Chipotle Mexican Grill beat second-quarter earnings expectations on July 29, reporting comparable restaurant sales growth of 2.2% and raising its full-year sales guidance to a low single-digit range after a turbulent 2025 that saw its stock plunge 37%.
The fast-casual chain reported total revenue increased 9.3% to $3.3 billion in the quarter ended June 30, 2026. Diluted earnings per share remained flat at $0.32, matching the consensus estimate, while the company opened 100 company-owned restaurants, with 80 locations including a Chipotlane drive-through window.
The comparable sales growth of 2.2% marked a sharp turnaround from the prior year. In Q2 2025, Chipotle reported comparable sales declined 4.0%, driven by a 4.9% drop in transactions. The 2025 full year saw comparable sales fall 1.7% for the first time since the company went public, according to Verdict Foodservice.
Chipotle’s guidance raise is significant given management’s prior outlook. In February 2026, the company had forecast flat comparable sales growth for the full year. The new guidance to “low single digit range” growth reflects what CEO Scott Boatwright called “momentum” from the company’s “Recipe for Growth” strategy, which focuses on menu innovation, Chipotle Rewards engagement, hospitality improvements, and group occasion expansion.
The comparable sales increase consisted of a 1.2% rise in average check and a 1.0% increase in transactions, marking the second consecutive quarter of improving transaction performance. Digital sales represented 38.3% of total food and beverage revenue, up from 35.5% in the prior-year quarter, signaling continued strength in the company’s online ordering and delivery channels.
Cost pressures persisted in the quarter. Food, beverage and packaging costs rose to 29.7% of revenue from 28.9% a year earlier, driven by inflation in beef and freight and higher protein and produce usage. These headwinds were partially offset by menu price increases and lower avocado and dairy costs. Labor costs also increased to 25.0% of revenue from 24.7%, reflecting wage inflation and performance bonuses.
For 2026, management anticipates 350 to 370 new restaurant openings, with approximately 80% of company-owned restaurants featuring a Chipotlane. The company also plans to open 10 to 15 international partner-operated restaurants, including its first location in Mexico, which opened in July 2026 in Nuevo León.
Sources
- Chipotle Investor Relations — Q2 2026 earnings announcement with comparable sales, revenue, EPS, and full-year guidance
- Verdict Foodservice — 2025 full-year comparable sales decline of 1.7%
- SeekingAlpha — Q2 2025 comparable sales decline of 4.0% and consensus Q2 2026 EPS estimate
- Restaurant Dive — Q2 2025 comparable sales decline detail with transaction breakdown
