Subtext

Chipotle Mexican Grill, Inc. CMG

SectorConsumer Discretionary
Transcripts57
Date range2011-04-20 – 2025-04-23
Calls charted57

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-29-14+0+14+292011 Q12013 Q12015 Q12017 Q12019 Q12021 Q12023 Q12025 Q12011 Q1 · Overall: +13.02011 Q2 · Overall: +14.62011 Q3 · Overall: +13.32011 Q4 · Overall: +15.32012 Q1 · Overall: +17.52012 Q2 · Overall: +11.72012 Q3 · Overall: +14.02012 Q4 · Overall: +10.82013 Q1 · Overall: +9.32013 Q2 · Overall: +11.12013 Q3 · Overall: +13.72013 Q4 · Overall: +14.52014 Q1 · Overall: +14.92014 Q2 · Overall: +16.22014 Q3 · Overall: +11.32014 Q4 · Overall: +13.12015 Q1 · Overall: +8.32015 Q2 · Overall: +15.32015 Q3 · Overall: +14.42015 Q4 · Overall: +3.62016 Q1 · Overall: +8.42016 Q2 · Overall: +12.92016 Q3 · Overall: +14.52016 Q4 · Overall: +14.32017 Q1 · Overall: +16.62017 Q2 · Overall: +11.72017 Q3 · Overall: +13.02017 Q4 · Overall: +12.62018 Q1 · Overall: +17.52018 Q2 · Overall: +13.72018 Q3 · Overall: +13.52018 Q4 · Overall: +15.72019 Q1 · Overall: +18.32019 Q2 · Overall: +13.32019 Q3 · Overall: +17.72019 Q4 · Overall: +20.82020 Q1 · Overall: +11.12020 Q2 · Overall: +12.02020 Q3 · Overall: +14.52020 Q4 · Overall: +14.42021 Q1 · Overall: +15.82021 Q2 · Overall: +18.32021 Q3 · Overall: +15.12021 Q4 · Overall: +15.62022 Q1 · Overall: +16.32022 Q2 · Overall: +11.92022 Q3 · Overall: +12.92022 Q4 · Overall: +12.82023 Q1 · Overall: +23.42023 Q2 · Overall: +18.92023 Q3 · Overall: +18.62023 Q4 · Overall: +23.42024 Q1 · Overall: +14.82024 Q2 · Overall: +25.12024 Q3 · Overall: +19.52024 Q4 · Overall: +16.22025 Q1 · Overall: +13.2
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-51-26+0+26+512011 Q12013 Q12015 Q12017 Q12019 Q12021 Q12023 Q12025 Q12011 Q1 · CEO: +19.72011 Q2 · CEO: +22.62011 Q3 · CEO: +18.22011 Q4 · CEO: +23.22012 Q1 · CEO: +24.12012 Q2 · CEO: +22.72012 Q3 · CEO: +24.52012 Q4 · CEO: +21.62013 Q1 · CEO: +14.82013 Q2 · CEO: +22.92013 Q3 · CEO: +16.92013 Q4 · CEO: +19.42014 Q1 · CEO: +19.52014 Q2 · CEO: +24.22014 Q3 · CEO: +21.02014 Q4 · CEO: +23.42015 Q1 · CEO: +25.32015 Q2 · CEO: +12.72015 Q3 · CEO: +12.32015 Q4 · CEO: +9.62016 Q1 · CEO: +28.72016 Q2 · CEO: +12.42016 Q3 · CEO: +22.22016 Q4 · CEO: +44.42017 Q1 · CEO: +38.42017 Q2 · CEO: +18.42017 Q3 · CEO: +27.32017 Q4 · CEO: +28.32018 Q1 · CEO: +36.02018 Q2 · CEO: +31.32018 Q3 · CEO: +27.12018 Q4 · CEO: +25.52019 Q1 · CEO: +32.72019 Q2 · CEO: +23.22019 Q3 · CEO: +26.92019 Q4 · CEO: +35.22020 Q1 · CEO: +19.82020 Q2 · CEO: +16.12020 Q3 · CEO: +26.22020 Q4 · CEO: +24.82021 Q1 · CEO: +28.42021 Q2 · CEO: +29.82021 Q3 · CEO: +30.42021 Q4 · CEO: +26.02022 Q1 · CEO: +28.52022 Q2 · CEO: +27.52022 Q3 · CEO: +24.82022 Q4 · CEO: +27.02023 Q1 · CEO: +39.42023 Q2 · CEO: +31.82023 Q3 · CEO: +36.12023 Q4 · CEO: +35.92024 Q2 · CEO: +40.32024 Q3 · CEO: +28.12024 Q4 · CEO: +30.22025 Q1 · CEO: +24.22012 Q4 · CFO: +4.12013 Q1 · CFO: +7.92013 Q2 · CFO: +6.12013 Q3 · CFO: +11.92013 Q4 · CFO: +9.22014 Q1 · CFO: +13.72014 Q2 · CFO: +10.32014 Q3 · CFO: +9.72014 Q4 · CFO: +6.42015 Q1 · CFO: +4.22015 Q2 · CFO: +14.12015 Q3 · CFO: +9.62015 Q4 · CFO: -0.92016 Q1 · CFO: -4.92016 Q2 · CFO: +6.72016 Q3 · CFO: +8.82016 Q4 · CFO: +16.62017 Q1 · CFO: +20.22017 Q2 · CFO: +18.02017 Q3 · CFO: +1.82017 Q4 · CFO: +10.62018 Q1 · CFO: +13.72018 Q2 · CFO: +0.02018 Q3 · CFO: -0.92018 Q4 · CFO: +11.12019 Q1 · CFO: +13.72019 Q2 · CFO: +12.82019 Q3 · CFO: +15.62019 Q4 · CFO: +8.82020 Q1 · CFO: +9.02020 Q2 · CFO: +11.62020 Q3 · CFO: +8.62020 Q4 · CFO: +9.02021 Q1 · CFO: +10.62021 Q2 · CFO: +9.32021 Q3 · CFO: +5.42021 Q4 · CFO: +2.12022 Q1 · CFO: +7.72022 Q2 · CFO: +0.02022 Q3 · CFO: +3.12022 Q4 · CFO: +0.32023 Q1 · CFO: +9.02023 Q2 · CFO: +10.52023 Q3 · CFO: +9.02023 Q4 · CFO: +6.22024 Q2 · CFO: +18.02024 Q3 · CFO: +14.02024 Q4 · CFO: +5.12025 Q1 · CFO: +8.9
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-48-24+0+24+482011 Q12013 Q12015 Q12017 Q12019 Q12021 Q12023 Q12025 Q12011 Q1 · Prepared remarks: +20.12011 Q2 · Prepared remarks: +21.12011 Q3 · Prepared remarks: +22.92011 Q4 · Prepared remarks: +21.02012 Q1 · Prepared remarks: +25.82012 Q2 · Prepared remarks: +11.92012 Q3 · Prepared remarks: +14.32012 Q4 · Prepared remarks: +19.72013 Q1 · Prepared remarks: +16.92013 Q2 · Prepared remarks: +21.42013 Q3 · Prepared remarks: +14.02013 Q4 · Prepared remarks: +20.52014 Q1 · Prepared remarks: +23.62014 Q2 · Prepared remarks: +24.52014 Q3 · Prepared remarks: +25.32014 Q4 · Prepared remarks: +19.12015 Q1 · Prepared remarks: +9.12015 Q2 · Prepared remarks: +23.22015 Q3 · Prepared remarks: +20.12015 Q4 · Prepared remarks: +7.32016 Q1 · Prepared remarks: +10.52016 Q2 · Prepared remarks: +18.82016 Q3 · Prepared remarks: +20.32016 Q4 · Prepared remarks: +25.02017 Q1 · Prepared remarks: +26.22017 Q2 · Prepared remarks: +18.22017 Q3 · Prepared remarks: +18.92017 Q4 · Prepared remarks: +20.82018 Q1 · Prepared remarks: +26.52018 Q2 · Prepared remarks: +19.92018 Q3 · Prepared remarks: +14.72018 Q4 · Prepared remarks: +25.22019 Q1 · Prepared remarks: +26.62019 Q2 · Prepared remarks: +21.32019 Q3 · Prepared remarks: +21.92019 Q4 · Prepared