Citable filing context
CMG's research view summarizes recent SEC filing context, starting with management_change from Sep 14, 2026.
| Filed | Item | Context |
|---|---|---|
| Sep 14, 2026 | management_change | Chipotle appointed Sabir Sami to its Board of Directors, increasing the total board size to 11 members. |
| Aug 5, 2026 | other | Chipotle is cooperating with health authorities regarding a salmonella outbreak and has proactively removed jalapeños from restaurants. |
| Jul 29, 2026 | earnings | Chipotle reported Q2 2026 revenue of $3.3 billion and authorized a $1.3 billion share repurchase program. |
| Jul 29, 2026 | Guidance: comparable_restaurant_sales_growth | not reported to not reported |
| Jul 29, 2026 | Guidance: effective_tax_rate | 24.00 to 26.00 |
| Jul 29, 2026 | Guidance: new_restaurant_openings | 350.00 to 370.00 |
| Jul 31, 2026 | mda_quarterly | Chipotle Mexican Grill reported second-quarter 2026 revenue of $3.3 billion, a 9.3% year-over-year increase, with comparable restaurant sales rising 2.2%. This growth was driven by a 1.2% increase in average check and a 1.0% rise in transactions. Digital sales remain a significant component, accounting for 38.3% of total food and beverage revenue. Despite these gains, management noted low-single-digit headwinds to sales trends attributed to U.S. food safety concerns and geopolitical developments. Operating margins faced pressure as food, beverage, and packaging costs rose to 29.7% of revenue, primarily due to beef and freight inflation and increased protein usage. Labor costs also increased to 25.0% of revenue, reflecting wage inflation and performance-based bonuses. Other operating costs rose to 14.9%, driven by higher marketing spend and insurance claims. The company continues an aggressive expansion strategy, opening 100 company-owned restaurants during the quarter, 80 of which feature "Chipotlanes." Liquidity remains strong, with $667.1 million in cash and marketable investments and $500 million in undrawn borrowing capacity. Capital allocation priorities focus on new restaurant development, facility maintenance, and share repurchases, with $1.7 billion remaining under current buyback authorizations. Management expects continued elevated equipment spending through 2027. |
| Apr 30, 2026 | mda_quarterly | First-quarter 2026 total revenue increased 7.4% to $3.1 billion, though diluted earnings per share declined 17.9% to $0.23. Comparable restaurant sales grew 0.5%, supported by a 0.6% increase in transactions, but management forecasts flat comparable sales for the full year. Digital sales now comprise 38.6% of food and beverage revenue. CMG expects to open 350 to 370 restaurants in 2026, including 10 to 15 international partner-operated sites, with approximately 80% of new company-owned locations featuring Chipotlanes. Profitability was pressured by rising expenses: food, beverage, and packaging costs rose to 29.6% of revenue, driven by beef and freight inflation. Labor costs increased to 26.1% of revenue due to wage inflation and legal proceedings, while other operating costs reached 15.6% amid higher marketing and delivery expenses. Key risks include anticipated tariffs affecting food and packaging costs starting in the second quarter of 2026, labor market competition, and international expansion risks in Mexico, Asia, and the Middle East. The company maintains $864.4 million in cash and marketable investments, with $1.0 billion remaining under its share repurchase authorization. |
Source: SEC EDGAR filing text and events; period Sep 14, 2026; filed Sep 14, 2026.
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