WEX Inc. (WEX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$5.07	$5.35	+5.5%	—	$753.6M	—
Q1 26	$4.1	$4.15	+1.2%	—	$673.8M	—
Q4 25	$3.93	$4.11	+4.6%	—	$672.8M	—
Q2 25	$3.71	$3.95	+6.5%	—	$659.6M	—
Q1 25	$3.4	$3.51	+3.2%	—	$636.6M	—
Q4 24	$3.55	$3.57	+0.6%	—	$636.5M	—
Q3 24	$4.41	$4.35	-1.4%	—	$665.5M	—
Q2 24	$3.81	$3.91	+2.6%	—	$673.5M	—
Q1 24	$3.47	$3.46	-0.3%	—	$652.7M	—
Q4 23	$3.72	$3.82	+2.7%	—	$663.3M	—
Q3 23	$3.77	$4.05	+7.4%	—	$651.4M	—
Q2 23	$3.52	$3.63	+3.1%	—	$621.3M	—
Q1 23	$3.2	$3.31	+3.4%	—	$612M	—
Q4 22	$3.22	$3.44	+6.8%	—	$618.6M	—
Q3 22	$3.42	$3.51	+2.6%	—	$616.1M	—
Q2 22	$3.46	$3.71	+7.2%	—	$598.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8.57	—	—	$2.7B	—
FY24	—	$7.59	—	—	$2.6B	—
FY23	—	$6.23	—	—	$2.5B	—
FY22	—	$4.54	—	—	$2.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1B	$1.2B	$1.5B	$1.7B	$1.6B	$1.9B	$2.4B	$2.5B	$2.6B	$2.7B
YoY change	+18.5%	+23.3%	+19.5%	+15.5%	-9.5%	+18.6%	+27%	+8.4%	+3.15%	+1.24%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1B	1.2B	1.5B	1.7B	1.6B	1.9B	2.4B	2.5B	2.6B	2.7B
Cost of revenue	458.8M	514.3M	547.9M	659.8M	673.2M	702.2M	930.5M	973.3M	1B	1.1B
Gross profit	553.7M	734.3M	944.7M	1.1B	886.7M	1.1B	1.4B	1.6B	1.6B	1.6B
Gross margin	54.7%	58.8%	63.3%	61.7%	56.8%	62.1%	60.4%	61.8%	60.5%	58.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	316.4M	348M	438.6M	535.7M	558.8M	646M	655.7M	755.8M	716.8M	717.2M
Operating expenses	420.4M	494.9M	438.6M	535.7M	558.8M	646M	655.7M	755.8M	716.8M	717.2M
Operating income	158.5M	256.6M	386.3M	385.8M	170.6M	341.9M	606.4M	647.1M	686.4M	664M
Operating margin	15.7%	20.6%	25.9%	22.4%	10.9%	18.5%	25.8%	25.4%	26.1%	25%
Non-operating income, net	3.8M	24.8M	-42.6M	-34.6M	-314.6M	-48.8M	-298.3M	-73.7M	-32.6M	-3.1M
Pretax income	48.9M	174.4M	238.6M	216.5M	-301.1M	203.9M	260.5M	368.8M	417.8M	420.2M
Income tax	28.6M	15.4M	68.8M	61.2M	-20.6M	67.8M	93.1M	102.2M	108.2M	116.1M
Net income	20.3M	159M	169.8M	155.3M	-280.5M	136.1M	167.5M	266.6M	309.6M	304.1M
Net margin	2.01%	12.7%	11.4%	9.01%	-18%	7.35%	7.13%	10.5%	11.8%	11.4%
EBITDA	299.6M	475.6M	585.3M	623.9M	433M	618.1M	870.2M	923.3M	1B	995M
EPS	1.49	3.73	3.9	2.29	-5.56	0	4.54	6.23	7.59	8.57
Diluted EPS	1.48	3.73	3.86	2.26	-5.56	0	4.5	6.16	7.5	8.47

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	651.4M	663.3M	652.7M	673.5M	665.5M	636.5M	636.6M	659.6M	691.7M	672.8M	673.8M	753.6M
Cost of revenue	235.1M	255.9M	267.2M	263.7M	249.3M	257.5M	270M	272.8M	274.3M	283.6M	280.1M	289.8M
Gross profit	416.3M	407.4M	385.5M	409.8M	416.2M	379M	366.6M	386.8M	417.4M	389.2M	393.7M	463.8M
Gross margin	63.9%	61.4%	59.1%	60.8%	62.5%	59.5%	57.6%	58.6%	60.3%	57.8%	58.4%	61.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	199.4M	202.5M	173.8M	194.7M	173M	175.3M	164.6M	184M	189.3M	179.4M	191.9M	217M
