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Chipotle Mexican Grill（CMG）与Restaurant Brands International Inc.（QSR）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Restaurant Brands International Inc.的1.2倍（$3.0B vs $2.5B）。Chipotle Mexican Grill净利率更高（11.1% vs 6.3%，领先4.8%）。Restaurant Brands International Inc.同比增速更快（7.4% vs 4.9%）。Restaurant Brands International Inc.自由现金流更多（$453.0M vs $228.4M）。过去两年Restaurant Brands International Inc.的营收复合增速更高（19.1% vs 5.1%）
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。
Restaurant Brands International（简称RBI）是美加合资的跨国快餐控股企业，2014年由汉堡王与加拿大咖啡连锁品牌蒂姆·霍顿斯以125亿美元合并成立，后续先后收购Popeyes、Firehouse Subs两大品牌，现为全球第五大快餐运营商，规模仅次于赛百味、麦当劳、星巴克和百胜餐饮。
CMG vs QSR — 直观对比
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $2.5B |
| 净利润 | $330.9M | $155.0M |
| 毛利率 | — | — |
| 营业利润率 | 14.1% | 25.2% |
| 净利率 | 11.1% | 6.3% |
| 营收同比 | 4.9% | 7.4% |
| 净利润同比 | -0.3% | -57.1% |
| 每股收益（稀释后） | $0.25 | $0.33 |
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
| Q4 25 | $3.0B | $2.5B | ||
| Q3 25 | $3.0B | $2.4B | ||
| Q2 25 | $3.1B | $2.4B | ||
| Q1 25 | $2.9B | $2.1B | ||
| Q4 24 | $2.8B | $2.3B | ||
| Q3 24 | $2.8B | $2.3B | ||
| Q2 24 | $3.0B | $2.1B | ||
| Q1 24 | $2.7B | $1.7B |
| Q4 25 | $330.9M | $155.0M | ||
| Q3 25 | $382.1M | $436.0M | ||
| Q2 25 | $436.1M | $263.0M | ||
| Q1 25 | $386.6M | $221.0M | ||
| Q4 24 | $331.8M | $361.0M | ||
| Q3 24 | $387.4M | $357.0M | ||
| Q2 24 | $455.7M | $399.0M | ||
| Q1 24 | $359.3M | $328.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 65.2% |
| Q4 25 | 14.1% | 25.2% | ||
| Q3 25 | 15.9% | 27.1% | ||
| Q2 25 | 18.2% | 20.0% | ||
| Q1 25 | 16.7% | 20.6% | ||
| Q4 24 | 14.6% | 27.7% | ||
| Q3 24 | 16.9% | 25.2% | ||
| Q2 24 | 19.7% | 31.9% | ||
| Q1 24 | 16.3% | 31.3% |
| Q4 25 | 11.1% | 6.3% | ||
| Q3 25 | 12.7% | 17.8% | ||
| Q2 25 | 14.2% | 10.9% | ||
| Q1 25 | 13.4% | 10.5% | ||
| Q4 24 | 11.7% | 15.7% | ||
| Q3 24 | 13.9% | 15.6% | ||
| Q2 24 | 15.3% | 19.2% | ||
| Q1 24 | 13.3% | 18.9% |
| Q4 25 | $0.25 | $0.33 | ||
| Q3 25 | $0.29 | $0.96 | ||
| Q2 25 | $0.32 | $0.57 | ||
| Q1 25 | $0.28 | $0.49 | ||
| Q4 24 | $-12.51 | $0.79 | ||
| Q3 24 | $0.28 | $0.79 | ||
| Q2 24 | $0.33 | $0.88 | ||
| Q1 24 | $13.01 | $0.72 |
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 | $13.3B |
| 股东权益账面价值 | $2.8B | $3.6B |
| 总资产 | $9.0B | $25.6B |
| 负债/权益比越低杠杆越低 | 0.00× | 3.65× |
8季度趋势，按日历期对齐
| 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 | — |
| Q4 25 | $0 | $13.3B | ||
| Q3 25 | — | $13.5B | ||
| Q2 25 | — | $13.6B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | $0 | $13.6B | ||
