As of Q4'25, Carvana's (CVNA) cash and short-term investments stood at $2.33B, reflecting a slight quarterly decline from $2.71B in Q3'25 but remaining substantially higher than the $488M reported in Q1'23. Total debt, meanwhile, decreased to $5.52B in Q4'25 from $5.61B in the prior quarter, continuing a broader downward trajectory since peaking at $8.95B in Q1'23. Over the period from Q1'23 to Q4'25, cash reserves exhibited strong overall growth with notable volatility, surging from $488M to a peak of $2.71B in Q3'25 driven by key expansions in Q4'23 ($896M), Q2'24 ($963M), and Q3'24 ($1.33B), before stabilizing around $2.3B in recent quarters. In contrast, debt levels trended steadily downward by approximately 38%, falling from $8.95B to $5.52B through consistent reductions, including a sharp drop in Q3'23 to $6.38B and further stabilization below $6B since Q1'24, indicating improved balance sheet health amid operational improvements.