | Danilo Gargiulo | $70 | $58.65 | +104.4% | Oct 14, 2024 |
| Piper Sandler | Brian Mullan | $59 | $58.33 | +72.3% | Oct 11, 2024 |
| Evercore ISI | David Palmer | $59 | $51.68 | +72.3% | Aug 14, 2024 |
| Wedbush | Nick Setyan | $58 | $51.65 | +69.4% | Aug 14, 2024 |
| Wedbush | Nick Setyan | $80 | $51.5 | +133.6% | Aug 13, 2024 |
| Argus Research | John Staszak | $60 | $49.72 | +75.2% | Jul 26, 2024 |
| Truist Financial | Jake Bartlett | $69 | $50.82 | +101.5% | Jul 25, 2024 |
| Wedbush | Nick Setyan | $54 | $50.6 | +57.7% | Jul 25, 2024 |
| CFRA | Siye Desta | $59 | $50.84 | +72.3% | Jul 25, 2024 |
| BMO Capital | Andrew Strelzik | $55 | $51.78 | +60.6% | Jul 25, 2024 |
| Oppenheimer | Brian Bittner | $65 | $51.78 | +89.8% | Jul 25, 2024 |
| Loop Capital Markets | Alton Stump | $53 | $50.84 | +54.8% | Jul 25, 2024 |
| Piper Sandler | Brian Mullan | $56 | $50.84 | +63.6% | Jul 25, 2024 |
| KeyBanc | Eric Gonzalez | $66 | $51.78 | +92.8% | Jul 25, 2024 |
| Barclays | Jeffrey Bernstein | $58 | $57.74 | +69.4% | Jul 17, 2024 |
| Piper Sandler | Brian Mullan | $61 | $56.61 | +78.2% | Jul 16, 2024 |
| Stifel Nicolaus | Chris O'Cull | $70 | $59.51 | +104.4% | Jul 9, 2024 |
| Robert W. Baird | David Tarantino | $74 | $65.86 | +116.1% | Jun 27, 2024 |
| Bernstein | Danilo Gargiulo | $80 | $65.86 | +133.6% | Jun 27, 2024 |
| BTIG | Peter Saleh | $67 | $64.08 | +95.7% | Jun 27, 2024 |
| Argus Research | John Staszak | $77.76 | $68.55 | +127.1% | Jun 18, 2024 |
| Goldman Sachs | Christine Cho | $74.6 | $63.42 | +117.9% | Jun 13, 2024 |
| Truist Financial | Jake Bartlett | $70.4 | $63.08 | +105.6% | May 29, 2024 |
| Oppenheimer | Brian Bittner | $69.7 | $63.46 | +103.6% | May 22, 2024 |
| Piper Sandler | Aisling Grueninger | $61.4 | $59.93 | +79.3% | Apr 25, 2024 |
| Wedbush | Nick Setyan | $64 | $58.54 | +86.9% | Apr 25, 2024 |
| Oppenheimer | Brian Bittner | $66 | $58.54 | +92.8% | Apr 25, 2024 |
| KeyBanc | Eric Gonzalez | $68 | $58.54 | +98.6% | Apr 25, 2024 |
| Stephens | Jim Salera | $61 | $58.54 | +78.2% | Apr 25, 2024 |
| Robert W. Baird | David Tarantino | $70 | $58.54 | +104.4% | Apr 25, 2024 |
| BTIG | Peter Saleh | $67 | $58.54 | +95.7% | Apr 25, 2024 |
| Wells Fargo | Jon Tower | $66 | $58.54 | +92.8% | Apr 25, 2024 |
| Evercore ISI | David Palmer | $72 | $58.54 | +110.3% | Apr 25, 2024 |
| BMO Capital | Andrew Strelzik | $57 | $58.54 | +66.5% | Apr 25, 2024 |
| Wells Fargo | Jon Tower | $65.7 | $57.68 | +91.9% | Apr 23, 2024 |
| UBS | Dennis Geiger | $68 | $59.6 | +98.6% | Apr 11, 2024 |
| Stifel Nicolaus | Chris O'Cull | $65.4 | $59.31 | +91.0% | Apr 11, 2024 |
| Piper Sandler | Aisling Grueninger | $48.84 | $58.63 | +42.6% | Apr 9, 2024 |
| Argus Research | John Staszak | $67.32 | $57.91 | +96.6% | Apr 4, 2024 |
| KeyBanc | Eric Gonzalez | $55 | $57.91 | +60.6% | Apr 3, 2024 |
| BTIG | Analyst unavailable | $65 | $58.47 | +89.8% | Mar 28, 2024 |
| Bernstein | Danilo Gargiulo | $64 | $58.07 | +86.9% | Mar 26, 2024 |
| Wedbush | Nick Setyan | $57 | $57.64 | +66.5% | Mar 22, 2024 |
| Robert W. Baird | David Tarantino | $63 | $58.1 | +84.0% | Mar 21, 2024 |
| Deutsche Bank | Lauren Silberman | $66 | $57.9 | +92.8% | Mar 20, 2024 |
