UPDATE AS OF FEBRUARY 9, 2025, at 2:25 p.m.: A representative for Chipotle reached out with the following statement.
“CEO Scott Boatwright stated on Chipotle’s earnings call last week that 60% of its customers have an average household income over $100,000, so the company sees an opportunity to lean into these customers with new occasions like group or solo dining experiences. Since this consumer population is actively spending more at shops and restaurants today, Chipotle is giving them additional reasons to visit through new marketing and menu innovations, and enhancing the digital experience for all guests.
Pricing was never mentioned regarding this consumer cohort, and Chipotle has taken a slow and measured approach by only increasing prices in this quarter by around .7% compared to the industry average of 4%.”
-Laurie Schalow, Chief Corporate Affairs Officer, Chipotle
Original story below.
Chipotle is facing renewed scrutiny after its CEO publicly acknowledged that the brand’s most consistent customers skew toward higher income brackets—a comment that has fueled fresh debate about pricing at the fast-casual giant.
According to Benzinga, the remarks surfaced during the company’s fourth-quarter 2025 earnings call on February 3, when CEO Scott Boatwright discussed internal customer data.
“We learned that 60% of our core users are over $100,000 a year in income,” Boatwright said in audio that later went viral.
He added that the insight gives the company “confidence that we can lean into that group in a more meaningful way.”
The comments landed as Chipotle reported a challenging year. Comparable restaurant sales declined 2.5% in the fourth quarter, while full-year comparable sales slipped 1.7%. Transactions were down 3.2% year over year, even as total revenue rose 5.4% to $11.9 billion in 2025. Operating margin also narrowed slightly, falling to 16.2%.
To address slowing traffic, Chipotle outlined several initiatives to re-engage customers. Central to that plan is a relaunch of its Chipotle Rewards program this spring. The updated program is expected to include faster checkout, more personalized AI-powered offers, outreach to lapsed customers, and continued use of games and challenges to boost engagement.
The company has also relied on large-scale promotions, including $1 million in free entrées offered during the 2026 Super Bowl.
Boatwright’s comments, however, refocused attention on pricing. Chipotle raised menu prices nationally by about 2% at the end of 2024 to offset inflation, marking its first nationwide increase since October 2023.
In California, prices climbed 6% to 7% earlier that year following the state’s new $20-per-hour minimum wage for fast-food workers. Company executives have cited higher ingredient costs, labor inflation, and larger portion sizes as key drivers of those increases.
While no new price hike has been formally announced, analysts and consumers alike have pointed to ongoing cost pressures, including record-high beef prices through late 2025, as a sign that further adjustments remain possible.