Chipotle Mexican Grill, Inc. (CMG) Earnings Call Transcripts

Chipotle Mexican Grill, Inc.'s Latest Earnings Call - Q2 FY2026

In the second quarter of fiscal 2026, Chipotle Mexican Grill reported revenue of $3.3 billion, reflecting a 9.3% increase year-over-year, driven by positive transaction growth and the successful execution of its Recipe for Growth strategy. Adjusted diluted earnings per share remained flat at $0.33, while comparable restaurant sales increased by 2.2%. Management raised its full-year guidance for comparable sales growth to the low single-digit range, indicating confidence despite recent softening trends in consumer behavior and heightened competition in the restaurant industry.

Reported metrics

Guidance from management

Management raised its full-year comparable sales growth guidance to the low single-digit range, reflecting confidence in ongoing initiatives despite recent consumer caution and industry challenges.

What management said

Yes, yes, that's correct, and that's what our expense line guidance was based off of, was that 1% guide because, again, it assumes the continuation of that impact through the rest of the quarter because, again, very difficult to predict how long this could last.

Yes, absolutely. So we mentioned that the restaurants that have HEEP in place, they're doing about 2 or 3 entrees more in their max 15. And so when you think about it, overall, we're kind of in that low 20% range in store. And then that doesn't count digital, of course, and digital being almost 40% of our sales. Digital tends to be somewhere in that mid-teens. So when you combine both, we're kind of in that low to mi...

What analysts pressed on

Analysts expressed concerns regarding the sustainability of the recent sales growth, particularly in light of increased spending to achieve just 1% to 2% same-store sales growth. There were also questions about the impact of external factors like cyclospora on future performance and the effectiveness of menu innovations in attracting new customers.

Main topics on the call

• Revenue Growth — Chipotle achieved a revenue growth of 9.3% to $3.3 billion, supported by a 2.2% increase in comparable restaurant sales. CEO Scott Boatwright noted, "These proof points reinforce our confidence as we strengthen restauran...
• Digital Sales Performance — Digital sales reached $1.3 billion, accounting for 38.3% of total sales, up from 35.5% in the prior year. Management highlighted that the relaunch of the Rewards program and campaigns like Summer of Extras significantly ...
• Operational Efficiency Initiatives — The rollout of the High-Efficiency Equipment Package (HEEP) is expected to enhance throughput and guest satisfaction. Management stated that HEEP restaurants are outperforming others by 2 to 3 entrees during peak periods...
• Guidance Update — Management raised its full-year comparable sales growth guidance to the low single-digit range, reflecting confidence despite recent consumer caution. CFO Adam Rymer commented, "We anticipate our comps will be somewhere ...

Read the full Chipotle Mexican Grill, Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 41 Chipotle Mexican Grill, Inc. earnings call transcripts on record, spanning February 4, 2020 to July 29, 2026. Based on this history, Chipotle Mexican Grill, Inc. reports quarterly. The most recent call on file is dated July 29, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

CMG

Exchange

NYSE

Country

US

Sector

Consumer Discretionary

Industry

Hotels, Restaurants and Leisure

Calls on record

41

First call

February 4, 2020

Most recent

July 29, 2026

Reporting cadence

quarterly