In Q4'25, Chipotle Mexican Grill's (CMG) operating cash flow reached $426M USD, reflecting a decline from the $570M USD peak in Q3'25 but remaining above the $265M USD low from Q4'23. Free cash flow for the same period stood at $228M USD, down from $406M USD in Q3'25 and indicative of capital expenditures impacting liquidity. Over the period from Q1'23 to Q4'25, operating cash flow exhibited volatility with an overall upward trend, starting at $455M USD and averaging around $500M USD annually, though Q4 quarters consistently underperformed due to seasonal factors. Free cash flow followed a similar pattern but with greater fluctuations, rising from $335M USD in Q1'23 to highs near $445M USD in Q2'23 before stabilizing in the $300M-$400M USD range, highlighting consistent generation of cash after investments despite periodic dips.