Chipotle (CMG) investor relations material

Executive summary

• Total revenue for Q2 2026 grew 9.3% year-over-year to $3.35 billion, driven by new restaurant openings, positive comparable sales, and digital engagement, with digital sales accounting for 38.3% of revenue.

• Comparable restaurant sales increased 2.2%, supported by menu innovation, marketing, and higher average check and transaction growth.

• The "Recipe for Growth" strategy, emphasizing operational excellence, digital innovation, menu development, talent cultivation, and global expansion, is delivering tangible results.

• 100 new company-owned restaurants (80 with Chipotlanes) and one international partner-operated location opened in Q2 2026.

• Net income for Q2 2026 was $403.5 million, down from $436.1 million in Q2 2025, with diluted EPS flat at $0.32 and adjusted diluted EPS at $0.33.

Financial highlights

• Restaurant-level operating margin was 25.2%, down from 27.4% year-over-year, and operating margin declined to 15.7% from 18.2%.

• Food, beverage, and packaging costs rose to 29.7% of revenue, mainly due to beef and freight inflation.

• Labor costs increased to 25.0% of revenue, driven by wage inflation and performance bonuses.

• Adjusted net income for Q2 2026 was $418.9 million; adjusted diluted EPS was $0.33.

• Digital sales reached $1.3 billion, accounting for 38.3% of total sales.

Outlook and guidance

• Full-year comparable sales growth guidance raised to the low single-digit range.

• Plans for 350–370 new restaurant openings in 2026, including 10–15 international partner-operated units; about 80% of new company-owned restaurants will feature a Chipotlane.

• Q3 comps anticipated around +1%, factoring in a 200 basis point headwind from industry-wide Cyclospora concerns.

• Menu pricing impact expected to rise to mid-2% in Q3, with full-year pricing at the high end of the 1%-2% range.

• Estimated underlying full-year effective tax rate between 24% and 26%.