As of Q4'25, CVS's cash and short-term investments stood at $10.66B USD, reflecting a modest decline of approximately 5.5% from the $11.29B USD reported in Q3'25. Meanwhile, total debt was $79.95B USD, down slightly by about 2.2% from the previous quarter's $81.75B USD, resulting in a net debt position of around $69.29B USD. Over the period from Q1'23 to Q4'25, cash and short-term investments exhibited volatility, starting at a high of $17.72B USD in Q1'23 before dropping sharply to $9.68B USD in Q3'24, then recovering to $14.22B USD in Q2'25, and ultimately trending downward to $10.66B USD amid inconsistent quarterly fluctuations. In contrast, debt levels remained relatively stable, fluctuating between $76.48B USD and $83.82B USD, with a gradual moderation to $79.95B USD by Q4'25, indicating sustained leverage without significant expansion or reduction. This dynamic suggests CVS maintained liquidity buffers against a backdrop of steady indebtedness, though the narrowing cash position in recent quarters may warrant monitoring for potential liquidity pressures.