In Q4'25, META's Cash & Short-term Investments reached $81.6B, marking a significant rebound from the Q3'25 low of $44.4B, while Debt surged to $83.9B, up sharply from $51.1B in the prior quarter. This latest data point reflects a net debt position of approximately $2.3B, reversing the cash surplus observed earlier in the year. Over the period from Q1'23 to Q4'25, Cash & Short-term Investments exhibited volatile growth, rising steadily from $37.4B to a peak of $77.8B in Q4'24 before declining to $44.4B in Q3'25 and recovering strongly; meanwhile, Debt showed consistent upward momentum, increasing from $27.6B to $83.9B, with notable accelerations in Q3'24 and Q4'25. The overall trend indicates improving liquidity in cash holdings amid escalating leverage, highlighting potential risks from debt expansion outpacing cash accumulation in recent quarters.