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Chipotle Mexican Grill（CMG）与GLOBAL PARTNERS LP（GLP）财务数据对比。点击上方公司名可切换其他公司
Chipotle Mexican Grill的季度营收约是GLOBAL PARTNERS LP的1.3倍（$3.0B vs $2.2B），Chipotle Mexican Grill净利率更高（11.1% vs 1.1%，领先10.0%），GLOBAL PARTNERS LP同比增速更快（7.0% vs 4.9%），Chipotle Mexican Grill自由现金流更多（$228.4M vs $62.2M），过去两年Chipotle Mexican Grill的营收复合增速更高（5.1% vs 0.2%）
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。
Global Partners LP是一家美国能源供应企业，2018年位列《财富》世界500强第361位，采用业主有限合伙制架构，核心业务为石油产品进口，深耕北美市场开展营销活动，批发的产品涵盖原油、柴油、汽油、取暖油及煤油等品类。
CMG vs GLP — 直观对比
营收规模更大
CMG
是对方的1.3倍
$2.2B
营收增速更快
GLP
高出2.1%
4.9%
净利率更高
CMG
高出10.0%
1.1%
自由现金流更多
CMG
多$166.2M
$62.2M
两年增速更快
CMG
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $2.2B |
| 净利润 | $330.9M | $25.1M |
| 毛利率 | — | 11.9% |
| 营业利润率 | 14.1% | 2.6% |
| 净利率 | 11.1% | 1.1% |
| 营收同比 | 4.9% | 7.0% |
| 净利润同比 | -0.3% | 5.0% |
| 每股收益（稀释后） | $0.25 | — |
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CMGGLP
| Q4 25 | $3.0B | $2.2B | ||
| Q3 25 | $3.0B | $2.2B | ||
| Q2 25 | $3.1B | $2.1B | ||
| Q1 25 | $2.9B | $2.2B | ||
| Q4 24 | $2.8B | $2.1B | ||
| Q3 24 | $2.8B | $2.1B | ||
| Q2 24 | $3.0B | $2.3B | ||
| Q1 24 | $2.7B | $2.2B |
净利润CMGGLP
| Q4 25 | $330.9M | $25.1M | ||
| Q3 25 | $382.1M | $29.0M | ||
| Q2 25 | $436.1M | $25.2M | ||
| Q1 25 | $386.6M | $18.7M | ||
| Q4 24 | $331.8M | $23.9M | ||
| Q3 24 | $387.4M | $45.9M | ||
| Q2 24 | $455.7M | $46.1M | ||
| Q1 24 | $359.3M | $-5.6M |
毛利率CMGGLP
| Q4 25 | — | 11.9% | ||
| Q3 25 | — | 12.1% | ||
| Q2 25 | — | 13.1% | ||
| Q1 25 | — | 11.7% | ||
| Q4 24 | — | 13.0% | ||
| Q3 24 | — | 13.4% | ||
| Q2 24 | — | 12.6% | ||
| Q1 24 | — | 9.8% |
营业利润率CMGGLP
| Q4 25 | 14.1% | 2.6% | ||
| Q3 25 | 15.9% | 2.7% | ||
| Q2 25 | 18.2% | 2.9% | ||
| Q1 25 | 16.7% | 2.6% | ||
| Q4 24 | 14.6% | 2.8% | ||
| Q3 24 | 16.9% | 3.9% | ||
| Q2 24 | 19.7% | 3.7% | ||
| Q1 24 | 16.3% | 1.2% |
净利率CMGGLP
| Q4 25 | 11.1% | 1.1% | ||
| Q3 25 | 12.7% | 1.3% | ||
| Q2 25 | 14.2% | 1.2% | ||
| Q1 25 | 13.4% | 0.9% | ||
| Q4 24 | 11.7% | 1.2% | ||
| Q3 24 | 13.9% | 2.1% | ||
| Q2 24 | 15.3% | 2.0% | ||
| Q1 24 | 13.3% | -0.3% |
每股收益（稀释后）CMGGLP
| Q4 25 | $0.25 | — | ||
| Q3 25 | $0.29 | — | ||
| Q2 25 | $0.32 | — | ||
| Q1 25 | $0.28 | — | ||
| Q4 24 | $-12.51 | — | ||
| Q3 24 | $0.28 | — | ||
| Q2 24 | $0.33 | — | ||
| Q1 24 | $13.01 | — |
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 | — |
| 总债务越低越好 | $0 | — |
| 股东权益账面价值 | $2.8B | — |
