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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%.
营业收入
$3.09B
同比 ++7.41%
每股收益（基本）
$0.23
同比 -20.69%
营业利润
$397.06M
同比 -17.15%
提交于 · 来源: SEC EDGAR 10-Q 原文
Chipotle Mexican Grill (CMG) Q1 FY2026 营收 $3.09B，同比增长 7.4%。 净利润 $302.82M，同比下降 21.7%，稀释每股收益 $0.23。
CMG grew total revenue 7.4% year-over-year to $3.09B in Q1 2026 (vs. $2.88B in Q1 2025), suggesting continued restaurant-level growth through new unit openings and/or comparable sales increases, even as profitability came under pressure.
来源: Source: 10-Q Income Statement Data
Operating margin contracted sharply from 16.7% in Q1 2025 to 12.9% in Q1 2026, a decline of approximately 381 basis points, indicating that cost pressures — likely in food, labor, or G&A — outpaced revenue growth during the quarter.
来源: Source: 10-Q Income Statement & Key Ratios Data
Net income fell to $302.8M from $386.6M a year ago, a drop of $83.8M or 21.7%, resulting in diluted EPS of $0.23 vs. $0.28 in the prior-year period, reflecting the combined impact of margin compression and higher costs.
来源: Source: 10-Q Income Statement Data
Despite the earnings decline, operating cash flow improved 16.9% year-over-year to $651.4M (vs. $557.1M), suggesting healthy underlying cash generation supported by non-cash charges such as D&A of $96.7M, which grew 10.9% YoY.
来源: Source: 10-Q Cash Flow Statement Data
CMG repurchased $701.0M in shares during Q1 2026, up 26.6% from $553.8M in Q1 2025, which drove cash & equivalents down 66.0% to $246.6M and contributed to a 31.0% decline in stockholders' equity to $2.41B.
来源: Source: 10-Q Cash Flow & Balance Sheet Data
Operating margin fell nearly 382 basis points year-over-year to 12.9%, and net margin stands at 9.8%. If cost pressures (food inflation, labor costs, or G&A) persist or intensify, further margin erosion could materially impact earnings power.
来源: Source: 10-Q Income Statement & Key Ratios Data
Cash & equivalents plunged 66.0% to $246.6M as CMG spent $701.0M on share buybacks in a single quarter. With a current ratio of 0.92 (below 1.0), current liabilities now exceed current assets, raising near-term liquidity concerns if operating conditions deteriorate.
来源: Source: 10-Q Balance Sheet & Cash Flow Data
Total liabilities increased 15.2% to $6.40B while stockholders' equity fell 31.0% to $2.41B, pushing the debt-to-equity ratio to 2.66x. This elevated leverage reduces financial flexibility and increases vulnerability to interest rate or credit market changes.
来源: Source: 10-Q Balance Sheet & Key Ratios Data
Basic EPS fell 20.7% to $0.23 from $0.29 a year ago, even as revenue grew 7.4%. This divergence signals that revenue growth alone is insufficient to sustain earnings if cost structures are not brought back in line, which could disappoint investor expectations.
来源: Source: 10-Q Income Statement Data
Investing cash flow turned negative at -$8.1M in Q1 2026 compared to a positive $6.1M in Q1 2025, a swing of over $14M. While modest in absolute terms, this shift may indicate changes in the pace or nature of capital investment in new restaurant development.
来源: Source: 10-Q Cash Flow Statement Data
Q1 FY2026 实际 EPS $0.24，分析师一致预期 $0.24，不及预期 -0.4%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $3.09B | $2.88B | +7.41% |
营业利润 | $397.06M | $479.25M | -17.15% |
净利润 | $302.82M | $386.6M | -21.67% |
每股收益（基本） | $0.23 | $0.29 | -20.69% |
每股收益（稀释） | $0.23 | $0.28 | -17.86% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $8.8B | $9.04B | -2.66% |
流动资产 | $1.14B | $1.66B | -31.55% |
总负债 | $6.4B | $5.55B | +15.17% |
流动负债 | $1.24B | $1.09B | +13.36% |
股东权益 | $2.41B | $3.49B | -31.03% |
现金及等价物 | $246.64M | $725.6M | -66.01% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $651.35M | $557.08M | +16.92% |
投资活动现金流 | $-8.07M | $6.08M | -232.80% |
筹资活动现金流 | $-747.49M | $-585.17M | -27.74% |
股票回购 | $701.03M | $553.8M | +26.59% |
折旧及摊销 | $96.72M | $87.21M | +10.90% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 12.9% | 16.7% | -3.81% |
净利率 | 9.8% | — | — |
净资产收益率 | 12.6% | — | — |
总资产收益率 | 3.4% | — | — |
流动比率 | $0.919 | — | — |
资产负债率 | $2.656 | — | — |
Based on the filing data, CMG reported diluted EPS of $0.23 in Q1 2026, down 17.9% from $0.28 in Q1 2025. Whether this beat or missed Wall Street consensus estimates is not determinable from the filing alone, but the sharp year-over-year decline in earnings suggests results may have disappointed relative to prior-year performance.
The headline story in CMG's Q1 2026 results is a significant disconnect between revenue growth (+7.4% to $3.09B) and profitability, with operating income falling 17.1% and net income dropping 21.7% to $302.8M. Operating margin compressed nearly 382 basis points to 12.9%, while the company spent $701M on share buybacks, draining cash reserves by 66% to $246.6M.
CMG's profits declined sharply in Q1 2026 despite revenue growth, with operating income falling to $397.1M from $479.3M a year ago, implying that cost pressures — likely in food, labor, or overhead — grew faster than sales. The operating margin fell from 16.7% to 12.9%, suggesting structural cost headwinds that offset the benefit of higher revenues.
CMG's financial health shows some mixed signals: operating cash flow is strong at $651.4M (+16.9% YoY), but the current ratio has fallen below 1.0 to 0.92, cash dropped 66% to $246.6M, and the debt-to-equity ratio rose to 2.66x due to aggressive share repurchases and rising liabilities. These metrics suggest near-term liquidity tightness even though the business generates solid operating cash.
CMG repurchased $701.0M worth of shares in Q1 2026, a 26.6% increase from the $553.8M spent in Q1 2025. This aggressive capital return program significantly reduced cash on hand (down 66% to $246.6M) and contributed to a 31% decline in stockholders' equity to $2.41B.