Filing Flows › Chipotle Mexican Grill (CMG) › Q3 2026 › vs Q2 2026
Chipotle Mexican Grill (CMG) Q3 2026 vs Q2 2026 (quarter over quarter)
Chipotle Mexican Grill's revenue fell $55.4M (-2%) from $3.3B in Q2 2026 to $3.3B in Q3 2026. The biggest changes: Food and beverage revenue −$54.9M (-2%); Delivery service revenue −$550K (-3%). Operating margin 13.7% against 15.7% (-2.0 pts).
Chipotle Mexican Grill, Q3 2026: revenue $3.3B (+10% year over year), operating margin 13.7%, net earnings $340M, operating cash flow $590M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 13.7% | 15.7% | -2.0 pts |
| Net margin | 10.3% | 12.1% | -1.7 pts |
| Free cash flow margin | 10.5% | 13.8% | -3.3 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Food and beverage revenue | $3.3B | $3.3B | −$54.9M | -2% |
| Delivery service revenue | $15.2M | $15.8M | −$550K | -3% |
| Revenue | $3.3B | $3.3B | −$55.4M | -2% |
| Operating profit | $452M | $526M | −$73.6M | -14% |
| Costs & expenses | $2.8B | $2.8B | $18.2M | +0.6% |
| Pre-tax earnings | $457M | $533M | −$76.1M | -14% |
| General & admin | $185M | $190M | −$5.2M | -3% |
| Other operating costs | $2.7B | $2.6B | $23.5M | +0.9% |
| Net earnings | $340M | $404M | −$63.7M | -16% |
| Income tax | $117M | $130M | −$12.5M | -10% |
| Depreciation & amortization | $103M | $98.3M | $4.3M | +4% |
| Share-based compensation | $31.9M | $26.5M | $5.3M | +20% |
| Working capital & other | $116M | $152M | −$36.5M | -24% |
| Operating cash flow | $590M | $681M | −$90.5M | -13% |
| Free cash flow (OCF − capex) | $347M | $463M | −$116M | -25% |
| Capital expenditures | $243M | $217M | $25.7M | +12% |
Questions
How much did Chipotle Mexican Grill's revenue grow quarter over quarter in Q3 2026?
Chipotle Mexican Grill's revenue fell $55.4M (-2%) from $3.3B in Q2 2026 to $3.3B in Q3 2026.
What drove Chipotle Mexican Grill's revenue change in Q3 2026?
Food and beverage revenue −$54.9M (-2%); Delivery service revenue −$550K (-3%).