As of Q1'26 (2025-12-28), Qualcomm's cash and short-term investments stand at $11.8B, while total debt is $14.8B. This indicates that the company's debt continues to exceed its cash position by a notable margin at the latest data point. From Q2'23 to Q1'26, cash and short-term investments have shown significant fluctuations, peaking at $14.3B in Q1'25 before declining to $10B in Q3'25 and recovering to $11.8B by Q1'26. In contrast, debt levels have remained relatively stable, gradually decreasing from $16B in Q2'23 to $14.8B in Q1'26. The overall trend suggests that while Qualcomm has made some progress in reducing its debt, its cash position remains volatile and consistently below total debt throughout the period.