Wingstop Inc. (WING) Balance Sheet
WING balance sheet, 2025
December 31, 2025 · U.S. dollars$693.4M assets = $1.43B liabilities + −$736.8M equity
Liabilities exceed assets: shareholders’ equity is negative (−$736.8M).
Both columns are drawn to the same scale: what WING owns equals what it owes plus shareholders’ equity. Hover a block for its value.
WING financial health
Descriptive bands, not a rating. Fiscal 2025.
WING balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $111.8M2016 | $693.4M2025 | +22.5%/yr | |
| Total liabilities | $186.4M2016 | $1.43B2025 | +25.4%/yr | |
| Shareholders’ equity | −$74.6M2016 | −$736.8M2025 | — | |
| Cash & short-term investments | $3.8M2016 | $196.6M2025 | +55.3%/yr | |
| Total debt | $150.7M2016 | $1.27B2025 | +26.7%/yr | |
| Net cash (debt) | −$147.0M2016 | −$1.07B2025 | −$926.9M | |
| Working capital | −$5.6M2016 | $185.5M2025 | +$191.1M | |
| Book value per share | −$2.572016 | −$26.242025 | — | |
| Current ratio | 0.662016 | 3.262025 | +2.60 | |
| Shares outstanding | 29.0M2016 | 28.1M2025 | −0.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WING assets
WING liabilities and equity
WING debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
WING balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $196.6M | $315.9M | $90.2M | $184.5M | $48.6M | $40.9M | $12.8M | $12.5M | $4.1M | $3.8M |
| Cash & equivalents | $196.6M | $315.9M | $90.2M | $184.5M | $48.6M | $40.9M | $12.8M | $12.5M | $4.1M | $3.8M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $20.8M | $19.7M | $12.4M | $9.5M | $7.0M | $8.5M | $5.8M | $5.8M | $7.1M | $3.2M |
| Inventory | $0 | $0 | $535,000 | $389,000 | $484,000 | $396,000 | $315,000 | $299,000 | $216,000 | $226,000 |
| Other current assets | $50.1M | $60.0M | $41.2M | $32.3M | $14.1M | $22.8M | $11.2M | $11.3M | $4.6M | $3.9M |
| Total current assets | $267.5M | $395.6M | $144.3M | $226.7M | $70.1M | $72.6M | $30.2M | $29.9M | $15.9M | $11.1M |
| Property, plant & equipment (net) | $179.2M | $175.0M | $110.4M | $66.9M | $54.5M | $27.9M | $27.8M | $8.3M | $5.8M | $5.0M |
| Goodwill & intangible assets | $116.6M | $113.9M | $108.1M | $104.2M | $99.9M | $98.0M | $95.8M | $96.6M | $94.8M | $94.7M |
| Long-term investments | $87.2M | $8.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $43.0M | $23.2M | $14.9M | $26.4M | $24.7M | $13.0M | $12.3M | $4.9M | $3.3M | $943,000 |
| Total assets | $693.4M | $716.2M | $377.8M | $424.2M | $249.2M | $211.6M | $166.1M | $139.7M | $119.8M | $111.8M |
| Liabilities | ||||||||||
| Accounts payable | $12.8M | $6.9M | $4.7M | $5.2M | $5.4M | $3.7M | $3.3M | $2.8M | $1.8M | $1.5M |
| Short-term debt | $3.2M | $1.1M | $2.4M | $9.6M | $2.4M | $6.0M | $5.0M | $2.4M | $3.5M | $3.5M |
| Deferred revenue | $6.9M | $6.0M | $4.8M | $6.0M | $5.0M | $4.6M | $4.4M | $5.1M | $4.1M | $2.5M |
| Total current liabilities | $82.0M | $87.4M | $71.0M | $62.4M | $39.7M | $50.5M | $32.9M | $26.5M | $18.9M | $16.7M |
| Long-term debt | $1.21B | $1.21B | $712.3M | $706.8M | $469.4M | $466.9M | $307.7M | $309.4M | $129.8M | $147.2M |
| Lease obligations | $61.3M | $59.2M | $2.4M | $2.3M | $2.4M | $2.4M | $1.8M | — | — | — |
| Other long-term liabilities | $139.1M | $98.2M | $51.9M | $45.8M | $49.7M | $35.5M | $34.9M | $28.7M | $29.3M | $22.5M |
| Total liabilities | $1.43B | $1.39B | $835.2M | $815.1M | $558.7M | $552.9M | $375.5M | $364.6M | $178.3M | $186.4M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $275,000 | $287,000 | $293,000 | $300,000 | $299,000 | $297,000 | $295,000 | $293,000 | $291,000 | $287,000 |
