Chipotle Mexican Grill (CMG) Q1 FY2026 earnings: revenue $3.1 billion, up 7.4% on the year

Chipotle Mexican Grill Inc. (CMG) reported revenue of $3.1 billion for Q1 FY2026, the quarter ended 31 March 2026, up 7.4% on the same quarter a year earlier. Net income was $303 million, down 21.7% on the year, and diluted earnings per share $0.23. The figures are the company's own, from the 10-Q it filed with the SEC on 30 April 2026.

Revenue

$3.1 billion

+7.4% on the year · +3.5% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

12.9%

16.7% a year earlier

Q2 FY2024Q1 FY2026

Net income

$303 million

-21.7% on the year · -8.5% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$0.23

-17.9% on the year · -8.0% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 kept.

Revenue rose 7.4% on new openings: Total revenue rose 7.4% to $3.1 billion. The company attributed the increase to new restaurant openings, with comparable restaurant sales adding a smaller contribution.
Operating margin fell to 12.9%: Operating margin was 12.9% against 16.7% a year earlier. Income from operations was $397.1 million, compared with $479.3 million.
Net income and diluted EPS declined: Net income was $302.8 million, or $0.23 per diluted share, against $386.6 million, or $0.28 per diluted share, a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	3,088	2,984	2,875	+3.5%	+7.4%
Operating income	397	420	479	-5.5%	-17.1%
Operating margin	12.9%	14.1%	16.7%
Pre-tax income	406	434	502	-6.4%	-19.1%
Income tax	103	103	115	+0.3%	-10.4%
Effective tax rate	25.4%	23.7%	22.9%
Net income	303	331	387	-8.5%	-21.7%
Net margin	9.8%	11.1%	13.4%
Diluted EPS	$0.23	$0.25	$0.28	-8.0%	-17.9%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	651	426	557	+53.0%	+16.9%
Capital expenditure	180	197	145	-8.7%	+24.5%
Free cash flow	471	228	412	+106.2%	+14.3%
Free cash flow margin	15.3%	7.7%	14.3%
Cash from investing	-8.1	-27.7	6.1
Cash from financing	-747	-742	-585
Depreciation and amortisation	96.7	92.7	87.2	+4.3%	+10.9%
Share-based compensation	28.0	25.6	37.6	+9.5%	-25.5%
Buybacks	701	742	554	-5.5%	+26.6%
Diluted shares, weighted	1,302m	1,320m	1,361m	-1.4%	-4.3%
Shares outstanding at period end	1,283m	1,302m	1,347m	-1.5%	-4.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	2,408	2,831	3,491	-14.9%	-31.0%
Debt	0.0	0.0	0.0
Operating lease liabilities	4,936	4,773	4,349	+3.4%	+13.5%
Other liabilities	1,460	1,390	1,205	+5.0%	+21.2%
Total liabilities and equity	8,803	8,995	9,044	-2.1%	-2.7%
Fixed assets	2,767	2,679	2,437	+3.3%	+13.6%
Goodwill	21.9	21.9	21.9	0.0%	0.0%
Investments	721	896	1,390	-19.5%	-48.1%
Cash and equivalents	247	351	726	-29.6%	-66.0%
Receivables	94.9	156	102	-39.3%	-6.6%
Inventory	44.7	49.5	41.4	-9.7%	+8.0%
Other assets	4,907	4,841	4,327	+1.4%	+13.4%
Total assets	8,803	8,995	9,044	-2.1%	-2.7%

Questions

What was Chipotle Mexican Grill's revenue in Q1 FY2026?

Chipotle Mexican Grill (CMG) reported revenue of $3.1 billion for Q1 FY2026, the quarter ended 31 March 2026, up 7.4% on the same quarter a year earlier.

How much did Chipotle Mexican Grill earn in Q1 FY2026?

Net income for Q1 FY2026 was $303 million, down 21.7% on the year, and diluted earnings per share $0.23.

When did Chipotle Mexican Grill report Q1 FY2026 results?

Chipotle Mexican Grill filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 30 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,961	2,021	2,213	2,220	2,181	2,369	2,515	2,472	2,516	2,702	2,973	2,794	2,845	2,875	3,063	3,003	2,984	3,088	3,349	3,293
Operating income	158	190	338	336	296	368	432	395	363	441	586	473	416	479	559	477	420	397	526	452
Operating margin	8%	9%	15%	15%	14%	16%	17%	16%	14%	16%	20%	17%	15%	17%	18%	16%	14%	13%	16%	14%
Pre-tax income	168	190	348	340	303	377	448	413	382	461	608	503	439	502	577	497	434	406	533	457
Tax rate	20%	17%	25%	24%	26%	23%	24%	24%	26%	22%	25%	23%	24%	23%	24%	23%	24%	25%	24%	26%
Net income	133	158	260	257	224	292	342	313	282	359	456	387	332	387	436	382	331	303	404	340
Net margin	7%	8%	12%	12%	10%	12%	14%	13%	11%	13%	15%	14%	12%	13%	14%	13%	11%	10%	12%	10%
Diluted EPS	$0.09	$0.11	$0.18	$0.18	$0.16	$0.21	$0.25	$0.23	$0.20	$0.26	$0.33	$0.28	$0.24	$0.28	$0.32	$0.29	$0.25	$0.23	$0.32	$0.27
Operating cash flow	438	283	287	352	402	455	583	480	265	569	563	446	527	557	561	570	426	651	681	590
Capital expenditure	122	96.2	100	139	144	120	137	131	172	133	140	148	173	145	161	163	197	180	217	243
Free cash flow	317	187	186	213	258	335	445	349	93.5	437	422	299	354	412	401	406	228	471	463	347
Buybacks	166	263	259	108	200	127	95.0	216	155	27.0	145	490	339	554	443	687	742	701	654	110
Shares outstanding	1,402m	n/a	1,388m	1,386m	1,381m	1,379m	1,379m	1,372m	1,371m	1,373m	1,369m	1,363m	1,355m	1,347m	1,341m	1,322m	1,302m	1,283m	1,265m	1,265m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 30 April 2026: the filing.