remarks: +27.82020 Q1 · Prepared remarks: +14.12020 Q2 · Prepared remarks: +18.22020 Q3 · Prepared remarks: +22.02020 Q4 · Prepared remarks: +22.42021 Q1 · Prepared remarks: +26.42021 Q2 · Prepared remarks: +27.72021 Q3 · Prepared remarks: +20.12021 Q4 · Prepared remarks: +21.52022 Q1 · Prepared remarks: +23.02022 Q2 · Prepared remarks: +23.02022 Q3 · Prepared remarks: +18.62022 Q4 · Prepared remarks: +24.02023 Q1 · Prepared remarks: +29.92023 Q2 · Prepared remarks: +29.62023 Q3 · Prepared remarks: +30.72023 Q4 · Prepared remarks: +33.32024 Q1 · Prepared remarks: +41.52024 Q2 · Prepared remarks: +30.92024 Q3 · Prepared remarks: +31.32024 Q4 · Prepared remarks: +28.62025 Q1 · Prepared remarks: +25.62011 Q1 · Q&A responses: +8.72011 Q2 · Q&A responses: +12.52011 Q3 · Q&A responses: +5.82011 Q4 · Q&A responses: +12.02012 Q1 · Q&A responses: +10.52012 Q3 · Q&A responses: +13.12012 Q4 · Q&A responses: +6.32013 Q1 · Q&A responses: +7.72013 Q2 · Q&A responses: +5.92013 Q4 · Q&A responses: +10.62014 Q1 · Q&A responses: +11.92014 Q2 · Q&A responses: +11.52014 Q3 · Q&A responses: +1.72014 Q4 · Q&A responses: +8.92015 Q2 · Q&A responses: +9.22015 Q3 · Q&A responses: +9.52015 Q4 · Q&A responses: -2.52016 Q1 · Q&A responses: -1.32016 Q2 · Q&A responses: +4.12016 Q3 · Q&A responses: +6.72016 Q4 · Q&A responses: +9.82017 Q1 · Q&A responses: +11.12017 Q2 · Q&A responses: +9.32017 Q3 · Q&A responses: +14.12017 Q4 · Q&A responses: +8.42018 Q1 · Q&A responses: +22.82018 Q2 · Q&A responses: +16.72018 Q3 · Q&A responses: +17.22018 Q4 · Q&A responses: +15.42019 Q1 · Q&A responses: +20.62019 Q2 · Q&A responses: +19.32019 Q3 · Q&A responses: +23.32019 Q4 · Q&A responses: +22.02020 Q1 · Q&A responses: +16.12020 Q2 · Q&A responses: +11.92020 Q3 · Q&A responses: +17.02020 Q4 · Q&A responses: +14.52021 Q1 · Q&A responses: +17.22021 Q2 · Q&A responses: +18.82021 Q3 · Q&A responses: +18.52021 Q4 · Q&A responses: +16.72022 Q1 · Q&A responses: +17.62022 Q2 · Q&A responses: +13.12022 Q3 · Q&A responses: +15.32022 Q4 · Q&A responses: +10.62023 Q1 · Q&A responses: +25.12023 Q2 · Q&A responses: +20.72023 Q3 · Q&A responses: +18.02023 Q4 · Q&A responses: +22.12024 Q1 · Q&A responses: +13.02024 Q2 · Q&A responses: +30.42024 Q3 · Q&A responses: +13.82024 Q4 · Q&A responses: +13.72025 Q1 · Q&A responses: +12.7
