What is WEX's invested capital?

WEX (WEX) reported invested capital of $5.27B in Q1 2026.

How has WEX's invested capital changed year-over-year?

WEX's invested capital increased by 3.0% year-over-year, from $5.12B to $5.27B.

What is the long-term trend for WEX's invested capital?

Over 5 years (2020 to 2025), WEX's invested capital has grown at a 3.9% compound annual growth rate (CAGR), from $3.7B to $4.48B.

What does invested capital mean?

Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).

WEX WEX Invested capital

Discontinued — last reported Q1 '26

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2.9%-0.1pp

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18.7%—

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0.3%-6.3pp

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18.4%+13.4pp

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12.9%+0.3pp

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7%—

Other financials

Income statement

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Revenue$673.8M+5.8%

Gross profit$393.7M+7.4%

Operating income$158.2M+0.6%

Net income$77.7M+8.7%

EPS (diluted)$2.22+22.7%

Balance sheet

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Cash & equivalents$1.2B-2.9%

Total debt$5.2B-6.2%

Total equity$1.3B+57.3%

Total assets$15.4B+10.5%

Cash flow

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Operating cash flow-$330.8M+31.3%

CapEx$37.5M+15.0%

Free cash flow-$368.3M+28.4%

Valuation

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Market cap$4.42B-13.8%

Profitability

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Gross margin58.8%-1.3pp

Operating margin24.6%-1.4pp

Net margin11.5%-0.6pp

FCF margin17%+16.8pp

Returns & leverage

See full

Return on equity29.8%+5.4pp

Debt / equity4.1×-2.8×

Current ratio1×0.0×

Where this comes from

Calculated from WEX’s reported figures.

$5.2Btotal debt+$1.3Btotal stockholders equity−$1.2Bcash and equivalents=$5.27B

The official record: WEX’s 10-Q, filed April 23, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is WEX's invested capital?: WEX (WEX) reported invested capital of $5.27B in Q1 2026.
How has WEX's invested capital changed year-over-year?: WEX's invested capital increased by 3.0% year-over-year, from $5.12B to $5.27B.
What is the long-term trend for WEX's invested capital?: Over 5 years (2020 to 2025), WEX's invested capital has grown at a 3.9% compound annual growth rate (CAGR), from $3.7B to $4.48B.
What does invested capital mean?: Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).