As of Q1'26, Starbucks (SBUX) reported cash and short-term investments at $3.60B USD, marking a modest increase from $3.47B USD in Q4'25 but remaining below the peak of $4.51B USD seen in Q3'25. In contrast, total debt stood at $25.47B USD, reflecting a decline from $26.61B USD in Q4'25 and the series high of $27.89B USD in Q3'25, suggesting improved liquidity relative to borrowings in the latest quarter. Over the period from Q2'23 to Q1'26, cash and short-term investments exhibited volatility with an overall upward trend, fluctuating between a low of $3.01B USD in Q2'25 and highs around $3.95B USD in Q4'23 and Q1'25, before stabilizing near $3.5B-$4.5B USD in recent quarters. Debt levels showed gradual growth from approximately $24.5B USD in early periods to a peak of $27.89B USD in Q3'25, followed by a contraction to $25.47B USD by Q1'26, indicating a net improvement in the cash-to-debt ratio from about 0.14 in Q2'23 to 0.14 in Q1'26, with periods of strain in mid-2025 when cash dipped while debt rose. This bar chart highlights SBUX's efforts to manage leverage amid fluctuating cash reserves, potentially supporting financial flexibility for future investments.