WEX Inc. Reports Fourth Quarter and Full Year 2025 Financial Results
PORTLAND, Maine--( BUSINESS WIRE)--WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today reported financial results for the three months and year ended December 31, 2025.
"Our strong fourth quarter results demonstrate the strategic actions we took to accelerate our growth and drive progressively stronger performance over the course of the year," said Melissa Smith, WEX's Chair, Chief Executive Officer, and President. "We delivered record revenue in 2025 while navigating a dynamic macro environment by remaining focused on our strategic priorities. Entering 2026, we have clear momentum and confidence in our long-term plan to deliver sustainable growth, expanding profitability, and robust cash flow."
Fourth Quarter and Full Year 2025 Financial Results
(Results are compared to the prior year period unless otherwise noted)
Total revenue for the fourth quarter of $672.9 million, an increase of 5.7%, was driven by strength across the Benefits and Corporate Payments segments. The revenue increase in the quarter includes a net $3.3 million favorable impact from fuel prices and spreads and a $4.2 million favorable impact from foreign exchange rates.
Net income for the fourth quarter of $84.3 million, or $2.41 per diluted share, increased 50.6% per diluted share. Adjusted net income for the fourth quarter was $143.7 million, or $4.11 per diluted share, up 15.1% per diluted share. Operating income margin for the fourth quarter was unchanged with the prior year at 24.7%. Total adjusted operating income margin for the fourth quarter was 36.7% compared to 37.9% 1.
For the full year 2025, revenue increased 1.2% to $2.66 billion. The revenue increase includes a net $27.0 million unfavorable impact from fuel prices and spreads and a $6.2 million favorable impact from foreign exchange rates. For the full year 2025, net income was $8.47 per diluted share compared to $7.50 per diluted share. For the full year 2025, adjusted net income per diluted share increased 5.4% to $16.10.
1 See Exhibit 1 of this press release for a full explanation and reconciliation of the non-GAAP financial measures, adjusted net income, adjusted net income per diluted share, total segment adjusted operating income and margin, and adjusted operating income to the most directly comparable GAAP financial measures. See Exhibit 5 of this press release for information on the calculation of adjusted operating income margin.
Fourth Quarter 2025 Performance Metrics and Segment Results
(Results are compared to the prior year period unless otherwise noted)
Consolidated
Mobility Segment
Delivers fleet payment solutions, transaction processing, and data-driven insights to more than 600,000 fleet customers globally.
Benefits Segment
Simplifies the complex world of employee benefits administration and offers a comprehensive platform that spans HSAs, FSAs, HRAs, COBRA, and Benefit Enrollment and administration.
Corporate Payments Segment
Provides automated payment solutions for businesses and government agencies through simplifying the business-to-business (B2B) payments process by digitizing accounts payable (AP) and enabling more efficient and secure transactions.
Balance Sheet and Cash Flow
(Results are compared to the prior year period unless otherwise noted)
"We continue to execute our strategy and our business demonstrated strength and resilience in 2025," said Jagtar Narula, WEX's Chief Financial Officer. "We successfully reaccelerated our growth by enhancing our go-to-market engine while strengthening our product portfolio. We are entering 2026 with a significantly stronger foundation to progress toward our growth goals and create long-term value for our shareholders this year and beyond."
2 Please see the reconciliation of adjusted free cash flow, a non-GAAP measure, to operating cash flow in Exhibit 1.
Financial Guidance and Assumptions
The Company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis, due to the uncertainty and the indeterminate amount of certain elements that are included in reported GAAP earnings.
The Company’s guidance is based on the following assumptions:
For additional information regarding our financial guidance assumptions, please see the Q4 2025 earnings supplemental materials filed with the SEC and available on our website.
The Company's adjusted net income guidance, which is a non-GAAP measure, excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, other costs, debt restructuring costs and debt issuance cost amortization, tax related items and certain other non-operating items and non-recurring or non-cash operating charges that are not core to our operations, as applicable depending on the period presented. We are unable to reconcile our adjusted net income guidance to the comparable GAAP measure without unreasonable effort because of the difficulty in predicting the amounts to be adjusted, including, but not limited to, foreign currency exchange rates, unrealized gains and losses on financial instruments, and acquisition and divestiture-related items, which may have a significant impact on our financial results.
