As of Q1'26, Carvana (CVNA)'s cash and short-term investments stood at $2.41B, reflecting a modest 3.4% increase from $2.33B in Q4'25, while debt plummeted to $621M—a sharp 88.8% reduction from $5.52B in the prior quarter, signaling substantial deleveraging and improved liquidity. Over the period from Q2'23 to Q1'26, cash reserves exhibited strong overall growth, rising from $541M to $2.41B with notable accelerations in Q4'23 ($896M) and Q3'24 ($1.33B), though minor fluctuations occurred in Q1'24 ($640M) and Q2'25 ($2.32B). In contrast, debt trended downward from a peak of $8.37B in Q2'23 to $621M, with consistent reductions post-Q3'23 and a dramatic drop in Q1'26, highlighting effective debt management amid expanding cash positions for enhanced financial stability.