In the most recent Q2'26 period, Qualcomm's cash and short-term investments stood at $9.8B, reflecting a decline from $11.8B in Q1'26, while total debt increased to $15.3B from $14.8B in the prior quarter. This results in a net debt position of approximately $5.5B, highlighting a slight deterioration in liquidity relative to obligations at the end of the covered timeframe from Q3'23 to Q2'26. Over the full period, cash and short-term investments exhibited an overall upward trend, peaking at $14.3B in Q1'25 before a notable drop to $9.8B in Q2'26, with a compound annual growth rate of about 6% from Q3'23's $8.6B baseline amid periods of volatility tied to operational cash flows. In contrast, debt remained relatively stable around $14.5B to $15.5B, showing only minor fluctuations and a gradual 4% increase over the three-year span, underscoring Qualcomm's conservative leverage strategy despite the recent cash contraction.