As of Q4'25, Carvana (CVNA) reported Cash & Short-term Investments of $2.33B and Debt of $633M. This marks a significant improvement in the company’s liquidity position, with cash levels at their highest point in the period and debt reduced to its lowest level. From Q1'23 to Q4'25, CVNA’s Cash & Short-term Investments showed a strong upward trend, rising from $488M to $2.33B, with notable jumps in Q4'23, Q4'24, and Q3'25. Debt, on the other hand, declined sharply from $8.95B in Q1'23 to just $633M by Q4'25, especially accelerating downward after Q3'25. The overall trend indicates a substantial strengthening of the balance sheet, with increasing cash reserves and aggressive debt reduction over the observed period.