What is Wendy's's debt-to-equity?

Wendy's (WEN) reported debt-to-equity of 35.6× in Q1 2026.

How has Wendy's's debt-to-equity changed year-over-year?

Wendy's's debt-to-equity increased by 13.8% year-over-year, from 31.3× to 35.6×.

What is the long-term trend for Wendy's's debt-to-equity?

Over 5 years (2020 to 2025), Wendy's's debt-to-equity has grown at a 39.5% compound annual growth rate (CAGR), from 6.7× to 35.3×.

What does debt-to-equity mean?

Total debt (including capitalized leases and financing obligations) divided by shareholders' equity at the quarter end. Measures how much the company is financed by debt relative to equity.

Wendy's WEN Debt-to-equity

Debt-to-equity at other companies

Restaurant Brands InternationalQSR

4.2×-0.9×

Biglari Holdings Inc.BH

0.6×+0.5×

Dutch BrosBROS

1.6×-0.1×

First Watch Restaurant Group, Inc.FWRG

1.6×+0.3×

Shake ShackSHAK

1.8×0.0×

Other financials

Income statement

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Revenue$540.6M+3.3%

Gross profit$339.6M+1.3%

Operating income$64.9M-21.9%

Net income$22.7M-42.1%

EPS (diluted)$0.12-36.8%

Balance sheet

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Cash & equivalents$362.0M-6.9%

Total debt$4.1B+1.0%

Total equity$115.6M-11.3%

Total assets$4.9B+0.1%

Cash flow

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Operating cash flow$59.4M-30.5%

CapEx$11.9M-32.8%

Free cash flow$47.5M-29.9%

Valuation

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Market cap$1.5B-35.1%

Enterprise value$5.25B-12.4%

P/E10.1×-2.0×

P/S0.7×-0.3×

Profitability

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Gross margin63.3%-1.8pp

Operating margin14.8%-1.9pp

Net margin6.8%-1.8pp

FCF margin10.1%-0.9pp

Returns & leverage

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Return on equity120.9%+30.5pp

Current ratio1.8×+0.3×

Where this comes from

Calculated from Wendy's’s reported figures.

total debt/total stockholders equity=35.6×

Based on the most recent quarter.

The official record: Wendy's’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Wendy's's debt-to-equity?: Wendy's (WEN) reported debt-to-equity of 35.6× in Q1 2026.
How has Wendy's's debt-to-equity changed year-over-year?: Wendy's's debt-to-equity increased by 13.8% year-over-year, from 31.3× to 35.6×.
What is the long-term trend for Wendy's's debt-to-equity?: Over 5 years (2020 to 2025), Wendy's's debt-to-equity has grown at a 39.5% compound annual growth rate (CAGR), from 6.7× to 35.3×.
What does debt-to-equity mean?: Total debt (including capitalized leases and financing obligations) divided by shareholders' equity at the quarter end. Measures how much the company is financed by debt relative to equity.