As of Q1'26, Shopify's (SHOP) cash and short-term investments stood at $5.74B USD, reflecting a slight quarterly decline of approximately 0.4% from $5.77B in Q4'25, while debt decreased to $179M USD, down 4.8% from $188M in the prior quarter. This positions the company's net cash position strongly at over $5.56B, underscoring robust liquidity relative to minimal leverage. Over the period from Q2'23 to Q1'26, cash and short-term investments exhibited an overall upward trend, growing from $4.78B to $5.74B—a net increase of about 20%—with notable acceleration in late 2025, peaking at $6.34B in Q3'25 before a modest pullback. In contrast, debt remained relatively stable around $1.1B through Q3'25 before a sharp 84% reduction to $188M in Q4'25, likely due to repayment or restructuring, resulting in a consistently improving net cash profile and reduced financial risk for SHOP.