As of Q1'26, American Express (AXP) reported cash and short-term investments at $54.0B USD, marking a moderate increase from $48.5B in Q4'25 but remaining below the peak of $58.8B observed in Q2'25. In comparison, total debt stood at $60.4B USD for the same period, up from $57.8B in Q4'25 and continuing a volatile upward trajectory that outpaces cash growth in recent quarters. Over the period from Q2'23 to Q1'26, cash and short-term investments exhibited a fluctuating trend, starting at $45.7B and reaching a high of $58.8B in Q2'25 before declining to $48.5B in Q4'25 and rebounding slightly, reflecting overall growth of about 18% amid periodic dips likely tied to operational cash flows. Debt levels showed a more consistent upward pattern, rising from $48.3B to $60.4B—a 25% increase—with notable accelerations in Q2'24 ($53.2B) and Q2'25 ($59.7B), resulting in net debt exceeding cash by $6.4B in Q1'26 and signaling potential leverage pressures despite strong liquidity reserves.