Chipotle Mexican Grill, Inc. · NYSE:CMG
Chipotle Mexican Grill — Q2 2026 Earnings Presentation
15 slides from Chipotle Mexican Grill's earnings presentation, Jul 29, 2026
Slide 1: Q2 2026 Earnings
Q2 2026 EARNINGS INVESTOR INFORMATION
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain statements in this presentation are forward-looking statements guest or employee personal or confidential information stored on our as defined in the Private Securities Litigation Reform Act of 1995, network or the network of third-party providers; the impact of in
Slide 3: Our Investment Thesis
OUR INVESTMENT WE ARE AN INDUSTRY LEADER BUILT ON: THESIS Extraordinary Value Proposition Anchored By Brand Strength and Customer Loyalty Food with Integrity Due to High Quality, Delicious and Real Ingredients Served Quickly at Accessible Price Points Distinct, Competitive Advantages, Grounded in Be
Slide 4: Continuously Innovating
CONTINUOUSLY INNOVATING 1993 2019 AT A GLANCE First restaurant Launch of opens in Denver Chipotle as a private “Rewards” HEADQUARTERS company 2011 program 2024 Newport Beach, CA Established Scott Boatwright “Chipotle named CEO Cultivate OUR PEOPLE Foundation” ~140,000 employees 2026 Deploying “Recip
Slide 5: Our Recipe for Sustainable Growth: Five Key Strategies
OUR RECIPE FOR SUSTAINABLE GROWTH… Drive Operational Evolve Brand Messaging and Culinary Excellence and Accelerate Menu Innovation Protect and strengthen the core & New Occasions to deliver exceptional value Drive demand to restaurants THE NEXT PHASE OF OUR GROWTH WILL BE SUPPORTED BY Cultivate the
Slide 6: Innovation Is Driving Stronger Performance
INNOVATION IS DRIVING STRONGER PERFORMANCE CHIPOTLE KITCHEN IS: HIGH EFFICIENCY EQUIPMENT PACKAGE IS: ENHANCING DIGITAL ORDER ACCURACY, SPEED AND CONSISTENCY EASING REPETITIVE PREP CREATING IMPROVEMENTS IN ON-TIME FULFILLMENT AND IMPROVING CONSISTENCY OVERALL GUEST SATISFACTION SIMPLIFYING PROCESSES
Slide 7: Chipotle Is Deepening Guest Engagement Through...
CHIPOTLE IS DEEPENING GUEST ENGAGEMENT THROUGH… SUMMER OF EXTRAS CAMPAIGN, WHICH IS… MENU INNOVATION, INCLUDING… • Built on momentum of Rewards • Return of Chipotle Honey relaunch Chicken Outperformed last year’s launch with attachment rate over 25% • Designed to reward frequency and deepen engageme
Slide 8: Financial Results
FINANCIAL RESULTS
Slide 9: Q2 2026 Highlights
Q2 2026 Highlights Recipe for Growth Gaining Traction Delivered Strong Q2 Results Delivered revenue growth of 9.3%, comparable sales growth of 2.2%, and another quarter of positive transaction growth, supported by marketing, menu innovation, Rewards engagement, and hospitality initiatives. Executing
Slide 10: Our Investment Thesis
OUR INVESTMENT WE ARE AN INDUSTRY LEADER BUILT ON: THESIS Extraordinary Value Proposition Anchored By Brand Strength and Customer Loyalty • Committed to “Food with Integrity” • Continue to deliver Food with Integrity Due to High Quality, Delicious and Real exceptional value Ingredients Served Quickl
Slide 11: Appendix
APPENDIX
Slide 12: Definitions
DEFINITIONS Restaurant Level Operating Margin Restaurant level operating margin is a non-GAAP financial measure and represents total revenue less direct restaurant operating costs, Average Unit Volume (“AUV”) expressed as a percent of total revenue. Average Unit Volume represents the average trailin
Slide 13: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Q2 2026 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 13
Slide 14: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Q2 2026 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 14
Slide 15: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Q2 2026 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 15
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