Chipotle Mexican Grill sign outside the chain’s restaurant in the Mission Rock development, San Francisco, California, October 15, 2026. (
Smith/gado collection | Photo archives | Getty Images
Chipotle Mexican Grill released mixed quarterly results on Wednesday as the operating margin of its restaurants declined.
Here’s what the company reported compared to what Wall Street expected, based on a survey of analysts by LSEG:
- Earnings per share: 27 cents adjusted versus 29 cents expected
- Income: $3.29 billion versus $3.29 billion expected
Chipotle reported third-quarter net income of $339.9 million, or 27 cents per share, down from $382.1 million, or 29 cents per share, a year earlier. The company’s operating margin at the restaurant level increased from 24.5% to 23.3%.
Excluding restaurant asset impairment charges and stock-based compensation, the company earned 27 cents per share.
Net sales rose 9.6% to $3.29 billion, fueled by the chain’s new restaurants. During the quarter, Chipotle opened 84 company-owned restaurants and five international licensee-operated locations.
In the second half of July, Chipotle said it began seeing sales decline as diners grew concerned about eating raw lettuce because of cyclospora, although its own supply has never been linked to an outbreak. Then, in August, the chain revealed that it had temporarily removed jalapenos from Minnesota restaurants after learning its supply was potentially linked to a salmonella outbreak.
Nonetheless, the chain was able to report same-store sales growth for its third consecutive quarter, ending last year’s traffic woes.
Sales at stores open at least 13 months increased 2.1%, driven by a 1.3% increase in the average check.
For the full year, Chipotle reiterated its previous forecast that its same-store sales would increase by a low single-digit percentage. By 2027, the company plans to open between 340 and 360 new locations in the United States and Canada, as well as approximately 15 to 25 international restaurants.
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