| Q3 24 | — | $13.7B | ||
| Q2 24 | — | $13.7B | ||
| Q1 24 | — | $12.9B |
| Q4 25 | $2.8B | $3.6B | ||
| Q3 25 | $3.2B | $3.4B | ||
| Q2 25 | $3.5B | $3.3B | ||
| Q1 25 | $3.5B | $3.1B | ||
| Q4 24 | $3.7B | $3.1B | ||
| Q3 24 | $3.6B | $3.2B | ||
| Q2 24 | $3.7B | $3.1B | ||
| Q1 24 | $3.4B | $3.0B |
| Q4 25 | $9.0B | $25.6B | ||
| Q3 25 | $9.3B | $25.7B | ||
| Q2 25 | $9.3B | $25.7B | ||
| Q1 25 | $9.0B | $24.9B | ||
| Q4 24 | $9.2B | $24.6B | ||
| Q3 24 | $9.0B | $25.1B | ||
| Q2 24 | $8.9B | $24.8B | ||
| Q1 24 | $8.4B | $23.1B |
| Q4 25 | 0.00× | 3.65× | ||
| Q3 25 | — | 3.99× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 4.37× | ||
| Q4 24 | 0.00× | 4.39× | ||
| Q3 24 | — | 4.22× | ||
| Q2 24 | — | 4.46× | ||
| Q1 24 | — | 4.35× |
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 | $555.0M |
| 自由现金流经营现金流 - 资本支出 | $228.4M | $453.0M |
| 自由现金流率自由现金流/营收 | 7.7% | 18.4% |
| 资本支出强度资本支出/营收 | 6.6% | 4.1% |
| 现金转化率经营现金流/净利润 | 1.29× | 3.58× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $1.4B |
8季度趋势，按日历期对齐
| Q4 25 | $425.8M | $555.0M | ||
| Q3 25 | $569.7M | $592.0M | ||
| Q2 25 | $561.3M | $449.0M | ||
| Q1 25 | $557.1M | $118.0M | ||
| Q4 24 | $526.8M | $481.0M | ||
| Q3 24 | $446.5M | $540.0M | ||
| Q2 24 | $562.6M | $334.0M | ||
| Q1 24 | $569.2M | $148.0M |
| Q4 25 | $228.4M | $453.0M | ||
| Q3 25 | $406.2M | $531.0M | ||
| Q2 25 | $400.7M | $411.0M | ||
| Q1 25 | $412.3M | $54.0M | ||
| Q4 24 | $353.9M | $404.0M | ||
| Q3 24 | $299.0M | $485.0M | ||
| Q2 24 | $422.1M | $291.0M | ||
| Q1 24 | $436.5M | $122.0M |
| Q4 25 | 7.7% | 18.4% | ||
| Q3 25 | 13.5% | 21.7% | ||
| Q2 25 | 13.1% | 17.1% | ||
| Q1 25 | 14.3% | 2.6% | ||
| Q4 24 | 12.4% | 17.6% | ||
| Q3 24 | 10.7% | 21.2% | ||
| Q2 24 | 14.2% | 14.0% | ||
| Q1 24 | 16.2% | 7.0% |
| Q4 25 | 6.6% | 4.1% | ||
| Q3 25 | 5.4% | 2.5% | ||
| Q2 25 | 5.2% | 1.6% | ||
| Q1 25 | 5.0% | 3.0% | ||
| Q4 24 | 6.1% | 3.4% | ||
| Q3 24 | 5.3% | 2.4% | ||
| Q2 24 | 4.7% | 2.1% | ||
| Q1 24 | 4.9% | 1.5% |
| Q4 25 | 1.29× | 3.58× | ||
| Q3 25 | 1.49× | 1.36× | ||
| Q2 25 | 1.29× | 1.71× | ||
| Q1 25 | 1.44× | 0.53× | ||
| Q4 24 | 1.59× | 1.33× | ||
| Q3 24 | 1.15× | 1.51× | ||
| Q2 24 | 1.23× | 0.84× | ||
| Q1 24 | 1.58× | 0.45× |
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% |
QSR
| CA | $1.0B | 41% |
| Other | $330.0M | 13% |
| Advertising | $308.0M | 12% |
| Others | $284.0M | 12% |
| Popeyes Louisiana Kitchen | $195.0M | 8% |
| Burger King | $185.0M | 8% |
| Royalty | $87.0M | 4% |
| Firehouse Subs | $59.0M | 2% |
| Franchisor | $7.0M | 0% |
