Chipotle Mexican Grill (CMG) shares fell 15.5% in 2026 through Oct. 29, while the S&P 500 Growth index gained 12.1%. The article cites higher prices squeezing consumer spending and cost pressures on profitability, but says management's "Recipe for Growth" plan under CEO Scott Boatwright is showing early results: second-quarter same-store sales (comps) rose 2.2%, with higher traffic adding 1 percentage point. Operating margin contracted 2.5 percentage points to 15.7% on higher costs. Chipotle had over 4,200 restaurants as of June 30 and plans to add 350-370 this year. Its P/E ratio fell from 35 to 30, still above the S&P 500's 26 but below its five-year median of 51.
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