As of Q1'26, AppLovin (APP) reported cash and short-term investments at $2.76B, marking a substantial increase from prior quarters and reflecting strong liquidity growth. In contrast, total debt stood at $3.51B, remaining relatively stable compared to the previous period and indicating a manageable but persistent leverage level. Over the period from Q2'23 to Q1'26, cash and short-term investments exhibited a volatile yet upward trajectory, starting at $876M and fluctuating through dips like $332M in Q3'23 before surging to $2.76B by Q1'26, driven by apparent operational cash generation in later fiscal years. Debt levels showed greater stability, hovering around $3.2B to $3.7B with minor increases in early 2024 and 2025, before settling near $3.5B, resulting in a net debt position that has gradually improved as cash reserves outpaced borrowings in recent quarters. This trend suggests enhancing financial flexibility for APP, though debt continues to exceed cash holdings.