As of Q1'26, Visa's cash and short-term investments stood at $16.40B, marking a decline from the recent peak of $19.18B in Q3'25, while total debt was reported at $21.18B, down from $25.17B in Q4'25. This latest data point reflects a net debt position of approximately $4.78B, indicating moderate liquidity pressures amid ongoing balance sheet adjustments. Over the period from Q2'23 to Q1'26, cash and short-term investments exhibited an initial upward trend, rising from $16.59B to a high of $20.13B in Q4'23, before entering a sustained decline to $13.75B in Q2'25, followed by a temporary rebound to $19.20B in Q3'25 and subsequent softening. In contrast, debt remained relatively stable around $20.6B through Q2'25, with a notable spike to $25.14B in Q3'25 that persisted into Q4'25 before retreating, resulting in a net debt increase over the full timeframe from $4.07B to $4.78B and highlighting Visa's strategy to maintain steady leverage amid fluctuating cash reserves.