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Chipotle Mexican Grill（CMG）与Texas Roadhouse, Inc.（TXRH）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Texas Roadhouse, Inc.的2.0倍（$3.0B vs $1.5B）。Chipotle Mexican Grill净利率更高（11.1% vs 5.8%，领先5.2%）。Chipotle Mexican Grill同比增速更快（4.9% vs 3.1%）。过去两年Texas Roadhouse, Inc.的营收复合增速更高（12.8% 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。
Texas Roadhouse是美国知名牛排连锁餐厅，主打德克萨斯及美国西南部风味餐食，核心产品为各类牛排。品牌总部位于肯塔基州路易斯维尔，旗下还运营另外两个餐饮品牌。截至2025年8月，品牌在美国49个州拥有约800家门店，同时在11个国家开设了70家海外门店。
CMG vs TXRH — 直观对比
营收规模更大
CMG
是对方的2.0倍
$1.5B
营收增速更快
CMG
高出1.8%
3.1%
净利率更高
CMG
高出5.2%
5.8%
两年增速更快
TXRH
近两年复合增速
5.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $1.5B |
| 净利润 | $330.9M | $86.7M |
| 毛利率 | — | — |
| 营业利润率 | 14.1% | 6.5% |
| 净利率 | 11.1% | 5.8% |
| 营收同比 | 4.9% | 3.1% |
| 净利润同比 | -0.3% | -26.9% |
| 每股收益（稀释后） | $0.25 | $1.29 |
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CMGTXRH
| Q4 25 | $3.0B | $1.5B | ||
| Q3 25 | $3.0B | $1.4B | ||
| Q2 25 | $3.1B | $1.4B | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $2.8B | $1.4B | ||
| Q3 24 | $2.8B | $1.3B | ||
| Q2 24 | $3.0B | $1.3B | ||
| Q1 24 | $2.7B | $1.3B |
净利润CMGTXRH
| Q4 25 | $330.9M | $86.7M | ||
| Q3 25 | $382.1M | $84.9M | ||
| Q2 25 | $436.1M | $116.1M | ||
| Q1 25 | $386.6M | — | ||
| Q4 24 | $331.8M | $118.5M | ||
| Q3 24 | $387.4M | $86.8M | ||
| Q2 24 | $455.7M | $123.1M | ||
| Q1 24 | $359.3M | $116.0M |
营业利润率CMGTXRH
| Q4 25 | 14.1% | 6.5% | ||
| Q3 25 | 15.9% | 6.7% | ||
| Q2 25 | 18.2% | 9.3% | ||
| Q1 25 | 16.7% | — | ||
| Q4 24 | 14.6% | 9.6% | ||
| Q3 24 | 16.9% | 8.0% | ||
| Q2 24 | 19.7% | 10.6% | ||
| Q1 24 | 16.3% | 10.1% |
净利率CMGTXRH
| Q4 25 | 11.1% | 5.8% | ||
| Q3 25 | 12.7% | 5.9% | ||
| Q2 25 | 14.2% | 8.0% | ||
| Q1 25 | 13.4% | — | ||
| Q4 24 | 11.7% | 8.2% | ||
| Q3 24 | 13.9% | 6.8% | ||
| Q2 24 | 15.3% | 9.2% | ||
| Q1 24 | 13.3% | 8.8% |
每股收益（稀释后）CMGTXRH
| Q4 25 | $0.25 | $1.29 | ||
| Q3 25 | $0.29 | $1.25 | ||
| Q2 25 | $0.32 | $1.70 | ||
| Q1 25 | $0.28 | — | ||
| Q4 24 | $-12.51 | $1.73 | ||
| Q3 24 | $0.28 | $1.26 | ||
| Q2 24 | $0.33 | $1.79 | ||
| Q1 24 | $13.01 | $1.69 |
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 | $134.7M |
| 总债务越低越好 | $0 | — |
| 股东权益账面价值 | $2.8B | $1.5B |
| 总资产 | $9.0B | $3.5B |
| 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CMGTXRH
| Q4 25 | $1.0B | $134.7M | ||
| Q3 25 | $1.4B | $108.2M | ||
