EarningsQ2 2026 Earnings Report

Chipotle (CMG) Q2 2026 Earnings Report

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Previous Report: Q1 2026

MX:CMG Q2 2026 EPS Results

Actual EPS$5.99

Consensus EPS$5.79

Beat/MissBeat by +$0.20

One Year Ago EPS$5.99

MX:CMG Q2 2026 Revenue Results

Actual Revenue$60.81B

Expected Revenue$60.50B

Beat/MissBeat by +$312.30M

YoY Revenue Growth+9.31%

Earnings Announcement Details

QuarterQ2 2026

Date07/29/2026

TimeAfter Close

Conference CallWednesday, July 29, 2026

MX:CMG Upcoming Earnings

Chipotle's next earnings date is estimated for October 28, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:CMG Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 29, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call portrayed clear operational and top-line momentum — 9.3% revenue growth, comp sales and transaction gains, strong digital penetration, successful LTOs, HEEP-driven throughput improvements, and active unit growth and buybacks. Offsetting this progress were margin compression (restaurant-level margin down ~220 bps), rising input and labor costs, a short-term softening exacerbated by an industry cyclospora issue (~200 bps headwind), flat adjusted EPS, and a material in-store loyalty adoption gap. Management raised full-year comp guidance to low single-digits but cautioned about tougher Q3 comps and near-term uncertainty. Overall, positive initiatives and growth drivers are showing traction, but cost pressure and near-term headwinds restrain performance.

Company Guidance

Guidance highlighted a raise to full‑year comparable sales growth in the low single‑digit range with Q3 comps guided to about +1% (assuming a roughly 200‑basis‑point cyclospora‑related headwind); pricing was ~1.6% in Q2, is expected to increase to the mid‑2% range in Q3 and land near the high end of the prior 1%–2% full‑year range; cost of sales was 29.7% in Q2 (up ~80 bps) and is expected just under 30% in Q3 with low‑single‑digit inflation; restaurant‑level margin was 25.2% in Q2 (down 220 bps) and adjusted diluted EPS was $0.33 (flat); digital sales were $1.3B (38.3% of sales); labor was 25% in Q2 (up ~30 bps) and is expected in the mid‑25% range in Q3 with wage inflation in the low single digits; other operating costs were 14.9% (up ~90 bps) and should be mid‑15% in Q3, marketing ~3% (low‑3% expected Q3 and full year), G&A was $176M non‑GAAP (Q2) with Q3 non‑GAAP expected around $180M, depreciation ~3% of sales, an effective tax rate guide of 24%–26% for 2026, ending cash of $800M, Q2 buybacks of $631M (YTD >$1.3B), board authorization for an additional $1.3B (≈$1.7B remaining), and operational/expansion notes including 101 openings in the quarter, cadence of ~350 openings this year (~80% Chipotlanes), new‑unit productivity ~80%, year‑2 cash‑on‑cash ≈60%, and HEEP rollout in >1,000 restaurants (2,000 expected by year‑end) with HEEP restaurants outperforming by ~2–3 entrees in peak 15.

Revenue and Comparable Sales Growth

Revenue grew 9.3% year-over-year to $3.3 billion in Q2 2026, driven by comparable restaurant sales growth of 2.2% (transaction comp +1.0%).

Digital Sales Expansion

Digital sales were $1.3 billion, representing 38.3% of total sales (up from 35.5% prior year). Management noted strong digital momentum and improvements in order accuracy and on-time fulfillment.

Successful Menu Innovation and LTOs

Chipotle Honey Chicken returned and outperformed last year's launch with a cumulative attachment rate north of 25%. Management reported LTOs driving hundreds of basis points of transaction lift and bringing both new and more frequent guests.

HEEP Operational Gains

High-Efficiency Equipment Package (HEEP) installed in >1,000 restaurants, targeting ~2,000 by year-end; HEEP restaurants outperform the enterprise by 2–3 entrees in peak 15-minute periods, translating to hundreds of basis points of comparable sales improvement.

Rewards Program and Loyalty Progress

Rewards relaunch in mid-April; 23 million active members. New in-restaurant enrollment tools drove nearly a 20% step-up in daily enrollments since launch. Pilot of frictionless in-restaurant earning planned for August to improve adoption and throughput.

Restaurant Development and Unit Economics

Opened ~100–101 restaurants in the quarter (including ~80 Chipotlanes). New restaurant productivity remains stable in the ~80% range with year-2 cash-on-cash returns near ~60%. New openings' net impact on comps historically ~100 bps.

Catering and Group-Ocasion Progress

Catering and Build-Your-Own Chipotle represent ~2–3% of sales today, described as highly incremental and operationally efficient; pilots in several cities encouraging and a national launch planned for 2027.

Share Repurchase Activity and Capital Allocation

Company repurchased $631 million in Q2 at an average price of $32.55 (YTD >$1.3 billion at avg $34.35). Board authorized an additional $1.3 billion to repurchase authorization; $1.7 billion remained available at quarter end.

MX:CMG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 28, 2026	2026 (Q3)	5.27 / -	5.267	―
Jul 29, 2026	2026 (Q2)	5.79 / 5.99	5.993	0.00% (0.00)
Apr 29, 2026	2026 (Q1)	4.32 / 4.36	5.267	-17.24% (-0.91)
Feb 03, 2026	2025 (Q4)	4.32 / 4.54	4.54	0.00% (0.00)
Oct 29, 2025	2025 (Q3)	5.19 / 5.27	4.904	7.41% (+0.36)
Jul 23, 2025	2025 (Q2)	5.92 / 5.99	6.175	-2.94% (-0.18)
Apr 23, 2025	2025 (Q1)	5.03 / 5.27	4.849	8.61% (+0.42)
Feb 04, 2025	2024 (Q4)	4.45 / 4.54	3.759	20.77% (+0.78)
Oct 29, 2024	2024 (Q3)	4.54 / 4.90	4.123	18.94% (+0.78)
Jul 24, 2024	2024 (Q2)	5.79 / 6.17	4.595	34.39% (+1.58)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed