In Q4'25, Chipotle Mexican Grill's (CMG) operating expenses totaled $160.3M USD, entirely comprising SG&A expenses, as R&D expenses remained at no data across all periods. This latest figure reflects a moderate increase from Q3'25's $146.7M USD but aligns with the series' overall variability. From Q1'23 to Q4'25, SG&A expenses exhibited an upward trend initially, rising from $148.3M USD to a peak of $204.6M USD in Q1'24, before fluctuating with notable declines to $126.6M USD in Q3'24 and $146.7M USD in Q3'25, suggesting cost optimization efforts amid operational shifts. The absence of R&D expenses throughout indicates no investment in research and development, with total operating expenses driven solely by SG&A, highlighting potential efficiency in non-core spending for this restaurant chain.