As of Q2'26, Visa's cash and short-term investments stood at $13.91B, marking a decline from the previous quarter's $16.40B, while total debt increased to $23.98B from $21.18B in Q1'26. This latest data point reflects a net debt position of approximately $10.07B, highlighting ongoing liquidity pressures amid rising obligations. Over the period from Q3'23 to Q2'26, cash and short-term investments exhibited a volatile downward trend, peaking at $20.13B in Q4'23 before steadily eroding to $13.91B, with a temporary rebound to $19.18B in Q3'25 followed by renewed declines. In contrast, debt remained relatively stable around $20B through Q2'25, then surged to $25.14B in Q4'25 before fluctuating between $21.18B and $23.98B in the most recent quarters, resulting in a widening gap between liabilities and liquid assets that could signal increased financial leverage for the company.