As of Q2'26, ZS's cash and short-term investments stood at $3.51B USD, reflecting a $191M USD increase from the previous quarter, while total debt reached $1.86B USD, up $30M USD from Q1'26. This latest data point indicates a strengthening liquidity position, with cash reserves significantly outpacing debt levels. Over the period from Q3'23 to Q2'26, cash and short-term investments exhibited a robust upward trend, growing from $1.97B USD to $3.51B USD—a net increase of approximately 78%—with notable accelerations in Q4'25 (reaching $3.57B USD) and Q2'26, despite a minor dip to $3.32B USD in Q1'26. In contrast, debt remained relatively stable at around $1.21B-$1.24B USD through Q3'25 before rising sharply to $1.86B USD by Q2'26, primarily due to a $558M USD jump in Q4'25, resulting in a healthier net cash position that improved from $0.73B USD in Q3'23 to $1.65B USD in Q2'26. This pattern underscores ZS's effective cash accumulation strategy amid moderate debt expansion, supporting potential investments in growth initiatives.