WEX Inc. (WEX) Balance Sheet
WEX balance sheet, 2025
December 31, 2025 · U.S. dollars$14.40B assets = $13.16B liabilities + $1.23B equity
Both columns are drawn to the same scale: what WEX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
WEX financial health
Current ratio1.05
Adequate · current assets cover current liabilities 1.05×
Debt / equity3.94
High leverage · $3.94 of debt for each $1 of equity
Equity / assets8.6%
Thin equity · of assets funded by shareholders
Cash / debt107.8%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles28.5%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal 2025.
WEX balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $6.08B2016 | $14.40B2025 | +10.1%/yr | |
| Total liabilities | $4.57B2016 | $13.16B2025 | +12.5%/yr | |
| Shareholders’ equity | $1.50B2016 | $1.23B2025 | −2.1%/yr | |
| Cash & short-term investments | $214.5M2016 | $5.24B2025 | +42.6%/yr | |
| Total debt | $2.20B2016 | $4.86B2025 | +9.2%/yr | |
| Net cash (debt) | −$1.99B2016 | $380.4M2025 | +$2.4B | |
| Working capital | $1.43B2016 | $426.4M2025 | −$999.6M | |
| Book value per share | $36.592016 | $34.392025 | −0.7%/yr | |
| Current ratio | 2.522016 | 1.052025 | −1.47 | |
| Debt / equity | 1.472016 | 3.942025 | +2.46 | |
| Shares outstanding | 40.9M2016 | 35.9M2025 | −1.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WEX assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
WEX liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
WEX debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
WEX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $5.24B | $4.36B | $4.00B | $3.26B | $2.21B | $1.33B | $981.4M | $541.5M | $531.4M | $214.5M |
| Cash & equivalents | $905.8M | $595.8M | $975.8M | $1.86B | $1.26B | $1.33B | $981.4M | $541.5M | $508.1M | $190.9M |
| Short-term investments | $4.33B | $3.76B | $3.02B | $1.40B | $948.7M | $37.3M | $2.4M | $8.8M | $23.4M | $23.5M |
| Receivables | $3.49B | $3.01B | $3.43B | $3.44B | $3.03B | $2.09B | $2.78B | $2.58B | $2.46B | $2.05B |
| Inventory | $0 | $0 | $1 | $1.08B | $793.1M | $570.9M | $282.6M | $123.4M | $1 | −$11.7M |
| Other current assets | $988.0M | $1.15B | $1.51B | $0 | $0 | $0 | $0 | $149.0M | $222.2M | $109.1M |
| Total current assets | $9.71B | $8.52B | $8.94B | $6.82B | $5.30B | $3.50B | $3.84B | $3.40B | $3.21B | $2.37B |
| Property, plant & equipment (net) | $253.7M | $261.2M | $304.7M | $269.1M | $259.0M | $273.4M | $280.8M | $187.9M | $163.9M | $167.3M |
| Goodwill & intangible assets | $4.10B | $4.24B | $4.47B | $4.20B | $4.55B | $4.24B | $4.02B | $2.87B | $3.03B | $3.10B |
| Long-term investments | $94.2M | $80.5M | $66.8M | $48.0M | $39.6M | $37.3M | $30.5M | $24.4M | $23.4M | $23.5M |
| Other non-current assets | $235.1M | $221.1M | $100.9M | $192.5M | $157.3M | $129.7M | $128.5M | $293.9M | $312.2M | $418.6M |