Operating expenses	199.4M	202.5M	173.8M	194.7M	173M	175.3M	164.6M	184M	189.3M	179.4M	191.9M	217M
Operating income	174.9M	158.5M	164.5M	168.2M	196.3M	157.3M	157.3M	156.8M	183.4M	166.3M	158.1M	203.1M
Operating margin	26.8%	23.9%	25.2%	25%	29.5%	24.7%	24.7%	23.8%	26.5%	24.7%	23.5%	27%
Non-operating income, net	-75.7M	32.1M	-14.2M	-2.1M	3.1M	-19.4M	-3.9M	1.6M	-3.3M	2.5M	3.9M	-500K
Pretax income	44.4M	108.4M	90M	106.1M	141.1M	80.6M	100.4M	93.4M	116.4M	110M	108.5M	150.5M
Income tax	26M	23.5M	24.2M	29.1M	38.2M	16.6M	28.9M	25.2M	36.2M	25.8M	30.8M	41.9M
Net income	18.4M	84.9M	65.8M	77M	102.9M	63.9M	71.5M	68.1M	80.3M	84.3M	77.7M	108.5M
Net margin	2.82%	12.8%	10.1%	11.4%	15.5%	10%	11.2%	10.3%	11.6%	12.5%	11.5%	14.4%
EBITDA	242.4M	233.4M	242.9M	247.7M	277.9M	239.2M	238.8M	240.8M	267.2M	248.2M	239.8M	286.2M
EPS	0.43	2	1.57	1.85	2.56	1.62	1.84	1.98	2.34	2.45	2.25	3.13
Diluted EPS	0.42	1.98	1.55	1.83	2.52	1.6	1.81	1.98	2.3	2.41	2.22	3.11

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	4.6B	6.1B	6B	9.1B	8.9B	6.3B	7.3B	8.3B	7.2B	—	6B
Enterprise value	6.5B	8B	7.9B	11.2B	11.1B	7.6B	7.7B	8.2B	7.2B	—	5.3B
Shares outstanding	40.8M	43M	43.2M	43.3M	43.8M	44.7M	44.4M	42.8M	40.8M	35.5M	35.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	223.9	38.2	35.6	58.4	—	46.1	43.4	31.2	23.1	—	18
P/S	4.5	4.87	4.05	5.26	5.72	3.39	3.09	3.27	2.72	—	2.2
P/B	3.02	3.73	3.37	4.33	4.38	3	4.4	4.57	4.8	—	4.59
EV/EBITDA	21.8	16.8	13.4	17.9	25.6	12.3	8.82	8.88	7.11	—	5.79
EV/Sales	6.46	6.39	5.26	6.5	7.11	4.1	3.26	3.22	2.73	—	1.91
Earnings yield	0.45%	2.62%	2.81%	1.71%	—	2.17%	2.31%	3.2%	4.33%	—	5.57%
FCF yield	-4.46%	0.92%	5.18%	6.18%	7.36%	-2.05%	7.75%	9.12%	4.6%	—	22.1%
PEG	—	—	—	—	—	—	—	—	—	—	0.31

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	54.7%	58.8%	63.3%	61.7%	56.8%	62.1%	60.4%	61.8%	60.5%	58.6%	61.5%
Operating margin	15.7%	20.6%	25.9%	22.4%	10.9%	18.5%	25.8%	25.4%	26.1%	25%	26.9%
Net margin	2.01%	12.7%	11.4%	9.01%	-18%	7.35%	7.13%	10.5%	11.8%	11.4%	12.6%
ROE	1.35%	9.75%	9.45%	7.42%	-13.8%	6.5%	10.2%	14.6%	20.8%	24.6%	30.2%
ROA	0.34%	2.38%	2.51%	1.87%	-3.43%	1.32%	1.45%	1.92%	2.32%	2.11%	2.89%
ROIC	1.88%	6.63%	7.62%	6.56%	4.05%	6.7%	18.9%	27.7%	33.8%	56.3%	85.6%
Return on tangible assets	-9.65%	25.3%	16.4%	58.4%	94.5%	11.3%	5.36%	5.4%	6.4%	4.91%	4.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.49	1.24	1.47	1.26	1.28	1.2	1.08	1.05	1.02	1.05	1.04
Quick ratio	2.49	1.24	1.47	1.26	1.28	1.2	1.08	1.05	1.02	1.05	1.04
Debt / equity	1.46	1.49	1.31	1.4	1.49	1.36	1.65	2.12	2.94	3.94	3.98
Debt / assets	0.37	0.36	0.35	0.35	0.37	0.28	0.24	0.28	0.33	0.34	0.32
Net debt / EBITDA	6.64	3.99	3.09	3.4	5.02	2.13	0.47	-0.14	0.01	-0.38	-0.71
