What is WEX's operating income?

WEX's total operating income in 2025 was $663.90 million, based on the following breakdown: Total Gross Profit: $1.56 billion Total Operating Expenses: $896.20 million

WEX (WEX) Financials

$176.56 +5.09 (+2.97%)

Closing price 07/24/2026 03:59 PM Eastern

Extended Trading

$176.20 -0.37 (-0.21%)

As of 07/24/2026 07:34 PM Eastern

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Annual Income Statements for WEX

This table shows WEX's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	102	23	160	168	99	-244	0.10	201	267	310	304
Consolidated Net Income / (Loss)	110	20	159	170	155	-280	136	168	267	310	304
Net Income / (Loss) Continuing Operations	110	20	159	170	155	-280	136	167	267	310	304
Total Pre-Tax Income	185	49	174	239	217	-301	204	261	369	418	420
Total Operating Income	229	159	212	381	386	-92	342	470	647	686	664
Total Gross Profit	455	554	734	945	1,064	887	1,148	1,420	1,575	1,590	1,560
Total Revenue	855	1,012	1,249	1,493	1,724	1,560	1,851	2,351	2,548	2,628	2,661
Operating Revenue	742	1,012	1,249	1,493	1,724	1,560	1,851	2,351	2,548	2,628	2,661
Total Cost of Revenue	399	459	514	548	660	673	702	931	973	1,038	1,101
Operating Cost of Revenue	377	459	450	481	594	595	657	751	884	970	1,022
Other Cost of Revenue	23	-	64	66	66	78	45	180	90	68	78
Total Operating Expenses	226	395	522	564	678	978	807	950	928	904	896
Selling, General & Admin Expense	89	186	184	209	276	292	327	344	428	376	330
Marketing Expense	-	131	164	229	260	267	319	312	328	341	387
Depreciation Expense	83	79	130	120	142	157	161	158	172	187	179
Total Other Income / (Expense), net	-44	-110	-38	-142	-169	-209	-138	-209	-278	-269	-244
Interest Expense	46	113	107	105	135	157	0.00	0.00	70	0.00	0.00
Other Income / (Expense), net	2.30	3.82	69	-37	-35	-52	-138	-209	-208	-269	-244
Income Tax Expense	75	29	15	69	61	-21	68	93	102	108	116
Basic Earnings per Share	$2.63	$0.58	$3.72	$3.90	$2.29	($5.56)	$0.00	$4.54	$6.23	$7.59	$8.57
Weighted Average Basic Shares Outstanding	38.77M	40.81M	42.98M	43.16M	43.32M	43.84M	44.70M	44.40M	42.80M	40.80M	35.50M
Diluted Earnings per Share	$2.62	$0.57	$3.71	$3.86	$2.26	($5.56)	$0.00	$4.50	$6.16	$7.50	$8.47
Weighted Average Diluted Shares Outstanding	38.84M	40.91M	43.11M	43.57M	43.77M	43.84M	45.30M	44.70M	43.30M	41.30M	35.90M
Weighted Average Basic & Diluted Shares Outstanding	38.70M	40.70M	43M	43.20M	43.20M	44.19M	44.83M	43.13M	41.73M	38.82M	34.31M

This table shows WEX's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	85	66	77	103	64	72	68	80	84	78	109
Consolidated Net Income / (Loss)	85	66	77	103	64	72	68	80	84	78	109
Net Income / (Loss) Continuing Operations	85	66	77	103	64	72	68	80	84	78	109
Total Pre-Tax Income	108	90	106	141	81	100	93	116	110	109	151
Total Operating Income	159	165	168	196	157	157	157	184	166	158	203
Total Gross Profit	407	386	410	416	379	367	387	418	389	394	464
Total Revenue	663	653	674	666	636	637	660	692	673	674	754
Operating Revenue	663	653	674	666	636	637	660	692	673	674	754
Total Cost of Revenue	256	267	264	249	258	270	273	274	284	280	290
Operating Cost of Revenue	244	245	243	240	242	254	251	254	263	251	257
Other Cost of Revenue	12	22	21	9.70	16	16	22	20	21	29	33
Total Operating Expenses	249	221	242	220	222	209	230	234	223	236	261
Selling, General & Admin Expense	116	89	101	92	94	74	86	92	78	87	104
Marketing Expense	86	85	94	81	81	91	98	97	101	105	113
Depreciation Expense	46	47	47	47	46	45	46	45	44	44	44
Total Other Income / (Expense), net	-50	-75	-62	-55	-77	-57	-63	-67	-56	-50	-53
Other Income / (Expense), net	-50	-75	-62	-55	-77	-57	-63	-67	-56	-50	-53
Income Tax Expense	24	24	29	38	17	29	25	36	26	31	42
Basic Earnings per Share	$2.00	$1.57	$1.85	$2.56	$1.61	$1.84	$1.98	$2.34	$2.41	$2.25	$3.13
Weighted Average Basic Shares Outstanding	42.80M	41.80M	41.70M	40.30M	40.80M	38.90M	34.30M	34.40M	35.50M	34.50M	34.70M
Diluted Earnings per Share	$1.98	$1.55	$1.83	$2.52	$1.60	$1.81	$1.98	$2.30	$2.38	$2.22	$3.11
Weighted Average Diluted Shares Outstanding	43.30M	42.40M	42M	40.80M	41.30M	39.40M	34.40M	34.80M	35.90M	35M	34.90M
Weighted Average Basic & Diluted Shares Outstanding	41.73M	41.90M	41.08M	39.78M	38.82M	34.24M	34.26M	34.29M	34.31M	34.67M	34.08M

This table details how cash moves in and out of WEX's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-4.77	-83	309	43	426	348	-73	603	370	-793	241
Net Cash From Operating Activities	445	-141	135	400	663	737	-43	679	908	481	454
Net Cash From Continuing Operating Activities	445	-141	135	400	663	737	-43	680	908	482	454
Net Income / (Loss) Continuing Operations	110	20	159	170	155	-280	136	168	267	310	304
Consolidated Net Income / (Loss)	110	20	159	170	155	-280	136	168	267	310	304
Depreciation Expense	83	142	204	200	237	262	273	264	276	321	331
Amortization Expense	3.10	13	7.96	9.67	9.94	26	16	17	19	11	8.90
Non-Cash Adjustments To Reconcile Net Income	50	62	113	129	140	290	132	434	292	200	181
Changes in Operating Assets and Liabilities, net	199	-378	-348	-108	120	440	-599	-203	54	-360	-370
Net Cash From Investing Activities	-127	-1,160	-168	-254	-991	-329	-1,601	-717	-2,138	-961	-697
Net Cash From Continuing Investing Activities	-127	-1,160	-168	-254	-991	-329	-1,601	-717	-2,138	-961	-697
Purchase of Property, Plant & Equipment	-63	-62	-79	-87	-103	-80	-86	-113	-144	-147	-141
Acquisitions	-81	-1,093	-119	-166	-882	-243	-559	-3.30	-407	-6.00	-73
Purchase of Investments	-0.35	-5.85	-0.47	-1.77	-5.57	-6.46	-994	-661	-1,786	-1,314	-1,738
Sale and/or Maturity of Investments	0.59	0.50	0.63	0.27	0.23	1.02	38	61	194	506	1,250
Other Investing Activities, net	-	-	-	-	-	-	-	-	4.10	0.00	4.70
Net Cash From Financing Activities	-320	1,216	359	-103	750	-59	1,596	681	1,573	-260	419
Net Cash From Continuing Financing Activities	-320	1,216	359	-103	750	-59	1,596	681	1,573	-260	419
Repayment of Debt	-2,430	-4,224	-4,275	-1,821	-1,378	-449	-1,998	-2,518	-3,165	-8,567	-29,035
Repurchase of Common Equity	-24	-	-	-	-	0.00	0.00	-283	-303	-652	-800
Issuance of Debt	2,203	5,211	4,436	1,749	1,957	599	1,760	2,389	3,449	8,728	11,083
Other Financing Activities, net	-68	229	199	-30	171	-300	1,834	1,093	1,592	231	19,171
Effect of Exchange Rate Changes	-3.68	2.79	-	-	-	-	-	-	-	-	65
Cash Interest Paid	49	116	129	141	176	163	132	129	248	329	334