Additional Information
Management uses the non-GAAP measures presented within this earnings release to evaluate the Company's performance on a comparable basis. Management believes that investors may find these measures useful for the same purposes, but cautions that they should not be considered a substitute for, or superior to, disclosure in accordance with GAAP.
Beginning in fiscal year 2024, the Company began utilizing a fixed annual projected long-term non-GAAP tax rate in order to provide better consistency across reporting periods. The fixed annual projected long-term non-GAAP tax rate could be subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix including due to acquisition activity, or other changes to our strategy or business operations. The Company will re-evaluate our long-term rate as appropriate.
To provide investors with additional insight into its operational performance, WEX has included in this earnings release in Exhibit 1, reconciliations of non-GAAP measures referenced in this earnings release; in Exhibit 2, tables illustrating the impact of foreign currency rates and fuel prices for each of our reportable segments for the three and twelve months ended December 31, 2025 and 2024; and in Exhibit 3, a table of selected other metrics for the quarter ended December 31, 2025 and the four preceding quarters. The Company is also providing segment revenue for the three and twelve months ended December 31, 2025 and 2024 in Exhibit 4 and information regarding segment adjusted operating income margin and adjusted operating income margin in Exhibit 5.
Conference Call Details and Availability of Supplemental Materials
In conjunction with this announcement, WEX will host a conference call tomorrow, February 5, 2026, at 10:00 a.m. (ET). As previously announced, the conference call will be webcast live on the Internet, and can be accessed at the Investor Relations section of the WEX website, www.wexinc.com. The live conference call may also be accessed by dialing +1 888-596-4144 or +1 646-968-2525. The Conference ID number is 2902800. The live webcast will be accompanied by presentation slides, which will be made available through the Investor Relations section of the WEX website on the morning of February 5 prior to the beginning of the webcast.
A replay of the live webcast and the accompanying slides will be available on the Company's website through Thursday, February 12, 2026. Concurrent with this release, WEX has posted supplemental materials to the Investor Relations section of its website to assist investors with understanding our results and performance.
About WEX
WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com.
Forward-Looking Statements
This earnings release contains forward-looking statements including, but not limited to, statements about management’s plans, goals, expectations, and guidance and assumptions with respect to future financial performance of the Company. Any statements in this earnings release that are not statements of historical facts are forward-looking statements. When used in this earnings release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “positions,” “confidence,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future plans, objectives, expectations, and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements. The following factors, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this earnings release and in oral statements made by our authorized officers:
The forward-looking statements speak only as of the date of the initial filing of this earnings release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events, or otherwise.
(in millions, except per share data)
(unaudited)
Three months ended
December 31,
Year ended
December 31,
2025
2024
2025
2024
Revenues
Payment processing revenue
$
284.1
$
270.2
$
1,142.8
$
1,200.5
Account servicing revenue
183.7
174.1
726.0
690.6
Finance fee revenue
82.0
79.6
321.3
298.2
Other revenue
