WEX Inc. Reports Third Quarter 2026 Financial Results
PORTLAND, Maine--( BUSINESS WIRE)--WEX (NYSE: WEX), a global leader in intelligent payment solutions, today reported financial results for the three months ended September 30, 2026.
“We delivered another quarter of strong revenue and adjusted EPS, expanded margins, and returned the vast majority of our adjusted free cash flow to shareholders through share repurchases,” said Melissa Smith, WEX’s Chief Executive Officer and President. “Our results reflect real progress in pricing, new business wins, and innovation across each of our segments. We’re building on that momentum by continuing to strengthen our segments, bring innovative solutions to market, and drive sustainable growth and long-term shareholder value.”
Third Quarter 2026 Financial Results
(Results are compared to the prior year period unless otherwise noted)
Total revenue for the third quarter was $780.1 million, an increase of 12.8%. The revenue increase in the quarter includes net favorable impacts of $57.3 million and $0.8 million from fuel prices and foreign exchange rates, respectively.
Net income for the third quarter of $134.1 million, or $3.88 per diluted share, increased 68.7% per diluted share. Adjusted net income was $211.9 million, or $6.13 per diluted share, up 33.6% per diluted share. Operating income margin was 30.6% compared to 26.5%. Adjusted operating income margin was 42.6% compared to 39.5% 1.
Third Quarter 2026 Performance Metrics and Segment Results
(Results are compared to the prior year period unless otherwise noted)
Consolidated
Mobility Segment
Provides payments and fleet management solutions to more than 600,000 customers globally.
Benefits Segment
Provides a broad benefits platform with integrated payments—spanning HSAs, FSAs, HRAs, COBRA, and benefits enrollment and administration—delivered directly to businesses or through our partner network.
Corporate Payments Segment
Provides comprehensive and secure business-to-business (B2B) payments solutions powering mid-sized businesses and global enterprises through scalable technology.
Balance Sheet and Cash Flow
(Results are compared to the prior year period unless otherwise noted)
“Our third quarter results demonstrate the core strength of WEX’s operating model, with improving organic growth and significant underlying margin expansion, while higher fuel prices continue to contribute additional cash flow,” said Jagtar Narula, WEX’s Chief Financial Officer. “Our strong cash generation gives us significant flexibility to invest in organic growth while returning capital to shareholders. During the quarter, we repurchased approximately $200 million of shares while further reducing our leverage to 2.7x. Looking ahead, we will continue to allocate capital with discipline, prioritizing opportunities that deliver attractive returns and maximize long-term shareholder value.”
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 Q3 2026 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.
The Company utilizes 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, explanations and reconciliations of non-GAAP measures referenced in this earnings release to the most directly comparable GAAP financial measures; in Exhibit 2, tables illustrating the impact of foreign currency rates and fuel prices for each of our reportable segments for the three and nine months ended September 30, 2026; and in Exhibit 3, a table of selected other metrics for the quarter ended September 30, 2026 and the four preceding quarters. The Company is also providing segment revenue for the three and nine months ended September 30, 2026 and 2025 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, October 29, 2026, at 10:00 a.m. (ET). As previously announced, the conference call will be webcast live on the Internet, and can be accessed via the Investor Relations section of the WEX website, www.wexinc.com. The live conference call may also be accessed by dialing +1 585-542-9983 or +1 833-461-5787. The conference ID number is 816489116. 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 October 29 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, November 5, 2026. Concurrent with this release, WEX has posted supplemental materials to the Investor Relations section of the WEX 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,” “commit,” “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.
