As of Q2'26, Palo Alto Networks (PANW) reported cash and short-term investments at $4.54B, marking a significant increase from the prior quarter, while total debt stood at $372M, remaining relatively low and stable. This positions the company's liquidity favorably, with cash reserves substantially exceeding debt obligations. Over the period from Q3'23 to Q2'26, cash and short-term investments exhibited volatility, declining from $3.96B to a low of $2.58B in Q4'24 before rebounding sharply to $4.54B, reflecting improved cash generation likely from operational growth. In contrast, debt showed a consistent downward trend, dropping from $3.95B to just $372M, indicating effective deleveraging and enhanced financial health, with the net cash position strengthening progressively after mid-2024.