| Wolfe Research | Greg Badishkanian | $57 | $54.4 | +66.5% | Mar 12, 2024 |
| Wedbush | Nick Setyan | $48 | $54.2 | +40.2% | Feb 7, 2024 |
| Stephens | Joshua Long | $56 | $44.85 | +63.6% | Jan 2, 2024 |
| Wedbush | Nick Setyan | $44 | $38.76 | +28.5% | Oct 27, 2023 |
| Stephens | Joshua Long | $48 | $38.2 | +40.2% | Jul 27, 2023 |
| Oppenheimer | Brian Bittner | $47 | $42.23 | +37.3% | Jul 17, 2023 |
| Loop Capital Markets | Eric Gonzalez | $46 | $0.82 | +34.3% | Jun 23, 2023 |
| Loop Capital Markets | Eric Gonzalez | $41 | $40.83 | +19.7% | Apr 26, 2023 |
| Barclays | Andrew Charles | $37.7 | $35.6 | +10.1% | Apr 26, 2023 |
| Stephens | Joshua Long | $35.2 | $32.64 | +2.8% | Feb 8, 2023 |
| Truist Financial | Analyst unavailable | $36 | $33.32 | +5.1% | Feb 8, 2023 |
| BMO Capital | Analyst unavailable | $36 | $34.46 | +5.1% | Feb 8, 2023 |
| Wells Fargo | Analyst unavailable | $38 | $34.46 | +11.0% | Feb 8, 2023 |
| Raymond James | Analyst unavailable | $38 | $34.46 | +11.0% | Feb 8, 2023 |
| Barclays | Analyst unavailable | $31 | $34.46 | -9.5% | Feb 8, 2023 |
| Wedbush | Analyst unavailable | $41.6 | $34.46 | +21.5% | Feb 8, 2023 |
| Cowen & Co. | Analyst unavailable | $41 | $34.46 | +19.7% | Feb 8, 2023 |
| Oppenheimer | Analyst unavailable | $37.5 | $33.79 | +9.5% | Feb 3, 2023 |
| Barclays | Analyst unavailable | $29 | $27.52 | -15.3% | Jan 5, 2023 |
| J.P. Morgan | John Ivankoe | $32 | $31.16 | -6.5% | Dec 12, 2022 |
| Bernstein | Jeffrey Bernstein | $30.2 | $30.91 | -11.8% | Oct 26, 2022 |
| Oppenheimer | Brian Bittner | $36 | $30.97 | +5.1% | Oct 17, 2022 |
| Morgan Stanley | John Glass | $36.94 | $29.81 | +7.9% | Oct 11, 2022 |
| Oppenheimer | Brian Bittner | $34.5 | $26.95 | +0.8% | Jul 25, 2022 |
| Deutsche Bank | Brian Mullan | $30.1 | $25.23 | -12.1% | Jul 13, 2022 |
| Wedbush | Nick Setyan | $36 | $27.67 | +5.1% | Jun 2, 2022 |
| Deutsche Bank | Analyst unavailable | $34.48 | $29.69 | +0.7% | Apr 28, 2022 |
| Morgan Stanley | John Glass | $38.08 | $29.51 | +11.2% | Apr 27, 2022 |
| Barclays | Analyst unavailable | $31.7 | $28.76 | -7.4% | Apr 27, 2022 |
| Citigroup | Analyst unavailable | $38.52 | $28.76 | +12.5% | Apr 27, 2022 |
| Cowen & Co. | Analyst unavailable | $36.6 | $28.76 | +6.9% | Apr 27, 2022 |
| Stifel Nicolaus | Chris O`Cull | $37 | $28.76 | +8.1% | Apr 26, 2022 |
| Wedbush | Nick Setyan | $40 | $29.62 | +16.8% | Apr 25, 2022 |
| KeyBanc | Eric Gonzalez | $38 | $32.6 | +11.0% | Apr 20, 2022 |
| Citigroup | Jon Tower | $38 | $32.06 | +11.0% | Apr 17, 2022 |
| Stephens | James Rutherford | $43 | $32.17 | +25.6% | Feb 9, 2022 |
| Morgan Stanley | John Glass | $38.06 | $32.17 | +11.2% | Feb 9, 2022 |
| J.P. Morgan | John Ivankoe | $36 | $32.17 | +5.1% | Feb 9, 2022 |
| Deutsche Bank | Brian Mullan | $33.92 | $29.21 | -0.9% | Feb 8, 2022 |
| Stifel Nicolaus | Chris O`Cull | $37 | $29.21 | +8.1% | Feb 8, 2022 |
| RBC Capital | Christopher Carril | $40 | $29.21 | +16.8% | Feb 8, 2022 |
| Gordon Haskett Capital Corporation | Jeff Farmer | $35 | $27.17 | +2.2% | Jan 26, 2022 |
| Raymond James | Brian Vaccaro | $37 | $27.17 | +8.1% | Jan 26, 2022 |
| UBS | Dennis Geiger | $42 | $28.33 | +22.7% | Jan 24, 2022 |