This table details how cash moves in and out of WEX's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	113	-148	-303	-467	125	-160	254	-50	197	-438	534
Net Cash From Operating Activities	762	-153	-7.00	3.30	638	-482	265	377	295	-331	-78
Net Cash From Continuing Operating Activities	762	-153	-7.00	3.20	639	-482	265	377	295	-331	-78
Net Income / (Loss) Continuing Operations	85	66	77	103	64	72	68	80	84	78	109
Consolidated Net Income / (Loss)	85	66	77	103	64	72	68	80	84	78	109
Depreciation Expense	75	78	80	82	82	82	84	84	82	82	83
Non-Cash Adjustments To Reconcile Net Income	1.20	62	57	33	44	27	56	87	10	58	76
Changes in Operating Assets and Liabilities, net	582	-360	-220	-214	438	-661	56	125	109	-548	-345
Net Cash From Investing Activities	-567	-318	-85	-321	-237	-24	-392	22	-303	-524	-256
Net Cash From Continuing Investing Activities	-567	-318	-85	-321	-237	-24	-392	21	-303	-524	-256
Purchase of Property, Plant & Equipment	-42	-34	-40	-35	-39	-33	-35	-35	-38	-38	-44
Purchase of Investments	-332	-392	-135	-392	-395	-146	-653	-137	-802	-653	-410
Sale and/or Maturity of Investments	54	109	95	106	197	176	289	189	596	177	188
Other Investing Activities, net	-	-0.90	-	-	-	-5.90	5.60	4.70	0.30	-11	10
Net Cash From Financing Activities	-132	354	-207	-188	-219	318	342	-444	202	423	873
Net Cash From Continuing Financing Activities	-132	354	-207	-188	-219	318	342	-444	202	423	873
Repayment of Debt	-730	-796	-2,251	-2,768	-2,723	-5,669	-9,395	-7,383	-9,155	-8,045	-12,910
Repurchase of Common Equity	-151	-74	-100	-370	-108	-790	-9.70	-0.10	-	0.00	-64
Issuance of Debt	970	1,042	2,112	2,977	2,596	4,100	2,520	2,344	2,115	2,481	3,398
Other Financing Activities, net	-221	181	31	-27	16	2,678	7,226	4,596	7,242	5,987	10,449
Effect of Exchange Rate Changes	-	-	-4.00	-	-	-	-	-4.60	2.80	-6.40	-5.70

This table presents WEX's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	3,848	5,997	6,689	6,771	8,298	8,183	10,307	11,529	13,882	13,322	14,400
Total Current Assets	1,900	2,377	3,206	3,398	3,842	3,503	5,300	6,817	8,935	8,516	9,713
Cash & Equivalents	280	191	504	541	811	852	589	922	976	596	906
Restricted Cash	-	-	19	14	170	478	668	938	1,254	838	773
Short-Term Investments	19	24	-	-	-	0.00	949	1,395	3,022	3,765	4,333
Accounts Receivable	1,596	2,152	2,606	2,694	2,773	2,087	3,016	3,419	3,558	3,118	3,486
Prepaid Expenses	-	-	78	149	88	87	78	143	125	199	215
Plant, Property, & Equipment, net	139	167	164	188	212	188	180	202	243	261	254
Total Noncurrent Assets	1,809	3,452	3,319	3,185	4,244	4,492	4,828	4,510	4,704	4,545	4,433
Long-Term Investments	-	-	23	24	30	37	40	48	67	81	94
Goodwill	1,113	1,838	1,876	1,832	2,441	2,688	2,908	2,729	3,016	2,983	3,015
Intangible Assets	471	1,265	1,154	1,034	1,575	1,552	1,643	1,474	1,459	1,260	1,088
Noncurrent Deferred & Refundable Income Taxes	10	6.93	7.72	9.64	13	18	5.64	13	14	18	17
Other Noncurrent Operating Assets	216	342	258	284	184	197	231	246	149	203	218
Total Liabilities & Shareholders' Equity	3,848	5,997	6,689	6,771	8,298	8,183	10,307	11,529	13,882	13,322	14,400
Total Liabilities	2,752	4,491	5,059	4,975	6,205	6,148	8,214	9,880	12,062	11,833	13,165
Total Current Liabilities	1,408	2,068	2,576	2,312	3,050	2,741	4,400	6,294	8,519	8,327	9,287
Short-Term Debt	-	-	397	217	249	153	156	203	1,041	1,293	1,326
Accounts Payable	379	617	843	815	970	778	1,022	1,366	1,479	1,091	1,070
Accrued Expenses	156	332	315	312	316	362	528	644	803	654	695
Customer Deposits	871	1,119	987	927	1,311	911	2,026	3,145	3,943	4,453	5,423
Other Current Liabilities	-	-	33	41	205	536	668	937	1,254	837	772
Total Noncurrent Liabilities	1,344	2,424	2,483	2,663	3,155	3,407	3,814	3,586	3,542	3,505	3,878
Long-Term Debt	1,192	2,205	2,028	2,134	2,687	2,874	2,695	2,522	2,828	3,082	3,532
Noncurrent Deferred & Payable Income Tax Liabilities	141	200	116	152	219	220	193	142	130	146	187
Other Noncurrent Operating Liabilities	11	19	339	377	250	313	926	921	585	278	159
Total Equity & Noncontrolling Interests	1,096	1,506	1,630	1,796	1,937	1,918	1,839	1,650	1,821	1,489	1,235
Total Preferred & Common Equity	1,083	1,497	1,621	1,786	1,927	1,905	1,839	1,650	1,821	1,489	1,235
Total Common Equity	1,083	1,497	1,621	1,786	1,927	1,905	1,839	1,650	1,821	1,489	1,235
Common Stock	175	548	570	594	676	873	845	929	1,054	1,150	1,209
Retained Earnings	1,184	1,244	1,313	1,482	1,539	1,287	1,289	1,491	1,757	2,067	2,371
Treasury Stock	-172	-172	-172	-172	-172	-172	-172	-463	-761	-1,416	-2,218
Accumulated Other Comprehensive Income / (Loss)	-103	-123	-89	-117	-115	-83	-123	-306	-229	-312	-128

This table presents WEX's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	12,727	13,348	13,900	14,422	14,247	13,961	13,964	14,674	14,433	15,425	16,499
Total Current Assets	8,051	8,705	9,132	9,535	9,383	9,109	9,171	9,897	9,716	10,714	11,806
Cash & Equivalents	922	901	958	780	683	535	610	773	813	634	1,162
Restricted Cash	959	1,218	1,159	1,302	1,096	776	661	752	669	607	613
Short-Term Investments	2,479	2,641	2,625	3,305	3,323	3,723	3,829	4,142	4,129	4,775	4,940
Accounts Receivable	3,547	3,760	4,201	4,001	4,105	3,904	3,898	4,054	3,955	4,534	4,917
Prepaid Expenses	145	184	189	147	177	171	174	176	150	165	175
Plant, Property, & Equipment, net	210	222	229	250	257	261	259	258	259	255	259
Total Noncurrent Assets	4,466	4,421	4,540	4,638	4,607	4,591	4,535	4,519	4,459	4,456	4,434
Long-Term Investments	49	48	47	66	66	74	82	81	81	93	107
Goodwill	2,726	2,728	2,797	3,004	3,006	3,025	2,990	3,012	3,012	3,022	3,023
Intangible Assets	1,438	1,394	1,443	1,406	1,362	1,314	1,229	1,183	1,135	1,100	1,054
Noncurrent Deferred & Refundable Income Taxes	14	11	12	15	15	16	18	22	17	17	17
Other Noncurrent Operating Assets	240	240	241	147	158	162	216	221	215	224	234
Total Liabilities & Shareholders' Equity	12,727	13,348	13,900	14,422	14,247	13,961	13,964	14,674	14,433	15,425	16,499
Total Liabilities	11,057	11,579	12,204	12,644	12,463	12,284	13,154	13,695	13,315	14,151	15,154
Total Current Liabilities	7,503	8,334	8,856	8,986	9,070	8,718	8,761	9,497	9,253	10,218	11,302
Short-Term Debt	290	723	957	1,113	1,249	1,435	1,486	1,533	1,307	1,631	1,834
Accounts Payable	1,433	1,507	1,743	1,824	1,734	1,366	1,362	1,429	1,460	1,714	1,768
Accrued Expenses	713	734	745	671	703	680	607	689	666	526	539
Customer Deposits	4,108	4,154	4,253	4,076	4,289	4,462	4,647	5,096	5,153	5,741	6,550
Other Current Liabilities	958	1,217	1,158	1,301	1,095	776	660	751	667	606	611
Total Noncurrent Liabilities	3,554	3,245	3,348	3,659	3,394	3,566	4,393	4,197	4,062	3,933	3,852
Long-Term Debt	2,631	2,499	2,650	3,082	2,960	3,143	4,100	3,909	3,719	3,606	3,523
Noncurrent Deferred & Payable Income Tax Liabilities	138	132	141	133	133	138	147	149	175	195	202
Other Noncurrent Operating Liabilities	785	614	557	444	302	285	146	139	168	132	127
Total Equity & Noncontrolling Interests	1,671	1,769	1,696	1,778	1,784	1,678	810	979	1,118	1,274	1,345
Total Preferred & Common Equity	1,671	1,769	1,696	1,778	1,784	1,678	810	979	1,118	1,274	1,345
Total Common Equity	1,671	1,769	1,696	1,778	1,784	1,678	810	979	1,118	1,274	1,345
Common Stock	951	982	1,019	1,066	1,100	1,069	1,135	1,161	1,191	1,222	1,258
Retained Earnings	1,559	1,654	1,672	1,823	1,900	2,003	2,138	2,206	2,287	2,449	2,557
Treasury Stock	-556	-559	-609	-834	-935	-1,248	-2,218	-2,218	-2,218	-2,218	-2,278
Accumulated Other Comprehensive Income / (Loss)	-283	-308	-386	-277	-281	-146	-245	-171	-141	-178	-193

