WEX (WEX) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $753.5 million, up 14.2% year-over-year, driven by higher fuel prices, favorable FX, and strong execution across all segments.

• GAAP net income per diluted share rose 57.1% to $3.11, and adjusted net income per diluted share increased 35.4% to $5.35, reflecting operational efficiency.

• All business segments—Mobility, Benefits, and Corporate Payments—contributed to growth, with Mobility showing the largest increase.

• Adjusted free cash flow for the trailing twelve months was $696 million, with Q2 2026 at $219 million.

• Share repurchases totaled $60 million in Q2 2026 and $93 million from May through July 20, 2026.

Financial highlights

• Q2 2026 revenues were $753.5 million, up from $659.6 million in Q2 2025; net income for Q2 2026 was $108.5 million, up from $68.1 million.

• Adjusted net income for Q2 2026 was $186.5 million, up from $136.2 million in Q2 2025.

• Adjusted free cash flow for Q2 2026 was $219 million; trailing twelve months: $696 million.

• Q2 adjusted operating margin increased to 39.6%, up from 36.8% in Q2 2025.

• Leverage ratio at quarter-end was 2.9x, within the 2.5x–3x target range.

Outlook and guidance

• Q3 2026 revenue guidance: $733–$753 million; adjusted net income per diluted share: $5.45–$5.65.

• Full-year 2026 revenue guidance: $2.86–$2.90 billion; adjusted net income per diluted share: $19.68–$20.08, both raised from prior guidance.

• Guidance assumes U.S. retail fuel prices of $3.91/gallon for 2026 and no further share repurchases beyond Q2.

• Expect to exit the year within the long-term organic revenue growth range of 5%-10%.

• More than 100 basis points of macro neutral margin expansion expected in the back half of the year.