Chipotle Q2 revenue slightly beats,  mainly on new restaurant openings

Chipotle Mexican Grill

29/07/2026 21:21

Overview
US fast-casual restaurant's Q2 revenue rose 9.3%, slightly beating analyst expectations
Adjusted EPS for Q2 beat analyst expectations
Comparable restaurant sales grew 2.2%, driven by higher average check and transactions

Outlook
Chipotle sees 2026 comparable restaurant sales growth in the low single digit range
Company expects 350 to 370 new restaurant openings in 2026
Chipotle estimates 2026 effective tax rate between 24% and 26%

Result Drivers
NEW RESTAURANT OPENINGS - Co said revenue growth was primarily driven by new restaurant openings
MENU PRICING AND TRANSACTIONS - Comparable restaurant sales rose 2.2%, with a 1.2% increase in average check and a 1.0% increase in transactions
HIGHER COSTS - Operating margin declined due to inflation in beef and freight, higher protein and produce usage, and increased labor costs

Company press release: ID:nPnbrnrrpa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Slight Beat*
$3.35 bln
$3.33 bln (28 Analysts)
Q2 Adjusted EPS
Beat
$0.33
$0.32 (31 Analysts)
Q2 EPS
 
$0.32
 
Q2 Comparable Restaurant Sales Growth
 
2.20%
 
Q2 Operating Margin
 
15.70%
 
*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 27 "strong buy" or "buy", 10 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the restaurants & bars peer group is "buy"
Wall Street's median 12-month price target for Chipotle Mexican Grill Inc is $44.00, about 31.3% above its July 28 closing price of $33.51
The stock recently traded at 27 times the next 12-month earnings vs. a P/E of 27 three months ago

Reuters Recommended Reads
July 29 - Wingstop Q2 revenue rises on new franchise openings 
July 29 - Starbucks beats quarterly sales estimates
July 28 - Cheesecake Factory Q2 results beat estimates as marketing efforts strengthen consumer engagement

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)