As of Q4'25, GOOGL reported Cash & Short-term Investments of $126.8B and Debt of $59.3B. This marks a significant increase in both cash holdings and debt compared to previous quarters, with cash reaching its highest level in the period and debt more than doubling from the prior quarter. From Q1'23 to Q4'25, the chart reveals that GOOGL's cash position was relatively stable until Q2'24, after which it declined steadily, reaching a low of $93.2B in Q3'24. However, there was a sharp rebound in Q4'25. Debt levels remained mostly flat and slightly declining through Q1'25, but surged dramatically in Q2'25 and Q4'25, indicating a major shift in capital structure towards the end of the period. This suggests a strategic move, possibly related to large-scale investments or financing activities in late 2025.