During the fourth-quarter 2025 earnings call on February 3, Boatwright shared internal data that many interpreted as a green light for more expensive bowls. “We learned that 60% of our core users are over $100,000 a year in income, in average household income,” Boatwright said in audio that quickly went viral. “That gives us confidence that we can lean into that group in a more meaningful way.”
CEO of Chipotle caught on a recording indicating they’re going to keep raising prices because they can“We learned that 60% of our core users are over $100,000 a year in income, in average household income. That gives us confidence that we can lean into that group in a more… pic.twitter.com/5nYcigMgJo
— Wall Street Apes (@WallStreetApes) February 7, 2026"Pricing was never mentioned regarding this consumer cohort," Schalow said in a statement. She noted that Chipotle’s price increases this quarter hovered around 0.7%, significantly lower than the industry average of 4%.
"What an absolute mess," one fan wrote. "The CEO is caught on a recording saying that he doesn't want the poors in his store... We got Campbell's up outta here, sir. We can get you outta here too!"
Others noted that as prices climb toward the $20 mark, the "value for dollar" disappears. "If they cared about six figure earners they’d improve the quality and portion sizes which have both cratered," another user added.
To win back those who are drifting away, Chipotle is planning a major relaunch of its Rewards program this spring, featuring AI-powered personalization and gamified challenges. But with a "K-shaped" recovery seeing lower-income diners cut back and higher-income diners becoming more selective, a digital-first strategy might not be enough to fix the sting of a shrinking burrito.
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