Chipotle Mexican Grill Inc. signage on the floor of the New York Stock Exchange (NYSE) in New York, US, on Monday, May 4, 2026.

Michael Nagle | Bloomberg | Getty Images

Taco-bout bearish.

There are a lot of big earnings after today's close, including Microsoft, Google, T-Mobile and Ford. But it's one fast food giant that apparently has options traders most worried: Chipotle.

Options trading exploded in Chipotle Tuesday on volume more than eight times its monthly average and skewed heavily towards puts, with 240,000 puts trading versus under 17,000 calls.

Of the $8 million in put premiums, at least $2 million of it came from someone buying back 56,000 25-strike puts for Nov.…