| Oppenheimer | Brian Bittner | $38.5 | $31.96 | +12.4% | Jan 7, 2022 |
| Jefferies | Andy Barish | $36.4 | $33.68 | +6.3% | Dec 17, 2021 |
| Northcoast Research | Jim Sanderson | $40.76 | $35.99 | +19.0% | Nov 2, 2021 |
| Wells Fargo | Jon Tower | $41.38 | $35.84 | +20.9% | Oct 22, 2021 |
| Goldman Sachs | Jared Garber | $43.8 | $35.84 | +27.9% | Oct 22, 2021 |
| BMO Capital | Andrew Strelzik | $35 | $35.84 | +2.2% | Oct 22, 2021 |
| Credit Suisse | Lauren Silberman | $44 | $35.84 | +28.5% | Oct 22, 2021 |
| Loop Capital Markets | Alton Stump | $36 | $36.6 | +5.1% | Oct 5, 2021 |
| Argus Research | John Staszak | $44 | $38.74 | +28.5% | Sep 24, 2021 |
| Wolfe Research | Greg Badishkanian | $35.24 | $29.42 | +2.9% | Apr 26, 2021 |
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What changed
Revenue grew 7.4% YoY to $3.09 billion, narrowly beating the $3.07 billion consensus. Comparable sales turned slightly positive at +0.5%. EPS of $0.24 edged past the $0.24 estimate. Digital sales held at 38.6% of total. New leadership hires -- Chief Brand Officer Fernando Machado and Chief Digital Officer Arlie Sisson -- signal a sharpened focus on brand and digital. A zip-line drone delivery pilot launched with plans to expand in Q2, and the AI assistant AVA now supports GM scheduling and operational insights. The Chipotle Kitchen digital makeline display was rolled out to over 100 restaurants.
Guidance delta
Full-year comparable-sales guidance remains flat. Pricing is expected to run approximately 1% in Q1, 1.5% in Q2, and 1-2% for the full year. Capex is increasing, with accelerated equipment rollout to 2,000 locations by year-end and roughly 350 new restaurant openings planned. Management's overall guidance sentiment was maintained -- no raise, no cut.
Key takeaways
- Q1 revenue grew 7.4% YoY to $3.09B, with comparable sales up 0.5%, driven by new menu items, rewards relaunch, and technology upgrades.
- The Recipe for Growth pillars -- operational equipment, digital tools, menu innovation, hospitality, talent, and global expansion -- are showing early momentum.
- Full-year comparable-sales guidance remains flat; pricing expected at ~1% Q1, ~1.5% Q2, and 1-2% for the full year.
- Capex includes accelerating equipment rollout to 2,000 locations by year-end and opening ~350 new restaurants, with international openings in Mexico, South Korea, and Europe.
- New hires -- Chief Brand Officer Fernando Machado and Chief Digital Officer Arlie Sisson -- are expected to strengthen brand marketing and digital engagement.
Management priorities
- Deploy high-efficiency equipment to 2,000 restaurants by year-end
- Expand the drone delivery pilot to additional stores in Q2
- Launch two more limited-time offers and new side/beverage innovations later in the year
- Scale the refreshed rewards program and single-scan mobile checkout feature
- Open new partner-operated restaurants in Mexico, South Korea, and Europe; monitor Middle East rollout
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-30T02:11:52.829325+00:00
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Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.