This table displays calculated financial ratios and metrics derived from WEX's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.52%	18.47%	23.32%	19.55%	15.48%	-9.50%	18.63%	27.02%	8.40%	3.14%	1.24%
EBITDA Growth	-22.75%	-0.19%	55.73%	12.16%	8.16%	-75.91%	241.45%	10.06%	35.49%	2.22%	1.35%
EBIT Growth	-31.56%	-29.75%	73.38%	22.08%	2.20%	-141.00%	241.67%	27.70%	68.48%	-4.81%	0.57%
NOPAT Growth	-33.21%	-51.42%	193.88%	39.86%	2.18%	-123.19%	455.74%	32.25%	54.95%	8.72%	-5.53%
Net Income Growth	-45.20%	-81.45%	681.62%	6.80%	-8.53%	-280.62%	148.52%	23.07%	59.16%	16.13%	-1.78%
EPS Growth	-49.42%	-78.24%	550.88%	4.04%	-41.45%	-346.02%	100.00%	0.00%	36.89%	21.75%	12.93%
Operating Cash Flow Growth	50.16%	-131.72%	195.92%	195.53%	65.70%	11.10%	-105.78%	1,694.84%	33.63%	-46.98%	-5.63%
Free Cash Flow Firm Growth	141.82%	-593.86%	112.52%	18.12%	-181.11%	248.83%	375.75%	57.56%	-39.42%	-74.89%	267.49%
Invested Capital Growth	-7.28%	75.78%	0.38%	1.64%	12.61%	-8.01%	-26.96%	-60.30%	-65.44%	58.09%	-102.15%
Revenue Q/Q Growth	0.09%	7.68%	3.69%	3.60%	3.53%	-2.56%	5.62%	37.31%	-15.65%	-1.01%	1.39%
EBITDA Q/Q Growth	-10.84%	-5.18%	20.08%	-2.34%	8.93%	-65.16%	56.59%	416.94%	-43.60%	-1.30%	5.31%
EBIT Q/Q Growth	-15.72%	-23.06%	39.33%	-3.06%	11.39%	-200.60%	1,252.43%	159.29%	-57.55%	-6.24%	7.50%
NOPAT Q/Q Growth	-3.95%	-50.10%	118.40%	-8.84%	3.94%	-216.87%	793.17%	260.66%	-60.72%	-0.30%	1.01%
Net Income Q/Q Growth	-19.08%	-73.15%	248.78%	-25.28%	38.11%	-3,523.04%	198.19%	29.22%	-1.41%	-6.35%	7.15%
EPS Q/Q Growth	-20.85%	-70.16%	246.73%	-26.05%	50.67%	-634.62%	100.00%	102.70%	-0.81%	-4.82%	10.14%
Operating Cash Flow Q/Q Growth	-18.57%	-221.04%	229.15%	8.86%	58.74%	-40.21%	11.26%	813.72%	26.31%	-20.42%	-43.07%
Free Cash Flow Firm Q/Q Growth	5,136.82%	-5.83%	141.46%	-49.09%	37.94%	-67.19%	468.46%	-16.81%	-41.30%	338.15%	-7.92%
Invested Capital Q/Q Growth	13.50%	7.69%	-6.93%	-2.25%	-4.22%	6.66%	-29.39%	-18.53%	-28.07%	-49.01%	-102.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.26%	54.69%	58.81%	63.29%	61.72%	56.84%	62.06%	60.41%	61.80%	60.51%	58.64%
EBITDA Margin	37.12%	31.28%	39.50%	37.06%	34.71%	9.24%	26.59%	23.04%	28.80%	28.54%	28.57%
Operating Margin	26.77%	15.66%	17.02%	25.50%	22.38%	-5.88%	18.48%	19.99%	25.40%	26.11%	24.95%
EBIT Margin	27.04%	16.03%	22.54%	23.02%	20.37%	-9.23%	11.02%	11.08%	17.23%	15.90%	15.79%
Profit (Net Income) Margin	12.83%	2.01%	12.73%	11.37%	9.01%	-17.98%	7.35%	7.13%	10.46%	11.78%	11.43%
Tax Burden Percent	59.28%	41.57%	91.14%	71.15%	71.72%	93.16%	66.75%	64.30%	72.29%	74.10%	72.37%
Interest Burden Percent	80.01%	30.14%	61.96%	69.44%	61.65%	209.08%	99.95%	100.00%	84.03%	100.00%	100.00%
Effective Tax Rate	40.72%	58.43%	8.86%	28.85%	28.28%	0.00%	33.25%	35.74%	27.71%	25.90%	27.63%
Return on Invested Capital (ROIC)	6.56%	2.40%	5.53%	7.65%	7.30%	-1.66%	7.14%	16.01%	64.89%	106.43%	167.76%
ROIC Less NNEP Spread (ROIC-NNEP)	3.89%	-0.76%	3.74%	2.12%	0.72%	-13.74%	-1.00%	-948.49%	84.73%	123.33%	184.16%
Return on Net Nonoperating Assets (RNNOA)	3.45%	-0.84%	4.61%	2.26%	0.69%	-11.92%	-0.55%	-7.06%	-49.53%	-87.72%	-145.43%
Return on Equity (ROE)	10.01%	1.56%	10.14%	9.91%	7.99%	-13.59%	6.59%	8.95%	15.37%	18.71%	22.33%
Cash Return on Invested Capital (CROIC)	14.12%	-52.56%	5.15%	6.03%	-4.56%	6.68%	38.30%	102.35%	162.15%	61.41%	0.00%
Operating Return on Assets (OROA)	5.80%	3.30%	4.44%	5.11%	4.66%	-1.75%	2.21%	2.39%	3.45%	3.07%	3.03%
Return on Assets (ROA)	2.75%	0.41%	2.51%	2.52%	2.06%	-3.40%	1.47%	1.53%	2.10%	2.28%	2.19%
Return on Common Equity (ROCE)	9.80%	1.55%	10.08%	9.85%	7.62%	-12.61%	5.98%	8.34%	15.37%	18.71%	22.33%
Return on Equity Simple (ROE_SIMPLE)	10.12%	1.36%	9.81%	9.51%	8.06%	-14.72%	7.40%	10.15%	14.64%	20.80%	0.00%
Net Operating Profit after Tax (NOPAT)	136	66	194	271	277	-64	228	302	468	509	480
NOPAT Margin	15.87%	6.51%	15.51%	18.14%	16.06%	-4.11%	12.34%	12.84%	18.36%	19.35%	18.06%
Net Nonoperating Expense Percent (NNEP)	2.68%	3.16%	1.79%	5.54%	6.57%	12.07%	8.14%	964.50%	-19.84%	-16.91%	-16.40%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	6.90%	8.22%	8.67%	7.89%
Cost of Revenue to Revenue	46.74%	45.31%	41.19%	36.71%	38.28%	43.16%	37.94%	39.59%	38.20%	39.49%	41.36%
SG&A Expenses to Revenue	10.36%	18.33%	14.76%	14.02%	16.00%	18.73%	17.67%	14.63%	16.80%	14.30%	12.41%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.49%	39.03%	41.79%	37.79%	39.34%	62.72%	43.58%	40.43%	36.41%	34.40%	33.68%
Earnings before Interest and Taxes (EBIT)	231	162	281	344	351	-144	204	261	439	418	420
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	317	317	493	553	598	144	492	542	734	750	760
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.15	3.19	3.74	3.38	4.71	4.72	3.42	4.32	4.57	4.69	4.14
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.00	4.71	4.85	4.04	5.26	5.76	3.40	3.04	3.26	2.65	1.92
Price to Earnings (P/E)	33.52	202.95	37.86	35.87	91.58	0.00	62,920.76	35.42	31.19	22.53	16.80
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.98%	0.49%	2.64%	2.79%	1.09%	0.00%	0.00%	2.82%	3.21%	4.44%	5.95%
Enterprise Value to Invested Capital (EV/IC)	2.17	1.94	2.27	2.19	2.78	2.92	2.65	6.12	18.54	10.37	0.00
Enterprise Value to Revenue (EV/Rev)	5.06	6.68	6.37	5.24	6.47	6.91	3.87	2.79	2.69	2.31	1.45
Enterprise Value to EBITDA (EV/EBITDA)	13.62	21.37	16.12	14.13	18.65	74.74	14.53	12.10	9.35	8.09	5.08
Enterprise Value to EBIT (EV/EBIT)	18.70	41.69	28.24	22.75	31.77	0.00	35.06	25.17	15.64	14.53	9.19
Enterprise Value to NOPAT (EV/NOPAT)	31.86	102.72	41.05	28.87	40.32	0.00	31.33	21.71	14.67	11.94	8.04
Enterprise Value to Operating Cash Flow (EV/OCF)	9.71	0.00	58.69	19.53	16.82	14.62	0.00	9.65	7.56	12.61	8.50
Enterprise Value to Free Cash Flow (EV/FCFF)	14.81	0.00	44.03	36.67	0.00	41.85	5.84	3.40	5.87	20.69	3.58
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.09	1.46	1.49	1.31	1.40	1.49	1.36	1.65	2.12	2.94	3.94
Long-Term Debt to Equity	1.09	1.46	1.24	1.19	1.28	1.41	1.29	1.53	1.55	2.07	2.86
Financial Leverage	0.89	1.11	1.23	1.07	0.95	0.87	0.55	0.01	-0.58	-0.71	-0.79
Leverage Ratio	3.64	3.78	4.05	3.93	3.87	3.99	4.48	5.83	7.32	8.22	10.18
