Chipotle Mexican Grill (CMG) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Chipotle published the results on October 28, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Chipotle reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted diluted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Chipotle reports in thousands of dollars. Figures on this page are rounded to the nearest $0.1 million.

Source: Chipotle Q3 2026 results, October 28, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Chipotle splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Chipotle's Food and beverage revenue revenue was $3.3 billion in Q3 2026, up 10% from $3.0 billion in Q3 2025, 100% of total revenue.
• Chipotle's Delivery service revenue revenue was $15.2 million in Q3 2026, up 7% from $14.2 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Chipotle gives no revenue or EPS outlook. The first three lines are for 2026; the last is for 2027.

In its Q3 2026 release, Chipotle said:

“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”

“340 to 360 new company-owned restaurant openings in the U.S. and Canada”

Source: Chipotle Q3 2026 release, Oct 28, 2026.

This is the company's own guidance as of Oct 28, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the CMG forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenue and GAAP diluted EPS, each as first reported in that quarter's earnings release, rounded from thousands.

We do not hold a confirmed date for Chipotle's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 28, 2026

Chipotle's total revenue rose 9.6% to $3.3 billion in Q3 2026. Food and beverage sales are 99.5% of it and delivery service revenue the other 0.5%. Chipotle said the increase came from new restaurant openings and, to a lesser extent, comparable restaurant sales. (Chipotle Q3 2026 earnings release, Oct 28, 2026)

Chipotle's comparable restaurant sales rose 2.1%, made up of a 1.3% rise in average check and a 0.8% rise in transactions, its third consecutive quarter of positive transaction growth. Digital sales, through the Chipotle website and app and third-party delivery aggregators, were 38.8% of food and beverage revenue, up from 36.7%. (Chipotle Q3 2026 earnings release, Oct 28, 2026)

Chipotle's 10-Q says comparable sales trends met low-single-digit headwinds starting in July, which it tied to the consumer environment, including U.S. food safety concerns and geopolitical developments. The headwinds worsened over the following weeks, and by the end of August trends had returned to roughly the levels seen before the disruptions. (Chipotle Form 10-Q, Q3 2026, Oct 29, 2026)

Chipotle opened 84 company-owned restaurants in the quarter, 53 of them with a Chipotlane drive-through pickup lane, ending with 4,267 company-owned restaurants. Average restaurant sales, a trailing 12-month figure, were $3.1 million. Chipotle owns and operates all its restaurants in the United States, Canada and Europe; its 20 partner-operated restaurants are abroad, and in the quarter it entered Mexico, Saudi Arabia and South Korea. (Chipotle Q3 2026 earnings release, Oct 28, 2026; Chipotle Form 10-Q, Q3 2026, Oct 29, 2026)

Chipotle's GAAP diluted EPS was $0.27 in Q3 2026, down 6.9% from $0.29, and adjusted diluted EPS was also $0.27. Adjusted net income of $344.6 million excludes a restaurant asset impairment and stock-based compensation for retention awards granted to certain executives when the former CEO left. Net income was $339.9 million, against $382.1 million. (Chipotle Q3 2026 earnings release, Oct 28, 2026)

Chipotle's operating margin fell to 13.7% from 15.9%, and restaurant level operating margin to 23.3% from 24.5%. Food, beverage and packaging costs fell to 29.5% of revenue from 30.0% on menu price increases, tariff relief and limited-time offer mix, while labor rose to 25.7% from 25.2%. General and administrative expenses rose to $185.2 million from $146.7 million because of stock-based compensation, performance bonuses and outside services. (Chipotle Q3 2026 earnings release, Oct 28, 2026)

Chipotle's effective income tax rate rose to 25.6% from 23.1%, because of higher nondeductible expenses and fewer tax credits. Diluted weighted-average shares fell to 1,267,703 thousand from 1,339,522 thousand. Chipotle repurchased $110.0 million of stock in the quarter at an average price of $34.05, and $1.6 billion of repurchase authorization remained. (Chipotle Q3 2026 earnings release, Oct 28, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Chipotle's outlook gives no revenue or EPS figure. For 2026 it still anticipates full-year comparable restaurant sales growth in the low single digit range, 350 to 370 new restaurant openings including 10 to 15 international partner-operated restaurants, and an underlying tax rate of 24% to 26% before discrete items. (Chipotle Q3 2026 earnings release, Oct 28, 2026)

For 2027 Chipotle anticipates 340 to 360 new company-owned restaurant openings in the U.S. and Canada and around 15 to 25 company-owned and partner-operated restaurants outside them. (Chipotle Q3 2026 earnings release, Oct 28, 2026)

A consensus figure is the average of the models published by the analysts who cover Chipotle, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Chipotle's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning CMG is on is CMG a buy or a sell?, what analysts expect next is on the CMG forecast, and what the company does is on the Chipotle Mexican Grill (CMG) stock page.

Every number on this page can be traced to a document Chipotle published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.