In the latest period of Q2'26, Cisco's cash and short-term investments stood at $15.78B USD, marking a slight increase from $15.74B USD in Q1'26 but continuing a broader downward trajectory from a peak of $26.15B USD in Q4'23. Meanwhile, debt rose to $30.09B USD, up from $28.09B USD in Q1'26 and reflecting ongoing fluctuations in leverage. Over the period from Q3'23 to Q2'26, cash and short-term investments exhibited a clear declining trend, dropping approximately 40% overall with notable volatility, including a high of $26.15B USD in Q4'23 followed by consistent erosion to current levels, potentially signaling reduced liquidity buffers. In contrast, debt showed an initial stable phase around $8B USD before surging to $31.99B USD in Q3'24, then stabilizing in the $28B-$32B USD range with minor reductions and recent upticks, resulting in a net debt-to-cash ratio that has deteriorated from under 0.4x to nearly 2x, which may raise concerns for financial analysts monitoring capital structure sustainability.