“Cui Bono?”—who benefits? This article applies that question to Ethiopia’s recurring cycles of conflict, arguing that instability is not accidental but structurally embedded. By centering the Oromo experience, it shows how political, military, and economic elites—historically reproduced through entrenched advantage—derive disproportionate benefit, while the broader population bears the cost. Without confronting this imbalance and the unresolved Oromo question, durable peace and equitable development will remain elusive.