In the latest reported period of Q1'26, Nu Holdings (NU) recorded Cash & Short-term Investments of $9.71B and a total Debt of $39.38B. This represents a significant shift in the capital structure, as debt levels surged while cash reserves experienced a sharp sequential decline compared to the previous quarter. From Q2'23 to Q1'26, the company's financial position transitioned through distinct phases, characterized by a rapid buildup of cash reaching a peak of $28.54B in Q3'25. However, starting in Q4'25, cash levels began to retreat significantly, while debt—which had remained relatively stable under $6B for most of the period—spiked to its highest level of $39.38B in Q1'26. This trend indicates a substantial increase in leverage and a reversal of the previously dominant net-cash position held throughout 2024 and 2025.