As of Q2'26 (2026-01-31), Palo Alto Networks ( PANW ) reported cash and short-term investments of USD 4.54B and total debt of USD 372M. This marks a significant increase in cash holdings and a slight uptick in debt compared to the previous quarter. Over the period from Q3'23 to Q2'26, the company’s cash and short-term investments have shown moderate volatility, with a notable dip to USD 2.58B in Q4'24 followed by a strong recovery, reaching their highest level in the latest quarter. Debt levels have steadily declined from USD 3.95B in Q3'23 to a low of USD 338M in Q4'25, before a minor increase in the last two quarters. Overall, PANW has strengthened its liquidity position while significantly reducing its leverage over the observed timeframe.