In the most recent quarter, Q1'26, Chipotle Mexican Grill (CMG)'s ROE reached 12.58%, marking a slight uptick from the prior quarter's 11.69%, while ROA dipped to 3.44% from 3.68%, and ROIC stood at 3.76%, down marginally from 4.15%. This reflects a mixed performance in profitability metrics, with equity returns showing resilience amid a broader softening in asset and invested capital efficiency. Over the period from Q2'23 to Q1'26, all three metrics—ROE, ROA, and ROIC—exhibit a cyclical pattern with quarterly volatility, peaking in Q2'24 (ROE at 12.28%, ROA at 5.11%, ROIC at 5.40%) before trending downward through Q4'25, followed by a partial rebound in equity returns. ROE has maintained the strongest overall levels, averaging around 11%, compared to ROA and ROIC, which hover below 5% and show greater sensitivity to seasonal declines in Q4 periods, indicating potential operational leverage challenges during year-end. This trend underscores CMG's consistent but fluctuating capital efficiency, with no sustained growth trajectory observed.