Wednesday 4 November 2026 Export WEX’s income statement to Excel — free account

WEX Inc.

WEX Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.7 billion, up 1.24% from fiscal 2024.

Revenue: +12.8%
EPS: +69.1%
Free cash flow: −117.0%
Total debt: −7.03%

Quarter to September 2026, against a year earlier

181.31 3.56 −1.93%

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Market cap: $6.0B
P/E: 15.4×
Fwd P/E: 14.8×
Dividend yield: —
F-score: 5/9
Altman Z: 0.84
Beneish M: −2.46
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

WEX Inc. (WEX) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2017: revenue by segment, and margins
Fleet Solutions	823	65.92%
Travel and Corporate Solutions	224	17.94%
Benefits	201	16.13%
Gross margin		58.81%
Operating margin		18.70%
Pre-tax margin		13.97%

Revenue by product or service $m

Line	FY2017
Payment processing revenue	569 45.59%
Account servicing revenue	277 22.15%
Other revenue	214 17.14%
Finance fee revenue	189 15.12%
Revenue	1,249

Gross profit by product or service $m, and margin

	FY2017
Payment processing revenue	‡
Gross profit	‡
	‡
	‡
	‡
	‡
	‡
	‡
	‡
	‡
	‡
	‡

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Mobility	785 42.55%	835 44.69%	809 44.02%	823 48.68%	613 45.51%	—	—	—	—	—	—	—	—	—	—	—	—
Benefits	601 32.57%	573 30.68%	559 30.41%	470 27.83%	411 30.57%	354 31.39%	299 24.74%	190 19.02%	201 16.13%	155 15.33%	112 13.05%	66 8.11%	27 3.77%	153 24.48%	116 21.04%	61 15.67%	37 11.80%
Corporate Payments	459 24.88%	460 24.63%	470 25.57%	397 23.49%	322 23.92%	—	—	—	—	—	—	—	—	—	—	—	—
Fleet Solutions	—	—	—	—	—	501 44.38%	559 46.27%	562 56.36%	823 65.92%	642 63.41%	548 64.08%	568 69.51%	527 73.51%	471 75.52%	437 78.96%	329 84.33%	278 88.20%
Travel and Corporate Solutions	—	—	—	—	—	274 24.24%	350 28.99%	245 24.63%	224 17.94%	215 21.26%	195 22.87%	183 22.38%	163 22.72%	—	—	—	—
Segment Reporting Total	—	—	—	—	—	—	—	—	—	—	—	—	717	623	553	390	315
Revenue	1,845	1,867	1,838	1,690	1,346	1,129	1,207	997	1,249	1,012	855	818	717	623	553	390	315

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Fleet Solutions	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Travel and Corporate Solutions	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Benefits	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
United States	1,037 83.08%	840 82.96%	691 80.86%	709 86.69%	627 87.43%	541 86.88%	483 87.25%	369 94.50%	312 98.92%
Other international	211 16.92%	120 11.80%	113 13.24%	51 6.23%	29 3.98%	13 2.06%	3 0.57%	21 5.50%	3 1.08%
Australia	—	53 5.24%	50 5.90%	58 7.08%	62 8.59%	69 11.06%	67 12.18%	—	—
Revenue	1,249	1,012	855	818	717	623	553	390	315

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Average HSA custodial cash assets	Q3 FY2026	$5.3B	$4.8B	+11.24%
Average number of SaaS accounts	Q3 FY2026	22.1M	21.5M	+2.79%
Benefits purchase volume	Q3 FY2026	$1.9B	$1.8B	+8.45%
Corporate Payments purchase volume	Q3 FY2026	$24.6B	$23.2B	+6.33%
Corporate Payments total volume processed	Q3 FY2026	$47.6B	$43.3B	+9.93%
Net interchange rate	Q3 FY2026	0.46%	0.47%	—
Net late fee rate	Q3 FY2026	0.53%	0.53%	—
Net payment processing rate	Q3 FY2026	1.14%	1.33%	—
Payment processing dollars of fuel	Q3 FY2026	$18.0B	$12.6B	+42.47%
Payment processing gallons of fuel	Q3 FY2026	3.6B	3.6B	−0.24%
Payment processing transactions	Q3 FY2026	142.3M	140.0M	+1.64%
Remaining performance obligations	Q3 FY2026	$206.2M	$240.5M	−14.26%
Total volume across all segments	Q3 FY2026	$78.5B	$66.2B	+18.58%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q3 FY2018	Q2 FY2018	Q1 FY2018
Average HSA custodial cash assets	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average number of SaaS accounts	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Benefits purchase volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Payments purchase volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Payments total volume processed	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net interchange rate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net late fee rate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net payment processing rate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Payment processing dollars of fuel	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Payment processing gallons of fuel	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Payment processing transactions	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total volume across all segments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.