Chipotle二季度同店销售改善并上调全年同店销售指引，但利润率承压

CHIPOTLE RAISES FULL YEAR COMPARABLE SALES GUIDANCE ON STRONG Q2 MOMENTUM
"RECIPE FOR GROWTH" STRATEGY YIELDS COMPARABLE RESTAURANT SALES OF 2.2% ON SECOND CONSECUTIVE QUARTER OF IMPROVING TRANSACTION COMP
NEWPORT BEACH, Calif., July 29, 2026 /PRNewswire/ -- Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its second quarter ended June 30, 2026.
Second quarter highlights, year over year:
- Total revenue increased 9.3% to $3.3 billion
- Comparable restaurant sales increased 2.2%
- Operating margin was 15.7%, a decrease from 18.2%
- Restaurant level operating margin1 was 25.2%, a decrease from 27.4%
- Diluted earnings per share remained flat at $0.32
- Adjusted diluted earnings per share1 remained flat at $0.33
- Opened 100 company-owned restaurants, with 80 locations including a Chipotlane. We also opened one international partner-operated restaurant.
"Our positive results reflect the momentum we're building as our Recipe for Growth strategy continues to take shape," said Scott Boatwright, Chief Executive Officer, Chipotle. "We're seeing encouraging progress because we're focused on the right growth drivers—bringing meaningful menu innovation to our guests, deepening engagement through Chipotle Rewards, elevating hospitality in every restaurant, and expanding opportunities to serve more group occasions. These efforts are building a stronger business and reinforcing our confidence in Chipotle's ability to deliver sustainable long-term growth and shareholder value."
Results for the three months ended June 30, 2026:
Total revenue in the second quarter of 2026 was $3.3 billion, an increase of 9.3% compared to the second quarter of 2025. The increase was driven by new restaurant openings and, to a lesser extent, comparable restaurant sales. Comparable restaurant sales increased 2.2%, consisting of a 1.2% increase in average check and a 1.0% increase in transactions. Digital sales represented 38.3% of total food and beverage revenue for the three months ended June 30, 2026, an increase from 35.5% for the three months ended June 30, 2025.
During the second quarter we opened 100 company-owned restaurants, of which 80 included a Chipotlane, and one international partner-operated restaurant. Chipotlanes continue to perform well and are helping enhance guest access and convenience, as well as increase new restaurant sales, margins and returns.
Food, beverage and packaging costs in the second quarter of 2026 were 29.7% of total revenue, an increase from 28.9% in the second quarter of 2025. The increase was driven by inflation, primarily from beef and freight, and higher protein and produce usage. These increases were partially offset by the benefit of menu price increases and lower avocado and dairy costs.
Labor costs in the second quarter of 2026 were 25.0% of total revenue, an increase from 24.7% in the second quarter of 2025. The increase was primarily driven by higher employee compensation, including wage inflation and performance-based bonuses, and additional restaurant labor supporting operational execution, including hospitality initiatives. These headwinds were partially offset by the benefit from menu price increases.
General and administrative expenses for the second quarter of 2026 were $190.5 million, compared to $172.2 million in the second quarter of 2025. The increase was driven by legal reserves, performance bonuses, wages, and restructuring costs, partially offset by lower stock-based compensation. Adjusted general and administrative expenses1 for the second quarter of 2026 were $176.2 million, compared to $159.9 million in the second quarter of 2025.
The effective income tax rate for the second quarter of 2026 was 24.3%, a decrease from 24.5% in the second quarter of 2025. The decrease was primarily due to an increase in U.S. federal income tax credits, partially offset by lower tax benefits from stock option exercises and equity vesting.
Net income for the second quarter of 2026 was $403.5 million, or $0.32 per diluted share, compared to $436.1 million, or $0.32 per diluted share, in the second quarter of 2025. Adjusted net income1 for the second quarter of 2026 was $418.9 million, or $0.33 per adjusted diluted share, compared to $450.4 million, or $0.33 per adjusted diluted share, in the second quarter of 2025.
During the second quarter of 2026 we repurchased $630.7 million of stock at an average price per share of $32.55. As of June 30, 2026, $1.7 billion remained available under share repurchase authorizations from our Board of Directors, including an additional $1.3 billion in authorizations approved by our Board of Directors on June 11, 2026. The repurchase authorization may be modified, suspended or discontinued at any time.
More information will be available in our Quarterly Report on Form 10-Q, which will be filed with the SEC in accordance with applicable rules.
Outlook
For 2026, management is anticipating the following:
- Full year comparable restaurant sales growth in the low single digit range
- 350 to 370 new restaurant openings, which includes 10 to 15 international partner-operated restaurants. Around 80% of new company-owned restaurants will have a Chipotlane
- An estimated underlying full year effective tax rate between 24% and 26% before discrete items
Definitions
The following definitions apply to these terms as used throughout this release:
- Comparable restaurant sales, or sales comps, and comparable restaurant transactions, represent the change in period-over-period total revenue or transactions for company-owned restaurants in operation for at least 13 full calendar months.
- Average restaurant sales refers to the average trailing 12-month food and beverage revenue for company-owned restaurants in operation for at least 12 full calendar months.
- Restaurant level operating margin represents total revenue less direct restaurant operating costs, expressed as a percent of total revenue.
- Digital sales represent food and beverage revenue for company-owned restaurants generated through the Chipotle website, Chipotle app or third-party delivery aggregators. Digital sales include revenue deferrals associated with Chipotle Rewards.
- 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.
Conference Call Details and Supplemental Slides
Chipotle will host a conference call on Wednesday, July 29, 2026, at 4:30 PM Eastern time to discuss second quarter 2026 financial results and provide a business update for the third quarter to date. In connection with the call, supplemental slides for the call will be available on the company's website at ir.chipotle.com/presentations.
The conference call can be accessed live over the phone by dialing 1-888-317-6003 or, for international callers, by dialing 1-412-317-6061 and entering code: 3937444. The call will be webcast live on the company's website at ir.chipotle.com/events. An archived webcast will be available approximately one hour after the end of the call.
About Chipotle
Chipotle Mexican Grill, Inc. (NYSE: CMG) is cultivating a better world by serving responsibly sourced, classically-cooked, real food with wholesome ingredients without artificial colors, flavors or preservatives. There are over 4,200 restaurants as of June 30, 2026, in the United States, Canada, the United Kingdom, France, Germany, and the Middle East and it is the only restaurant company of its size that owns and operates all its restaurants in the United States, Canada and Europe. With nearly 140,000 employees passionate about providing a great guest experience, Chipotle is a longtime leader and innovator in the food industry. Chipotle is committed to making its food