WEX INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
Three months ended
September 30,
Nine months ended
September 30,
2026
2025
2026
2025
Revenues
Payment processing revenue
$
344.8
$
301.7
$
973.4
$
858.8
Account servicing revenue
186.7
185.3
547.0
542.3
Finance fee revenue
115.9
83.2
297.9
239.3
Other revenue
132.7
121.5
389.1
347.6
Total revenues
780.1
691.8
2,207.5
1,987.9
Cost of services
Processing costs
167.8
163.1
493.7
491.9
Service fees
22.1
22.6
70.1
71.5
Provision for credit losses
23.2
20.4
85.5
57.9
Operating interest
33.2
29.2
89.5
82.0
Depreciation and amortization
41.1
39.0
118.3
113.7
Total cost of services
287.4
274.3
857.2
817.0
General and administrative
100.7
92.0
292.4
251.9
Sales and marketing
109.3
97.3
326.5
285.9
Depreciation and amortization
43.9
44.7
131.2
135.5
Operating income
238.8
183.6
600.1
497.6
Financing interest expense, net of financial instruments
(53.2
)
(63.8
)
(159.0
)
(181.8
)
Other income (expense)
—
(0.7
)
(0.7
)
(2.3
)
Net foreign currency (loss) gain
(0.1
)
(2.6
)
4.0
(3.3
)
Income before income taxes
185.5
116.4
444.5
310.2
Income tax expense
51.4
36.2
124.1
90.3
Net income attributable to shareholders
$
134.1
$
80.3
$
320.3
$
219.8
Net income attributable to shareholders per share:
Basic
$
3.95
$
2.34
$
9.32
$
6.13
Diluted
$
3.88
$
2.30
$
9.20
$
6.07
Weighted average common shares outstanding:
Basic
33.9
34.4
34.4
35.8
Diluted
34.6
34.8
34.8
36.2
WEX INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
(unaudited)
September 30,
2026
December 31,
2025
Assets
Cash and cash equivalents
$
593.2
$
905.8
Restricted cash
580.9
772.7
Accounts receivable
5,342.7
3,362.6
Investment securities
4,673.6
4,332.9
Securitized accounts receivable, restricted
192.8
123.7
Prepaid expenses and other current assets
158.7
215.4
Total current assets
11,541.9
9,713.0
Property, equipment and capitalized software
267.2
253.7
Goodwill and other intangible assets
4,034.0
4,103.4
Investment securities
102.7
94.2
Deferred income taxes, net
17.4
16.9
Other assets
233.7
218.2
Total assets
$
16,196.9
$
14,399.5
Liabilities and Stockholders’ Equity
Accounts payable
$
2,046.7
$
1,070.4
Accrued expenses and other current liabilities
583.4
695.2
Restricted cash payable
577.5
771.5
Short-term deposits
6,180.5
5,423.1
Short-term debt, net
1,863.5
1,326.4
Total current liabilities
11,251.6
9,286.6
Long-term debt, net
3,457.6
3,532.0
Deferred income taxes, net
210.9
187.3
Other liabilities
124.9
159.1
Total liabilities
15,044.9
13,165.0
Total stockholders’ equity
1,152.1
1,234.5
Total liabilities and stockholders’ equity
$
16,196.9
$
14,399.5
WEX INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
Nine Months Ended
September 30,
2026
2025
Net cash (used for) provided by operating activities
$
(419.6
)
$
159.6
Cash flows from investing activities
Purchases of property, equipment and capitalized software
(128.0
)
(102.2
)
Purchases of equity securities and other investments
(26.8
)
(11.7
)
Purchases of available-for-sale debt securities
(1,128.4
)
(923.6
)
Sales and maturities of available-for-sale debt securities
551.9
653.4
Acquisition of intangible assets
—
(14.5
)
Other investing activities
(0.4
)
4.4
Net cash used for investing activities
(731.8
)
(394.3
)
Cash flows from financing activities
Repurchases of common stock
(267.4
)
(799.8
)
Net change in deposits
758.1
697.6
Net change in restricted cash payable
(185.7
)
(215.6
)
Payments of deferred and contingent consideration
(80.7
)
(76.7
)
Other financing activities
(19.2
)
(39.3
)
Net debt activity 3
455.5
650.7
Net cash provided by financing activities
660.6
216.8
Effect of exchange rates on cash, cash equivalents and restricted cash
(13.6
)
62.3
Net change in cash, cash equivalents and restricted cash
(504.3
)
44.4
Cash, cash equivalents and restricted cash, beginning of period
1,678.4
1,437.0
Cash, cash equivalents and restricted cash, end of period
$
1,174.1
$
1,481.5
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 September 30,
2026
2025
per diluted
share
per diluted
share
Net income attributable to shareholders
$
134.1
$
3.88
$
80.3
$
2.30
Unrealized loss (gain) on financial instruments
1.0
0.03
(0.3
)
(0.01
)
Net foreign currency loss
0.1
—
2.6
0.07
Change in fair value of contingent consideration
—
—
0.7
0.02
Acquisition-related intangible amortization
45.6
1.32
47.9
1.38
Other acquisition and divestiture related items
—
—
5.0
0.14
Stock-based compensation
45.3
1.31
34.7
1.00
Other costs
2.8
0.08
3.6
0.10
Debt restructuring and debt issuance cost amortization
2.2
0.06
2.3
0.07
Tax related items
(19.2
)
(0.56
)
(17.1
)
(0.49
)
Adjusted net income attributable to shareholders
$
211.9
$
6.13
$
159.7
$
4.59
Nine Months Ended September 30,
2026
2025
per diluted
share
per diluted
share
Net income attributable to shareholders
$
320.3
$
9.20
$
219.8
$
6.07
Unrealized loss (gain) on financial instruments
1.3
0.04
(0.7
)
(0.02
)
Net foreign currency (gain) loss
(4.0
)
(0.12
)
3.3
0.09
Change in fair value of contingent consideration
0.7
0.02
2.3
0.06
Acquisition-related intangible amortization
137.2
3.94
145.1
4.01
Other acquisition and divestiture related items
2.6
0.07
9.4
0.26
Stock-based compensation
112.4
3.23
80.4
2.22
Other costs
23.6
0.68
22.9
0.63
Debt restructuring and debt issuance cost amortization
6.8
0.20
6.3
0.17
Tax related items
(57.1
)
(1.64
)
(54.4
)
(1.50
)
Adjusted net income attributable to shareholders
$
543.8
$
15.61
$
434.3
$
11.99
Reconciliation of GAAP Operating Income to Non-GAAP Total Segment Adjusted Operating Income and Adjusted Operating Income
Three Months Ended September 30,
Nine Months Ended September 30,
2026
(margin) 4
2025
(margin) 4
2026
(margin) 4
2025
(margin) 4
Operating income
$
238.8
30.6
%
$
183.6
26.5
%
$
600.1
27.2
%
$
497.6
25.0
%
Unallocated corporate expenses
27.5
23.7
78.1
74.1
Acquisition-related intangible amortization
45.6
47.9
137.2
145.1
Other acquisition and divestiture related items
—
3.8
1.7
5.0
Stock-based compensation
45.3
34.7
112.4
80.4
Other costs
2.8
3.6
23.8
22.3
Total segment adjusted operating income
$
360.0
46.1
%
$
297.2
43.0
%
$
953.4
43.2
%
$
824.4
41.5
%
Unallocated corporate expenses
(27.5
)
(23.7
)
(78.1
)
(74.1
)
Adjusted operating income
$
332.5
42.6
%
$
273.5
39.5
%
$
875.3
39.6
%
$
750.3
37.7
%
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 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 resources among our operating segments.
The following items are generally 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 adjusted net income, adjusted operating income, and total segment adjusted operating income are non-GAAP measures, they should not be considered as a substitute for, or superior to, net income or operating income as determined in accordance with GAAP. Adjusted net income, adjusted operating income, and total segment adjusted operating income as used by WEX may not be comparable to similarly titled measures employed by other companies.
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow
The following table reconciles GAAP operating cash flow to adjusted free cash flow:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions)
2026
2025
2026
2025
Operating cash flow
$
(11.2
)
$
376.6
$
(419.6
)
$
159.6
Net sales and maturities (purchases) of current investment securities
92.3
48.7
(565.3
)
(273.3
)
Capital expenditures
(47.0
)
(35.0
)
(128.0
)
(102.2
)
Net Funding Activity 5
(360.9
)
(178.1
)
1,277.9
693.0
Decrease (increase) in WEX Bank cash balances
556.5
(47.5
)
302.0
(162.3
)
Other adjustments 6
4.8
1.5
35.9
61.9
Adjusted free cash flow
$
234.3
$
166.2
$
502.8
$
376.7
In addition to evaluating the Company’s liquidity on a GAAP basis, Company management uses adjusted free cash flow, a non-GAAP financial measure, to evaluate cash generation by adjusting for certain activities including those related to WEX Bank. For example, WEX Bank funds certain customer receivables through the issuance of deposits, short-term debt or the HSA deposits provided by our Benefits segment. WEX Bank can also elect to invest HSA deposits. Changes in deposits, short-term debt and investment activity are reflected in the calculation of adjusted free cash flow.
We view adjusted free cash flow as an important and useful measure for understanding our cash generation from ongoing operations in order to determine the amount of cash generated that is available to be used toward management’s capital allocation priorities. Adjusted free cash flow, however, is not a measure of cash available for discretionary expenditures, as WEX has certain non-discretionary obligations and cash requirements, such as debt service requirements, that are not deducted from this measure.
Adjusted free cash flow is calculated as cash flows from operating activities adjusted for the inclusion of (i) net sales and maturities or purchases of current investment securities, (ii) capital expenditures, and (iii) Net Funding Activity; the exclusion of (iv) changes in WEX Bank cash balances; and the inclusion or exclusion of (v) certain other adjustments, as applicable. These items have been included or excluded in determining adjusted free cash flow for the following reasons:
Given 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.