Compound Leverage Factor	2.91	1.14	2.51	2.73	2.39	8.35	4.48	5.83	6.15	8.22	10.18
Debt to Total Capital	52.10%	59.42%	59.80%	56.69%	58.37%	59.80%	57.67%	62.29%	68.00%	74.61%	79.74%
Short-Term Debt to Total Capital	0.00%	0.00%	9.80%	5.22%	4.94%	3.02%	3.15%	4.63%	18.30%	22.05%	21.77%
Long-Term Debt to Total Capital	52.10%	59.42%	50.01%	51.46%	53.43%	56.78%	54.52%	57.66%	49.70%	52.56%	57.97%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.54%	0.23%	0.23%	0.25%	3.31%	2.57%	5.14%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	47.36%	40.35%	39.97%	43.07%	38.32%	37.63%	37.19%	37.71%	32.00%	25.39%	20.26%
Debt to EBITDA	3.76	6.96	4.92	4.25	4.91	21.00	5.79	5.03	5.27	5.83	6.39
Net Debt to EBITDA	2.82	6.29	3.81	3.20	3.21	11.52	1.23	-1.07	-1.98	-1.20	-1.64
Long-Term Debt to EBITDA	3.76	6.96	4.11	3.86	4.49	19.94	5.48	4.66	3.85	4.11	4.65
Debt to NOPAT	8.79	33.46	12.52	8.68	10.61	-47.17	12.49	9.03	8.27	8.60	10.11
Net Debt to NOPAT	6.59	30.21	9.70	6.54	6.95	-25.87	2.65	-1.92	-3.10	-1.78	-2.60
Long-Term Debt to NOPAT	8.79	33.46	10.47	7.88	9.71	-44.79	11.81	8.35	6.04	6.06	7.35
Altman Z-Score	1.75	1.25	1.43	1.62	1.60	1.34	0.98	0.95	0.91	0.89	0.78
Noncontrolling Interest Sharing Ratio	2.12%	0.81%	0.57%	0.57%	4.54%	7.19%	9.31%	6.79%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.35	1.15	1.24	1.47	1.26	1.28	1.20	1.08	1.05	1.02	1.05
Quick Ratio	1.35	1.14	1.21	1.40	1.18	1.07	1.04	0.91	0.89	0.90	0.94
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	292	-1,441	181	213	-173	257	1,224	1,929	1,169	293	1,078
Operating Cash Flow to CapEx	701.04%	-228.46%	170.83%	459.23%	644.73%	915.61%	-49.53%	601.77%	632.24%	326.82%	323.12%
Free Cash Flow to Firm to Interest Expense	6.32	-12.71	1.69	2.03	-1.28	1.64	0.00	0.00	16.67	0.00	0.00
Operating Cash Flow to Interest Expense	9.64	-1.24	1.26	3.81	4.92	4.69	0.00	0.00	12.95	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	8.26	-1.79	0.52	2.98	4.16	4.18	0.00	0.00	10.90	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.21	0.21	0.20	0.22	0.23	0.19	0.20	0.22	0.20	0.19	0.19
Accounts Receivable Turnover	0.49	0.54	0.52	0.56	0.63	0.64	0.73	0.73	0.73	0.79	0.81
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	7.00	6.62	7.54	8.49	8.61	7.78	10.06	12.32	11.45	10.43	10.34
Accounts Payable Turnover	0.99	0.92	0.70	0.66	0.74	0.77	0.78	0.78	0.68	0.81	1.02
Days Sales Outstanding (DSO)	739.25	675.65	695.50	648.04	578.87	568.59	503.27	499.66	499.71	463.60	452.99
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	367.66	396.15	518.20	552.21	493.63	473.89	467.91	468.30	533.44	451.94	358.38
Cash Conversion Cycle (CCC)	371.59	279.50	177.29	95.83	85.24	94.69	35.35	31.35	-33.73	11.66	94.61
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,989	3,496	3,509	3,567	4,017	3,695	2,699	1,071	370	585	-13
Invested Capital Turnover	0.41	0.37	0.36	0.42	0.45	0.40	0.58	1.25	3.53	5.50	9.29
Increase / (Decrease) in Invested Capital	-156	1,507	13	58	450	-322	-996	-1,627	-701	215	-598
Enterprise Value (EV)	4,322	6,768	7,949	7,818	11,157	10,772	7,152	6,556	6,864	6,071	3,861
Market Capitalization	3,416	4,769	6,060	6,037	9,067	8,982	6,292	7,134	8,315	6,975	5,108
Book Value per Share	$28.03	$35.03	$37.77	$41.43	$44.51	$43.17	$41.03	$37.84	$42.60	$37.42	$36.00
Tangible Book Value per Share	($12.95)	($37.60)	($32.84)	($25.07)	($48.26)	($52.92)	($60.52)	($58.56)	($62.10)	($69.24)	($83.67)
Total Capital	2,287	3,711	4,055	4,146	5,028	5,062	4,944	4,374	5,689	5,864	6,093
Total Debt	1,192	2,205	2,425	2,350	2,935	3,027	2,851	2,725	3,869	4,375	4,858
Total Long-Term Debt	1,192	2,205	2,028	2,134	2,687	2,874	2,695	2,522	2,828	3,082	3,532
Net Debt	893	1,990	1,879	1,771	1,923	1,660	606	-578	-1,450	-904	-1,247
Capital Expenditures (CapEx)	63	62	79	87	103	80	86	113	144	147	141
Debt-free, Cash-free Net Working Capital (DFCFNWC)	193	95	505	748	60	-415	-1,150	-2,530	-3,795	-3,717	-4,259
Debt-free Net Working Capital (DFNWC)	492	310	1,027	1,303	1,041	915	1,056	726	1,457	1,481	1,753
Net Working Capital (NWC)	492	310	630	1,087	792	762	900	523	416	188	426
Net Nonoperating Expense (NNE)	26	46	35	101	121	216	92	134	201	199	176
Net Nonoperating Obligations (NNO)	893	1,990	1,879	1,771	1,923	1,660	606	-578	-1,450	-903	-1,247
Total Depreciation and Amortization (D&A)	86	154	212	209	247	288	288	281	295	332	340
Debt-free, Cash-free Net Working Capital to Revenue	22.59%	9.42%	40.45%	50.12%	3.46%	-26.60%	-62.14%	-107.62%	-148.94%	-141.43%	-160.05%
Debt-free Net Working Capital to Revenue	57.53%	30.60%	82.29%	87.30%	60.39%	58.64%	57.04%	30.87%	57.19%	56.37%	65.87%
Net Working Capital to Revenue	57.53%	30.60%	50.47%	72.79%	45.97%	48.85%	48.63%	22.25%	16.33%	7.16%	16.03%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.63	$1.49	$3.73	$3.90	$2.29	($5.56)	$0.00	$4.54	$6.23	$7.59	$8.57
Adjusted Weighted Average Basic Shares Outstanding	38.77M	40.81M	42.98M	43.16M	43.32M	43.84M	44.72M	44.40M	42.80M	40.80M	35.50M
Adjusted Diluted Earnings per Share	$2.62	$1.48	$3.72	$3.86	$2.26	($5.56)	$0.00	$4.50	$6.16	$7.50	$8.47
Adjusted Weighted Average Diluted Shares Outstanding	38.84M	40.91M	43.11M	43.57M	43.77M	43.84M	45.31M	44.72M	43.30M	41.30M	35.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$2.29	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	38.64M	42.74M	43.03M	43.14M	43.34M	44.19M	44.83M	43.13M	41.73M	38.82M	34.31M
Normalized Net Operating Profit after Tax (NOPAT)	140	111	234	275	277	87	228	390	468	509	480
Normalized NOPAT Margin	16.41%	10.96%	18.73%	18.41%	16.06%	5.57%	12.34%	16.58%	18.36%	19.35%	18.06%
Pre Tax Income Margin	21.64%	4.83%	13.97%	15.99%	12.56%	-19.30%	11.02%	11.08%	14.47%	15.90%	15.79%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.00	1.43	2.63	3.27	2.61	-0.92	0.00	0.00	6.26	0.00	0.00
NOPAT to Interest Expense	2.94	0.58	1.81	2.58	2.05	-0.41	0.00	0.00	6.67	0.00	0.00
EBIT Less CapEx to Interest Expense	3.63	0.89	1.89	2.44	1.84	-1.43	0.00	0.00	4.21	0.00	0.00
NOPAT Less CapEx to Interest Expense	1.56	0.04	1.07	1.75	1.29	-0.92	0.00	0.00	4.62	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	22.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	168.84%	113.80%	210.59%	263.01%

