Chipotle's same-store sales rise 2.1%, but EPS slips to 27 cents

Chipotle Mexican Grill's revenue rose 9.6% from a year earlier to $3.29bn in the third quarter, mostly from new restaurants, and comparable restaurant sales grew 2.1%, with average check up 1.3% and transactions up 0.8%, according to its results release, issued via PR Newswire at 4:10 PM ET (21:10 CET) on 28 October 2026. The company says it was a third straight quarter of growth in comparable transactions. Net income fell to $339.9m from $382.1m a year earlier, and both GAAP and adjusted diluted EPS (non-GAAP) dropped 6.9% to $0.27 from $0.29.

Adjusted EPS (non-GAAP) came in below the 29 cents analysts expected, based on an LSEG survey cited by CNBC, and revenue matched the $3.29bn forecast. Nasdaq.com also shows a $0.29 consensus from 13 estimates; its $0.33 figure for the June quarter equals Chipotle's adjusted diluted EPS (non-GAAP) in its July release, so the bases match.

Costs rose faster than sales from a year earlier. Labour costs climbed to 25.7% of revenue from 25.2% a year earlier, which the release attributes partly to lower sales volumes, wage inflation and bonuses. General and administrative expenses rose to $185.2m from $146.7m a year earlier, which the company put down to stock-based pay, bonuses and outside services. Food, beverage and packaging costs eased to 29.5% of revenue from 30.0%. Against the year-earlier quarter, the operating margin fell to 13.7% from 15.9%, and the restaurant-level margin (non-GAAP) to 23.3% from 24.5%. Chipotle bought back $110.0m of stock in the quarter.

Boatwright made the comment in the PR Newswire release. Chipotle kept its 2026 outlook unchanged from July: comparable sales growth in the low single digits, 350 to 370 openings including 10 to 15 international partner-operated restaurants, and a 24% to 26% underlying tax rate. For 2027 it expects 340 to 360 company-owned openings in the US and Canada, plus about 15 to 25 restaurants outside those markets, counting both company-owned and partner-operated sites.

Chipotle shares were up 7.25% at $30.83 in after-hours trading as of 6:08 PM ET (23:08 CET) on 28 October, according to Nasdaq.com, after closing up 2.75% at $28.75 in the regular session. After-hours prices were still moving. In its report on the gain, CNBC said Boatwright told analysts on the earnings call that sales growth would carry on through the end of the year. It also reported that finance chief Adam Rymer guided to roughly 2% comparable sales growth for the fourth quarter.