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WEX

WEX Inc.

WEX

WEX Inc. • NYSE
$148.36 ▼ -0.20% (-0.30)
Market Cap $5.09 B
52w High $189.84
52w Low $110.45
Dividend Yield 0%
P/E 19.29
Volume 148.22K
Outstanding Shares 34.29M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $691.8M ▲ $233.9M ▲ $80.3M ▲ 11.607% ▲ $2.34 ▲ $219.2M ▼
Q2-2025 $659.6M ▲ $230M ▲ $68.1M ▼ 10.324% ▼ $1.98 ▲ $242.4M ▲
Q1-2025 $636.6M ▲ $209.3M ▼ $71.5M ▲ 11.232% ▲ $1.84 ▲ $234.9M ▲
Q4-2024 $636.5M ▼ $221.7M ▲ $63.9M ▼ 10.039% ▼ $1.62 ▼ $219.8M ▼
Q3-2024 $665.5M $219.8M $102.9M 15.462% $2.55 $281M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.942B ▲ $14.433B ▼ $13.315B ▼ $1.118B ▲
Q2-2025 $4.915B ▲ $14.674B ▲ $13.695B ▲ $978.7M ▲
Q1-2025 $4.439B ▲ $13.964B ▲ $13.154B ▲ $810.4M ▼
Q4-2024 $4.361B ▲ $13.322B ▼ $11.833B ▼ $1.489B ▼
Q3-2024 $4.258B $13.961B $12.284B $1.677B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $80.2M ▲ $376.6M ▲ $21.5M ▲ $-443.6M ▼ $-50M ▼ $341.6M ▲
Q2-2025 $68.1M ▼ $264.6M ▲ $-392.3M ▼ $342M ▲ $253.9M ▲ $230M ▲
Q1-2025 $71.5M ▲ $-481.6M ▼ $-23.5M ▲ $318.4M ▲ $-159.4M ▼ $-528.7M ▼
Q4-2024 $63.9M ▼ $638.4M ▲ $-236.6M ▲ $-219.2M ▼ $121.8M ▲ $599.7M ▲
Q3-2024 $102.9M $3.3M $-321.3M $-187.8M $-466.5M $-31.7M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Account Servicing Revenue
Account Servicing Revenue
 $170.00M ▲$180.00M ▲$180.00M ▲$190.00M ▲
Finance Fee Revenue
Finance Fee Revenue
 $80.00M ▲$80.00M ▲$80.00M ▲$80.00M ▲
Payment Processing Revenue
Payment Processing Revenue
 $270.00M ▲$270.00M ▲$290.00M ▲$300.00M ▲
Product and Service Other
Product and Service Other
 $110.00M ▲$120.00M ▲$120.00M ▲$140.00M ▲

Five-Year Company Overview

Income Statement

Income Statement WEX’s income statement shows a business that has grown steadily and become much more profitable over the last several years. Revenue has climbed consistently, and margins have expanded as the company scaled its platform and controlled costs. After a loss a few years ago, WEX moved back to roughly breakeven and then to solid profits, with earnings per share rising each year since. The trend suggests a business that is maturing, with better operating discipline and improved profitability, though results can still be influenced by economic conditions, fuel prices, and corporate spending cycles.

Balance Sheet

Balance Sheet The balance sheet reflects a sizeable, asset‑heavy platform with meaningful use of debt. Total assets have grown over time, supporting a larger operation and broader product set. Equity has been fairly stable, not shrinking dramatically but not compounding rapidly either, which indicates that growth has leaned in part on borrowing. Debt levels have increased in recent years and now stand out as a key factor to watch, especially in a higher‑rate environment. Cash on hand is adequate but not especially large relative to debt, so balance‑sheet strength depends on continued access to funding and sustained cash generation.

Cash Flow

Cash Flow WEX generates positive free cash flow, which is a crucial strength, but the pattern has been somewhat uneven from year to year. Operating cash flow was very strong in some years and noticeably weaker in others, pointing to sensitivity to working‑capital swings and the broader business cycle. Capital spending has remained modest and manageable, allowing most operating cash to flow through to free cash flow. Overall, the cash‑flow profile supports ongoing investment and debt service, but the volatility underscores the importance of monitoring liquidity and the company’s ability to keep converting earnings into cash.

Competitive Edge

Competitive Edge WEX occupies a defensible niche at the crossroads of payments, fleet management, and health benefits. It benefits from a long operating history, strong brand recognition in fleet and corporate payments, and deep integration into customers’ financial and operational systems. These embedded relationships create switching costs that make it inconvenient for customers to move to rivals. A broad acceptance and partner network, plus expertise in navigating payments and healthcare regulations, further reinforce its position. Its business is also diversified across mobility, benefits, and corporate payments, which helps cushion shocks in any one area, though it still faces competitive pressure from banks, card networks, and newer fintechs.

Innovation and R&D

Innovation and R&D Innovation is a central part of WEX’s strategy. The company has modernized its technology stack using cloud infrastructure and increasingly relies on artificial intelligence and machine learning to improve fraud detection, credit management, and claims processing. It is rolling out practical AI tools that shorten processing times and lower service costs, while also experimenting with generative AI for productivity. WEX has launched new offerings such as a Medicare Advantage marketplace and specialized tools for electric and mixed‑fuel fleets, including at‑home and on‑the‑road EV charging solutions. Across its platforms—fleet, health benefits, and virtual corporate payments—WEX is using data and software to deepen customer integration and open new revenue streams, which could support long‑term differentiation if execution remains strong.

Summary

Overall, WEX looks like a scaled, profitable fintech platform that has significantly improved its financial performance since the pandemic period. Revenue and earnings have trended upward, and free cash flow is generally solid, though not perfectly smooth. The company does carry a meaningful debt load, which makes continued healthy cash generation and prudent capital allocation especially important. Competitively, WEX benefits from entrenched customer relationships, a wide partner network, and regulatory know‑how, giving it a durable foothold in fleet, corporate, and health‑related payments. Its ongoing investments in cloud technology, AI, data analytics, and EV‑related solutions point to a business trying to stay ahead of structural changes in mobility and payments. Key things to watch include how well it manages leverage, maintains cash‑flow resilience through cycles, and continues to innovate faster than both traditional financial institutions and newer fintech entrants.

NEWS

November 18, 2025 · 4:30 PM UTC

WEX to Present at the UBS Global Technology and AI Conference

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November 17, 2025 · 5:15 AM UTC

WEX® Unlocks Access to 20,000+ Tesla Superchargers Across Europe

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November 5, 2025 · 4:30 PM UTC

WEX to Present at Citi's 14th Annual FinTech Conference

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November 3, 2025 · 1:00 PM UTC

WEX Names Sandy Kuohn as Chief People Officer

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October 29, 2025 · 4:35 PM UTC

WEX Inc. Reports Third Quarter 2025 Financial Results

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