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Chipotle Mexican Grill（CMG）与达登餐饮（DRI）财务数据对比。点击上方公司名可切换其他公司
达登餐饮的季度营收约是Chipotle Mexican Grill的1.0倍（$3.1B vs $3.0B），Chipotle Mexican Grill净利率更高（11.1% vs 7.6%，领先3.4%），达登餐饮同比增速更快（7.3% vs 4.9%），Chipotle Mexican Grill自由现金流更多（$228.4M vs $119.8M），过去两年Chipotle Mexican Grill的营收复合增速更高（5.1% vs 2.1%）
Chipotle Mexican Grill（常简称为Chipotle）是源自美国的跨国休闲快餐连锁品牌，主营现点现做的碗餐、塔可、墨西哥卷饼等风味餐食，餐品制作过程全程向顾客公开。截至2025年12月，品牌全球门店数量已达4000家，品牌名来源于纳瓦特尔语中烟熏干哈拉佩尼奥辣椒的称谓。
达登餐饮是总部位于美国佛罗里达州奥兰多的多品牌全服务餐饮运营商，为全球规模最大的全服务餐饮集团，旗下拥有超1800家门店，员工逾17.5万名。品牌前身由威廉·达登创立，最初获通用磨坊投资，旗下红龙虾品牌于2014年7月售出。
CMG vs DRI — 直观对比
营收规模更大
DRI
是对方的1.0倍
$3.0B
营收增速更快
DRI
高出2.5%
4.9%
净利率更高
CMG
高出3.4%
7.6%
自由现金流更多
CMG
多$108.6M
$119.8M
两年增速更快
CMG
近两年复合增速
2.1%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $3.1B |
| 净利润 | $330.9M | $237.2M |
| 毛利率 | — | 18.7% |
| 营业利润率 | 14.1% | 10.3% |
| 净利率 | 11.1% | 7.6% |
| 营收同比 | 4.9% | 7.3% |
| 净利润同比 | -0.3% | 10.3% |
| 每股收益（稀释后） | $0.25 | $2.03 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CMGDRI
| Q4 25 | $3.0B | $3.1B | ||
| Q3 25 | $3.0B | $3.0B | ||
| Q2 25 | $3.1B | $3.3B | ||
| Q1 25 | $2.9B | $3.2B | ||
| Q4 24 | $2.8B | $2.9B | ||
| Q3 24 | $2.8B | $2.8B | ||
| Q2 24 | $3.0B | $3.0B | ||
| Q1 24 | $2.7B | $3.0B |
净利润CMGDRI
| Q4 25 | $330.9M | $237.2M | ||
| Q3 25 | $382.1M | $257.8M | ||
| Q2 25 | $436.1M | $303.9M | ||
| Q1 25 | $386.6M | $323.4M | ||
| Q4 24 | $331.8M | $215.1M | ||
| Q3 24 | $387.4M | $207.2M | ||
| Q2 24 | $455.7M | $308.1M | ||
| Q1 24 | $359.3M | $312.9M |
毛利率CMGDRI
| Q4 25 | — | 18.7% | ||
| Q3 25 | — | 18.9% | ||
| Q2 25 | — | 22.1% | ||
| Q1 25 | — | 21.1% | ||
| Q4 24 | — | 19.5% | ||
| Q3 24 | — | 18.8% | ||
| Q2 24 | — | 20.9% | ||
| Q1 24 | — | 20.6% |
营业利润率CMGDRI
| Q4 25 | 14.1% | 10.3% | ||
| Q3 25 | 15.9% | 11.1% | ||
| Q2 25 | 18.2% | 11.7% | ||
| Q1 25 | 16.7% | 13.2% | ||
| Q4 24 | 14.6% | 10.1% | ||
| Q3 24 | 16.9% | 9.8% | ||
| Q2 24 | 19.7% | 13.4% | ||
| Q1 24 | 16.3% | 13.0% |
净利率CMGDRI
| Q4 25 | 11.1% | 7.6% | ||
| Q3 25 | 12.7% | 8.5% | ||
| Q2 25 | 14.2% | 9.3% | ||
| Q1 25 | 13.4% | 10.2% | ||
| Q4 24 | 11.7% | 7.4% | ||
| Q3 24 | 13.9% | 7.5% | ||
| Q2 24 | 15.3% | 10.4% | ||
| Q1 24 | 13.3% | 10.5% |
每股收益（稀释后）CMGDRI
| Q4 25 | $0.25 | $2.03 | ||
| Q3 25 | $0.29 | $2.19 | ||
| Q2 25 | $0.32 | $2.56 | ||
| Q1 25 | $0.28 | $2.74 | ||
| Q4 24 | $-12.51 | $1.82 | ||
| Q3 24 | $0.28 | $1.74 | ||
| Q2 24 | $0.33 | $2.56 | ||
| Q1 24 | $13.01 | $2.60 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.0B | $224.1M |
| 总债务越低越好 | $0 | $2.1B |
| 股东权益账面价值 | $2.8B | $2.1B |
| 总资产 | $9.0B | $12.9B |
| 负债/权益比越低杠杆越低 | 0.00× | 1.03× |
8季度趋势，按日历期对齐
现金及短期投资CMGDRI
| Q4 25 | $1.0B | $224.1M | ||
| Q3 25 | $1.4B | $211.0M | ||
| Q2 25 | $1.5B | $240.0M | ||
| Q1 25 | $1.4B | $224.2M | ||
| Q4 24 | $1.4B | $217.3M | ||
