{"slug":"chipotle-mexican-grill","name":"치폴레 멕시칸 그릴","name_en":"Chipotle Mexican Grill","ticker":"CMG","updated_at":"2026-09-12T00:00:24.983813+00:00","canonical":"https://valuechain.wiki/chipotle-mexican-grill","citable":"밸류체인 그래프 기준 치폴레 멕시칸 그릴의 직접 연결 기업은 2곳(관계 기준 공급 1·매출 1)이고, 사슬을 2차까지 넓히면 9곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-09-12 기준).","citable_en":"Per the valuechain.wiki graph, Chipotle Mexican Grill is directly linked to 2 companies (1 supply, 1 revenue relationships) and reaches 9 companies within two hops; the links are backed by 7 dated sources, 1 of them primary filings (as of 2026-09-12).","kicker":"직영 패스트캐주얼","kicker_en":"Company-operated fast casual","lead":"치폴레 멕시칸 그릴은 미국 직영점을 중심으로 부리토, 볼, 타코와 음료를 판매하고 디지털 주문과 해외 파트너 매장에서도 매출을 얻는다. 식재료와 음료, 배달, 매장 자동화, 금융 서비스에 비용을 쓰며 공급망과 레스토랑 기술 기업에 직접 투자한다.","lead_en":"Chipotle Mexican Grill earns most of its revenue by selling burritos, bowls, tacos, and beverages through company-operated U.S. restaurants, with additional sales from digital ordering and international partner-operated locations. It spends on ingredients, beverages, delivery, restaurant automation, and financial services while investing directly in supply-chain and restaurant-technology companies.","categories":[{"key":"food-beverage-brands","ko":"식품·음료 브랜드","en":"Food & Beverage Brands","theme":"consumer-commerce","theme_ko":"소비 브랜드·유통","theme_en":"Consumer Brands & Commerce","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"미국 직영점","note":"직영점의 음식·음료 판매와 배달 서비스"},{"name":"해외 및 파트너 운영점","note":"캐나다·유럽 직영점 판매와 국제 파트너 운영점 로열티"}],"total":"FY2025 매출 119억 2,560만 1,000달러 (USD 11.925601B)","track":"C"},"segments_en":{"parts":[{"name":"U.S. company-operated restaurants"},{"name":"International and partner-operated restaurants"}],"total":"FY2025 revenue: USD 11.925601 billion"},"returns_yearly":{"2021":26.1,"2022":-20.6,"2023":64.8,"2024":31.8,"2025":-38.6,"2026":-0.1},"return_asof":"2026-09-04","value_chain":{"leading":[{"slug":"pepsico","name":"PepsiCo","name_en":"PepsiCo","tier":3,"returns_yearly":{"2021":20.6,"2022":6.8,"2023":-3.3,"2024":-7.6,"2025":-1.8,"2026":-2.2}},{"slug":"kroger","name":"크로거","name_en":"The Kroger Co.","tier":2,"returns_yearly":{"2021":45.4,"2022":0.4,"2023":5,"2024":36.9,"2025":4.3,"2026":-4.6}},{"slug":"dominos","name":"도미노피자","name_en":"Domino's","tier":2,"returns_yearly":{"2021":48.4,"2022":-37.9,"2023":20.7,"2024":3.2,"2025":0.9,"2026":-17.2}},{"slug":"doordash","name":"도어대시","name_en":"DoorDash, Inc.","tier":1,"returns_yearly":{"2022":-67.2,"2023":102.6,"2024":69.6,"2025":35,"2026":-6.5}}],"benefiting":[{"slug":"jpmorgan-chase","name":"JPMorgan Chase","name_en":"JPMorgan Chase","tier":1,"returns_yearly":{"2021":27.7,"2022":-12.6,"2023":30.6,"2024":44.3,"2025":37.3,"2026":12.9}},{"slug":"newmont","name":"뉴몬트","name_en":"Newmont Corporation","tier":2,"returns_yearly":{"2021":7.4,"2022":-20.8,"2023":-8.8,"2024":-7.8,"2025":172.8,"2026":18.8}},{"slug":"marriott-international","name":"메리어트 인터내셔널","name_en":"Marriott