At Q2'26, PANW reported Cash & Short-term Investments of $4.54B alongside Debt of $372M, reflecting a strong liquidity position with minimal leverage at the latest data point. From Q4'23 to Q2'26, Cash & Short-term Investments fluctuated between $2.39B and $4.54B with notable peaks in Q1'24 and Q2'26, while Debt showed a consistent downward trend from $2.27B to $372M before a sharp increase to $2.07B in Q3'26, indicating improving balance sheet strength followed by a significant debt issuance in the most recent quarter.