Chipotle Q1 2026: Revenue Rises on Growth Drive Despite Margin Pressure
Chipotle reported Q1 2026 revenue of about $3.09 billion, up 7.4% year over year, with comparable restaurant sales up 0.5% as higher transactions offset a modest per-check decline. Operating margin fell to 12.9% and adjusted margin to 23.7% from a year earlier. Net income was $302.8 million ($0.23 per diluted share), with adjusted net income of $316.2 million ($0.24). The company opened 49 company-owned restaurants (42 with Chipotlanes) and digital sales accounted for 38.6% of revenue. Food, beverage and packaging costs rose, labor costs increased, and general and administrative expenses rose as well. Chipotle repurchased $701 million of stock in the quarter and maintained $1.0 billion of repurchase capacity. For 2026, management expects roughly flat comparable sales, 350–370 new openings (including 10–15 international), about 80% of company-owned restaurants with Chipotlanes, and a 24–26% underlying tax rate, as part of its Recipe for Growth strategy and leadership updates.