| Total assets | $14.40B | $13.32B | $13.88B | $11.53B | $10.31B | $8.18B | $8.30B | $6.77B | $6.74B | $6.08B |
| Liabilities | ||||||||||
| Accounts payable | $925.3M | $952.7M | $1.32B | $1.23B | $880.1M | $647.1M | $853.0M | $814.7M | $752.4M | $617.1M |
| Short-term debt | $1.33B | $1.29B | $1.04B | $214.4M | $171.3M | $169.2M | $261.7M | $216.5M | $397.2M | $210.1M |
| Deferred revenue | $245.6M | — | $195.9M | $8.1M | $1.14B | $5.3M | $5.2M | $325.8M | $26.6M | −$210.1M |
| Total current liabilities | $9.29B | $8.33B | $8.52B | $6.29B | $4.40B | $2.74B | $3.05B | $2.31B | $1.13B | $940.6M |
| Long-term debt | $3.53B | $3.08B | $2.83B | $2.52B | $2.70B | $2.87B | $2.69B | $2.13B | $591.0M | $521.3M |
| Other long-term liabilities | $346.4M | $423.4M | $714.8M | $1.06B | $1.12B | $533.3M | $468.6M | $529.2M | $3.29B | $3.11B |
| Total liabilities | $13.16B | $11.83B | $12.06B | $9.88B | $8.21B | $6.15B | $6.21B | $4.97B | $5.02B | $4.57B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $500,000 | $500,000 | $500,000 | $495,000 | $492,000 | $485,000 | $477,000 | $475,000 | $569.8M | $548.1M |
| Retained earnings (deficit) | $2.37B | $2.07B | $1.76B | $1.49B | $1.29B | $1.29B | $1.54B | $1.48B | $1.40B | $1.24B |
| Treasury stock | — | — | — | — | −$172.3M | −$172.3M | −$172.3M | −$172.3M | −$172.3M | −$172.3M |
| Accumulated other comprehensive income | −$128.1M | −$312.3M | −$229.2M | −$306.3M | −$122.5M | −$82.9M | −$115.4M | −$117.3M | −$90.8M | −$122.8M |
| Minority interest | — | — | $0 | $0 | — | $13.0M | $9.6M | $10.2M | $9.2M | $8.6M |
| Total shareholders' equity | $1.23B | $1.49B | $1.82B | $1.65B | $1.84B | $1.90B | $1.93B | $1.79B | $1.71B | $1.50B |
| Key figures | ||||||||||
| Total debt | $4.86B | $1.29B | $3.87B | $2.81B | $2.95B | $3.13B | $3.02B | $2.35B | $2.42B | $2.20B |
| Net cash (debt) | $380.4M | $3.07B | $129.3M | $450.2M | −$742.2M | −$1.80B | −$2.03B | −$1.81B | −$1.89B | −$1.99B |
| Working capital | $426.4M | $188.2M | $416.1M | $523.1M | $899.8M | $762.0M | $792.4M | $1.09B | $2.07B | $1.43B |
| Tangible book value | −$2.87B | −$2.75B | −$2.65B | −$2.55B | −$2.71B | −$2.34B | −$2.09B | −$1.08B | −$1.32B | −$1.61B |
| Book value per share | $34.39 | $38.17 | $42.05 | $36.88 | $40.58 | $43.45 | $44.03 | $40.98 | $39.78 | $36.59 |
| Shares outstanding | 35.9M | 39.0M | 43.3M | 44.7M | 45.3M | 43.8M | 43.8M | 43.6M | 43.0M | 40.9M |
| Current ratio | 1.05 | 1.02 | 1.05 | 1.08 | 1.20 | 1.28 | 1.26 | 1.47 | 2.83 | 2.52 |
| Quick ratio | 0.94 | 0.88 | 0.87 | 1.06 | 1.19 | 1.25 | 1.23 | 1.35 | 2.63 | 2.41 |
| Debt / equity | 3.94 | 0.87 | 2.12 | 1.70 | 1.60 | 1.64 | 1.57 | 1.32 | 1.42 | 1.47 |
| Equity / assets | 8.6% | 11.2% | 13.1% | 14.3% | 17.8% | 23.3% | 23.2% | 26.4% | 25.4% | 24.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $6.10B | $726.3M | $5.24B | $4.94B | $4.91B | $4.44B | $4.36B | $4.26B | $5.10B | $5.39B | $5.25B | $3.58B |
