As of Q4'25, O reported cash & short-term investments of USD 434.8M and debt of USD 0. This marks a significant shift, as the company’s debt, which had steadily increased over previous quarters, has been fully eliminated by the end of the period. From Q1'23 to Q4'25, the chart shows that cash & short-term investments fluctuated, with notable peaks in Q1'24 (USD 680.2M) and Q2'25 (USD 800.4M), while debt consistently rose from USD 18.9B in Q1'23 to a peak of USD 28.4B in Q3'25 before dropping sharply to zero in Q4'25. This indicates a major deleveraging event or restructuring in the latest quarter, fundamentally altering the company’s balance sheet profile.