123.1
112.6
470.7
438.9
Total revenues
672.9
636.5
2,660.8
2,628.1
Cost of services
Processing costs
173.3
158.7
665.2
647.7
Service fees
24.4
21.3
95.9
83.7
Provision for credit losses
20.6
15.6
78.4
68.2
Operating interest
26.9
26.5
109.0
104.1
Depreciation and amortization
38.4
35.4
152.1
134.0
Total cost of services
283.7
257.6
1,100.6
1,037.8
General and administrative
78.3
94.2
330.2
375.8
Sales and marketing
101.1
81.1
387.0
341.0
Depreciation and amortization
43.5
46.4
179.0
187.3
Operating income
166.3
157.3
663.9
686.3
Financing interest expense, net of financial instruments
(58.8
)
(57.4
)
(240.6
)
(235.9
)
Net foreign currency gain (loss)
3.1
(16.4
)
(0.2
)
(26.1
)
Other income (expense)
(0.6
)
(3.0
)
(2.9
)
(6.5
)
Income before income taxes
110.0
80.5
420.2
417.8
Income tax provision
25.8
16.6
116.1
108.2
Net income attributable to shareholders
84.3
63.9
304.1
309.6
Net income per share:
Basic
$
2.45
$
1.62
$
8.57
$
7.59
Diluted
$
2.41
$
1.60
$
8.47
$
7.50
Weighted average common shares outstanding:
Basic
34.4
39.4
35.5
40.8
Diluted
35.0
40.0
35.9
41.3
WEX INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
(unaudited)
December 31,
2025
2024
Assets
Cash and cash equivalents
$
905.8
$
595.8
Restricted cash
772.7
837.8
Accounts receivable
3,362.6
3,008.6
Investment securities
4,332.9
3,764.7
Securitized accounts receivable, restricted
123.7
109.6
Prepaid expenses and other current assets
215.4
199.0
Total current assets
9,713.0
8,515.5
Property, equipment and capitalized software
253.7
261.2
Goodwill and other intangible assets
4,103.4
4,243.3
Investment securities
94.2
80.5
Deferred income taxes, net
16.9
18.3
Other assets
218.2
202.8
Total assets
$
14,399.5
$
13,321.6
Liabilities and Stockholders’ Equity
Accounts payable
$
1,070.4
$
1,090.9
Accrued expenses and other current liabilities
695.2
653.6
Restricted cash payable
771.5
837.0
Short-term deposits
5,423.1
4,452.7
Short-term debt, net
1,326.4
1,293.2
Total current liabilities
9,286.6
8,327.3
Long-term debt, net
3,532.0
3,082.1
Deferred income taxes, net
187.3
145.6
Other liabilities
159.1
277.7
Total liabilities
13,165.0
11,832.8
Total stockholders’ equity
1,234.5
1,488.8
Total liabilities and stockholders’ equity
$
14,399.5
$
13,321.6
(in millions)
(unaudited)
Year ended December 31,
2025
2024
Net cash provided by operating activities
$
454.3
$
481.4
Cash flows from investing activities
Purchases of property, equipment and capitalized software
(140.6
)
(147.3
)
Purchases of equity securities and other investments
(12.4
)
(54.2
)
Purchases of available-for-sale debt securities
(1,725.3
)
(1,259.6
)
Sales and maturities of available-for-sale debt securities
1,249.7
506.4
Other investing activities
4.7
—
Acquisition of intangible assets
(73.1
)
(5.1
)
Acquisitions, net of cash and restricted cash acquired
—
(0.9
)
Net cash used for investing activities
(696.9
)
(960.6
)
Cash flows from financing activities
Repurchases of common stock
(799.8
)
(652.0
)
Net change in restricted cash payable
(112.3
)
(387.7
)
Net change in deposits
967.8
382.6
Payments of deferred and contingent consideration
(76.7
)
(93.7
)
Net debt activity 3
480.2
505.9
Other financing activities
(40.4
)
(15.5
)
Net cash provided by (used for) financing activities
418.9
(260.3
)
Effect of exchange rates on cash, cash equivalents and restricted cash
65.1
(53.5
)
Net change in cash, cash equivalents and restricted cash
241.4
(793.0
)
Cash, cash equivalents and restricted cash, beginning of year
1,437.0
2,230.0
Cash, cash equivalents and restricted cash, end of year
$
1,678.4
$
1,437.0
3 Net debt activity includes: borrowings and repayments on revolving credit facility; borrowings and repayments on term loans; proceeds from issuance of Senior Notes; borrowings and repayments on Bank Term Funding Program (BTFP); advances from and repayments to Federal Home Loan Bank (FHLB); net change in borrowed federal funds; and net borrowings on or repayments of other debt.