International, Inc.","tier":2,"returns_yearly":{"2021":25.3,"2022":-9.3,"2023":53.1,"2024":24.9,"2025":12.3,"2026":9.1}},{"slug":"visa","name":"Visa Inc","name_en":"Visa Inc","tier":2,"returns_yearly":{"2021":-0.3,"2022":-3.4,"2023":26.3,"2024":22.3,"2025":11.8,"2026":7.6}},{"slug":"mastercard","name":"Mastercard Inc","name_en":"Mastercard Inc","tier":2,"returns_yearly":{"2021":1.2,"2022":-2.7,"2023":23.4,"2024":24.2,"2025":9,"2026":2}},{"slug":"united-airlines-holdings","name":"유나이티드항공","name_en":"United Airlines Holdings, Inc.","tier":2,"returns_yearly":{"2021":1.2,"2022":-13.9,"2023":9.4,"2024":135.3,"2025":15.2,"2026":-3.9}},{"slug":"phillips-66","name":"필립스 66","name_en":"Phillips 66","tier":3,"returns_yearly":{"2021":8.5,"2022":49.6,"2023":33.1,"2024":-11.6,"2025":17.5,"2026":101.8}},{"slug":"caterpillar","name":"Caterpillar","name_en":"Caterpillar","tier":3,"returns_yearly":{"2021":16,"2022":18.6,"2023":25.9,"2024":24.7,"2025":60.3,"2026":40.6}},{"slug":"live-nation-entertainment","name":"라이브 네이션 엔터테인먼트","name_en":"Live Nation Entertainment, Inc.","tier":3,"returns_yearly":{"2021":62.9,"2022":-41.7,"2023":34.2,"2024":38.4,"2025":10,"2026":21.8}},{"slug":"cintas","name":"신타스","name_en":"Cintas Corporation","tier":3,"returns_yearly":{"2021":26.5,"2022":3,"2023":34.8,"2024":22.2,"2025":3.8,"2026":7.4}},{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":3,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":4.8}},{"slug":"boeing","name":"보잉","name_en":"Boeing","tier":3,"returns_yearly":{"2021":-6,"2022":-5.4,"2023":36.8,"2024":-32.1,"2025":22.7,"2026":-2.2}},{"slug":"booking-holdings","name":"부킹 홀딩스","name_en":"Booking Holdings Inc.","tier":3,"returns_yearly":{"2021":7.7,"2022":-16,"2023":76,"2024":41.3,"2025":8.6,"2026":-9.3}},{"slug":"oracle","name":"Oracle","name_en":"Oracle","tier":3,"returns_yearly":{"2021":36.9,"2022":-4.6,"2023":30.9,"2024":60,"2025":18.1,"2026":-26.5}}],"analysis":"직영 패스트캐주얼 기업. 2025년 -38.6%, 2026년 -0.1%로 약세가 이어진다. 수요단(평균 -6.5%)·본주(-0.1%)·공급단(평균 +12.9%)이 비슷한 보폭이다. 전파가 한 바퀴 돈 동조 국면이라, 다음 구간은 사슬 방향보다 개별 실적이 가른다. 연결 노드 중 가장 앞선 곳은 JP모건 체이스(+12.9%), 가장 처진 곳은 도어대시(-6.5%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Chipotle Mexican Grill operates across Company-operated fast casual. It remained weak at -38.6% in 2025 and -0.1% in 2026. Demand side (avg -6.5%), the stock (-0.1%) and supply side (avg +12.9%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is JPMorgan Chase (+12.9%) and the furthest behind is DoorDash, Inc. (-6.5%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on ingredients, beverages, delivery, restaurant automation, and financial services while investing directly in supply-chain and restaurant-technology companies.","analysis_asof":"2026-09-04"},"edges":[{"direction":"revenue","counterparty":"미국 직영점 고객","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-04","basis":"미국 직영점 고객에게서 발생한 미국 부문 매출","value":11679417000,"period":"FY2025","basis_en":"U.S. segment revenue generated from guests of company-operated restaurants","qualifier":null},"note":"미국 직영점 고객은 치폴레의 핵심 수요처다. FY2025 미국 부문 매출은 116억 7,941만 7,000달러였고, 단일 고객이 전체 매출의 10% 이상을 차지하지 않았다.","note_en":"Guests at U.S. company-operated restaurants are Chipotle's core demand base. The U.S. segment generated $11.679417 billion in FY2025, and no single customer accounted for 10% or more of total revenue.