| 总资产 | $9.0B | $3.9B |
| 负债/权益比越低杠杆越低 | 0.00× | — |
8季度趋势，按日历期对齐
现金及短期投资CMGGLP
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.4B | — |
总债务CMGGLP
| Q4 25 | $0 | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CMGGLP
| Q4 25 | $2.8B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $3.5B | — | ||
| Q1 25 | $3.5B | — | ||
| Q4 24 | $3.7B | — | ||
| Q3 24 | $3.6B | — | ||
| Q2 24 | $3.7B | — | ||
| Q1 24 | $3.4B | — |
总资产CMGGLP
| Q4 25 | $9.0B | $3.9B | ||
| Q3 25 | $9.3B | $3.7B | ||
| Q2 25 | $9.3B | $3.8B | ||
| Q1 25 | $9.0B | $3.8B | ||
| Q4 24 | $9.2B | $3.8B | ||
| Q3 24 | $9.0B | $3.7B | ||
| Q2 24 | $8.9B | $3.8B | ||
| Q1 24 | $8.4B | $3.5B |
负债/权益比CMGGLP
| Q4 25 | 0.00× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $101.0M |
| 自由现金流经营现金流 - 资本支出 | $228.4M | $62.2M |
| 自由现金流率自由现金流/营收 | 7.7% | 2.8% |
| 资本支出强度资本支出/营收 | 6.6% | 1.8% |
| 现金转化率经营现金流/净利润 | 1.29× | 4.03× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $193.3M |
8季度趋势，按日历期对齐
经营现金流CMGGLP
| Q4 25 | $425.8M | $101.0M | ||
| Q3 25 | $569.7M | $19.0M | ||
| Q2 25 | $561.3M | $216.3M | ||
| Q1 25 | $557.1M | $-51.6M | ||
| Q4 24 | $526.8M | $67.2M | ||
| Q3 24 | $446.5M | $122.7M | ||
| Q2 24 | $562.6M | $24.3M | ||
| Q1 24 | $569.2M | $-182.7M |
自由现金流CMGGLP
| Q4 25 | $228.4M | $62.2M | ||
| Q3 25 | $406.2M | $-678.0K | ||
| Q2 25 | $400.7M | $201.3M | ||
| Q1 25 | $412.3M | $-69.5M | ||
| Q4 24 | $353.9M | $20.4M | ||
| Q3 24 | $299.0M | $98.4M | ||
| Q2 24 | $422.1M | $8.7M | ||
| Q1 24 | $436.5M | $-199.3M |
自由现金流率CMGGLP
| Q4 25 | 7.7% | 2.8% | ||
| Q3 25 | 13.5% | -0.0% | ||
| Q2 25 | 13.1% | 9.7% | ||
| Q1 25 | 14.3% | -3.2% | ||
| Q4 24 | 12.4% | 1.0% | ||
| Q3 24 | 10.7% | 4.6% | ||
| Q2 24 | 14.2% | 0.4% | ||
| Q1 24 | 16.2% | -9.0% |
资本支出强度CMGGLP
| Q4 25 | 6.6% | 1.8% | ||
| Q3 25 | 5.4% | 0.9% | ||
| Q2 25 | 5.2% | 0.7% | ||
| Q1 25 | 5.0% | 0.8% | ||
| Q4 24 | 6.1% | 2.3% | ||
| Q3 24 | 5.3% | 1.1% | ||
| Q2 24 | 4.7% | 0.7% | ||
| Q1 24 | 4.9% | 0.8% |
现金转化率CMGGLP
| Q4 25 | 1.29× | 4.03× | ||
| Q3 25 | 1.49× | 0.66× | ||
| Q2 25 | 1.29× | 8.58× | ||
| Q1 25 | 1.44× | -2.76× | ||
| Q4 24 | 1.59× | 2.82× | ||
| Q3 24 | 1.15× | 2.67× | ||
| Q2 24 | 1.23× | 0.53× | ||
| Q1 24 | 1.58× | — |
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% |
GLP
| Gasoline | $1.0B | 46% |
| Refined Petroleum Products Renewable Fuels Crude Oil And Propane | $884.7M | 40% |
| Commercial Segment | $187.6M | 8% |
| Station Operations | $110.5M | 5% |