Exhibit 1
Reconciliation of Non-GAAP Measures
(in millions, except per share data)
(unaudited)
Reconciliation of GAAP Net Income Attributable to Shareholders to Non-GAAP Adjusted Net Income Attributable to Shareholders
Three Months Ended December 31,
2025
2024
per diluted
share
per diluted share
Net income attributable to shareholders
$
84.3
$
2.41
$
63.9
$
1.60
Unrealized (gain) loss on financial instruments
(0.1
)
—
0.8
0.02
Net foreign currency (gain) loss
(3.1
)
(0.09
)
16.4
0.42
Change in fair value of contingent consideration
0.6
0.02
3.0
0.07
Acquisition-related intangible amortization
46.9
1.34
49.9
1.25
Other acquisition and divestiture related items
(0.3
)
(0.01
)
2.8
0.07
Stock-based compensation
23.1
0.66
22.1
0.55
Other costs
2.5
0.07
11.1
0.28
Impairment charge
9.9
0.28
—
—
Debt restructuring and debt issuance cost amortization
2.1
0.06
3.9
0.10
Tax related items
(22.1
)
(0.63
)
(31.1
)
(0.78
)
Adjusted net income attributable to shareholders
$
143.7
$
4.11
$
142.9
$
3.57
Year Ended December 31,
2025
2024
per diluted
share
per diluted share
Net income attributable to shareholders
$
304.1
$
8.47
$
309.6
$
7.50
Unrealized loss (gain) on financial instruments
(0.8
)
(0.02
)
0.2
0.01
Net foreign currency loss (gain)
0.2
—
26.1
0.63
Change in fair value of contingent consideration
2.9
0.08
6.5
0.16
Acquisition-related intangible amortization
191.9
5.34
201.8
4.89
Other acquisition and divestiture related items
9.1
0.25
12.1
0.29
Stock-based compensation
103.5
2.88
111.9
2.71
Other costs
25.4
0.71
48.9
1.19
Impairment charge
9.9
0.28
—
—
Debt restructuring and debt issuance cost amortization
8.4
0.23
15.9
0.39
Tax related items
(76.6
)
(2.13
)
(102.2
)
(2.47
)
Adjusted net income attributable to shareholders
$
578.0
$
16.10
$
631.0
$
15.28
Reconciliation of GAAP Operating Income to Non-GAAP Total Segment Adjusted Operating Income and Adjusted Operating Income
Three Months Ended December 31,
Year Ended December 31,
2025
(margin) 4
2024
(margin) 4
2025
(margin) 4
2024
(margin) 4
Operating income
$
166.3
24.7
%
$
157.3
24.7
%
$
663.9
25.0
%
$
686.3
26.1
%
Unallocated corporate expenses
24.4
28.3
98.5
102.1
Acquisition-related intangible amortization
46.9
49.9
191.9
201.8
Other acquisition and divestiture related items
(1.5
)
0.3
3.4
5.7
Stock-based compensation
23.1
22.1
103.5
111.9
Other costs
2.5
11.9
24.8
53.9
Impairment charge
9.9
—
9.9
—
Total segment adjusted operating income
$
271.5
40.4
%
$
269.8
42.4
%
$
1,095.9
41.2
%
$
1,161.7
44.2
%
Unallocated corporate expenses
(24.4
)
(28.3
)
(98.5
)
(102.1
)
Adjusted operating income
$
247.1
36.7
%
$
241.5
37.9
%
$
997.5
37.5
%
$
1,059.7
40.3
%
4 Margins are derived by dividing the applicable measures by total net revenue for the Company.
The Company's non-GAAP adjusted operating income excludes acquisition-related intangible amortization, other acquisition and divestiture related items, debt restructuring costs, stock-based compensation, other costs and certain non-recurring or non-cash operating charges that are not core to our operations, as applicable depending on the period presented. Total segment adjusted operating income incorporates these same adjustments and further excludes unallocated corporate expenses.
The Company's non-GAAP adjusted net income, which similarly excludes the impact of all items excluded in adjusted operating income, further excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, debt issuance cost amortization, tax related items, and certain other non-operating items, as applicable depending on the period presented.
Although adjusted net income, adjusted operating income and total segment adjusted operating income are not calculated in accordance with GAAP, our management team believes these non-GAAP measures are integral to our reporting and planning processes and uses them to assess operating performance because they generally exclude financial results that are outside the normal course of our business operations or management’s control. These measures are also used to allocate capital and resources among our operating segments. For the periods presented herein, the following items have been excluded in determining one or more non-GAAP measures for the following reasons:
WEX believes that adjusted net income, adjusted operating income and total segment adjusted operating income may be useful to investors as a means of evaluating our performance. However, because total segment adjusted operating income and adjusted net income are non-GAAP measures, they should not be considered as a substitute for, or superior to, operating income or net income as determined in accordance with GAAP. Total segment adjusted operating income and adjusted net income as used by WEX may not be comparable to similarly titled measures employed by other companies.
