As of Q4'25, Shopify's cash and short-term investments stood at $5.77B USD, reflecting a slight decline from the Q3'25 peak of $6.34B USD, while debt dropped sharply to $188M USD, marking a significant reduction from the prior quarter's $1.12B USD and indicating improved liquidity with a net cash position of approximately $5.58B USD. Over the period from Q1'23 to Q4'25, cash and short-term investments exhibited an overall upward trend, growing from $4.86B USD to $5.77B USD with notable accelerations in Q2'25 ($5.83B USD) and Q3'25 ($6.34B USD), though interspersed with minor dips such as in Q3'24 ($4.90B USD); in contrast, debt remained relatively stable around $1.1B-$1.4B USD until a dramatic 83% plunge in Q4'25, underscoring enhanced financial flexibility and reduced leverage for the company.