As of Q1'26, VST's cash and short-term investments stood at $1.2B USD, reflecting a notable increase from $816M USD in Q4'25 and marking the highest level since Q4'23. In contrast, debt reported a value of $0 USD, indicating a complete elimination or restructuring of obligations in this period, which significantly improves the company's liquidity position. Over the period from Q2'23 to Q1'26, cash and short-term investments exhibited high volatility, surging from $643M USD to a peak of $3.5B USD in Q4'23 before declining sharply to a low of $458M USD in Q2'25, then recovering steadily to $1.2B USD; this pattern suggests fluctuating operational cash flows or investment activities. Debt levels showed a consistent upward trend, growing from $12.5B USD in Q2'23 to a peak of $20.5B USD in Q4'25, driven by apparent expansions or acquisitions, before dropping to zero in Q1'26, highlighting a pivotal deleveraging event that enhances financial stability amid prior increasing leverage.