| Cash & equivalents | $1.16B | $633.5M | $905.8M | $812.9M | $772.6M | $610.3M | $595.8M | $535.4M | $682.6M | $779.6M | $975.8M | $957.8M |
| Short-term investments | $4.94B | $92.8M | $4.33B | $4.13B | $4.14B | $3.83B | $3.76B | $3.72B | $3.32B | $3.30B | $3.02B | $2.63B |
| Receivables | $4.76B | $4.35B | $3.36B | $3.82B | $3.92B | $3.77B | $3.01B | $3.77B | $3.97B | $3.86B | $3.43B | $4.05B |
| Inventory | $0 | $4.68B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $1.31B |
| Other current assets | $943.1M | $955.1M | $1.11B | $957.3M | $1.06B | $963.8M | $1.15B | $1.08B | $315.9M | $290.7M | $254.7M | $189.0M |
| Total current assets | $11.81B | $10.71B | $9.71B | $9.72B | $9.90B | $9.17B | $8.52B | $9.11B | $9.38B | $9.53B | $8.94B | $9.13B |
| Property, plant & equipment (net) | $258.9M | $255.2M | $253.7M | $258.5M | $257.6M | $258.8M | $261.2M | $261.3M | $256.9M | $249.5M | $242.9M | $228.9M |
| Goodwill & intangible assets | $4.08B | $4.12B | $4.10B | $4.15B | $4.19B | $4.22B | $4.24B | $4.34B | $4.37B | $4.41B | $4.47B | $4.24B |
| Long-term investments | $106.8M | $92.8M | $94.2M | $81.0M | $80.9M | $81.6M | $80.5M | $73.7M | $65.7M | $66.1M | $66.8M | $46.8M |
| Other non-current assets | $250.8M | $241.4M | $235.1M | $231.5M | $243.5M | $234.6M | $221.1M | $178.3M | $173.0M | $161.6M | $162.7M | $252.6M |
| Total assets | $16.50B | $15.43B | $14.40B | $14.43B | $14.67B | $13.96B | $13.32B | $13.96B | $14.25B | $14.42B | $13.88B | $13.90B |
| Liabilities | ||||||||||||
| Accounts payable | $1.77B | $1.71B | $925.3M | $1.46B | $1.43B | $1.36B | $952.7M | $1.37B | $1.73B | $1.82B | $1.32B | $1.74B |
| Short-term debt | $1.83B | $1.63B | $1.33B | $1.31B | $1.53B | $1.49B | $1.29B | $1.44B | $1.25B | $1.11B | $1.04B | $957.3M |
| Deferred revenue | — | $277.6M | $245.6M | $240.2M | $198.2M | $278.0M | $173.2M | $263.9M | $26.7M | $181.4M | $12.4M | $1.90B |
| Total current liabilities | $11.30B | $10.22B | $9.29B | $9.25B | $9.50B | $8.76B | $8.33B | $8.72B | $9.07B | $8.99B | $8.52B | $8.86B |
| Long-term debt | $3.52B | $3.61B | $3.53B | $3.72B | $3.91B | $4.10B | $3.08B | $3.14B | $2.96B | $3.08B | $2.83B | $2.65B |
| Other long-term liabilities | $329.0M | $327.0M | $346.4M | $342.4M | $288.3M | $293.5M | $423.4M | $422.5M | $434.2M | $577.1M | $714.8M | $697.7M |
| Total liabilities | $15.15B | $14.15B | $13.16B | $13.31B | $13.69B | $13.15B | $11.83B | $12.28B | $12.46B | $12.64B | $12.06B | $12.20B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 |
| Retained earnings (deficit) | $2.56B | $2.45B | $2.37B | $2.29B | $2.21B | $2.14B | $2.07B | $2.00B | $1.90B | $1.82B | $1.76B | $1.67B |
| Accumulated other comprehensive income | −$192.5M | −$178.3M | −$128.1M | −$141.2M | −$171.1M | −$245.1M | −$312.3M | −$145.8M | −$281.2M | −$276.5M | −$229.2M | −$385.5M |