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$0.08$0.70$1.332011 Q12013 Q12015 Q12017 Q12019 Q12021 Q12023 Q12025 Q12014 Q1: $0.282014 Q2: $0.282014 Q3: $0.332014 Q4: $0.352015 Q1: $0.362015 Q2: $0.382015 Q3: $0.402015 Q4: $0.342016 Q1: $0.172016 Q2: $0.172016 Q3: $0.172016 Q4: $0.182017 Q1: $0.182017 Q2: $0.212017 Q3: $0.202017 Q4: $0.192018 Q1: $0.182018 Q2: $0.202018 Q3: $0.222018 Q4: $0.242019 Q1: $0.272019 Q2: $0.302019 Q3: $0.332019 Q4: $0.362020 Q1: $0.392020 Q2: $0.282020 Q3: $0.372020 Q4: $0.432021 Q1: $0.502021 Q2: $0.572021 Q3: $0.632021 Q4: $0.662022 Q1: $0.682022 Q2: $0.742022 Q3: $0.802022 Q4: $0.862023 Q1: $0.892023 Q2: $0.982023 Q3: $1.002023 Q4: $1.062024 Q1: $1.132024 Q2: $1.232024 Q3: $1.24

Forward P/E

20.2548.6176.982011 Q12013 Q12015 Q12017 Q12019 Q12021 Q12023 Q12025 Q12014 Q1: 43.382014 Q2: 41.752014 Q3: 39.582014 Q4: 37.092015 Q1: 37.682015 Q2: 31.952015 Q3: 36.962015 Q4: 33.412016 Q1: 59.762016 Q2: 45.942016 Q3: 48.822016 Q4: 41.722017 Q1: 44.562017 Q2: 43.762017 Q3: 30.772017 Q4: 33.632018 Q1: 35.012018 Q2: 45.752018 Q3: 44.092018 Q4: 35.582019 Q1: 48.082019 Q2: 49.102019 Q3: 50.612019 Q4: 45.942020 Q1: 24.162020 Q2: 73.072020 Q3: 68.432020 Q4: 65.142021 Q1: 59.442021 Q2: 48.542021 Q3: 59.682021 Q4: 51.552022 Q1: 45.722022 Q2: 33.992022 Q3: 42.902022 Q4: 35.782023 Q1: 35.952023 Q2: 42.062023 Q3: 38.472023 Q4: 44.152024 Q1: 48.292024 Q2: 55.962024 Q3: 45.91

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q3 tone ↓ -4.9 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q1 tone ↓ -4.7 fwd EPS ↑ +0.01 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q1 tone ↑ +4.8 fwd EPS ↓ -0.17 Tone rose while the forward EPS estimate was cut.
  • 2017 Q2 tone ↓ -5.0 fwd EPS ↑ +0.03 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q1 tone ↑ +5.0 fwd EPS ↓ -0.01 Tone rose while the forward EPS estimate was cut.
  • 2018 Q2 tone ↓ -3.8 fwd EPS ↑ +0.02 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q2 tone ↓ -5.0 fwd EPS ↑ +0.03 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -9.6 fwd EPS ↑ +0.03 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q3 tone ↓ -3.2 fwd EPS ↑ +0.06 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -4.4 fwd EPS ↑ +0.06 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q2 tone ↓ -4.5 fwd EPS ↑ +0.09 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -8.6 fwd EPS ↑ +0.07 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q3 tone ↓ -5.6 fwd EPS ↑ +0.01 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-23+13.2——View →
2024 Q42025-02-04+16.2——View →
2024 Q32024-10-29+19.5$1.2445.9View →
2024 Q22024-07-24+25.1$1.2356.0View →
2024 Q12024-04-24+14.8$1.1348.3View →
2023 Q42024-02-06+23.4$1.0644.1View →
2023 Q32023-10-27+18.6$1.0038.5View →
2023 Q22023-07-26+18.9$0.9842.1View →