As of Q4'25, GRAB's cash and short-term investments stood at $6.8B USD, reflecting a slight quarterly decline from $6.93B in Q3'25 but maintaining a robust liquidity position. Meanwhile, debt increased to $2.05B USD, up from $1.82B in the prior quarter, driven by a notable rise in borrowings that has narrowed the net cash position to approximately $4.75B USD. Over the period from Q1'23 to Q4'25, cash and short-term investments exhibited an overall upward trend, growing from $4.87B to $6.8B with a significant acceleration in 2025—peaking at $7.0B in Q2'25—despite a temporary dip to $4.0B in Q1'24. Debt levels remained relatively stable and low at around $0.8B through 2023 and early 2024 before a sharp increase to $2.05B by Q4'25, primarily due to a surge from $0.39B in Q1'25 to $1.91B in Q2'25, highlighting improved liquidity but rising leverage that financial analysts should monitor for sustainability.