| Total shareholders' equity | $1.34B | $1.27B | $1.23B | $1.12B | $978.7M | $810.4M | $1.49B | $1.68B | $1.78B | $1.78B | $1.82B | $1.70B |
| Key figures | ||||||||||||
| Total debt | $5.36B | $5.24B | $4.86B | $5.03B | $5.44B | $5.58B | $1.29B | $4.58B | $4.21B | $4.19B | $3.95B | $3.61B |
| Net cash (debt) | $744.4M | −$4.51B | $380.4M | −$83.7M | −$526.8M | −$1.15B | $3.07B | −$320.7M | $892.6M | $1.19B | $1.31B | −$24.4M |
| Working capital | $503.4M | $496.2M | $426.4M | $462.1M | $399.5M | $410.0M | $188.2M | $391.3M | $313.5M | $549.0M | $416.1M | $275.5M |
| Tangible book value | −$2.73B | −$2.85B | −$2.87B | −$3.03B | −$3.22B | −$3.41B | −$2.75B | −$2.66B | −$2.58B | −$2.63B | −$2.65B | −$2.54B |
| Book value per share | $38.53 | $36.41 | $35.27 | $32.14 | $28.45 | $20.57 | $38.17 | $42.15 | $42.98 | $42.43 | $43.45 | $39.09 |
| Shares outstanding | 34.9M | 35.0M | 35.0M | 34.8M | 34.4M | 39.4M | 39.0M | 39.8M | 41.5M | 41.9M | 41.9M | 43.4M |
| Current ratio | 1.04 | 1.05 | 1.05 | 1.05 | 1.04 | 1.05 | 1.02 | 1.04 | 1.03 | 1.06 | 1.05 | 1.03 |
| Quick ratio | 0.96 | 0.50 | 0.93 | 0.95 | 0.93 | 0.94 | 0.88 | 0.92 | 1.00 | 1.03 | 1.02 | 0.86 |
| Debt / equity | 3.98 | 4.11 | 3.94 | 4.49 | 5.56 | 6.89 | 0.87 | 2.73 | 2.36 | 2.36 | 2.17 | 2.13 |
| Equity / assets | 8.1% | 8.3% | 8.6% | 7.7% | 6.7% | 5.8% | 11.2% | 12.0% | 12.5% | 12.3% | 13.1% | 12.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 13, 2026); data from EODHD.
WEX financial position
At the end of fiscal 2025 (December 31, 2025), WEX had total assets of $14.4 billion (up 8.1% from a year earlier), total liabilities of $13.2 billion and shareholders' equity of $1.2 billion. It held $5.2 billion in cash and short-term investments against $4.9 billion of debt, a net cash position of $380.4 million. Its current ratio was 1.05. In the latest quarter (ended June 30, 2026) total assets were $16.5 billion and equity $1.3 billion.
Related: WEX income statement, WEX cash flow statement, WEX key metrics. See the WEX stock overview for the latest quote and news.
WEX balance sheet FAQ
What are WEX's total assets?
WEX reported total assets of $14.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $13.3 billion a year earlier.
How much debt does WEX have?
WEX had $4.9 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 3.94.
How much cash does WEX have?
WEX held $5.2 billion in cash and short-term investments at the end of fiscal 2025; with $4.9 billion of debt that is net cash of $380.4 million.
What is WEX's book value?
WEX's shareholders' equity (book value) was $1.2 billion at the end of fiscal 2025, or $34.39 per share.
What is WEX's current ratio?
WEX had current assets of $9.7 billion and current liabilities of $9.3 billion, a current ratio of 1.05 (it can cover its short-term obligations).
How much goodwill does WEX have?
WEX carried $4.1 billion of goodwill and intangible assets, 28.5% of total assets, at the end of fiscal 2025.