A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Chipotle Mexican Grill (CMG) reported Q2 FY2026 revenue growth of 9.3% YoY to $3.35B, driven by 100 new store openings and a 2.2% increase in comparable restaurant sales, though net income fell 7.5% YoY to $403.55M due to food and labor cost inflation.
Revenue
$3.35B
+9.31% YoY
EPS (Diluted)
$0.32
0.00% YoY
Operating Income
$525.6M
-5.99% YoY
Filed · Source: SEC EDGAR 10-Q filing
Chipotle Mexican Grill (CMG) reported Q2 FY2026 revenue of $3.35B, up 9.3% year over year. The company posted net income of $403.55M, down 7.5% from a year earlier, with diluted EPS of $0.32. Operating income was $525.6M, down 6.0% year over year. CMG's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Chipotle's Q2 FY2026 revenue rose 9.3% to $3.35B on new openings and 2.2% comp sales growth, but net income decreased 7.5% to $403.55M due to ingredient inflation and operating cost pressures.
Last 4 quarters: 3 beats, 1 miss
Adjusted (non-GAAP) EPS of $0.33 versus the $0.32 analyst consensus — a +2.4% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $0.32.
Comparable restaurant sales increased 2.2% in Q2 FY2026, driven by a 1.2% increase in average check and a 1.0% increase in transaction volume. Digital sales accounted for 38.3% of total food and beverage revenue, up from 35.5% in Q2 FY2025.
Source: 10-Q Item 2 MD&A, p.15
Chipotle opened 100 company-owned restaurants during Q2 FY2026, including 80 with Chipotlanes, as well as 1 international partner-operated location. Total company-owned restaurant count reached 4,186 as of June 30, 2026.
Source: 10-Q Item 2 MD&A, p.15
Food, beverage, and packaging costs increased 12.1% YoY to $993.6M, expanding 0.8% as a percentage of revenue to 29.7%. The increase was driven by 1.4% inflation primarily in beef and freight, alongside higher protein and produce usage.
Source: 10-Q Item 2 MD&A, p.16
During the first six months of FY2026, Chipotle allocated $1.35B toward common stock repurchases, up 35.9% YoY YTD. As of June 30, 2026, $1.7B remained available under the authorized share repurchase program.
Source: 10-Q Item 2 MD&A, p.20
Cash and cash equivalents declined 73.0% YoY to $228.2M as of Q2 FY2026, largely due to significant share repurchases and elevated restaurant expansion capital expenditures. Lower liquid reserves reduce immediate liquidity buffers during macro headwinds.
Source: 10-Q Balance Sheet (XBRL)
Operating margin contracted 255 basis points YoY from 18.25% to 15.70% in Q2 FY2026, driving a 6.0% YoY decline in operating income. persistent inflation in beef, freight, wages, and marketing expenses poses continued headwinds if pricing power slows.
Source: 10-Q Income Statement (XBRL)
Stockholders' equity contracted 37.7% YoY to $2.20B while total liabilities increased 16.1% YoY to $6.66B, driving the debt-to-equity ratio up to 3.03. Higher leverage ratio profiles increase balance sheet sensitivity to operational shocks.
Source: 10-Q Balance Sheet (XBRL)
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
See the CMG earnings preview — expected date, analyst estimates and what to watch →
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $3.35B | $3.06B | +9.31% |
Operating Income | $525.6M | $559.06M | -5.99% |
Net Income | $403.55M | $436.13M | -7.47% |
EPS (Basic) | $0.32 | $0.32 | 0.00% |
EPS (Diluted) | $0.32 | $0.32 | 0.00% |
In Q2 FY2026, Chipotle generated total revenue of $3.35B (+9.3% YoY) and net income of $403.55M (-7.5% YoY). Diluted earnings per share remained flat at $0.32 YoY, benefiting from share repurchases.
Comparable restaurant sales grew 2.2% YoY during Q2 FY2026. Growth was comprised of a 1.2% increase in average check size and a 1.0% increase in customer transactions.
Chipotle's operating margin declined from 18.25% to 15.70% due to 1.4% inflation in beef and freight, higher wage inflation, legal contingency expenses, and elevated marketing and promotional spending.
Chipotle opened 100 new company-owned locations in Q2 FY2026, 80 of which featured a Chipotlane drive-thru, bringing its company-owned store total to 4,186.
Expected release date, analyst estimates & what to watch
Chipotle Mexican Grill (CMG) reported Q1 2026 revenue growth of 7.4% to $3.09B, but operating income fell 17.1% and net income dropped 21.7% year-over-year, reflecting significant margin compression even as operating cash flow improved 16.9%.
CMG delivered 5.4% revenue growth to $11.93B in FY2025, but net income was nearly flat at $1.54B (+0.1%) as the company aggressively returned $2.43B to shareholders via buybacks, sharply reducing cash and equity.
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