Chipotle stock slips ahead of earnings as options traders price a near 10% swing

New York, February 2, 2026, 16:14 EST — After-hours trading

Chipotle shares dipped in Monday’s regular session ahead of Tuesday’s earnings report.
Attention centers on comparable sales and restaurant-level margins, crucial indicators of traffic and cost trends.
Options pricing signals a broad move following the results.

Shares of Chipotle Mexican Grill slipped roughly 1% to $38.50 late Monday, just a day before the chain reports its quarterly earnings.

Timing is key. The company is set to report after Tuesday’s close, and the options market is already pricing in jitters ahead of the print.

TipRanks data using at-the-money options shows an expected move of roughly plus or minus 9.6% ahead of Tuesday’s results, indicating traders are bracing for a big swing in either direction. (TipRanks)

Analysts are forecasting quarterly revenue of $2.96 billion, marking a 4.2% rise compared to the same period last year, with adjusted earnings expected at 24 cents per share, according to a note from TradingView. (TradingView)

The initial reaction will probably hinge on comparable sales. This metric measures sales at restaurants open for at least a year and is commonly seen as a gauge of traffic and pricing.

Oppenheimer & Co., as highlighted by Finimize, projects comparable sales will roughly meet Wall Street forecasts, slipping about 3% year over year. The firm also anticipates minimal risk of restaurant-level margins missing the mark this quarter. (Finimize)

Investors will be tuned in to management’s take on early first-quarter demand and the company’s ability to hold margins amid persistent food and labor costs, with price-conscious diners still hunting for deals.

But the setup works both ways. If traffic falls short or margins tighten, the stock can slide fast, even when headline revenue hits estimates. The real shock often lies in the guidance.

Chipotle said it will release its results around 4:10 p.m. ET Tuesday, followed by a conference call at 4:30 p.m. ET. The stock’s next major catalyst hinges on that report and the accompanying outlook. (Chipotle)

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