As of Q3'25, NU reports Cash & Short-term Investments of USD 28.54B and Debt of USD 4.49B. This marks a significant increase in both cash reserves and debt levels compared to previous quarters, with cash holdings reaching their highest point in the observed period. From Q1'23 to Q3'25, NU's Cash & Short-term Investments show substantial growth, particularly from Q4'23 onwards, where balances surged from USD 5.92B to over USD 21B in Q1'24 and continued to climb steadily. Debt levels also increased, but at a slower pace, rising from USD 818M in Q1'23 to USD 4.49B in Q3'25. The overall trend indicates a robust strengthening of the company's liquidity position, outpacing the growth in debt and suggesting improved financial flexibility over the reported quarters.