As of Q4'26, Dell's cash and short-term investments reached $11.53B, marking a significant increase from the prior quarter, while total debt stood at $31.50B, reflecting a modest rise and maintaining a high leverage position with debt substantially exceeding cash reserves. Over the period from Q1'24 to Q4'26, cash levels exhibited volatility, declining sharply from $7.63B to a low of $3.63B in Q4'25 before rebounding strongly to $11.53B, driven by apparent liquidity improvements in the latter half. In contrast, debt trended downward initially from $28.43B to $24.57B by Q4'25, then surged to $31.50B, highlighting a net increase in borrowing that could signal expansion or acquisition activities amid fluctuating cash flows.