As of Q4'25, ANET's Cash & Short-term Investments reached 10.7B USD, while Debt remained at 0 USD. This marks a significant increase in liquidity, with the latest quarter showing the company's strongest cash position and a continued absence of debt. From Q1'23 to Q4'25, the chart demonstrates a consistent and robust upward trend in Cash & Short-term Investments, rising from 3.3B USD to 10.7B USD. Debt was gradually reduced to zero by Q4'23 and has remained at that level, indicating a strategic shift to a debt-free balance sheet. This sustained growth in cash reserves, coupled with the elimination of debt, highlights ANET's strengthening financial position over the observed period.