As of Q1'26 (2025-12-31), Visa's cash and short-term investments stand at USD 16.4B, while total debt is USD 21.2B. This marks a decrease in cash holdings from the previous quarter and a reduction in debt from its recent peak. Over the period from Q2'23 to Q1'26, Visa's cash and short-term investments exhibited a generally declining trend, dropping from USD 16.6B to a low of USD 13.8B in Q2'25 before rebounding to USD 19.2B in Q3'25 and then moderating to USD 16.4B by Q1'26. Debt levels remained relatively stable around USD 20.6B until Q3'25, when they spiked to USD 25.1B, followed by a decrease back to USD 21.2B by Q1'26. This indicates a period of increased leverage in mid-2025, with subsequent deleveraging and partial recovery in liquidity.