WEX

MKT CAP:$5B

WEX Inc.

Market Cap

$5B

Technology·Software - Infrastructure·🇺🇸 United States·NYSE

Technology·Software Infra·🇺🇸·NYSE

Stock Price

$184.93+$36.54 (+24.62%)

Apr 22, 2026

Company Details

WEX Inc. provides financial technology services in the United States and internationally. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions se...

CEO

Melissa D. Smith

IPO Date

Feb 16, 2005

Website

www.wexinc.com

Key Metrics TTM

Revenue

$2.7B

+1.2% YoY

Net Income

$304M

EPS (Diluted)

$8.50

Free Cash Flow

$299M

Revenue / Share

$76.03

Gross Margin

57.8%

Operating Margin

25.0%

Net Margin

11.4%

FCF Margin

11.2%

P/S

2.0x

P/E

17.4x

Earnings Reports

FY 2025

Feb 13, 2026

$2.7B+1.2%EPS $8.47

Q4 2025

Feb 13, 2026

$673M+5.7%EPS $2.41

Q3 2025

Oct 30, 2025

$692M+4.0%EPS $2.30

Q2 2025

Jul 24, 2025

$660M-2.1%EPS $1.98

Q1 2025

May 1, 2025

$637M-2.5%EPS $1.81

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$498M	$305M	$108M
Q2 22	$598M	$374M	$171M
Q3 22	$616M	$364M	$21M
Q4 22	$619M	$367M	$155M
Q1 23	$612M	$365M	$154M
Q2 23	$621M	$386M	$159M
Q3 23	$651M	$416M	$175M
Q4 23	$663M	$407M	$159M
Q1 24	$653M	$386M	$165M
Q2 24	$674M	$410M	$168M
Q3 24	$666M	$416M	$196M
Q4 24	$637M	$379M	$157M
Q1 25	$637M	$367M	$157M
Q2 25	$660M	$387M	$157M
Q3 25	$692M	$418M	$184M
Q4 25	$673M	$366M	$167M

Valuation

Quarter	P/S	P/E
Q4 21	3.0x	—
Q2 22	2.7x	—
Q3 22	2.4x	—
Q4 22	2.3x	79.2x
Q1 23	2.2x	36.2x
Q2 23	2.1x	25.5x
Q3 23	2.1x	19.6x
Q4 23	2.1x	19.9x
Q1 24	2.0x	20.1x
Q2 24	2.0x	21.5x
Q3 24	2.0x	16.0x
Q4 24	2.0x	17.1x
Q1 25	2.0x	16.8x
Q2 25	2.0x	17.3x
Q3 25	2.0x	18.7x
Q4 25	2.0x	17.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$164M	$133M
Q2 22	$23M	$1M
Q3 22	$428M	$395M
Q4 22	$223M	$185M
Q1 23	$27M	-$8M
Q2 23	$72M	$38M
Q3 23	$47M	$10M
Q4 23	$762M	$720M
Q1 24	-$153M	-$187M
Q2 24	-$7M	-$52M
Q3 24	$3M	-$32M
Q4 24	$638M	$600M
Q1 25	-$482M	-$529M
Q2 25	$265M	$230M
Q3 25	$377M	$342M
Q4 25	$295M	$256M

Capital Expenditures

Quarter	CapEx
Q4 21	$31M
Q2 22	$21M
Q3 22	$33M
Q4 22	$37M
Q1 23	$35M
Q2 23	$35M
Q3 23	$36M
Q4 23	$42M
Q1 24	$34M
Q2 24	$45M
Q3 24	$35M
Q4 24	$39M
Q1 25	$47M
Q2 25	$35M
Q3 25	$35M
Q4 25	$38M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+30.2%	+2.3%
Q2 22	+49.9%	-28.4%
Q3 22	+50.0%	+65.1%
Q4 22	+34.6%	+22.9%
Q1 23	+23.0%	+17.6%
Q2 23	+3.9%	+8.1%
Q3 23	+5.7%	-19.9%
Q4 23	+7.2%	+8.9%
Q1 24	+6.7%	+6.7%
Q2 24	+8.4%	+9.4%
Q3 24	+2.2%	-1.6%
Q4 24	-4.0%	-5.1%
Q1 25	-2.5%	-1.8%
Q2 25	-2.1%	-0.5%
Q3 25	+4.0%	+8.3%
Q4 25	+5.7%	+5.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$28M	4.6%
Q4 22	$21M	3.4%
Q1 23	$25M	4.1%
Q2 23	$36M	5.8%
Q3 23	$31M	4.7%
Q4 23	$35M	5.3%
Q1 24	$28M	4.3%
Q2 24	$33M	5.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$13M	2.0%
Q2 25	$32M	4.8%
Q3 25	$34M	4.8%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q4 21	$81M	$73M
Q2 22	$84M	$80M
Q3 22	$87M	$81M
Q4 22	$95M	$77M
Q1 23	$89M	$80M
Q2 23	$106M	$79M
Q3 23	$117M	$83M
Q4 23	$116M	$86M
Q1 24	$89M	$85M
Q2 24	$101M	$94M
Q3 24	$92M	$81M
Q4 24	$94M	$81M
Q1 25	$74M	$91M
Q2 25	$86M	$98M
Q3 25	$92M	$97M
Q4 25	$78M	$121M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 21	30.2%	40.7%	70.9
Q2 22	49.9%	24.4%	74.3
Q3 22	50.0%	9.3%	59.3
Q4 22	34.6%	36.4%	71.0
Q1 23	23.0%	35.6%	58.6
Q2 23	3.9%	36.2%	40.1
Q3 23	5.7%	25.6%	31.3
Q4 23	7.2%	40.0%	47.3
Q1 24	6.7%	35.0%	41.7
Q2 24	8.4%	36.5%	44.9
Q3 24	2.2%	42.2%	44.4
Q4 24	-4.0%	34.5%	30.5
Q1 25	-2.5%	36.9%	34.4
Q2 25	-2.1%	36.7%	34.7
Q3 25	4.0%	31.7%	35.6
Q4 25	5.7%	37.3%	43.1

