Chipotle Mexican Grill Inc. (NYSE:CMG) CEO Scott Boatwright was caught on a recording stating the company plans to continue raising prices, citing demographic insights.

“We learned that 60% of our core users are over $100,000 a year in income,” Boatwright said in a viral video shared by X user @WallStreetApes. “That gives us confidence that we can lean into that group in a more meaningful way.”

The remarks came as Chipotle reported its fourth-quarter 2025 results on Feb. 3.

Earnings Beat Masks Operational Weakness

Beating earnings expectations, Chipotle reported adjusted earnings per share of $0.25, above the $0.24 consensus, with revenue of $2.98 billion, topping the $2.96 billion estimate.

However, comparable restaurant sales declined 2.5% year-over-year, driven by a 3.2% decrease in transactions, partially offset by 0.7% average check growth.

Analysts Cut Targets

Following the results, Citigroup Inc. (NYSE:C) raised its price target to $49 from $48 while maintaining a “Buy” rating. Morgan Stanley (NYSE:MS) lowered its price target to $49 from $50 with an “Overweight” rating, while Mizuho cut to $37 from $38 with a “Neutral” rating.

Trading Metrics

Chipotle, the California-based fast-casual restaurant chain, has a market capitalization of $219.53 billion, with a 52-week high of $124.17 and a 52-week low of $55.51.

The stock has a Relative Strength Index (RSI) of 53.13.

Benzinga’s Edge Stock Rankings indicate that CMG is experiencing long-term consolidation along with medium and short-term upward movement.

Photo: Shutterstock

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.