As of Q4'25, Shopify's cash and short-term investments reached 5.78B USD, while its debt dropped sharply to 188M USD. This marks a significant improvement in the company's liquidity position at the end of the period covered. From Q1'23 to Q4'25, Shopify's cash and short-term investments showed a generally upward trend, rising from 4.86B USD to a peak of 6.34B USD in Q3'25 before a modest decline in Q4'25. Debt levels remained relatively stable around 1.1B USD throughout most of the period, but experienced a dramatic decrease in the final quarter. This trend highlights Shopify's strengthening balance sheet, with increasing cash reserves and a substantial reduction in debt over the observed timeframe.