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-04","url":"https://www.sec.gov/Archives/edgar/data/1058090/000105809026000009/cmg-20251231.htm","title":"치폴레 멕시칸 그릴 2025 연차보고서 (Form 10-K)","title_en":"Chipotle Mexican Grill, Inc. 2025 Annual Report (Form 10-K)","excerpt":"미국 보고 부문은 직영점에서 매출을 얻으며 FY2025 부문 매출은 116억 7,941만 7,000달러다.","excerpt_en":"derives its revenue"},{"stance":"confirms","publisher":"KB증권","publisher_en":"KB Securities","kind":"research","lang":"ko","published_at":"2023-06-01","url":"https://rdata.kbsec.com/pdf_data/20230601150645580K.pdf","title":"치폴레 멕시칸 그릴: 가격 결정력과 견조한 수요","title_en":"Chipotle Mexican Grill: Pricing Power and Resilient Demand","excerpt":"치폴레의 매출 99%는 미국에서 발생한다고 분석했다.","excerpt_en":"The report estimates that 99% of Chipotle's revenue was generated in the United States."}]},{"direction":"cost","counterparty":"Tractor Beverages","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-04","basis":"Tractor Beverages 제품 구매액","value":51953000,"period":"FY2025","basis_en":"Purchases of products from Tractor Beverages","qualifier":null},"note":"Tractor Beverages는 치폴레 매장에서 판매하는 음료 공급사다. 치폴레의 FY2025 구매액은 5,195만 3,000달러였다.","note_en":"Tractor Beverages supplies beverages sold in Chipotle restaurants. Chipotle purchased $51.953 million of product from the company in FY2025.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-04","url":"https://www.sec.gov/Archives/edgar/data/1058090/000105809026000009/cmg-20251231.htm","title":"치폴레 멕시칸 그릴 2025 연차보고서 (Form 10-K)","title_en":"Chipotle Mexican Grill, Inc. 2025 Annual Report (Form 10-K)","excerpt":"FY2025 Tractor 제품 구매액은 5,195만 3,000달러였다.","excerpt_en":"$51,953"}]},{"direction":"investment","counterparty":"Tractor Beverages","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-04","basis":"Tractor Beverages 보통주에 투입한 누적 현금 투자액","value":14872000,"period":"through FY2025","basis_en":"Cumulative cash consideration invested in Tractor Beverages common stock","qualifier":null},"note":"치폴레는 음료 공급사 Tractor Beverages에 누적 1,487만 2,000달러를 투자했다. 2025년 말 보유 지분은 약 13.5%이고 이사회에도 참여한다.","note_en":"Chipotle has invested cumulative cash consideration of $14.872 million in beverage supplier Tractor Beverages. It owned approximately 13.5% at year-end 2025 and held board representation.