Interest coverage	1.43	2.63	3.27	2.61	-0.92	3.29	6.48	2.8	2.77	2.75	3.13
Effective tax rate	58.4%	8.86%	28.9%	28.3%	0%	33.3%	35.7%	27.7%	25.9%	27.6%	27.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	24.8	29	34.6	39.8	35.6	41.4	52.9	59.5	64.4	75	80.9
EPS (basic)	1.49	3.73	3.9	2.29	-5.56	0	4.54	6.23	7.59	8.57	8.57
EPS (diluted)	1.48	3.73	3.86	2.26	-5.56	0	4.5	6.16	7.5	8.47	10
Book value per share	36.9	37.9	41.6	48.3	46.4	46.8	37.2	42.5	36.5	34.8	39.2
FCF per share	-4.97	1.31	7.25	12.9	15	-2.88	12.7	17.8	8.06	6.78	1.43
Cash per share	5.26	12.2	12.5	18.7	19.4	34.4	52.2	93.4	106.9	147.6	179
Capex per share	1.51	1.84	2.02	2.37	1.84	1.92	2.54	3.36	3.61	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	6.1%	6.35%	5.84%	5.97%	5.16%	4.65%	4.8%	5.64%	5.6%	—	—
Capex / operating cash flow	-64.5%	194.1%	38%	20.4%	15.4%	-46.6%	28.3%	24.6%	21.6%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$651.4M	$663.3M	$652.7M	$673.5M	$665.5M	$636.5M	$636.6M	$659.6M	$691.7M	$672.8M	$673.8M	$753.6M
YoY change	+5.73%	+7.22%	+6.65%	+8.4%	+2.16%	-4.04%	-2.47%	-2.06%	+3.94%	+5.7%	+5.84%	+14.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	214.5M	526.9M	541.5M	810.9M	852M	1.5B	2.3B	4B	4.4B	5.2B
Receivables	2.1B	2.5B	2.6B	2.7B	2B	2.9B	3.3B	3.4B	3B	3.4B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	2.4B	3.2B	3.4B	3.8B	3.5B	5.3B	6.8B	8.9B	8.5B	9.7B
Property, plant & equipment	167.3M	163.9M	187.9M	212.5M	188.3M	179.5M	221M	242.9M	261.2M	253.7M
Goodwill & intangibles	6.2B	6.1B	5.7B	8B	8.5B	9.1B	8.4B	8.9B	8.5B	8.2B
Total assets	6B	6.7B	6.8B	8.3B	8.2B	10.3B	11.5B	13.9B	13.3B	14.4B
Accounts payable	520.1M	752.4M	690.7M	853M	647.1M	880.1M	1.2B	1.3B	952.7M	925.3M
Short-term debt	—	397.2M	216.5M	248.5M	152.7M	155.8M	202.6M	1B	1.3B	1.3B
Total current liabilities	948.7M	2.6B	2.3B	3B	2.7B	4.4B	6.3B	8.5B	8.3B	9.3B
Long-term debt	2.2B	2B	2.1B	2.7B	2.9B	2.7B	2.5B	2.8B	3.1B	3.5B
Total liabilities	4.5B	5.1B	5B	6.2B	6.1B	8.2B	9.9B	12.1B	11.8B	13.2B
Shareholders' equity	1.5B	1.6B	1.8B	2.1B	2B	2.1B	1.6B	1.8B	1.5B	1.2B
Total debt	2.2B	2.4B	2.4B	2.9B	3B	2.9B	2.7B	3.9B	4.4B	4.9B
Net debt	2B	1.9B	1.8B	2.1B	2.2B	2.3B	1.8B	2.9B	3.8B	4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3.6B	4B	4.1B	4B	4.3B	4.4B	4.4B	4.9B	4.9B	5.2B	3.5B	6.1B
Receivables	4.1B	3.4B	3.9B	4B	3.8B	3B	3.8B	3.9B	3.8B	3.4B	4.3B	4.8B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	9.1B	8.9B	9.5B	9.4B	9.1B	8.5B	9.2B	9.9B	9.7B	9.7B	10.7B	11.8B
Property, plant & equipment	-592.6M	242.9M	-570M	-597M	-629.3M	261.2M	-665.4M	-697.3M	-568.9M	253.7M	-748M	-785.2M
Goodwill & intangibles	8.5B	8.9B	8.8B	8.7B	8.7B	8.5B	8.4B	8.4B	8.3B	8.2B	8.2B	8.2B
Total assets	13.9B	13.9B	14.4B	14.2B	14B	13.3B	14B	14.7B	14.4B	14.4B	15.4B	16.5B
Accounts payable	1.7B	1.3B	1.8B	1.7B	1.4B	952.7M	1.4B	1.4B	1.5B	925.3M	1.7B	1.8B
