As of Q4'25, ETN reported Cash & Short-term Investments of USD 803M and Debt of USD 10.53B. This marks a notable decrease in cash from the previous quarter, while debt remains at an elevated level. Over the period from Q1'23 to Q4'25, ETN's cash position experienced significant fluctuations, peaking at USD 2.78B in Q2'24 before declining sharply to under USD 1B by the end of 2025. In contrast, the company's debt consistently trended upward, reaching a high of USD 11.58B in Q2'25 before slightly decreasing in subsequent quarters. This widening gap between cash and debt suggests increasing leverage and potential liquidity concerns moving forward.