This table displays calculated financial ratios and metrics derived from WEX's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	34,310,618.00	34,668,143.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	34,310,618.00	34,668,143.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	2.26	3.13
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-41.62%	6.65%	8.40%	2.16%	-4.06%	-2.47%	-2.06%	3.95%	5.72%	5.84%	14.24%
EBITDA Growth	-76.17%	2.06%	0.49%	22.31%	-11.40%	8.02%	-4.47%	-10.06%	18.10%	4.51%	31.62%
EBIT Growth	-84.59%	-8.35%	-9.93%	23.23%	-25.65%	11.56%	-11.97%	-17.43%	36.35%	8.07%	61.13%
NOPAT Growth	-84.65%	12.56%	-5.40%	97.61%	0.46%	-6.86%	-6.15%	-11.68%	2.01%	1.13%	28.07%
Net Income Growth	-4.28%	-3.24%	-19.20%	459.24%	-24.74%	8.66%	-11.56%	-21.96%	31.77%	8.67%	59.32%
EPS Growth	-2.46%	-0.64%	-16.82%	500.00%	-19.19%	16.77%	8.20%	-8.73%	48.75%	22.65%	57.07%
Operating Cash Flow Growth	33.01%	-665.68%	-109.67%	-92.90%	-16.21%	-214.16%	3,880.00%	11,312.12%	-53.84%	31.31%	-129.33%
Free Cash Flow Firm Growth	-66.13%	-108.54%	-126.48%	-156.15%	-110.95%	-171.30%	151.34%	267.75%	902.30%	258.67%	251.12%
Invested Capital Growth	-65.44%	181.57%	351.72%	123.02%	58.09%	133.71%	-18.51%	-60.59%	-102.15%	-66.81%	-117.75%
Revenue Q/Q Growth	1.83%	-1.60%	3.19%	-1.19%	-4.37%	0.03%	3.61%	4.88%	-2.75%	0.15%	11.83%
EBITDA Q/Q Growth	0.71%	18.84%	10.27%	19.87%	-27.04%	12.01%	-2.47%	12.85%	-4.20%	-0.89%	22.83%
EBIT Q/Q Growth	-5.33%	34.73%	17.89%	32.99%	-42.88%	24.57%	-6.97%	24.73%	-5.67%	-1.27%	38.71%
NOPAT Q/Q Growth	71.27%	-3.12%	1.44%	17.41%	-12.93%	-10.17%	2.21%	10.49%	0.57%	-10.95%	29.43%
Net Income Q/Q Growth	361.41%	-22.50%	17.02%	33.64%	-37.90%	11.89%	-4.76%	17.91%	4.86%	-7.72%	39.64%
EPS Q/Q Growth	371.43%	-21.72%	18.06%	37.70%	-36.51%	13.13%	9.39%	16.16%	3.48%	-6.72%	40.09%
Operating Cash Flow Q/Q Growth	1,538.49%	-120.12%	95.43%	147.14%	19,245.45%	-175.44%	154.94%	42.33%	-21.75%	-212.25%	76.54%
Free Cash Flow Firm Q/Q Growth	-5.45%	-126.02%	-142.44%	5.87%	81.56%	-544.50%	145.88%	207.56%	-11.78%	27.46%	1.53%
Invested Capital Q/Q Growth	-28.07%	40.29%	58.86%	39.11%	-49.01%	107.40%	-44.61%	-32.71%	-102.78%	3,298.41%	-129.63%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	61.42%	59.06%	60.83%	62.55%	59.52%	57.59%	58.66%	60.35%	57.85%	58.43%	61.55%
EBITDA Margin	27.63%	25.80%	27.57%	33.45%	25.52%	28.57%	26.90%	28.94%	28.51%	28.21%	30.99%
Operating Margin	23.90%	25.20%	24.96%	29.51%	24.72%	24.71%	23.77%	26.54%	24.70%	23.48%	26.97%
EBIT Margin	16.34%	13.79%	15.75%	21.20%	12.67%	15.77%	14.16%	16.84%	16.33%	16.10%	19.97%
Profit (Net Income) Margin	12.80%	10.08%	11.43%	15.46%	10.04%	11.23%	10.32%	11.61%	12.51%	11.53%	14.40%
Tax Burden Percent	78.32%	73.11%	72.57%	72.93%	79.28%	71.22%	72.91%	68.99%	76.55%	71.61%	72.09%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	99.91%	100.09%	100.00%	100.00%
Effective Tax Rate	21.68%	26.89%	27.43%	27.07%	20.72%	28.78%	26.98%	31.10%	23.45%	28.39%	27.84%
Return on Invested Capital (ROIC)	66.15%	135.51%	94.91%	68.72%	107.77%	53.03%	60.22%	59.96%	175.67%	56.11%	196.45%
ROIC Less NNEP Spread (ROIC-NNEP)	70.02%	139.48%	98.45%	73.44%	112.94%	62.51%	67.56%	67.69%	179.67%	71.32%	200.76%
Return on Net Nonoperating Assets (RNNOA)	-40.93%	-111.00%	-70.51%	-37.24%	-80.33%	-20.64%	-30.92%	-28.94%	-141.88%	-16.00%	-152.97%
Return on Equity (ROE)	25.22%	24.51%	24.40%	31.48%	27.45%	32.39%	29.29%	31.02%	33.79%	40.10%	43.49%
Cash Return on Invested Capital (CROIC)	162.15%	41.75%	-34.29%	-14.82%	61.41%	-22.44%	86.18%	146.35%	0.00%	159.88%	0.00%
Operating Return on Assets (OROA)	3.28%	2.63%	3.02%	4.04%	2.45%	2.90%	2.54%	3.11%	3.14%	2.96%	3.58%
Return on Assets (ROA)	2.57%	1.92%	2.19%	2.95%	1.94%	2.07%	1.86%	2.15%	2.40%	2.12%	2.58%
Return on Common Equity (ROCE)	25.22%	24.51%	24.40%	31.48%	27.45%	32.39%	29.30%	31.02%	33.79%	40.10%	43.49%
Return on Equity Simple (ROE_SIMPLE)	0.00%	14.87%	13.80%	19.71%	0.00%	38.91%	31.30%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	124	120	122	143	125	112	114	127	127	113	147
NOPAT Margin	18.72%	18.43%	18.11%	21.52%	19.60%	17.60%	17.36%	18.29%	18.91%	16.81%	19.46%
Net Nonoperating Expense Percent (NNEP)	-3.87%	-3.97%	-3.54%	-4.71%	-5.17%	-9.48%	-7.34%	-7.73%	-4.00%	-15.22%	-4.31%
Return On Investment Capital (ROIC_SIMPLE)	2.18%	-	-	-	2.13%	1.75%	1.78%	2.06%	2.09%	1.74%	2.19%
Cost of Revenue to Revenue	38.58%	40.94%	39.17%	37.45%	40.48%	42.41%	41.34%	39.65%	42.15%	41.57%	38.45%
SG&A Expenses to Revenue	17.53%	13.56%	15.00%	13.84%	14.80%	11.58%	13.08%	13.30%	11.62%	12.96%	13.84%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.52%	33.86%	35.87%	33.04%	34.82%	32.88%	34.87%	33.82%	33.13%	34.97%	34.60%
Earnings before Interest and Taxes (EBIT)	108	90	106	141	81	100	93	117	110	109	151
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	183	168	186	223	162	182	177	200	192	190	234
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.57	5.71	4.16	5.14	4.69	7.52	5.14	4.83	4.14	4.12	3.64
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.26	3.92	2.81	3.25	2.65	2.33	1.94	2.06	1.92	1.95	1.75
Price to Earnings (P/E)	31.19	38.39	30.16	26.06	22.53	19.33	16.42	19.02	16.80	16.92	13.95
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.21%	2.60%	3.32%	3.84%	4.44%	5.17%	6.09%	5.26%	5.95%	5.91%	7.17%
Enterprise Value to Invested Capital (EV/IC)	18.54	17.12	7.83	7.04	10.37	5.35	7.02	10.46	0.00	10.87	0.00
Enterprise Value to Revenue (EV/Rev)	2.69	3.44	2.45	3.05	2.31	2.49	1.82	1.80	1.45	1.62	1.23
Enterprise Value to EBITDA (EV/EBITDA)	9.35	12.38	8.99	10.64	8.09	8.63	6.35	6.55	5.08	5.77	4.20
Enterprise Value to EBIT (EV/EBIT)	15.64	20.65	15.43	18.15	14.53	15.18	11.37	12.11	9.19	10.23	7.06
Enterprise Value to NOPAT (EV/NOPAT)	14.67	18.45	13.76	15.86	11.94	13.00	9.59	9.95	8.04	9.09	6.67