Short-term debt	957.3M	1B	1.1B	1.2B	1.4B	1.3B	1.5B	1.5B	1.3B	1.3B	1.6B	1.8B
Total current liabilities	8.9B	8.5B	9B	9.1B	8.7B	8.3B	8.8B	9.5B	9.3B	9.3B	10.2B	11.3B
Long-term debt	2.7B	2.8B	3.1B	3B	3.1B	3.1B	4.1B	3.9B	3.7B	3.5B	3.6B	3.5B
Total liabilities	12.2B	12.1B	12.6B	12.5B	12.3B	11.8B	13.2B	13.7B	13.3B	13.2B	14.2B	15.2B
Shareholders' equity	1.7B	1.8B	1.8B	1.8B	1.7B	1.5B	810.4M	978.7M	1.1B	1.2B	1.3B	1.3B
Total debt	3.6B	3.9B	4.2B	4.2B	4.6B	4.4B	5.6B	5.4B	5B	4.9B	5.2B	5.4B
Net debt	2.6B	2.9B	3.4B	3.5B	4B	3.8B	5B	4.7B	4.2B	4B	4.6B	4.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	20.3M	159M	169.8M	155.3M	-280.5M	136.1M	167.5M	266.6M	309.6M	304.1M
Depreciation & amortization	141.7M	203.7M	199.8M	237.1M	261.9M	272.6M	263.9M	276.2M	321.3M	331.1M
Stock-based compensation	19.7M	30.5M	33.9M	45.8M	63.9M	74.8M	97.9M	127M	112.2M	100.3M
Change in working capital	-339.7M	-340.8M	-215.7M	37.8M	431.4M	-748.7M	-245.4M	-87.9M	-102.4M	-390.7M
Operating cash flow	-95.8M	40.9M	229.5M	504.8M	521.1M	-184.4M	399.5M	584.7M	682.1M	454.3M
Capital expenditure	-61.8M	-79.3M	-87.2M	-102.9M	-80.5M	-86M	-112.9M	-143.6M	-147.3M	—
Investing cash flow	-1.2B	-168.1M	-251.4M	-990.6M	-329.1M	-1.6B	-713.4M	-2.1B	-955.5M	-483.2M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	—	—	0	0	-282.8M	-303.4M	-652M	-799.8M
Financing cash flow	-2.5B	-3.9B	-1.8B	-510.1M	-358.8M	1.6B	695.2M	1.6B	-244.8M	418.9M
Net change in cash	-3.7B	-4B	-1.8B	-995.9M	-166.8M	-210M	381.3M	26.2M	-518.2M	390M
Free cash flow	-203M	56.2M	313.1M	560.3M	656.3M	-128.6M	563.2M	759.8M	329M	240.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	18.4M	84.9M	65.8M	76.9M	103M	63.9M	71.5M	68.1M	80.2M	84.3M	77.7M	108.5M
Depreciation & amortization	67.5M	74.9M	78.4M	79.6M	81.5M	81.8M	81.5M	84M	83.7M	81.9M	81.6M	83M
Stock-based compensation	30.5M	35.3M	28.1M	33.4M	28.6M	22.1M	12.6M	31.7M	33.5M	22.5M	27.5M	36.4M
Change in working capital	-202.1M	397.6M	—	—	—	—	—	—	—	—	—	—
Operating cash flow	-38.1M	546M	184.1M	194.1M	207.6M	187.6M	163.8M	186.9M	376.6M	294.7M	-330.8M	-77.6M
Capital expenditure	-36.4M	-41.9M	-34M	-39.6M	-35M	-38.7M	-32.6M	-34.6M	—	—	—	—
Investing cash flow	-93.3M	-566.9M	-317.8M	-79.8M	-320.4M	-236.6M	-9M	-392.3M	56.5M	-205.6M	-486.6M	-212.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-48.6M	-150.8M	-73.6M	-100M	-370M	-108.4M	-790M	-9.7M	-100K	0	0	-63.8M
Financing cash flow	-2.2B	1.9B	354.1M	-207.4M	-6.3B	5.6B	318.4M	342M	-8.4B	8.5B	423.1M	873M
Net change in cash	-2.4B	1.9B	220.4M	-93.1M	-6.4B	5.5B	473.2M	136.6M	-8B	8.6B	-394.3M	583M
Free cash flow	10.1M	720M	-187.3M	-51.7M	-31.7M	599.7M	-528.7M	230M	341.6M	197.7M	-368.3M	-121.1M

WEX Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement