NEWPORT BEACH, July 30 -- Scott Boatwright's first full earnings test as Chipotle Mexican Grill Inc. CMG chief executive produced a result that was easier to welcome than to fully interpret on Tuesday: the burrito chain's quarterly revenue surged past expectations, comparable restaurant sales returned to positive transaction growth for a second straight period, and CMG shares rose in after-hours trading. The restaurant-level margins told a less comfortable story.

Chipotle reported second-quarter 2026 revenue of $3.3 billion, a 9.3 percent increase from the year-prior period. Comparable restaurant sales grew 2.2 percent, driven by a 1.0 percent rise in transactions and a 1.2 percent lift in average check. The company simultaneously raised...