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WEX
WEX (WEX) investor relations material
WEX Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Q4 2025 revenue rose 5.7% year-over-year to $672.9M, with adjusted EPS up 15.1% to $4.11 and GAAP net income per diluted share up 50.6% to $2.41, reflecting strong execution and margin expansion.
Full-year 2025 revenue reached $2.66B, up 1.2% year-over-year, with adjusted net income per share of $16.10, up 5.4% year-over-year.
Results exceeded guidance, driven by higher fuel prices and strong Benefits and Corporate Payments segment performance.
All three segments contributed to growth, with Corporate Payments showing the highest revenue increase.
Strategic focus on amplifying core business, expanding reach, and accelerating innovation, with significant progress in product velocity and operational efficiency.
Financial highlights
Q4 revenue of $672.9M exceeded guidance, driven by higher fuel prices and strong Benefits segment performance.
Adjusted EPS of $4.11 was $0.25 above guidance midpoint, with $0.18 from higher fuel prices.
Adjusted free cash flow for 2025 was $638M, up from $562M in 2024; Q4 adjusted free cash flow was $261M.
Mobility segment revenue was $345.1M (flat year-over-year), Benefits $204.9M (up 9.6%), Corporate Payments $122.9M (up 17.8%).
Custodial investment revenue in Benefits rose 14.2% to $61M; Corporate Payments purchase volume up 16.9%.
Outlook and guidance
Q1 2026 revenue expected at $650M–$670M; adjusted EPS $3.80–$4.00.
Full-year 2026 revenue guidance: $2.70B–$2.76B; adjusted EPS: $17.25–$17.85 (5% and 13% growth at midpoints, respectively).
Mobility revenue growth (ex-fuel/FX) expected at 1%–3%; Benefits at 5%–7%; Corporate Payments at 5%–7%.
Guidance assumes no M&A or share repurchases, average fuel price of $3.10/gal, and two interest rate cuts.
Adjusted operating income margin expected to be flat year-over-year due to lower fuel prices.
Mobility transactions declined. How to offset 2026 fuel price headwind?
Reconcile Q4 operating cash flow decline vs free cash flow increase.
What drove Mobility's Q4 adjusted operating margin drop?
When will investments drive margin expansion?
What drives Mobility's macro recovery?
How will $150M freed cash flow be used?
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Merger vote includes new non-voting stock class with limited conversion and no voting rights.
Next WEX earnings date
Q1 202630 Apr, 2026
WEX
Next WEX earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Fleet Payment Cards and More
WEX Inc. is an American financial technology company with global operations that provides various types of payment processing and management services. The company is primarily known for its fuel cards and payment solutions built for both governmental and commercial vehicle fleets. The company also provides various payment solutions for businesses of all sizes, as well as services used for handling employee benefits. The company is headquartered in Portland, Maine, and its shares are traded on the NYSE.
Wright Express
The company was founded in 1983 in Maine, USA, as Wright Express Corporation, focusing on providing fleet cards, payment processing services, and information management solutions to the U.S. commercial and government vehicle fleet industry. Over the years, WEX expanded significantly, both in services and geographical reach. The company has diversified into a global provider of payment processing and information management services across various sectors, including vehicle fleet, travel, healthcare, and corporate payments. In 2012 Wright Express rebranded itself as WEX.
Payment Solutions for Vehicle Fleets
WEX provides specialized fleet payment solutions designed to streamline operations for businesses with vehicle fleets. Their services primarily focus on fuel and maintenance payment systems. WEX's fleet cards, provided through a partnership with MasterCard, allow companies to manage fuel purchases and vehicle maintenance expenses efficiently, offering detailed reporting and cost control measures. These cards are accepted at a vast network of fueling and service locations, ensuring accessibility for drivers. WEX's platform integrates data analytics, which helps businesses gain insights into their fleet's spending patterns and efficiency, data that can then be used to improve operations. This service is similar to what companies like FleetCor do, but Wex’s services extend beyond just solutions for vehicle fleets.
Other Services
Besides fleet fuel cards, WEX Inc. offers a broad range of payment and technology solutions across various sectors. In the corporate payments segment, they provide virtual cards and automated accounts payable solutions, helping businesses streamline their payment processes and improve cash flow management. In the travel and hospitality industry, WEX offers specialized payment solutions that simplify transactions for travel agencies, airlines, and hotels. Additionally, WEX has extended its services into the healthcare sector, providing payment platforms that facilitate transactions between insurers, providers, and patients.
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