Commentary: Chipotle just saw its worst year ever. It may not get any better - Los Angeles Times

Los Angeles Times

by Gustavo Arellano

February 19, 2026

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Chipotle, once a booming fast-casual dining chain, has faced its biggest challenges yet in 2025, marking its worst year ever with declining same-store sales for the first time since it went public two decades ago. The company’s shares dropped by nearly 37%, reflecting broader struggles in the餐饮 industry amid rising costs and reduced consumer spending. Chipotle CEO Scott Boatwright acknowledged that 2026 is expected to remain flat but remains optimistic, citing new menu improvements like juicier steaks and a revamped rewards program. Despite these efforts, analysts warn that Chipotle risks becoming irrelevant unless it adapts to shifting consumer preferences. The article delves into the broader cultural context of Mexican food in America, tracing its evolution from niche offerings to mainstream staples. Once seen as innovative, items like burritos and tacos have become so commonplace that they now feel outdated to younger generations. This assimilation has led to diminishing returns for many Mexican-inspired chains, including Chipotle, which rose to prominence by capitalizing on the trend of larger, more affordable portions in the 1990s and 2000s. However, as competitors like Taco Bell have shown, staying relevant requires innovation and a willingness to explore new frontiers beyond traditional menu items. Chipotle’s reliance on its core burrito concept has left it vulnerable to changing tastes and economic conditions. While CEO Boatwright emphasizes the brand’s enduring strength, critics argue that the company must evolve or risk becoming outdated. The article highlights how Chipotle’s origins were rooted in replicating San Francisco taquerías but with a focus on efficiency and scalability. This approach initially worked, as young diners sought affordable yet slightly elevated fast food options during the 1990s and 2000s. However, this strategy has since become a double-edged sword, as it limits the company’s ability to innovate and appeal to new generations. The piece also raises questions about whether Chipotle can successfully navigate its planned expansion into new markets, such as Mexico, or if it will continue to rely on an over-saturated model. As the company looks ahead to its next

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Originally published on Los Angeles Times on 2/19/2026