Chipotle's leadership is doubling down on menu price increases, telling investors they aren't worried about losing core diners despite broader inflation and slowing traffic.
During a recent quarterly earnings call, company executives framed the move as a calculated bet on who would still walk through the door. While inflation and slowing sales loomed, they suggested their main audience had enough money to stick around.
A Chipotle spokesperson told the Daily Dot via email that the company increased prices this quarter "around .7% compared to the industry average of 4%."
But according to the earnings call transcript, the company expects pricing to go up as much as 2%.
The comments surfaced after clips and summaries of the call spread on social media.
Although some people framed it as a "caught on tape" situation, the remarks came from a public shareholder meeting. Still, the blunt framing quickly set off debate across TikTok and Reddit.
What did Chipotle's CEO say about price increases?
Chipotle CFO Adam Rymer said during an early February 2026 earnings call that the company expected to raise prices by 1% to 2%. He explained that margins remained "under pressure" heading into 2026, according to Business Insider.
Interim CEO Scott Boatwright expanded on the strategy. He said Chipotle planned to boost revenue by focusing on its higher-income regulars. Although price sensitivity worried many chains, Boatwright suggested Chipotle’s core diners behaved differently.
"After looking at the data last week, we learned that 60% of our core users are over $100,000 a year in average household income," Boatwright said.
"That gives us confidence that we can lean into that group in a more meaningful way, whether it's the solo occasion and/or group occasions, to really drive meaningful transaction performance in the year."
In an email to the Daily Dot, a Chipotle spokesperson explained that "pricing was never mentioned regarding this consumer cohort," and because those making over $100K are "actively spending more at shops and restaurants today," Chipotle wants to give "them additional reasons to visit with new marketing and menu innovations as well as enhancing the digital experience for all guests."
Social media reactions were less positive
Online, most reactions focused on Chipotle's food quality and affordability, or what they deemed the lack thereof. Others felt the need to point out to those confused that the recording wasn't a clandestine, secret meeting. Redditor u/No_Yogurtcloset4348 wrote, "Caught on recording? It’s an earnings call lmao."
Another person, u/CASUALxCHICKEN, added, "Right? And just telling shareholders their plan to make more money. This is literally every earnings call ever."
Still, frustration dominated many threads. u/Buckeyeknifeguy commented, "Chipotle is mediocre as hell anyways I haven’t been there in years. I don’t make 100k tho so they won’t miss me lol."
u/MikeyNalgon added, "Your local mexican place is 100 x better than Chipotle and cheaper."
"But the quality ain't 100k" joked TikTok user mimib.
Others pointed to broader financial pressure. "All these companies are forgetting we have other sh*t to pay for," u/Ok_Barnacle1404 wrote, noting rent and medicine costs.
On TikTok, one commenter said, "As an over $100k household, chipotle NEVER gets our business. why spend $30 on that when you can spend the same amount at an authentic mexican restaurant and get double the food."
Another added, "I stopped going. They built a Qdoba down the road and it blows chipotle out of the water."
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