Chipotle CEO Reports 'Meaningful Progress' on Customer Value Perception as Q2 Revenue Rises 9.3%
Key Takeaways
- •Chipotle's second-quarter brand tracker reflected improved value perceptions across all income groups and age cohorts, with affordability scores reaching their highest level in roughly two years.
- •The company reported second-quarter revenue of $3.3 billion, representing a 9.3% year-over-year increase driven by footprint expansion and growing digital sales.
- •In December, Chipotle launched a high-protein menu featuring a Single Chicken Taco starting at $3.50 and a High Protein Cup of Adobo Chicken with a national weighted average price of $3.82.
- •CEO Scott Boatwright stated that consumers evaluate value based on factors beyond price, including convenience, execution, and menu innovation.
- •The improved affordability data comes as major competitors such as McDonald's and Starbucks face declining customer traffic from inflation-weary consumers reducing dining out.
Chipotle CEO Scott Boatwright said Wednesday that the fast-casual chain is seeing tangible improvement in how customers perceive its affordability, a concern that has drawn scrutiny amid broader inflationary pressures across the restaurant industry. Major competitors including McDonald's and Starbucks have also faced declining customer traffic as inflation-weary consumers pull back on dining out, prompting chains across the sector to emphasize value offerings.
Speaking on Chipotle's second-quarter earnings call, Boatwright said the company's brand tracker reflected improved value perceptions across "all income groups and age cohorts."
"As it relates to value, I'm happy to report our brand tracker showed really solid progress across all income groups and age cohorts on value perception," Boatwright told analysts. "Our affordability scores were better in Q2 than they've been in probably the past couple of years."
Boatwright emphasized that customers evaluate value through multiple factors beyond price alone.
"And so I think we're making meaningful progress as it relates to value at Chipotle. What we also learned, I think, as an important note, is [that] value isn't just about discounting and price point. It's about convenience. It's about execution," Boatwright added. "It's about menu innovation. There's a host of things that the consumer is looking at to determine value."
To reinforce its value proposition, Chipotle recently introduced lower-priced menu options. In December, the company launched a high-protein menu featuring a Single Chicken Taco, starting at $3.50 at select U.S. restaurants, and a High Protein Cup of Adobo Chicken, with a national weighted average price of $3.82, the company said at the time.
Chipotle on Wednesday also reported second-quarter revenue of $3.3 billion, up 9.3% from the same period in 2025. The revenue growth comes as the company continues to expand its footprint and digital ordering capabilities, which have accounted for a growing share of sales in recent years.
Boatwright has previously pushed back against perceptions that Chipotle has become too expensive or reduced its portions to boost profits. A social media-driven debate over whether Chipotle had scaled back serving sizes drew widespread attention in 2024, prompting the company to address the concerns publicly.
"We have an affordable price point for all walks of life, and we're for everyone. We want everyone to have access to wholesome, nutritious food," Boatwright said during a May appearance on Yahoo Finance's "Power Players" podcast ().