Chipotle CEO Defends Premium Pricing Amid Share Slide and Online Backlash (CMG)

CEO Scott Boatwright defended Chipotle’s (CMG) premium pricing as the company faces online backlash and a 31% share decline over the past year. He stated 60% of consumers earn over $100,000 and are still spending, despite a tough economy. Management plans to innovate the menu and launch “Happier Hour” midday deals potentially as low as $10 to rebuild traffic. The 2026 outlook predicts flat comparable sales growth as annual restaurant inflation remains around 4.1%. While the chain is underpricing inflation by 1%–2% this year, beef prices hit $6.69 per pound in December 2025, and the company is effectively absorbing margin pressure to maintain traffic. The strategy aims to bridge a perceived gap between its premium ambitions and its core identity.