Rule of 40

Revenue Segments

Quarter	Account Servicing Revenue	Finance Fee Revenue	Payment Processing Revenue	Product and Service, Other
Q4 21	$138M	$76M	$231M	$53M
Q2 22	$138M	$85M	$312M	$63M
Q3 22	$138M	$97M	$309M	$72M
Q4 22	$153M	$100M	$295M	$70M
Q1 23	$161M	$81M	$288M	$83M
Q2 23	$153M	$76M	$301M	$92M
Q3 23	$162M	$77M	$313M	$100M
Q4 23	$171M	$80M	$312M	$100M
Q1 24	$173M	$70M	$302M	$107M
Q2 24	$169M	$78M	$318M	$113M
Q3 24	$175M	$71M	$310M	$113M
Q4 24	$174M	$80M	$270M	$106M
Q1 25	$179M	$76M	$272M	$116M
Q2 25	$178M	$80M	$285M	$116M
Q3 25	$185M	$83M	$302M	$140M
Q4 25	$184M	$82M	$284M	$98M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$439M	$1.4B	$1.9B
Q3 22	$759M	$1.4B	$2.1B
Q4 22	$1.9B	$1.4B	$3.3B
Q1 23	$922M	$2.5B	$3.4B
Q2 23	$901M	$2.6B	$3.5B
Q3 23	$958M	$2.6B	$3.6B
Q4 23	$2.2B	$3.0B	$5.3B
Q1 24	$780M	$3.3B	$4.1B
Q2 24	$683M	$3.3B	$4.0B
Q3 24	$535M	$3.7B	$4.3B
Q4 24	$596M	$3.8B	$4.4B
Q1 25	$610M	$3.8B	$4.4B
Q2 25	$773M	$4.1B	$4.9B
Q3 25	$813M	$4.1B	$4.9B
Q4 25	$906M	$4.3B	$5.2B
Q1 26	$634M	$4.8B	$5.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	45M	+0.2%	+1.6%
Q2 22	45M	+0.4%	+2.0%
Q3 22	44M	-1.9%	-0.3%
Q4 22	44M	-0.6%	-1.8%
Q1 23	44M	-0.9%	-2.9%
Q2 23	43M	-0.5%	-3.7%
Q3 23	43M	0.0%	-1.9%
Q4 23	43M	-1.4%	-2.7%
Q1 24	42M	-0.9%	-2.8%
Q2 24	42M	-0.9%	-3.2%
Q3 24	41M	-2.9%	-6.0%
Q4 24	40M	-2.0%	-6.5%
Q1 25	39M	-1.5%	-7.1%
Q2 25	34M	-12.7%	-18.1%
Q3 25	35M	+1.2%	-14.7%
Q4 25	35M	+0.6%	-12.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$88.8K	6K
Q2 22	$106.8K	6K
Q3 22	$110.0K	6K
Q4 22	$101.4K	6K
Q1 23	$100.3K	6K
Q2 23	$101.9K	6K
Q3 23	$106.8K	6K
Q4 23	$92.1K	7K
Q1 24	$90.7K	7K
Q2 24	$93.5K	7K
Q3 24	$92.4K	7K
Q4 24	$97.9K	7K
Q1 25	$97.9K	7K
Q2 25	$101.5K	7K
Q3 25	$106.4K	7K
Q4 25	$102.0K	7K

Revenue / Employee