As of Q4'25 (ending 2025-12-31), ASML's cash and short-term investments reached 13.3B USD, while total debt stood at 2.7B USD. This marks a significant increase in cash holdings compared to previous quarters, with debt levels at their lowest point in the observed period. From Q1'23 to Q4'25, ASML's cash and short-term investments displayed notable volatility, with sharp increases in Q4'24 and Q4'25, each exceeding 12B USD, while interim quarters saw values mostly between 5B and 7B USD. Debt levels remained relatively stable around 4.5B USD until Q1'25, after which they declined steadily to 2.7B USD by Q4'25, indicating a strengthening balance sheet and improved liquidity position over the covered period.