As of Q4'25 (2025-11-28), Adobe's cash & short-term investments stand at USD 6.6B, while debt has sharply decreased to USD 438M. This marks a significant improvement in the company's net cash position at the latest data point. Over the period from Q1'23 to Q4'25, Adobe's cash & short-term investments showed moderate fluctuations, peaking at USD 8.1B in Q2'24 before declining to USD 5.7B in Q2'25 and recovering to USD 6.6B by Q4'25. Debt levels remained relatively stable around USD 4.1B until Q1'24, then rose to over USD 6.6B by Q3'25, followed by a dramatic reduction to USD 438M in Q4'25. This recent sharp decline in debt, coupled with a stable cash position, suggests a significant strengthening of Adobe's balance sheet at the end of the period. The chart covers quarterly data from Q1'23 to Q4'25.