Chipotle Mexican Grill (CMG) Gross Margin (2010 - 2026)
Chipotle Mexican Grill (CMG) posted quarterly Gross Margin of 70.33% for Q2 2026, down 75.0% year-over-year from 281.31% in Q2 2025, and little changed on a QoQ basis from 70.43% in Q1 2026.
Chipotle Mexican Grill (CMG) Gross Margin (2010 - 2026) Analysis & Trends
Chipotle Mexican Grill has reported Gross Margin for 17 years, with the latest figure at 70.33% in Q2 2026.
- Gross Margin for Q2 2026 came in at 70.33%, down 75.0% year-over-year; the trailing twelve-month figure through Jun 2026 was 70.14% (down 9.0% YoY), and the FY2025 annual result was 70.43%, up 25.0% from the prior year.
- Gross Margin held at 70.33% in Q2 2026, from 70.43% in the prior quarter.
- Over five years, Gross Margin peaked at 71.17% in Q1 2024 and troughed at 68.97% in Q1 2022.
- A 5-year average of 70.25% and a median of 70.32% in 2026 frame the typical range for Gross Margin.
- The largest YoY upside for Gross Margin was 233 bps in 2022 against a maximum downside of 102 bps in 2022.
- A 5-year view of Gross Margin shows it stood at 70.7% in 2022, then dropped by 1 bps to 70.31% in 2023, then dropped by 1 bps to 69.56% in 2024, then rose by 0 bps to 69.83% in 2025, then gained by 1 bps to 70.33% in 2026.
- Per Business Quant data, the three most recent Gross Margin figures were 70.33% in Q2 2026, 70.43% in Q1 2026, and 69.83% in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Mcdonalds | 193.05 Bn | 192.23 Bn | 6.42 Bn | 90.42% |
| 2 | Starbucks | 122.77 Bn | 119.16 Bn | 6.49 Bn | 69.66% |
| 3 | Chipotle Mexican Grill | 42.40 Bn | 41.73 Bn | 2.35 Bn | 70.33% |
| 4 | Yum Brands | 40.42 Bn | 39.75 Bn | 1.47 Bn | 67.73% |
| 5 | Restaurant Brands International | 27.11 Bn | 27.59 Bn | 1.89 Bn | 74.80% |
| 6 | Darden Restaurants | 25.70 Bn | 25.48 Bn | 3.68 Bn | 98.84% |
| 7 | Restaurant Brands International Limited Partnership | 17.24 Bn | 16.18 Bn | 1.89 Bn | 74.80% |
| 8 | Yum China Holdings | 16.42 Bn | 15.74 Bn | 2.22 Bn | 70.75% |
| 9 | Texas Roadhouse | 13.58 Bn | 13.40 Bn | 1.44 Bn | 85.89% |
| 10 | Dominos Pizza | 11.46 Bn | 11.32 Bn | 478.23 Mn | 40.04% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 70.33% |
| Mar 31, 2026 | 84.44% |
| Dec 31, 2025 | 84.53% |
| Sep 30, 2025 | 85.00% |
| Jun 30, 2025 | 71.08% |
| Mar 31, 2025 | 85.56% |
| Dec 31, 2024 | 85.54% |
| Sep 30, 2024 | 69.38% |
| Jun 30, 2024 | 70.61% |
| Mar 31, 2024 | 85.72% |
| Dec 31, 2023 | 85.28% |
| Sep 30, 2023 | 86.03% |
| Jun 30, 2023 | 70.63% |
| Mar 31, 2023 | 84.67% |
| Dec 31, 2022 | 129.88% |
| Sep 30, 2022 | 70.16% |
| Jun 30, 2022 | 69.55% |
| Mar 31, 2022 | 83.63% |
| Dec 31, 2021 | 68.37% |
| Sep 30, 2021 | 69.71% |