Don’t expect Chipotle (CMG) to run the McDonald’s (MCD) Extra Value meal playbook.
“I don’t want to do it [dollar menu],” Chipotle CEO Scott Boatwright said on Yahoo Finance’s Market Domination (video above). “Let me tell you why. I think the value of our offering is very compelling. You know, our food is worth, in my mind, every penny we ask someone to pay for it. I don’t want to devalue our core offering.”
McDonald’s brought back its iconic Extra Value Meal offerings in September 2025 to make its food —which had gotten pricier — more affordable for cash-strapped consumers.
Chipotle is choosing a different route. The company gave away $1 million in free food as part of a Super Bowl promotion. The codes, available to the first 100,000 people who redeemed them, are valid in the US through Feb. 12.
Boatwright confirmed to Yahoo Finance that Chipotle gave away 100,000 meals and hinted that the company could do similar promotions later in the year.
He added the company is about to test what it’s calling a “Happier Hour” to cater to the cost-conscious during dinner hours.
“So we have more work to do on exactly what we’ll launch in the test, but we’re thinking something probably lower than 10 bucks,” Boatwright said on the upcoming test. “I think it’s our way into really giving back to the community in a meaningful way and really expanding that daypart to bring more customers in the restaurants.”
Chipotle has had a yearlong stretch of being un-Chipotle-like, meaning its earnings and stock price haven’t been in high-growth mode.
The restaurant chain’s fourth quarter same-store sales fell 2.5% as it continued to battle through weak customer traffic trends amid affordability headwinds. The company sparked online debate after Boatwright disclosed on the earnings call that 60% of its core customers make more than $100,000 in annual income.
Its 2026 outlook disappointed the Street when the company said it expects sales to remain unchanged this year. The Street was looking for an increase of 1.8%.
While the company signaled a decent start to the first quarter, sales remain subdued. The company was unwilling to forecast a strong bounce-back, as cold winter weather has also kept consumers at bay.
Chipotle stock is down 30% over the past year, compared to a 10% gain for McDonald’s (MCD), which has been more aggressive in marketing new, affordable menu options.
To turn the ship around, Chipotle plans to introduce several limited-time offerings, such as chicken al pastor. It has also released a small bowl of grilled chicken for around $3.95 to reach cost-conscious consumers.
