In Q1'26, Qualcomm's cash and short-term investments stood at $11.82B, reflecting a decline from the previous quarter's $12.48B in Q4'25, while total debt remained relatively stable at $14.82B, resulting in a net debt position of approximately $2.99B. Over the period from Q2'23 to Q1'26, cash and short-term investments exhibited strong overall growth, rising from $6.68B to a peak of $14.31B in Q1'25 before a notable drop to $10.01B in Q3'25 and partial recovery to $11.82B, indicating volatility potentially tied to operational cash flows or investments. In contrast, debt levels showed stability with minor fluctuations, decreasing slightly from $15.99B in Q2'23 to around $14.5B-$14.8B in recent quarters, underscoring a conservative leverage strategy that has kept the debt-to-cash ratio manageable despite cash swings.