Reconciliation of GAAP Operating Cash Flow to Adjusted Free Cash Flow
Adjusted free cash flow is calculated as cash flows from operating activities adjusted for net purchases of current investment securities, capital expenditures, net Funding Activity, changes in WEX Bank cash balances and certain other adjustments.
Although non-GAAP adjusted free cash flow is not calculated in accordance with GAAP, WEX believes that adjusted free cash flow is a useful measure for investors to further evaluate our results of operations because (i) adjusted free cash flow indicates the level of cash generated by the operations of the business, which excludes consideration paid on acquisitions, after appropriate reinvestment for recurring investments in property, equipment and capitalized software that are required to operate the business; (ii) net Funding Activity includes fluctuations in deposits and other borrowings primarily used as part of our accounts receivable funding strategy; (iii) purchases of current investment securities are made as a result of deposits gathered operationally; and (iv) WEX Bank cash balances may be increased or decreased for reasons other than matching operating activity. However, because adjusted free cash flow is a non-GAAP measure, it should not be considered as a substitute for, or superior to, operating cash flow as determined in accordance with GAAP. In addition, adjusted free cash flow as used by WEX may not be comparable to similarly titled measures employed by other companies.
The following table reconciles GAAP operating cash flow to adjusted free cash flow for the year ended December 31, 2025 and 2024.
Year ended December 31,
(In millions)
2025
2024
Operating cash flow
$
454.3
$
481.4
Change in WEX Bank cash balances
(257.3
)
279.1
Other 5
62.2
34.0
Net Funding Activity 6
983.8
652.7
Less: Purchases of current investment securities, net of sales and maturities
(464.4
)
(738.0
)
Less: Capital expenditures
(140.6
)
(147.3
)
Adjusted free cash flow
$
638.0
$
562.0
5 For the years ended December 31, 2025 and 2024, other adjustments predominantly includes contingent consideration and deferred consideration paid to sellers in excess of acquisition-date fair value.
6 Net Funding Activity includes the change in net deposits, net advances from the FHLB, changes in participation debt, and changes in borrowings under the BTFP and borrowed federal funds.
(in millions)
(unaudited)
The tables below show the impact of certain macro factors on reported revenue:
Segment Revenue Results
Mobility
Benefits
Corporate Payments
Total WEX Inc.
Three months ended December 31,
2025
2024
2025
2024
2025
2024
2025
2024
Reported revenue
$
345.1
$
345.2
$
204.9
$
186.9
$
122.9
$
104.3
$
672.9
$
636.5
FX impact (favorable) / unfavorable
$
(1.5
)
$
—
$
(2.6
)
$
(4.2
)
PPG impact (favorable) / unfavorable
$
(3.3
)
$
(3.3
)
Year ended December 31,
2025
2024
2025
2024
2025
2024
2025
2024
Reported revenue
$
1,386.0
$
1,400.8
$
797.4
$
739.5
$
477.4
$
487.8
$
2,660.8
$
2,628.1
FX impact (favorable) / unfavorable
$
(1.9
)
$
—
$
(4.3
)
$
(6.2
)
PPG impact (favorable) / unfavorable
$
27.0
$
27.0
To determine the impact of foreign exchange translation (“FX”) on revenue, revenue from entities whose functional currency is not denominated in U.S. dollars, as well as revenue from purchase volume transacted in non-U.S. denominated currencies, were translated using the weighted average exchange rates for the same period in the prior year, exclusive of revenue derived from acquisitions for one year following the acquisition dates.
To determine the impact of price per gallon of fuel (“PPG”) on revenue, revenue subject to changes in fuel prices was calculated based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, exclusive of revenue derived from acquisitions for one year following the acquisition dates. For the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year.
