Q2 25 EPS
$0.33
BEAT +1.32%
Est. $0.33
Q2 25 Revenue
$3.06B
MISS 1.71%
Est. $3.12B
vs S&P Since Q2 25
-44.3%
TRAILING MARKET
CMG -30.7% vs S&P +13.6%
Market Reaction
Did CMG Beat Earnings? Q2 2025 Results
Chipotle Mexican Grill delivered a mixed second quarter, posting adjusted earnings of $0.33 per share, edging past the $0.33 consensus estimate by 1.32%, while revenue of $3.06 billion fell 1.71% short of the $3.12 billion analysts had expected, risi… Read more Chipotle Mexican Grill delivered a mixed second quarter, posting adjusted earnings of $0.33 per share, edging past the $0.33 consensus estimate by 1.32%, while revenue of $3.06 billion fell 1.71% short of the $3.12 billion analysts had expected, rising just 3.0% year over year as a 4.0% decline in comparable restaurant sales weighed heavily on the top line. The comp sales drop, driven primarily by a 4.9% transaction decline, was the central story of the quarter, triggering a sharp selloff in shares as investors digested a full-year outlook revised to approximately flat comparable sales, down from a prior low-single-digit growth expectation. Management offered some reassurance, noting that sales trends turned positive in June and carried into July, with summer marketing campaigns, new menu items like Chipotle Honey Chicken, and a revamped loyalty program credited for the recovery. For investors tracking the company's momentum, the path forward hinges on whether those early signs of stabilization can solidify across Chipotle's 3,839 locations as the company pursues its long-term goal of 7,000 North American restaurants.
Key Takeaways
- • New restaurant openings drove total revenue increase of 3.0%
- • Comparable restaurant sales decreased 4.0% due to 4.9% lower transactions, partially offset by 0.9% average check increase
- • Food, beverage and packaging costs improved to 28.9% from 29.4% due to 2024 menu price increases and cost efficiencies
- • Labor costs increased to 24.7% from 24.1% due to lower sales volumes
- • Digital sales represented 35.5% of total food and beverage revenue
- • Return to positive comparable sales and transactions in June
CMG YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
CMG Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are seeing momentum build as we rolled out our summer marketing initiatives and as our comparisons ease. Our talented restaurant teams remain focused on delivering hand-crafted meals in abundance with the best ingredients, made fresh daily using classic culinary techniques at a value you cannot find anywhere else. I am optimistic that our positive momentum will continue as we further support our world-class people with new tools to improve execution, introduce new menu innovations, amplify our rewards program, and introduce this great brand to more communities around the globe.”
— Scott Boatwright, Q2 2025 Earnings Press Release
CMG Earnings Trends
CMG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CMG EPS Trend
Earnings per share: estimate vs actual
CMG Revenue Trend
Quarterly revenue: estimate vs actual
CMG Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | — | — |
| Q4 25 BEAT FY | $0.24 | $0.25 | +4.73% | $2.98B | +0.62% |
| FY Full Year | $1.16 | $1.14 | -1.39% | $11.93B | +0.15% |
| Q3 25 BEAT | $0.29 | $0.29 | +0.97% | $3.00B | -0.63% |
| Q2 25 BEAT | $0.33 | $0.33 | +1.32% | $3.06B | -1.71% |
| Q1 25 BEAT | $0.28 | $0.29 | +4.43% | $2.88B | -2.39% |