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-04","url":"https://www.sec.gov/Archives/edgar/data/1058090/000105809026000009/cmg-20251231.htm","title":"치폴레 멕시칸 그릴 2025 연차보고서 (Form 10-K)","title_en":"Chipotle Mexican Grill, Inc. 2025 Annual Report (Form 10-K)","excerpt":"Tractor 지분 약 13.5%를 보유하며 누적 현금 투자액은 1,487만 2,000달러다.","excerpt_en":"approximately 13.5%"},{"stance":"mentions","publisher":"치폴레 투자자관계","publisher_en":"Chipotle Investor Relations","kind":"ir","lang":"en","published_at":"2024-02-28","url":"https://ir.chipotle.com/2024-02-28-CHIPOTLE-DOUBLES-ITS-COMMITMENT-TO-THE-CULTIVATE-NEXT-VENTURE-FUND-TO-100-MILLION,-MARKING-ITS-TWO-YEAR-ANNIVERSARY","title":"치폴레, Cultivate Next 벤처펀드 약정을 1억달러로 확대","title_en":"Chipotle Doubles Its Commitment to the Cultivate Next Venture Fund to $100 Million","excerpt":"치폴레는 공급망, 농업, 레스토랑 혁신과 자동화 기업에 투자하는 펀드 약정을 1억달러로 늘렸다.","excerpt_en":"brings the fund's total investment pool to $100 million"}]},{"direction":"cost","counterparty":"Vebu","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-04","basis":"Vebu의 레스토랑 자동화 제품·서비스 구매액","value":5561000,"period":"FY2025","basis_en":"Purchases of restaurant-automation products and services from Vebu","qualifier":null},"note":"Vebu는 치폴레용 아보카도 가공 자동화 장비 Autocado를 개발하는 공급사다. 치폴레의 FY2025 구매액은 556만 1,000달러였다.","note_en":"Vebu develops Autocado, an automated avocado-processing system for Chipotle. Chipotle purchased $5.561 million from Vebu in FY2025.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-04","url":"https://www.sec.gov/Archives/edgar/data/1058090/000105809026000009/cmg-20251231.htm","title":"치폴레 멕시칸 그릴 2025 연차보고서 (Form 10-K)","title_en":"Chipotle Mexican Grill, Inc. 2025 Annual Report (Form 10-K)","excerpt":"FY2025 Vebu 구매액은 556만 1,000달러였다.","excerpt_en":"$5,561"},{"stance":"confirms","publisher":"레스토랑 다이브","publisher_en":"Restaurant Dive","kind":"analysis","lang":"en","published_at":"2024-07-26","url":"https://www.restaurantdive.com/news/chipotles-autocado-digital-makeline-almost-ready-for-in-store-testing/722492/","title":"치폴레의 첨단 장비 전략, 다음 단계로 진전","title_en":"Chipotle's Advanced Equipment Strategy Takes a Step Forward","excerpt":"Vebu와 치폴레는 인건비와 음식 폐기물을 줄일 수 있는 아보카도 가공 로봇을 시험했다.","excerpt_en":"Vebu and Chipotle are testing an avocado processing robot"}]},{"direction":"cost","counterparty":"JPMorgan Chase","counterparty_slug":"jpmorgan-chase","confidence":"high","metric":{"type":"share","unit":"percent_per_year","as_of":"2026-02-04","basis":"5억달러 회전신용한도의 미사용 금액에 적용되는 연간 약정수수료율","value":0.115,"period":"FY2025","basis_en":"Annual commitment-fee rate applied to unused amounts under the $500 million revolving credit facility","qualifier":null},"note":"JPMorgan Chase는 치폴레의 5억달러 회전신용한도 행정대리인이다. 2025년 말 차입 잔액은 없었지만 미사용 한도에는 연 0.115%의 약정수수료가 적용된다.","note_en":"JPMorgan Chase is the administrative agent for Chipotle's $500 million revolving credit facility. There were no outstanding borrowings at year-end 2025, but unused commitments carry a 0.115% annual fee.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-04","url":"https://www.sec.gov/Archives/edgar/data/1058090/000105809026000009/cmg-20251231.htm","title":"치폴레 멕시칸 그릴 2025 연차보고서 (Form 10-K)","title_en":"Chipotle Mexican Grill, Inc. 2025 Annual Report (Form 10-K)","excerpt":"미사용 회전신용한도에는 연 0.115%의 약정수수료가 적용된다.","excerpt_en":"0.115% per year"}]},{"direction":"revenue","counterparty":"도어대시","counterparty_slug":"doordash","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-04","basis":"도어대시 마켓플레이스 주문에서 치폴레에 귀속되는 상대별 매출","value":null,"period":"FY2025","basis_en":"Chipotle revenue attributable to orders placed through the DoorDash marketplace","qualifier":"confirmed_no_disclosed_value"},"note":"도어대시는 치폴레 주문을 받는 배달 마켓플레이스이자 치폴레 앱 주문의 배송 이행사다. 