| Retained earnings (deficit) | −$744.9M | −$676.9M | −$460.0M | −$393.3M | −$310.0M | −$342.0M | −$210.3M | −$226.2M | −$48.8M | −$76.1M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $6.3M | −$501,000 | −$341,000 | −$637,000 | −$256,000 | — | $0 | −$12.7M | −$10.7M | −$9.0M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | −$736.8M | −$675.6M | −$457.4M | −$390.9M | −$309.5M | −$341.3M | −$209.4M | −$224.8M | −$48.3M | −$74.6M |
| Key figures | ||||||||||
| Total debt | $1.27B | $1.27B | $732.5M | $716.4M | $471.8M | $472.9M | $312.7M | $311.8M | $133.3M | $150.7M |
| Net cash (debt) | −$1.07B | −$949.5M | −$642.3M | −$531.9M | −$423.3M | −$432.1M | −$299.8M | −$299.3M | −$129.3M | −$147.0M |
| Working capital | $185.5M | $308.2M | $73.3M | $164.3M | $30.5M | $22.1M | −$2.7M | $3.4M | −$3.0M | −$5.6M |
| Tangible book value | −$853.3M | −$789.5M | −$565.5M | −$495.1M | −$409.4M | −$439.3M | −$305.2M | −$321.4M | −$143.1M | −$169.4M |
| Book value per share | −$26.24 | −$22.99 | −$15.32 | −$13.04 | −$10.34 | −$11.45 | −$7.06 | −$7.60 | −$1.64 | −$2.57 |
| Shares outstanding | 28.1M | 29.4M | 29.9M | 30.0M | 29.9M | 29.8M | 29.7M | 29.6M | 29.4M | 29.0M |
| Current ratio | 3.26 | 4.52 | 2.03 | 3.63 | 1.77 | 1.44 | 0.92 | 1.13 | 0.84 | 0.66 |
| Quick ratio | 2.65 | 3.84 | 1.45 | 3.11 | 1.40 | 0.98 | 0.57 | 0.69 | 0.59 | 0.42 |
| Equity / assets | −106.3% | −94.3% | −121.1% | −92.1% | −124.2% | −161.3% | −126.1% | −160.9% | −40.3% | −66.8% |
| 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 | $127.5M | $128.8M | $196.6M | $237.6M | $227.9M | $251.4M | $315.9M | $84.0M | $96.7M | $108.3M | $90.2M | $78.0M |
| Cash & equivalents | $127.5M | $128.8M | $196.6M | $237.6M | $227.9M | $251.4M | $315.9M | $84.0M | $96.7M | $108.3M | $90.2M | $78.0M |
| Receivables | $25.1M | $23.5M | $20.8M | $19.4M | $28.4M | $18.5M | $19.7M | $16.9M | $16.1M | $13.6M | $12.4M | $12.0M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $45.2M | $535,000 | $37.0M |
| Other current assets | $55.8M | $64.6M | $50.1M | $63.1M | $56.5M | $54.4M | $60.0M | $65.3M | $50.0M | $3.8M | $41.2M | $5.9M |
| Total current assets | $208.3M | $216.9M | $267.5M | $320.2M | $312.8M | $324.3M | $395.6M | $166.2M | $162.8M | $170.9M | $144.3M | $132.8M |
| Property, plant & equipment (net) | $202.5M | $186.3M | $179.2M | $165.5M | $159.5M | $155.4M | $175.0M | $176.9M | $163.1M | $99.3M | $110.4M | $84.3M |
| Goodwill & intangible assets | $116.6M | $116.6M | $116.6M | $111.9M | $111.9M | $107.4M | $113.9M | $114.2M | $108.5M | $107.8M | $108.1M | $105.9M |
| Long-term investments | $90.7M | $88.4M | $87.2M | $83.8M | $83.2M | $76.1M | $8.5M | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $40.0M | $40.7M | $43.0M | $39.7M | $40.8M | $33.6M | $23.2M | $27.4M | $17.4M | $34.2M | $14.9M | $28.6M |
| Total assets | $658.0M | $648.9M | $693.4M | $721.0M | $708.3M | $696.8M | $716.2M | $484.8M | $451.8M | $412.3M | $377.8M | $351.7M |
| Liabilities | ||||||||||||
| Accounts payable | $10.3M | $9.4M | $12.8M | $11.0M | $3.3M | $7.9M | $6.9M | $10.3M | $5.8M | $6.4M | $4.7M | $5.1M |
| Short-term debt | $3.7M | $3.4M | $3.2M | $3.0M | $3.0M | $3.0M | $1.1M | $3.5M | $4.1M | $31.5M | $2.4M | — |
| Deferred revenue | $51.5M | $50.9M | $6.9M | $46.7M | $42.7M | $41.5M | $6.0M | $37.0M | $32.9M | $31.5M | $4.8M | — |
| Total current liabilities | $70.2M | $96.7M | $82.0M | $79.0M | $71.6M | $91.0M | $87.4M | $118.9M | $84.5M | $78.8M | $71.0M | $67.3M |
| Long-term debt | $1.21B | $1.21B | $1.21B | $1.21B | $1.21B | $1.21B | $1.21B | $713.7M | $713.3M | $712.8M | $712.3M | $711.9M |
| Lease obligations | $61.9M | $60.6M | $61.3M | $61.3M | $61.4M | $60.9M | $59.2M | $63.9M | $58.0M | — | $2.4M | — |
| Other long-term liabilities | $150.2M | $141.5M | $139.1M | $136.3M | $115.1M | $113.9M | $98.2M | $99.6M | $91.6M | $55.0M | $51.9M | $47.9M |
