WEX Inc.
wexinc.comWhat Do They Do?
Provides fleet payment and management tools, employee benefits software and administration, and business-to-business payment solutions for fleet operators, employers, and businesses.
10-K for FY2025, filed Feb 13, 2026Mobility. Our Mobility segment is a global leader in fleet payment solutions, transaction processing, and information management. We…View ↗
Our proprietary closed-loop payments network in the U.S. covers more than 90 percent of fuel charging locations and offers broad acceptance…View ↗
WEX’s Benefits segment is a scaled, data-rich platform that simplifies and modernizes employee benefit administration. We combine SaaS…View ↗
Our Corporate Payments segment delivers global B2B payment solutions, powered by payment intelligence and workflow optimization, that…View ↗
How Do They Make Money?
Payment processing brings fees from merchant banks tied to transaction value or count as transactions are processed, while fleet cardholders repay the purchase price. Employers and benefits customers pay monthly software and administration fees; WEX also earns fees on overdue accounts and income on HSA deposits.
10-K for FY2025, filed Feb 13, 2026Payment processing revenue consists primarily of interchange income. Interchange income is a fee paid by a merchant bank (“merchant”) to…View ↗
Mobility segment interchange income primarily relates to revenue earned on transactions processed through the Company’s proprietary…View ↗
The Company has determined that the merchant is the customer as it relates to interchange income, regardless of the type of network through…View ↗
In our Benefits segment, we recognize account servicing fees for the per-participant per-month fee charged per consumer on our SaaS…View ↗
Revenue in this segment is derived primarily from per-participant fees charged for our software and administrative services, income earned…View ↗
Under ASC 310, we record revenue on overdue accounts and certain other fees assessed to cardholders as part of the lending relationship…View ↗
-
10-K for FY2025, filed Feb 13, 2026
FY2025 revenue by product or service ↗
$2.7B
-
10-K for FY2025, filed Feb 13, 2026
$2.7B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Payment processing revenue
Usage-based
10-K for FY2025, filed Feb 13, 2026 |
43%
FY2022: 49%
|
Payment processing revenue, FY2025
$1.1B Sources
|
Usage-based |
|
Account servicing revenue
|
27%
FY2022: 24%
|
Account servicing revenue, FY2025
$726M Sources
|
|
|
Finance fee revenue
|
12%
FY2022: 15%
|
Finance fee revenue, FY2025
$321.3M Sources
|
|
|
Other revenue
|
18%
FY2022: 11%
|
Other revenue, FY2025
$470.7M Sources
|
Who Are Their Customers?
Fleet operators and government agencies buy directly or through fuel and fleet-management partners; employers buy benefits services directly, through brokers and consultants, or through platform partners. Corporate customers buy payment tools directly or through financial institutions offering WEX technology under their own brands.
10-K for FY2025, filed Feb 13, 2026We market our Mobility products and services both directly and indirectly to businesses and government agencies with fleets of commercial…View ↗
We also market our products and services indirectly via co-branded and private label relationships. Under co-branded arrangements, we…View ↗
Our distribution model is a key competitive advantage. We serve employers directly, with similar scale coming from hundreds of partners —…View ↗
We distribute full administrative services to the employer market directly and through brokers and consultants. Our products and solutions…View ↗
We market our Corporate Payments segment products and services both directly and indirectly to new and existing customers in a variety of…View ↗
Within our Direct AP solution, we focus on both direct sales to businesses as well as empowering financial institutions under white-label…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 11 cents of every revenue dollar as net income in FY2025 and turned 12 cents into free cash flow.
10-K for FY2025, filed Feb 13, 2026
$663.9MView ↗
10-K for FY2025, filed Feb 13, 2026
$304.1MView ↗
10-K for FY2025, filed Feb 13, 2026
$313.7MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 23, 2026
$108.5MView ↗
- ▲ +59%
- vs $68.1M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 23, 2026
Open tableView ↗
-
Jul 22, 2026
WEX raised its full-year 2026 revenue and adjusted net income guidance
Revenue guidance rose to $2.86 billion to $2.90 billion, and adjusted net income guidance to $689 million to $703 million.
Sources
8-K, filed Jul 22, 2026
For the third quarter of 2026, the Company expects revenue in the range of $733 million to $753 million and adjusted net income in the…View ↗
Growing. Revenue grew 44% in 4 years, from $1.9B in FY2021 to $2.7B in FY2025, about 10% a year.
Who Do They Compete With?
Competes with Corpay, U.S. Bank Voyager, Radius Payment Solutions, DKV, Edenred, Alegeus Technologies, HealthEquity, Alight Technologies, bswift, Businessolver, Empyrean, PlanSource, J.P. Morgan, Barclays, I2C, Global Payments, Marqeta, Adyen, ConnexPay, and Stripe
10-K for FY2025, filed Feb 13, 2026Our Mobility segment competes with financial institutions that provide general payment services without the enhanced capabilities of our…View ↗
Loading...
