What is WEX's net debt?

WEX (WEX) reported net debt of $4B in Q1 2026.

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

WEX's net debt decreased by 7.2% year-over-year, from $4.31B to $4B.

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

Over 5 years (2020 to 2025), WEX's net debt has grown at a 12.5% compound annual growth rate (CAGR), from $1.8B to $3.24B.

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.

WEX WEX Net debt

Discontinued — last reported Q1 '26

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2×-0.4×

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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−$1.2Bcash and equivalents=$4B

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 net debt?: WEX (WEX) reported net debt of $4B in Q1 2026.
How has WEX's net debt changed year-over-year?: WEX's net debt decreased by 7.2% year-over-year, from $4.31B to $4B.
What is the long-term trend for WEX's net debt?: Over 5 years (2020 to 2025), WEX's net debt has grown at a 12.5% compound annual growth rate (CAGR), from $1.8B to $3.24B.
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.