As of Q4'25, SPOT reported Cash & Short-term Investments of USD 9.46B and Debt of USD 1.89B. This marks the highest cash position in the observed period, while debt levels have decreased from the previous quarter. From Q1'23 to Q4'25, SPOT's Cash & Short-term Investments have shown a strong and consistent upward trend, rising from USD 3.44B to USD 9.46B, indicating robust liquidity growth. In contrast, debt levels remained relatively stable between USD 1.68B and USD 2.38B, with minor fluctuations and a notable decline in the last quarter. Overall, the company has significantly strengthened its cash position while maintaining manageable debt levels over the reported quarters.