WEX (WEX) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was $672.9M, up 5.7% year-over-year, with adjusted EPS of $4.11, up 15.1% year-over-year, reflecting strong execution and margin expansion.

• Full-year 2025 revenue reached $2.66B, up 1.2% year-over-year, and adjusted net income per share was $16.10, up 5.4% year-over-year.

• Revenue and adjusted EPS exceeded guidance, driven by Benefits and Corporate Payments segments.

• Record adjusted free cash flow for 2025 was $638M, with $790M in share repurchases.

• 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 and Corporate Payments segment performance.

• Adjusted EPS of $4.11 was $0.25 above guidance midpoint, with $0.18 from higher fuel prices.

• Q4 GAAP net income was $84.3M, up 31.8% year-over-year; GAAP EPS was $2.41, up 50.6%.

• Adjusted free cash flow for 2025 was $638M; Q4 adjusted free cash flow was $261M.

• Segment revenues: Mobility $345.1M (flat), Benefits $204.9M (up 9.6%), Corporate Payments $122.9M (up 17.8%).

Outlook and guidance

• Q1 2026 revenue expected at $650M–$670M (4% growth at midpoint); adjusted EPS $3.80–$4.00 (11% growth at midpoint).

• Full-year 2026 revenue guidance: $2.70B–$2.76B; adjusted EPS: $17.25–$17.85 (up to 13% growth at midpoint).

• Guidance assumes no M&A or share repurchases, average fuel price of $3.10/gal, and two interest rate cuts.

• Mobility revenue growth (ex-fuel/FX) expected at 1%–3%; Benefits and Corporate Payments at 5%–7%.

• Guidance reflects lower expected fuel prices in 2026, reducing revenue and EPS compared to 2025.