The table below shows the impact of certain macro factors on adjusted net income by segment:
Segment Estimated Adjusted Net Income Attributable to Shareholders Impact
Mobility
Benefits
Corporate Payments
Three months ended December 31,
2025
2024
2025
2024
2025
2024
FX impact (favorable) / unfavorable
$
—
$
—
$
0.1
$
—
$
(1.5
)
$
—
PPG impact (favorable) / unfavorable
$
(2.4
)
$
—
$
—
$
—
$
—
$
—
Year ended December 31,
2025
2024
2025
2024
2025
2024
FX impact (favorable) / unfavorable
$
(0.5
)
$
—
$
(0.2
)
$
—
$
(3.1
)
$
—
PPG impact (favorable) / unfavorable
$
16.5
$
—
$
—
$
—
$
—
$
—
To determine the estimated earnings impact of FX on revenue and expenses from entities whose functional currency is not denominated in U.S. dollars, as well as revenue and variable expenses from purchase volume transacted in non-U.S. denominated currencies, amounts were translated using the weighted average exchange rates for the same period in the prior year, net of tax, exclusive of revenue and expenses derived from acquisitions for one year following the acquisition dates.
To determine the estimated earnings impact of PPG, revenue and certain variable expenses impacted by changes in fuel prices were adjusted based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, net of applicable taxes, exclusive of revenue and expenses derived from acquisitions for one year following the acquisition dates. For the portions of our business that earn revenue based on margin spreads, revenue was adjusted to the comparable margin from the prior year, net of applicable taxes.
(in millions, except rate statistics)
(unaudited)
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Mobility:
Payment processing transactions (1)
132.5
140.0
139.2
134.5
138.5
Payment processing gallons of fuel (2)
3,496.5
3,639.8
3,625.4
3,527.7
3,600.7
Average US fuel price (US$ / gallon)
$
3.29
$
3.38
$
3.28
$
3.32
$
3.25
Payment processing $ of fuel (3)
$
11,859.4
$
12,641.4
$
12,216.2
$
12,017.9
$
12,003.4
Net payment processing rate (4)
1.33
%
1.33
%
1.31
%
1.30
%
1.36
%
Payment processing revenue
157.8
$
168.2
$
160.4
$
156.4
$
163.4
Net late fee rate (5)
0.56
%
0.53
%
0.54
%
0.53
%
0.57
%
Late fee revenue (6)
$
66.7
$
67.2
$
65.9
$
63.7
$
68.4
Benefits:
Average number of SaaS accounts (7)
21.6
21.5
21.2
21.5
20.4
Purchase volume (8)
$
1,732.5
$
1,770.5
$
2,002.6
$
2,329.9
$
1,617.1
Average HSA custodial cash assets
$
4,873.8
$
4,808.5
$
4,705.4
$
4,608.9
$
4,366.0
Corporate Payments:
Purchase volume (9)
$
19,341.8
$
23,176.6
$
20,496.8
$
17,285.2
$
16,541.3
Net interchange rate (10)
0.53
%
0.47
%
0.48
%
0.50
%
0.52
%
Payment solutions processing revenue
$
102.8
$
109.7
$
97.7
$
85.7
$
85.5
Definitions and explanations:
(1) Payment processing transactions represents the total number of purchases made by fleets that have a payment processing relationship with WEX.
(2) Payment processing gallons of fuel represents the total number of gallons of fuel purchased by fleets that have a payment processing relationship with WEX.
(3) Payment processing dollars of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX.
(4) Net payment processing rate represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants, less certain discounts given to customers and network fees.
(5) Net late fee rate represents late fee revenue as a percentage of fuel purchased by fleets that have a payment processing relationship with WEX.
(6) Late fee revenue represents fees charged for payments not made within the terms of the customer agreement based upon the outstanding customer receivable balance.
(7) Average number of SaaS accounts represents the average number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms.
(8) Purchase volume represents the total dollar value of all transactions where interchange is earned by WEX.
(9) Purchase volume represents the total dollar value of all WEX issued transactions that use WEX corporate card products and virtual card products.
(10) Net interchange rate represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants, less certain discounts given to customers and network fees.
