As of Q1'26, Amazon's cash and short-term investments reached $143.1B USD, marking a significant increase from the previous quarter and reflecting robust liquidity growth. In contrast, total debt stood at $209.9B USD, up sharply from $153B USD in Q4'25, indicating a widening gap between assets and liabilities that could pressure the balance sheet if not offset by operational cash flows. Over the period from Q2'23 to Q1'26, cash and short-term investments exhibited a strong upward trend, rising from $63.97B USD to $143.1B USD with notable accelerations in Q4'24 ($101.2B USD) and Q4'25 ($123B USD), driven by seasonal peaks and overall business expansion. Debt levels showed relative stability in the early years, declining modestly from $138.9B USD in Q2'23 to around $130B-$135B USD through Q3'25, before surging to $209.9B USD in Q1'26, suggesting increased borrowing possibly for investments or acquisitions; the net debt position has deteriorated progressively, highlighting the need for monitoring leverage ratios amid volatile growth patterns.