Filing Flows › Chipotle Mexican Grill (CMG) › Q1 2026
Chipotle Mexican Grill (CMG) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 30, 2026
Chipotle Mexican Grill (CMG) reported revenue of $3.1B for the first quarter 2026 (Q1 2026), +7% from a year earlier and +4% from the quarter before. Operating margin was 12.9%, net earnings $303M (9.8% of revenue).
Chipotle Mexican Grill, Q1 2026: revenue $3.1B (+7% year over year), operating margin 12.9%, net earnings $303M, operating cash flow $651M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1B | +4% | +7% |
| Operating profit | $397M | -6% | -17% |
| Net earnings | $303M | -8% | -22% |
| Operating cash flow | $651M | +53% | +17% |
| Free cash flow | $471M | +106% | +14% |
What changed
Revenue was $3.1B in Q1 2026, up 7% year over year and up 4% from the previous quarter. Food and beverage revenue was the largest line at 99% of revenue. Food and beverage revenue added $0.21B year over year (up 7%), 100% of the total change.
Operating profit was $0.40B, a 12.9% margin (down 3.8 points year over year). Operating profit fell $0.08B even though revenue rose $0.21B versus Q1 2025, so costs grew faster than sales. Total costs grew 12% against revenue growth of 7%. The fastest-growing cost line was General & admin (+18%). Net earnings were $0.30B, down 22% year over year. The effective tax rate was 25.4%.
Operating cash flow was $0.65B (up 17% year over year), 215% of net earnings. Non-cash charges added back $0.10B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.22B. Capital expenditures of $0.18B left free cash flow of $0.47B.
Questions
What was Chipotle Mexican Grill's revenue in the first quarter 2026?
Chipotle Mexican Grill (CMG) reported revenue of $3.1B for the first quarter 2026 (Q1 2026), +7% from a year earlier and +4% from the quarter before.
Was Chipotle Mexican Grill profitable in the first quarter 2026?
Operating profit was $397M (12.9% of revenue) and net earnings $303M.