In the latest fiscal period Q4'26 , Alibaba (BABA) reported Cash & Short-term Investments of 357.59B USD and total Debt of 259.02B USD. This indicates the company maintains a net cash position, although the gap between cash reserves and debt has narrowed significantly compared to previous periods. The chart data from Q1'24 to Q4'26 reveals a clear trend of declining liquidity alongside rising leverage. Cash levels peaked at 653.77B USD in Q3'24 but have since trended downward, while Debt increased from 165.54B USD to a peak of 281.59B USD in Q2'26 . This shift suggests a more aggressive capital allocation strategy or increased operational funding requirements over the analyzed timeframe.