What is Wendy's's net debt?

Wendy's (WEN) reported net debt of $3.75B in Q1 2026.

How has Wendy's's net debt changed year-over-year?

Wendy's's net debt increased by 1.8% year-over-year, from $3.69B to $3.75B.

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

Over 5 years (2020 to 2025), Wendy's's net debt has grown at a 3.1% compound annual growth rate (CAGR), from $3.26B to $3.79B.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Wendy's WEN Net debt

Discontinued — last reported Q1 '26

Net debt at other companies

Cabot CorporationCBT

1.1×-0.3×

Travel + LeisureTNL

6×+1.6×

UnifirstUNF

-0.2×-0.1×

HES

Hess MidstreamHESM

3.1×-0.1×

TDA

USA TODAY Co., Inc.TDAY

8.8×+4.2×

Resolute Holdings Management RHLD

11.8×+10.5×

Other financials

Income statement

See full

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

See full

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

See full

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

See full

Gross margin63.3%-1.8pp

Operating margin14.8%-1.9pp

Net margin6.8%-1.8pp

FCF margin10.1%-0.9pp

Returns & leverage

See full

Return on equity120.9%+30.5pp

Debt / equity35.6×+4.3×

Current ratio1.8×+0.3×

Where this comes from

Calculated from Wendy's’s reported figures.

$4.1Btotal debt−$362.0Mcash and equivalents=$3.75B

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 net debt?: Wendy's (WEN) reported net debt of $3.75B in Q1 2026.
How has Wendy's's net debt changed year-over-year?: Wendy's's net debt increased by 1.8% year-over-year, from $3.69B to $3.75B.
What is the long-term trend for Wendy's's net debt?: Over 5 years (2020 to 2025), Wendy's's net debt has grown at a 3.1% compound annual growth rate (CAGR), from $3.26B to $3.79B.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.