치폴레는 마켓플레이스 주문 대금을 배달 파트너에게서 받지만 도어대시 관련 매출액은 공개하지 않았다.","note_en":"DoorDash serves as both a marketplace for Chipotle orders and the fulfillment provider for delivery orders placed through Chipotle's own app and website. Chipotle receives marketplace-order payments from delivery partners but does not disclose DoorDash-specific revenue.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-04","url":"https://www.sec.gov/Archives/edgar/data/1058090/000105809026000009/cmg-20251231.htm","title":"치폴레 멕시칸 그릴 2025 연차보고서 (Form 10-K)","title_en":"Chipotle Mexican Grill, Inc. 2025 Annual Report (Form 10-K)","excerpt":"마켓플레이스 주문에서는 음식이 고객에게 이전된 뒤 배달 파트너에게서 대금을 받는다.","excerpt_en":"payment from the delivery partner"},{"stance":"confirms","publisher":"치폴레 뉴스룸","publisher_en":"Chipotle Newsroom","kind":"ir","lang":"en","published_at":"2018-04-30","url":"https://newsroom.chipotle.com/2018-04-30-Burritos-On-Board-Chipotle-Is-Now-Available-For-DoorDash-Delivery","title":"치폴레, 도어대시 전국 배달 출시","title_en":"Burritos On Board: Chipotle Is Now Available For DoorDash Delivery","excerpt":"치폴레와 도어대시는 전국 단위 배달 제휴를 발표했다.","excerpt_en":"announced a national delivery partnership"}]},{"direction":"revenue","counterparty":"한국 고객","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-09-02","basis":"서울 매장에서 한국 고객에게서 발생한 매출","value":null,"period":"2026-09","basis_en":"Revenue generated from South Korean guests at the Seoul restaurant","qualifier":"confirmed_no_disclosed_value"},"note":"치폴레는 상미당홀딩스와 세운 합작법인을 통해 2026년 9월 서울에 아시아 첫 매장을 열었다. 한국 고객에게서 발생한 매출은 아직 별도로 공개하지 않았다.","note_en":"Chipotle opened its first Asian restaurant in Seoul in September 2026 through a joint venture with Sangmidang Holdings. Revenue attributable to South Korean guests has not yet been disclosed separately.","sources":[{"stance":"confirms","publisher":"치폴레 뉴스룸","publisher_en":"Chipotle Newsroom","kind":"ir","lang":"en","published_at":"2026-09-02","url":"https://newsroom.chipotle.com/2026-09-02-CHIPOTLE-ARRIVES-IN-ASIA-WITH-FIRST-RESTAURANT-IN-SEOUL","title":"치폴레, 서울에 아시아 첫 매장 개점","title_en":"Chipotle Arrives in Asia with First Restaurant in Seoul","excerpt":"치폴레는 상미당홀딩스와 함께 서울 강남대로에 아시아 첫 매장을 열었다.","excerpt_en":"the opening of its first restaurant in Asia"},{"stance":"confirms","publisher":"한국경제","publisher_en":"The Korea Economic Daily","kind":"news","lang":"ko","published_at":"2026-09-01","url":"https://www.hankyung.com/article/2026090173291","title":"그들이 기다렸던 美 치폴레, 한국 상륙","title_en":"The Long-Awaited U.S. Chain Chipotle Arrives in South Korea","excerpt":"서울 강남역 인근에 아시아 첫 매장을 열었다.","excerpt_en":"Chipotle opened its first Asian restaurant near Gangnam Station in Seoul."}]}]}