As of Q1'26, Netflix's cash and short-term investments stood at $12.29B USD, marking a significant increase from the previous quarter, while total debt was reported at $14.36B USD, reflecting a modest decline. This results in a net debt position of approximately $2.07B USD, indicating improved liquidity relative to the end of FY'25. Over the period from Q2'23 to Q1'26, cash and short-term investments exhibited a volatile downward trend initially, declining from $8.58B USD to a low of $6.66B USD in Q2'24, before rebounding sharply to $12.29B USD amid periods of growth in Q3'24 and Q1'26. In contrast, debt remained relatively stable, fluctuating between $13.98B USD and $15.98B USD, with a slight overall reduction from $14.47B USD to $14.36B USD, suggesting a strengthening balance sheet through enhanced cash reserves despite persistent leverage.