Chipotle Mexican Grill, Inc. CMG is broadening its growth agenda with a more visible push into international markets, while continuing to scale its core North American restaurant base. Management reiterated confidence in reaching 7,000 restaurants over time in the United States and Canada — separate from its still early-stage international expansion efforts. In the first quarter of 2026, Chipotle opened 49 new restaurants, including 42 Chipotlanes, and remains on track to open roughly 350 restaurants this year, with approximately 80% expected to include a Chipotlane.
The international opportunity is increasingly drawing attention. In Europe, Chipotle opened a new restaurant at Westfield Stratford, one of the U.K.’s busiest shopping destinations, which management said delivered the strongest opening-day sales in the region’s history. The company now has 29 restaurants across Europe and expects at least one additional opening in Frankfurt this year. Management also noted that European comps remained positive across all countries in the first quarter, supported by closer alignment with North American culinary, training, systems and operating standards.
Chipotle also continues to pursue partner-operated growth in newer markets. The company expects openings in Mexico and South Korea this year, while Singapore is likely to open in 2027. In the Middle East, ongoing geopolitical conditions may delay some openings, resulting in fewer partner-operated restaurants than initially anticipated. However, management stated that its long-term outlook for the region remains unchanged and that it continues to see potential for hundreds of restaurants over time.
For investors, the key issue is whether Chipotle can translate its strong North American unit economics into a broader global growth platform. The company’s international base remains small, but early signs in Europe, planned market entries and partner-operated expansion suggest that global access is becoming a more visible part of the long-term story. As CMG works toward its 7,000-restaurant target, sustained progress outside North America could help broaden the company’s growth profile over time.
Peer Comparisons
McDonald’s Corporation MCD provides a useful benchmark for Chipotle’s global expansion ambitions because of the scale of its restaurant base and development pipeline. Management said the company still feels confident in its ability to reach about 50,000 restaurants by the end of 2027, while emphasizing that new development decisions remain tied to strong returns for both the company and franchisees. McDonald’s is also reviewing its pipeline in light of higher construction costs, indicating that unit growth remains disciplined rather than volume-driven.
Yum! Brands, Inc. YUM is expanding at a much faster global development pace, supported by its heavily franchised model and broad international footprint. The company opened 1,030 new stores in the first quarter of 2026, including 648 KFC locations across 45 countries. KFC reported 7% unit growth in the quarter and management noted that 90% of KFC’s development outside China is contractual through development agreements with well-capitalized franchisees. Taco Bell also continues to build its international base, with growth in Spain, India and the U.K., while management pointed to Canada as the next likely market to reach 100 units.
Compared with McDonald’s and Yum! Brands, Chipotle’s international footprint remains much smaller, but that also leaves more room for expansion if execution improves. McDonald’s has already built a highly scaled global system, while Yum! Brands benefits from a diversified franchise model across KFC, Taco Bell and Pizza Hut. Chipotle’s international strategy is still more measured, with Europe, Mexico, South Korea, Singapore and the Middle East representing early-stage opportunities.
CMG’s Price Performance, Valuation & Estimates
Shares of Chipotle have declined 37.4% in the past year compared with the industry’s fall of 7.5%.
CMG One-Year Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, Chipotle trades at a forward price-to-sales ratio of 3.12, below the industry’s average of 3.33.
CMG’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CMG’s 2026 earnings per share (EPS) implies a year-over-year decline of 3.4%. The EPS estimates for 2026 have declined in the past 30 days.
EPS Trend of CMG Stock
Image Source: Zacks Investment Research
CMG’s Zacks Rank
Chipotle stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
McDonald's Corporation (MCD): Free Stock Analysis Report
Yum! Brands, Inc. (YUM): Free Stock Analysis Report
Chipotle Mexican Grill, Inc. (CMG): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).