As of Q1'26, META's cash and short-term investments stood at $81.18B, reflecting a modest decline of approximately $0.38B from the previous quarter's peak of $81.59B in Q4'25. Meanwhile, total debt reached $86.77B, marking a significant increase of $2.87B quarter-over-quarter and underscoring a widening gap where liabilities now exceed liquid assets by about $5.59B. Over the period from Q2'23 to Q1'26, cash and short-term investments exhibited volatile growth, rising steadily from $53.45B to a high of $77.82B in Q4'24 before fluctuating downward to $44.45B in Q3'25 and rebounding sharply to $81.18B, indicating robust liquidity management amid operational expansions. In contrast, debt showed a consistent upward trajectory, climbing from $36.22B to $86.77B with notable accelerations in Q3'24 (to $49.05B) and Q4'25 (to $83.90B), suggesting increased leverage possibly tied to investments or share buybacks, which has eroded the net cash position from a positive $17.23B surplus in Q2'23 to a deficit in recent quarters.