| Q2 25 | $1.5B | $221.1M | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | $245.2M | ||
| Q3 24 | $1.4B | $189.2M | ||
| Q2 24 | $1.5B | $197.5M | ||
| Q1 24 | $1.4B | $213.4M |
总债务CMGTXRH
| Q4 25 | $0 | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CMGTXRH
| Q4 25 | $2.8B | $1.5B | ||
| Q3 25 | $3.2B | $1.5B | ||
| Q2 25 | $3.5B | $1.4B | ||
| Q1 25 | $3.5B | — | ||
| Q4 24 | $3.7B | $1.4B | ||
| Q3 24 | $3.6B | $1.3B | ||
| Q2 24 | $3.7B | $1.3B | ||
| Q1 24 | $3.4B | $1.2B |
总资产CMGTXRH
| Q4 25 | $9.0B | $3.5B | ||
| Q3 25 | $9.3B | $3.3B | ||
| Q2 25 | $9.3B | $3.2B | ||
| Q1 25 | $9.0B | — | ||
| Q4 24 | $9.2B | $3.2B | ||
| Q3 24 | $9.0B | $2.9B | ||
| Q2 24 | $8.9B | $2.9B | ||
| Q1 24 | $8.4B | $2.8B |
负债/权益比CMGTXRH
| 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 | — |
| 自由现金流经营现金流 - 资本支出 | $228.4M | — |
| 自由现金流率自由现金流/营收 | 7.7% | — |
| 资本支出强度资本支出/营收 | 6.6% | — |
| 现金转化率经营现金流/净利润 | 1.29× | — |
| 过去12个月自由现金流最近4个季度 | $1.4B | — |
8季度趋势，按日历期对齐
经营现金流CMGTXRH
| Q4 25 | $425.8M | — | ||
| Q3 25 | $569.7M | $143.6M | ||
| Q2 25 | $561.3M | $237.7M | ||
| Q1 25 | $557.1M | — | ||
| Q4 24 | $526.8M | $237.5M | ||
| Q3 24 | $446.5M | $138.7M | ||
| Q2 24 | $562.6M | $133.9M | ||
| Q1 24 | $569.2M | $243.4M |
自由现金流CMGTXRH
| Q4 25 | $228.4M | — | ||
| Q3 25 | $406.2M | $14.7M | ||
| Q2 25 | $400.7M | $160.4M | ||
| Q1 25 | $412.3M | — | ||
| Q4 24 | $353.9M | $129.7M | ||
| Q3 24 | $299.0M | $47.7M | ||
| Q2 24 | $422.1M | $56.1M | ||
| Q1 24 | $436.5M | $165.8M |
自由现金流率CMGTXRH
| Q4 25 | 7.7% | — | ||
| Q3 25 | 13.5% | 1.0% | ||
| Q2 25 | 13.1% | 11.1% | ||
| Q1 25 | 14.3% | — | ||
| Q4 24 | 12.4% | 9.0% | ||
| Q3 24 | 10.7% | 3.7% | ||
| Q2 24 | 14.2% | 4.2% | ||
| Q1 24 | 16.2% | 12.5% |
资本支出强度CMGTXRH
| Q4 25 | 6.6% | — | ||
| Q3 25 | 5.4% | 9.0% | ||
| Q2 25 | 5.2% | 5.3% | ||
| Q1 25 | 5.0% | — | ||
| Q4 24 | 6.1% | 7.5% | ||
| Q3 24 | 5.3% | 7.2% | ||
| Q2 24 | 4.7% | 5.8% | ||
| Q1 24 | 4.9% | 5.9% |
现金转化率CMGTXRH
| Q4 25 | 1.29× | — | ||
| Q3 25 | 1.49× | 1.69× | ||
| Q2 25 | 1.29× | 2.05× | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.59× | 2.00× | ||
| Q3 24 | 1.15× | 1.60× | ||
| Q2 24 | 1.23× | 1.09× | ||
| Q1 24 | 1.58× | 2.10× |
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% |
TXRH
| Food And Beverage | $1.5B | 99% |
| Texas Roadhouse Segment | $21.2M | 1% |
| Franchise | $8.2M | 1% |
| Franchise Royalty | $7.4M | 0% |
| Bubba S33Segment | $2.3M | 0% |