Enterprise Value to Operating Cash Flow (EV/OCF)	7.56	12.22	9.97	13.37	12.61	42.45	11.12	5.93	8.50	7.24	13.04
Enterprise Value to Free Cash Flow (EV/FCFF)	5.87	60.52	0.00	0.00	20.69	0.00	7.32	4.04	3.58	3.39	2.63
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.12	2.36	2.36	2.73	2.94	6.89	5.56	4.49	3.94	4.11	3.98
Long-Term Debt to Equity	1.55	1.73	1.66	1.87	2.07	5.06	3.99	3.33	2.86	2.83	2.62
Financial Leverage	-0.58	-0.80	-0.72	-0.51	-0.71	-0.33	-0.46	-0.43	-0.79	-0.22	-0.76
Leverage Ratio	7.32	7.87	7.77	8.26	8.22	10.97	10.47	10.16	10.18	14.10	13.42
Compound Leverage Factor	7.32	7.87	7.77	8.26	8.22	10.97	10.47	10.15	10.19	14.10	13.42
Debt to Total Capital	68.00%	70.23%	70.23%	73.19%	74.61%	87.33%	84.76%	81.80%	79.74%	80.43%	79.94%
Short-Term Debt to Total Capital	18.30%	18.64%	20.84%	22.94%	22.05%	23.23%	23.87%	21.27%	21.77%	25.05%	27.37%
Long-Term Debt to Total Capital	49.70%	51.60%	49.40%	50.24%	52.56%	64.10%	60.89%	60.53%	57.97%	55.37%	52.57%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	32.00%	29.77%	29.77%	26.81%	25.39%	12.67%	15.25%	18.20%	20.26%	19.57%	20.06%
Debt to EBITDA	5.27	5.84	5.85	6.02	5.83	7.42	7.31	6.96	6.39	6.90	6.57
Net Debt to EBITDA	-1.98	-1.75	-1.33	-0.70	-1.20	0.54	-0.41	-0.92	-1.64	-1.15	-1.79
Long-Term Debt to EBITDA	3.85	4.29	4.11	4.14	4.11	5.45	5.25	5.15	4.65	4.75	4.32
Debt to NOPAT	8.27	8.70	8.96	8.98	8.60	11.17	11.05	10.57	10.11	10.87	10.43
Net Debt to NOPAT	-3.10	-2.61	-2.04	-1.04	-1.78	0.81	-0.62	-1.40	-2.60	-1.81	-2.85
Long-Term Debt to NOPAT	6.04	6.39	6.30	6.16	6.06	8.20	7.94	7.82	7.35	7.49	6.86
Altman Z-Score	0.84	0.90	0.78	0.88	0.81	0.74	0.66	0.71	0.71	0.68	0.65
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.05	1.06	1.03	1.04	1.02	1.05	1.04	1.05	1.05	1.05	1.04
Quick Ratio	0.89	0.90	0.89	0.94	0.90	0.95	0.94	0.96	0.94	0.97	0.97
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	825	-215	-521	-490	-90	-583	267	822	725	924	939
Operating Cash Flow to CapEx	1,818.38%	-450.88%	-17.68%	9.43%	1,649.61%	-1,477.30%	764.74%	1,076.00%	767.45%	-882.13%	-178.39%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.19	0.19	0.19	0.19	0.18	0.18	0.18	0.19	0.18	0.18
Accounts Receivable Turnover	0.73	0.69	0.67	0.66	0.79	0.66	0.64	0.67	0.81	0.64	0.62
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	11.45	11.27	11.02	10.83	10.43	10.28	10.10	10.10	10.34	10.50	10.81
Accounts Payable Turnover	0.68	0.61	0.63	0.67	0.81	0.65	0.66	0.76	1.02	0.72	0.71
Days Sales Outstanding (DSO)	499.71	532.12	543.55	557.08	463.60	551.86	573.12	546.49	452.99	570.36	586.40
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	533.44	598.45	578.71	547.48	451.94	558.67	550.06	479.92	358.38	505.31	517.46
Cash Conversion Cycle (CCC)	-33.73	-66.34	-35.17	9.60	11.66	-6.81	23.06	66.57	94.61	65.05	68.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	370	520	825	1,148	585	1,214	673	453	-13	403	-119
Invested Capital Turnover	3.53	7.35	5.24	3.19	5.50	3.01	3.47	3.28	9.29	3.34	10.10
Increase / (Decrease) in Invested Capital	-701	335	643	633	215	695	-153	-696	-598	-811	-792
Enterprise Value (EV)	6,864	8,893	6,464	8,087	6,071	6,499	4,724	4,732	3,861	4,379	3,428
Market Capitalization	8,315	10,151	7,422	8,617	6,975	6,095	5,030	5,398	5,108	5,251	4,891
Book Value per Share	$42.60	$42.53	$42.57	$40.83	$37.42	$20.88	$28.58	$32.64	$36.00	$37.14	$38.78
Tangible Book Value per Share	($62.10)	($62.98)	($61.69)	($64.77)	($69.24)	($87.80)	($93.91)	($88.38)	($83.67)	($82.98)	($78.81)
Total Capital	5,689	5,972	5,992	6,256	5,864	6,395	6,420	6,144	6,093	6,512	6,702
Total Debt	3,869	4,195	4,208	4,579	4,375	5,585	5,442	5,026	4,858	5,237	5,357
Total Long-Term Debt	2,828	3,082	2,960	3,143	3,082	4,100	3,909	3,719	3,532	3,606	3,523
Net Debt	-1,450	-1,258	-958	-529	-904	404	-306	-666	-1,247	-871	-1,464
Capital Expenditures (CapEx)	42	34	40	35	39	33	35	35	38	38	44
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3,795	-3,725	-3,539	-3,208	-3,717	-3,204	-3,735	-3,842	-4,259	-3,888	-4,377
Debt-free Net Working Capital (DFNWC)	1,457	1,662	1,562	1,827	1,481	1,896	1,932	1,769	1,753	2,128	2,338
Net Working Capital (NWC)	416	549	314	391	188	410	400	462	426	496	503
Net Nonoperating Expense (NNE)	39	54	45	40	61	41	46	46	43	36	38
Net Nonoperating Obligations (NNO)	-1,450	-1,258	-958	-529	-903	404	-306	-666	-1,247	-871	-1,464
Total Depreciation and Amortization (D&A)	75	78	80	82	82	82	84	84	82	82	83
Debt-free, Cash-free Net Working Capital to Revenue	-148.94%	-143.88%	-134.00%	-120.82%	-141.43%	-122.67%	-143.75%	-146.39%	-160.05%	-144.11%	-156.76%
Debt-free Net Working Capital to Revenue	57.19%	64.20%	59.15%	68.80%	56.37%	72.57%	74.36%	67.40%	65.87%	78.86%	83.73%
Net Working Capital to Revenue	16.33%	21.21%	11.87%	14.74%	7.16%	15.70%	15.38%	17.61%	16.03%	18.39%	18.03%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.00	$1.57	$1.85	$2.56	$1.61	$1.84	$1.98	$2.34	$2.41	$2.25	$3.13
Adjusted Weighted Average Basic Shares Outstanding	42.80M	41.80M	41.70M	40.30M	40.80M	38.90M	34.30M	34.40M	35.50M	34.50M	34.70M
Adjusted Diluted Earnings per Share	$1.98	$1.55	$1.83	$2.52	$1.60	$1.81	$1.98	$2.30	$2.38	$2.22	$3.11
Adjusted Weighted Average Diluted Shares Outstanding	43.30M	42.40M	42M	40.80M	41.30M	39.40M	34.40M	34.80M	35.90M	35M	34.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	41.73M	41.90M	41.08M	39.78M	38.82M	34.24M	34.26M	34.29M	34.31M	34.67M	34.08M
Normalized Net Operating Profit after Tax (NOPAT)	124	120	122	143	125	112	114	127	127	113	147
Normalized NOPAT Margin	18.72%	18.43%	18.11%	21.52%	19.60%	17.60%	17.36%	18.29%	18.91%	16.81%	19.46%
Pre Tax Income Margin	16.34%	13.79%	15.75%	21.20%	12.67%	15.77%	14.16%	16.83%	16.35%	16.10%	19.97%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	113.80%	104.43%	151.56%	210.04%	210.59%	434.00%	417.13%	320.01%	263.01%	3.16%	18.22%

