As of Q1'26, Lockheed Martin (LMT) reported cash and short-term investments at $1.89B USD, marking a decline from the previous quarter's $4.12B USD in Q4'25, while debt dropped dramatically to $168M USD from $21.7B USD, suggesting significant deleveraging or restructuring in the latest period. Over the timeframe from Q2'23 to Q1'26, cash levels exhibited volatility, fluctuating between a low of $1.29B USD in Q2'25 and a high of $4.12B USD in Q4'25, with no clear upward or downward trend but notable dips in early 2025 quarters. In contrast, debt remained relatively stable and elevated, ranging from $17.35B USD in Q3'23 to a peak of $22.19B USD in Q3'25, before the sharp reduction in Q1'26; this pattern indicates persistent borrowing needs until the recent payoff, improving the overall cash-to-debt ratio from approximately 0.21 in Q4'25 to over 11 in Q1'26.