Companies · CMG
Chipotle
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Latest analysis
Updated Jul 31, 2026
Chipotle traffic stabilizes amid food safety headwinds; SSS +2.2% driven by pricing, digital +38% penetration.
Chipotle delivered Q2 2026 comparable sales growth of 2.2% (transaction +1.0%, ticket +1.2%), marking recovery from negative comparisons in prior year, driven by 1.6% menu pricing and 1.3% pricing contribution to six-month comps. Digital sales penetration reached 38.3% of food and beverage revenue, up 280 basis points year-over-year. However, management disclosed low-single-digit headwinds tied to recent U.S. food safety concerns and geopolitical developments, with explicit warning that financial results could be materially adversely impacted if these disruptions worsen. Unit development accelerated to 100 company-owned openings in Q2 (80 with Chipotlanes); 149 year-to-date versus 118 prior year. Food, beverage and packaging costs rose 80 basis points as a percentage of revenue due to 1.4% inflation (primarily beef and freight) and 0.5% higher protein and produce usage, partially offset by favorable avocado and dairy pricing. Labor costs increased 30 basis points as a percentage of revenue in Q2 due to wage inflation and performance bonuses, while other operating costs expanded 90 basis points driven by increased marketing spend and insurance and utility inflation.
Tone: cautiousRevenue
$11.9B
CMG 10-K · FY 2025
Employees
130,301
Revenue growth YoY
+5.4%
Founded
1993
Profile
CMG 10-K Item 1 · Feb 4, 2026Chipotle Mexican Grill owns and operates fast-casual Mexican restaurants across the United States and internationally, serving burritos, burrito bowls, quesadillas, tacos, and salads made from responsibly sourced ingredients without artificial colors, flavors, or preservatives. The company operates 4,042 company-owned restaurants plus 14 partner-operated international locations as of December 31, 2025. Revenue is derived entirely from restaurant sales, with digital channels representing 36.7% of food and beverage revenue in 2025.
Read filing description ↓ Collapse description ↑
Chipotle Mexican Grill, Inc., a Delaware corporation, together with its subsidiaries owns and operates Chipotle Mexican Grill restaurants, which feature a relevant menu of burritos, burrito bowls (a burrito without the tortilla), quesadillas, tacos, and salads. We strive to cultivate a better world by serving responsibly sourced, classically cooked, real food with wholesome ingredients and without artificial colors, flavors or preservatives. We are passionate about providing a great guest experience and making our food more accessible to everyone while continuing to be a brand with a demonstrated purpose. Our first Chipotle restaurant opened in Denver, Colorado in 1993. Over 30 years later, our devotion to seeking out high-quality ingredients, raised with respect for animals, farmers, and the environment, remains at the core of our commitment to Food with Integrity. As of December 31, 2025, we owned 3,938 Chipotle restaurants throughout the United States and 104 international Chipotle restaurants. Additionally, we had 14 international partner-operated restaurants. Partner-operated restaurants represent Chipotle restaurants over which Chipotle does not have a controlling financial interest and for which Chipotle does not directly manage day-to-day operations. This includes restaurants operated by third parties pursuant to license or franchise agreements and restaurants in which Chipotle holds a minority, non-controlling ownership interest. We manage our U.S. operations based on 11 regions and aggregate our operations to one reportable segment. Our revenue is derived from sales by our restaurants.
Primary products
- burritos
- burrito bowls
- quesadillas
- tacos
- salads
Business segments
End markets
Geographies
“Among our main competitors are restaurant formats that claim to serve higher quality ingredients without artificial flavors, colors and preservatives, and that serve food quickly and at a reasonable price.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased 5.4% year-over-year to $11.9 billion, driven by new restaurant openings, partially offset by a 1.7% decline in comparable restaurant sales.
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