Financials Breakdown Chart

Key Financial Trends

WEX showed solid revenue stability in Q1 2026, but cash flow and balance sheet trends were mixed. Revenue rose modestly year over year, profitability remained strong, and the company continues to generate healthy accounting earnings. However, operating cash flow was sharply negative in the quarter, and the balance sheet still carries a large debt load with very thin common equity.

Revenue edged higher year over year. Q1 2026 total revenue was $673.8 million, up from $636.6 million in Q1 2025, showing continued top-line growth.
Gross profit improved year over year. Gross profit increased to $393.7 million from $366.6 million a year earlier, indicating better underlying margin performance.
Net income was strong. WEX reported $77.7 million in net income in Q1 2026, versus $71.5 million in Q1 2025.
EPS also improved. Diluted EPS rose to $2.22 from $1.81 in the prior-year quarter.
Operating income remained healthy. Quarterly operating income came in at $158.2 million, still a solid level even though it was below the prior quarter.
Cash and investments remain substantial. At quarter-end, WEX had $633.5 million in cash and equivalents, $606.8 million in restricted cash, and $4.8 billion in short-term investments.
Customer deposits provide funding flexibility. The company held $5.74 billion in customer deposits, which is a major funding source for this type of business model.
Operating cash flow was deeply negative in Q1 2026. Net cash from operations was -$330.8 million, a sharp reversal from positive operating cash flow in Q4 2025 and Q1 2025.
Working capital was a major drag. Changes in operating assets and liabilities reduced cash by $548.3 million in the quarter, suggesting a heavy seasonal or timing-related outflow.
Leverage remains elevated. Total debt was about $5.24 billion at quarter-end, while total common equity was only $1.27 billion, leaving the capital structure highly debt-dependent.

Longer-term trend: Over the past four years, WEX has generally been able to grow revenue and keep earnings positive, but quarterly cash flow has been volatile and often lumpy. The more recent pattern shows better earnings than in 2023, but also a business that can consume a lot of cash in certain quarters. Investors will likely want to watch whether Q1 2026 was a temporary working-capital swing or the start of a weaker cash generation trend.

Bottom line: WEX’s income statement still looks constructive, but the negative operating cash flow and high debt make the stock more sensitive to execution and balance sheet management than the earnings line alone might suggest.

07/25/26 08:37 AM ETAI Generated. May Contain Errors.

WEX Financials - Frequently Asked Questions

According to the most recent income statement we have on file, WEX's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

WEX's net income appears to be on an upward trend, with a most recent value of $304.10 million in 2025, rising from $109.61 million in 2015. The previous period was $309.60 million in 2024. View WEX's forecast to see where analysts expect WEX to go next.

WEX's total operating income in 2025 was $663.90 million, based on the following breakdown:

Total Gross Profit: $1.56 billion
Total Operating Expenses: $896.20 million

Over the last 10 years, WEX's total revenue changed from $854.64 million in 2015 to $2.66 billion in 2025, a change of 211.3%.

WEX's total liabilities were at $13.17 billion at the end of 2025, a 11.3% increase from 2024, and a 378.3% increase since 2015.

In the past 10 years, WEX's cash and equivalents has ranged from $190.93 million in 2016 to $975.80 million in 2023, and is currently $905.80 million as of their latest financial filing in 2025.

Over the last 10 years, WEX's book value per share changed from 28.03 in 2015 to 36.00 in 2025, a change of 28.4%.

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Financial statements for NYSE:WEX last updated on 7/23/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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WEX (WEX) Financials

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WEX (WEX) Financials

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