| Total liabilities | $1.43B | $1.45B | $1.43B | $1.42B | $1.39B | $1.41B | $1.39B | $932.2M | $889.4M | $846.6M | $835.2M | $827.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $272,000 | $272,000 | $275,000 | $278,000 | $279,000 | $279,000 | $287,000 | $292,000 | $293,000 | $294,000 | $293,000 | $294,000 |
| Retained earnings (deficit) | −$779.2M | −$804.3M | −$744.9M | −$709.7M | −$697.6M | −$719.3M | −$676.9M | −$449.3M | −$439.3M | −$435.2M | −$460.0M | −$476.4M |
| Accumulated other comprehensive income | $3.6M | $4.6M | $6.3M | $5.7M | $7.5M | $2.8M | −$501,000 | $63,000 | −$377,000 | −$365,000 | −$341,000 | −$561,000 |
| Total shareholders' equity | −$773.0M | −$799.2M | −$736.8M | −$702.6M | −$686.0M | −$715.0M | −$675.6M | −$447.5M | −$437.5M | −$434.4M | −$457.4M | −$475.4M |
| Key figures | ||||||||||||
| Total debt | $1.27B | $1.27B | $1.27B | $1.27B | $1.27B | $1.27B | $1.27B | $777.7M | $771.3M | $712.8M | $732.5M | $711.9M |
| Net cash (debt) | −$1.15B | −$1.14B | −$1.07B | −$1.03B | −$1.04B | −$1.02B | −$949.5M | −$693.7M | −$674.5M | −$604.5M | −$642.3M | −$633.9M |
| Working capital | $138.1M | $120.2M | $185.5M | $241.2M | $241.3M | $233.2M | $308.2M | $47.3M | $78.3M | $92.0M | $73.3M | $65.5M |
| Tangible book value | −$889.6M | −$915.7M | −$853.3M | −$814.5M | −$797.9M | −$822.4M | −$789.5M | −$561.7M | −$546.1M | −$542.2M | −$565.5M | −$581.4M |
| Book value per share | −$28.36 | −$28.96 | −$26.52 | −$25.10 | −$24.50 | −$25.08 | −$23.13 | −$15.23 | −$14.85 | −$14.74 | −$15.50 | −$15.94 |
| Shares outstanding | 27.3M | 27.6M | 27.8M | 28.0M | 28.0M | 28.5M | 29.2M | 29.4M | 29.5M | 29.5M | 29.5M | 29.8M |
| Current ratio | 2.97 | 2.24 | 3.26 | 4.05 | 4.37 | 3.56 | 4.52 | 1.40 | 1.93 | 2.17 | 2.03 | 1.97 |
| Quick ratio | 2.17 | 1.57 | 2.65 | 3.25 | 3.58 | 2.97 | 3.84 | 0.85 | 1.33 | 1.55 | 1.45 | 1.34 |
| Equity / assets | −117.5% | −123.2% | −106.3% | −97.4% | −96.9% | −102.6% | −94.3% | −92.3% | −96.8% | −105.4% | −121.1% | −135.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 18, 2026); data from EODHD.
WING financial position
At the end of fiscal 2025 (December 31, 2025), Wingstop had total assets of $693.4 million (down 3.2% from a year earlier), total liabilities of $1.4 billion and shareholders' equity of -$736.8 million. It held $196.6 million in cash and short-term investments against $1.3 billion of debt, net debt of $1.1 billion. Its current ratio was 3.26. In the latest quarter (ended June 30, 2026) total assets were $658.0 million and equity -$773.0 million.
Related: WING income statement, WING cash flow statement, WING key metrics. See the WING stock overview for the latest quote and news.
WING balance sheet FAQ
What are Wingstop's total assets?
Wingstop reported total assets of $693.4 million at the end of fiscal 2025 (December 31, 2025), compared with $716.2 million a year earlier.
How much debt does Wingstop have?
Wingstop had $1.3 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Wingstop have?
Wingstop held $196.6 million in cash and short-term investments at the end of fiscal 2025; with $1.3 billion of debt that is net debt of $1.1 billion.
What is Wingstop's book value?
Wingstop's shareholders' equity (book value) was -$736.8 million at the end of fiscal 2025, or −$26.24 per share.
What is Wingstop's current ratio?
Wingstop had current assets of $267.5 million and current liabilities of $82.0 million, a current ratio of 3.26 (it can cover its short-term obligations).
How much goodwill does Wingstop have?
Wingstop carried $116.6 million of goodwill and intangible assets, 16.8% of total assets, at the end of fiscal 2025.