As of Q3'25 (2024-10-27), LULU reported Cash & Short-term Investments of $1.04B and Debt of $1.51B. This marks a continued decrease in cash reserves alongside a steady increase in debt, highlighting a shift in the company's liquidity and leverage position. Over the period from Q4'23 to Q3'25, Cash & Short-term Investments declined significantly from $2.24B to $1.04B, while Debt rose from $1.07B to $1.51B. The chart reveals a persistent downward trend in cash balances, particularly sharp after Q4'23, contrasted by a gradual but consistent rise in debt levels. This divergence suggests increasing reliance on debt financing and potential pressure on liquidity, which may warrant close monitoring by financial analysts.