As of Q1'26 (2025-06-30), Alibaba's cash & short-term investments stood at USD 458B, while its debt reached USD 232B. This marks a continued narrowing of the gap between cash reserves and debt compared to previous quarters. From Q3'23 to Q1'26, Alibaba's cash & short-term investments initially grew from USD 519B to a peak of USD 654B in Q3'24, before declining steadily to USD 458B by Q1'26. In contrast, debt levels remained relatively stable around USD 160B until Q4'24, then rose sharply to USD 208B in Q1'25 and further to USD 282B by Q2'26. The overall trend indicates increasing leverage and a declining cash buffer over the reported period.