| Q3 24 | $1.4B | $192.5M | ||
| Q2 24 | $1.5B | $194.8M | ||
| Q1 24 | $1.4B | $243.9M |
总债务CMGDRI
| Q4 25 | $0 | $2.1B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | $0 | $2.1B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.4B |
股东权益CMGDRI
| Q4 25 | $2.8B | $2.1B | ||
| Q3 25 | $3.2B | $2.2B | ||
| Q2 25 | $3.5B | $2.3B | ||
| Q1 25 | $3.5B | $2.2B | ||
| Q4 24 | $3.7B | $2.1B | ||
| Q3 24 | $3.6B | $2.1B | ||
| Q2 24 | $3.7B | $2.2B | ||
| Q1 24 | $3.4B | $2.2B |
总资产CMGDRI
| Q4 25 | $9.0B | $12.9B | ||
| Q3 25 | $9.3B | $12.8B | ||
| Q2 25 | $9.3B | $12.6B | ||
| Q1 25 | $9.0B | $12.6B | ||
| Q4 24 | $9.2B | $12.5B | ||
| Q3 24 | $9.0B | $11.4B | ||
| Q2 24 | $8.9B | $11.3B | ||
| Q1 24 | $8.4B | $11.4B |
负债/权益比CMGDRI
| Q4 25 | 0.00× | 1.03× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | 0.92× | ||
| Q1 25 | — | 0.96× | ||
| Q4 24 | 0.00× | 1.02× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | — | 0.61× | ||
| Q1 24 | — | 0.63× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $425.8M | $320.7M |
| 自由现金流经营现金流 - 资本支出 | $228.4M | $119.8M |
| 自由现金流率自由现金流/营收 | 7.7% | 3.9% |
| 资本支出强度资本支出/营收 | 6.6% | 6.5% |
| 现金转化率经营现金流/净利润 | 1.29× | 1.35× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $1.0B |
8季度趋势，按日历期对齐
经营现金流CMGDRI
| Q4 25 | $425.8M | $320.7M | ||
| Q3 25 | $569.7M | $342.5M | ||
| Q2 25 | $561.3M | $457.0M | ||
| Q1 25 | $557.1M | $588.2M | ||
| Q4 24 | $526.8M | $388.6M | ||
| Q3 24 | $446.5M | $273.2M | ||
| Q2 24 | $562.6M | $426.0M | ||
| Q1 24 | $569.2M | $585.8M |
自由现金流CMGDRI
| Q4 25 | $228.4M | $119.8M | ||
| Q3 25 | $406.2M | $168.4M | ||
| Q2 25 | $400.7M | $285.0M | ||
| Q1 25 | $412.3M | $430.1M | ||
| Q4 24 | $353.9M | $219.3M | ||
| Q3 24 | $299.0M | $128.0M | ||
| Q2 24 | $422.1M | $285.6M | ||
| Q1 24 | $436.5M | $437.4M |
自由现金流率CMGDRI
| Q4 25 | 7.7% | 3.9% | ||
| Q3 25 | 13.5% | 5.5% | ||
| Q2 25 | 13.1% | 8.7% | ||
| Q1 25 | 14.3% | 13.6% | ||
| Q4 24 | 12.4% | 7.6% | ||
| Q3 24 | 10.7% | 4.6% | ||
| Q2 24 | 14.2% | 9.7% | ||
| Q1 24 | 16.2% | 14.7% |
资本支出强度CMGDRI
| Q4 25 | 6.6% | 6.5% | ||
| Q3 25 | 5.4% | 5.7% | ||
| Q2 25 | 5.2% | 5.3% | ||
| Q1 25 | 5.0% | 5.0% | ||
| Q4 24 | 6.1% | 5.9% | ||
| Q3 24 | 5.3% | 5.3% | ||
| Q2 24 | 4.7% | 4.7% | ||
| Q1 24 | 4.9% | 5.0% |
现金转化率CMGDRI
| Q4 25 | 1.29× | 1.35× | ||
| Q3 25 | 1.49× | 1.33× | ||
| Q2 25 | 1.29× | 1.50× | ||
| Q1 25 | 1.44× | 1.82× | ||
| Q4 24 | 1.59× | 1.81× | ||
| Q3 24 | 1.15× | 1.32× | ||
| Q2 24 | 1.23× | 1.38× | ||
| Q1 24 | 1.58× | 1.87× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CMG
| U.S.Segment | $2.9B | 98% |
| Chipotle Rewards | $46.1M | 2% |
| Delivery Service | $14.3M | 0% |
DRI
| Olive Garden Segment | $1.4B | 44% |
| Long Horn Steakhouse Segment | $775.9M | 25% |
| Other | $647.3M | 21% |
| Fine Dining Segment | $316.2M | 10% |
