• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

3

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

3

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
RetailChipotle

Chipotle admits to raising prices—the same day a top analyst spotted a protein price hike at 20% of its stores

Sydney Lake
By
Sydney Lake
Sydney Lake
Associate Editor
Down Arrow Button Icon
Sydney Lake
By
Sydney Lake
Sydney Lake
Associate Editor
Down Arrow Button Icon
December 6, 2024, 1:07 AM ET
Chipotle workers making burrito bowls
Your burrito bowl is about to get a little more expensive.Getty Images—Justin Sullivan
Add Fortune on Google for similar content.

One special look can get you a bigger portion size at Chipotle, the company’s former CEO Brian Niccol (who now heads up Starbucks) told Fortune in an interview this spring. 

Recommended Video

But that same nod won’t get you a discount. 

In fact, the popular Mexican fast-casual chain restaurant admitted this week to raising its prices to combat inflation. 

“For the first time in over a year, we have taken a modest price increase of approximately 2% nationally to offset inflation,” Laurie Schalow, Chipotle’s chief corporate affairs officer, told Fortune in a statement. 

The confirmation came following an analyst report dated Dec. 4 by Truist Securities financial group showing Chipotle had increased prices by 2% on proteins at 20% of its restaurant locations surveyed. 

Truist Securities also predicted from its scrape of nationwide data that this is “the start of a system-wide rollout” of higher menu prices. “The menu price increase is earlier than we expected, and a positive for the stock, in our view,” Truist Securities analyst Jake Bartlett wrote.

Truist Securities raised the firm’s price target on Chipotle from $72 to $74 based on the findings and believes Chipotle is shifting menu prices higher “from a point of strength,” according to the analyst note shared with Fortune. Since the start of the week, Chipotle shares have risen by more than 5% to $64.89 as of mid-day Thursday. 

Although customers seldom enjoy price increases, this could be welcome news for Chipotle, which is going through a transition period following Niccol’s exit and lackluster third-quarter results that were affected by the company’s positioning on portion sizes. 

A Wells Fargo analyst took it upon himself to order the same Chipotle bowl 75 times to prove the portion problem at the restaurant chain. Zachary Fadem and his team at Wells Fargo bought and weighed all of the burrito bowls they bought at eight different Chipotle locations in New York City (half were ordered online and half were ordered in person). Their analysis, which was published in June, showed significant inconsistencies in portion sizes among the various ways Chipotle customers ordered their meals.

“While throughput is improving, order consistency remains an opportunity,” the analysts wrote in the note. But Chipotle took heed and started addressing the problem. 

“There was never a directive to provide less to our customers,” Niccol said in July. “Generous portion is a core brand equity of Chipotle. It always has been, and it always will be.”

By trying to make portion sizes more consistent among restaurant locations, it cost the company last quarter. But it did help quell social media backlash about dainty portion sizes.

“The benefit of last year’s menu price increase was more than offset by inflation across several items, most notably avocados and dairy, as well as higher usage as we focused on ensuring consistent and generous portions,” Chipotle chief financial officer Adam Rymer said during a late October earnings call.

It’s also a sign that Chipotle is getting its sea legs again after Niccol was poached by Starbucks and replaced by Scott Boatwright, who previously served as chief operating officer and chief restaurant officer at the chain. Following Niccol’s departure, shares of Chipotle tumbled, but are now up by more than 47% year over year.

“We know that portioning is a core equity of ours in the organization,” Boatwright said during October earnings call. “We are committed to ensuring that we give the right portion to every guest that walks into the building.”

The Fortune 500 Innovation Forum will convene Fortune 500 executives, U.S. policy officials, top founders, and thought leaders to help define what’s next for the American economy, Nov. 16-17 in Detroit. Apply here.
About the Author
Sydney Lake
By Sydney LakeAssociate Editor
LinkedIn iconTwitter icon

Sydney Lake is an associate editor at Fortune, where she writes and edits news for the publication's global news desk.

See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Retail

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Retail

p
RetailWorld Cup
The 2 billion-print, $2-pack last hurrah for a World Cup legend: the Panini sticker album’s last ride
By Dave Skretta and The Associated PressJune 27, 2026
5 hours ago
Red Lobster lost millions on its endless shrimp disaster. Shareholders say it was a ‘car crash’ designed to squeeze profits
LawRestaurants
Red Lobster lost millions on its endless shrimp disaster. Shareholders say it was a ‘car crash’ designed to squeeze profits
By Marco Quiroz-GutierrezJune 26, 2026
23 hours ago
The ‘FIFA 15’ is American culinary diplomacy in action
North AmericaFood and drink
The ‘FIFA 15’ is American culinary diplomacy in action
By Catherina GioinoJune 26, 2026
1 day ago
Fortune 500 Power Moves: Which executives gained and lost power this week
C-SuiteFortune 500 Power Moves
Fortune 500 Power Moves: Which executives gained and lost power this week
By Fortune EditorsJune 26, 2026
1 day ago
Marketing leaders speak at Fortune's Fuel Up event in Cannes. (L-R) Natalia Ball, Mars Pet Nutrition; Zena Arnold, Sephora; Tati Lindenberg, Unilever; Laura Jones, Instacart; Ruth Umoh, Fortune
RetailCMO
The new CMO playbook: how marketers are balancing broader remits and tighter budgets
By Sam BirchallJune 26, 2026
1 day ago
AI is overwhelming our senses—Edward Enninful has an answer for that 
EuropeLetter from London
AI is overwhelming our senses—Edward Enninful has an answer for that 
By Kamal AhmedJune 26, 2026
1 day ago

Most Popular

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
3 days ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
9 hours ago
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
Success
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
By Orianna Rosa RoyleJune 24, 2026
4 days ago
Current price of silver as of Friday, June 26, 2026
Personal Finance
Current price of silver as of Friday, June 26, 2026
By Joseph HostetlerJune 26, 2026
1 day ago
Ray Dalio just finished a 10-day trip to China. He says global leaders know America ‘doesn’t have what it takes to fight to maintain its empire’
Asia
Ray Dalio just finished a 10-day trip to China. He says global leaders know America ‘doesn’t have what it takes to fight to maintain its empire’
By Nick LichtenbergJune 24, 2026
3 days ago
Leon Black says Epstein's network included Elon Musk, Sergey Brin and Peter Thiel, while saying 'I knew Jekyll. I didn't know Hyde'
Politics
Leon Black says Epstein's network included Elon Musk, Sergey Brin and Peter Thiel, while saying 'I knew Jekyll. I didn't know Hyde'
By Joey Cappelletti and The Associated PressJune 26, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.