(in millions)
(unaudited)
Three months ended
December 31,
Increase (decrease)
Year ended
December 31,
Increase (decrease)
Mobility
2025
2024
Amount
Percent
2025
2024
Amount
Percent
Revenues
Payment processing revenue
$
157.8
$
163.4
$
(5.6
)
(3
)%
$
642.7
$
694.5
$
(51.8
)
(7
)%
Account servicing revenue
53.5
50.1
3.4
7
%
209.1
195.3
13.8
7
%
Finance fee revenue
81.7
79.3
2.4
3
%
319.8
297.2
22.7
8
%
Other revenue
52.1
52.4
(0.3
)
(1
)%
214.3
213.8
0.5
—
%
Total revenues
$
345.1
$
345.2
$
(0.1
)
—
%
$
1,386.0
$
1,400.8
$
(14.9
)
(1
)%
Three months ended
December 31,
Increase (decrease)
Year ended
December 31,
Increase (decrease)
Benefits
2025
2024
Amount
Percent
2025
2024
Amount
Percent
Revenues
Payment processing revenue
$
23.4
$
21.2
$
2.2
10
%
$
104.2
$
96.2
$
7.9
8
%
Account servicing revenue
114.2
109.7
4.6
4
%
453.9
445.2
8.7
2
%
Finance fee revenue
—
—
—
NM
0.1
0.3
(0.1
)
NM
Other revenue
67.2
56.1
11.2
20
%
239.2
197.9
41.3
21
%
Total revenues
$
204.9
$
186.9
$
18.0
10
%
$
797.4
$
739.5
$
57.9
8
%
Three months ended
December 31,
Increase (decrease)
Year ended
December 31,
Increase (decrease)
Corporate Payments
2025
2024
Amount
Percent
2025
2024
Amount
Percent
Revenues
Payment processing revenue
$
102.8
$
85.5
$
17.4
20
%
$
395.9
$
409.7
$
(13.8
)
(3
)%
Account servicing revenue
16.0
14.4
1.6
11
%
63.0
50.2
12.8
26
%
Finance fee revenue
0.3
0.3
(0.1
)
(20
)%
1.3
0.7
0.6
80
%
Other revenue
3.8
4.1
(0.3
)
(8
)%
17.2
27.2
(10.0
)
(37
)%
Total revenues
$
122.9
$
104.3
$
18.6
18
%
$
477.4
$
487.8
$
(10.4
)
(2
)%
NM - Not meaningful
(in millions)
(unaudited)
Segment Adjusted Operating Income
Segment Adjusted Operating Income Margin 7
Three Months Ended December 31,
Three Months Ended December 31,
2025
2024
2025
2024
Mobility
$
128.9
$
146.1
37.3
%
42.3
%
Benefits
$
83.1
$
78.0
40.6
%
41.7
%
Corporate Payments
$
59.5
$
45.7
48.4
%
43.9
%
Total segment adjusted operating income
$
271.5
$
269.8
40.4
%
42.4
%
Segment Adjusted Operating Income
Segment Adjusted Operating Income Margin 7
Year Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Mobility
$
541.1
$
598.5
39.0
%
42.7
%
Benefits
$
341.6
$
307.0
42.8
%
41.5
%
Corporate Payments
$
213.3
$
256.2
44.7
%
52.5
%
Total segment adjusted operating income
$
1,095.9
$
1,161.7
41.2
%
44.2
%
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Adjusted operating income
$
247.1
$
241.5
$
997.5
$
1,059.7
Adjusted operating income margin 8
36.7
%
37.9
%
37.5
%
40.3
%
7 Segment adjusted operating income margin is derived by dividing segment adjusted operating income by the revenue of the corresponding segment (or the entire Company in the case of total segment adjusted operating income). See Exhibit 1 for a reconciliation of GAAP operating income and related margin to total segment adjusted operating income and related margin.
8 Adjusted operating income margin is derived by dividing adjusted operating income by total revenues of the entire Company as shown on the Condensed Consolidated Statement of Operations. See Exhibit 1 for a reconciliation of GAAP operating income and related margin to adjusted operating income and related margin.