Chipotle (CMG) investor relations material

Executive summary

• Q1 2026 results exceeded expectations, with revenue up 7.4% to $3.1 billion, positive transaction growth, and strong execution of the Recipe for Growth strategy, including menu innovation and digital engagement.

• Menu innovation, such as high-protein offerings and Chicken al Pastor, and digital rewards drove incremental transactions and guest engagement.

• Investments in technology, hospitality, and talent, including new leadership hires, supported operational excellence and long-term growth.

• Expansion continued in the U.S., Canada, Europe, and select international markets, focusing on company-owned and partner-operated models.

• Maintained a prudent FY26 outlook amid macroeconomic uncertainty, with transparent cost management and adaptability.

Financial highlights

• Revenue grew 7.4% year-over-year to $3.1 billion, with comparable restaurant sales up 0.5%.

• Digital sales reached $1.2 billion, representing 38.6% of total sales.

• Adjusted restaurant-level margin was 23.7%, down from 26.2% year-over-year, and operating margin was 12.9%.

• Adjusted diluted EPS was $0.24, a 17% decline versus last year.

• 49 new restaurants opened in Q1, including 42 Chipotlanes.

Outlook and guidance

• Full-year 2026 comparable restaurant sales expected to be about flat, with Q2 comps around +1%.

• 350 to 370 new restaurant openings planned, with about 80% featuring Chipotlanes and 10 to 15 international partner-operated locations.

• Pricing is anticipated to be about 1.5% in Q2 and 1%-2% for the full year.

• Cost of sales inflation expected in the mid-single-digit range for Q2, stepping down in the second half as beef costs normalize.

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