Exhibit 2
Impact of Certain Macro Factors on Reported Revenue and Adjusted Net Income Attributable to Shareholders
(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 September 30,
2026
2025
2026
2025
2026
2025
2026
2025
Reported revenue
$
435.1
$
360.8
$
207.6
$
198.1
$
137.4
$
132.8
$
780.1
$
691.8
FX impact (favorable) / unfavorable
$
(0.9
)
$
—
$
0.2
$
(0.8
)
PPG impact (favorable) / unfavorable
$
(57.3
)
$
—
$
—
$
(57.3
)
Nine months ended September 30,
2026
2025
2026
2025
2026
2025
2026
2025
Reported revenue
$
1,202.1
$
1,040.8
$
629.8
$
592.5
$
375.6
$
354.5
$
2,207.5
$
1,987.9
FX impact (favorable) / unfavorable
$
(5.6
)
$
—
$
(2.4
)
$
(8.0
)
PPG impact (favorable) / unfavorable
$
(119.0
)
$
—
$
—
$
(119.0
)
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 September 30,
2026
2025
2026
2025
2026
2025
FX impact (favorable) / unfavorable
$
(0.5
)
$
—
$
—
$
—
$
0.4
$
—
PPG impact (favorable) / unfavorable
$
(30.5
)
$
—
$
—
$
—
$
—
$
—
Nine months ended September 30,
2026
2025
2026
2025
2026
2025
FX impact (favorable) / unfavorable
$
(0.8
)
$
—
$
0.2
$
—
$
0.1
$
—
PPG impact (favorable) / unfavorable
$
(63.6
)
$
—
$
—
$
—
$
—
$
—
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.
Exhibit 3
Selected Other Metrics
(in millions, except rate statistics)
(unaudited)
Q3 2026
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Mobility:
Payment processing transactions (1)
142.3
139.3
130.4
132.5
140.0
Payment processing gallons of fuel (2)
3,631.2
3,595.9
3,428.3
3,496.5
3,639.8
Average US fuel price (US$ / gallon)
$
4.85
$
4.70
$
3.60
$
3.29
$
3.38
Payment processing $ of fuel (3)
$
18,010.6
$
17,190.9
$
12,706.8
$
11,859.4
$
12,641.4
Net payment processing rate (4)
1.14
%
1.23
%
1.23
%
1.33
%
1.33
%
Payment processing revenue
$
205.4
$
210.8
$
156.8
$
157.8
$
168.2
Net late fee rate (5)
0.53
%
0.48
%
0.50
%
0.56
%
0.53
%
Late fee revenue (6)
$
95.0
$
82.6
$
64.2
$
66.7
$
67.2
Benefits:
Average number of SaaS accounts (7)
22.1
21.7
22.4
21.6
21.5
Purchase volume (8)
$
1,920.1
$
2,187.5
$
2,496.7
$
1,732.5
$
1,770.5
Average HSA custodial cash assets
$
5,349.2
$
5,227.2
$
5,154.2
$
4,873.8
$
4,808.5
Corporate Payments:
Purchase volume (9)
$
24,644.3
$
19,761.7
$
17,908.4
$
19,341.8
$
23,176.6
Net interchange rate (10)
0.46
%
0.53
%
0.53
%
0.53
%
0.47
%
Payment solutions processing revenue
$
113.6
$
104.1
$
94.4
$
102.8
$
109.7
Definitions and explanations:
(1) Payment processing transactions represents the total number of purchases made by fleets that have a payment processing relationship with WEX where WEX maintains the receivable for the total purchase.
(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 each payment processing $ of fuel 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. HSA accounts for which WEX Inc. serves as the non-bank custodian under designation by the U.S. Department of Treasury are included in this average.
(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.
Exhibit 4
Segment Revenue Information
(in millions)
(unaudited)
Three months ended
September 30,
Increase
(decrease)
Nine months ended
September 30,
Increase
(decrease)
Mobility
2026
2025
Amount
Percent
2026
2025
Amount
Percent
Revenues
Payment processing revenue
$
205.4
$
168.2
$
37.2
22.1
%
$
573.0
$
484.9
$
88.1
18.2
%
Account servicing revenue
57.1
53.7
3.4
6.3
%
164.2
155.6
8.6
5.5
%
Finance fee revenue
115.7
82.9
32.8
39.5
%
297.1
238.1
58.9
24.7
%
Other revenue
56.9
56.0
0.9
1.6
%
167.9
162.2
5.7
3.5
%
Total revenues
$
435.1
$
360.8
$
74.2
20.6
%
$
1,202.1
$
1,040.8
$
161.3
15.5
%
Three months ended
September 30,
Increase
(decrease)
Nine months ended
September 30,
Increase
(decrease)
Benefits
2026
2025
Amount
Percent
2026
2025
Amount
Percent
Revenues
Payment processing revenue
$
25.8
$
23.8
$
2.0
8.5
%
$
88.3
$
80.8
$
7.6
9.3
%
Account servicing revenue
110.2
113.3
(3.1
)
(2.7
)%
332.1
339.7
(7.6
)
(2.2
)%
Finance fee revenue
0.1
—
—
NM
0.2
0.1
0.1
NM
Other revenue
71.5
61.0
10.5
17.3
%
209.2
172.0
37.2
21.6
%
Total revenues
$
207.6
$
198.1
$
9.5
4.8
%
$
629.8
$
592.5
$
37.2
6.3
%
Three months ended
September 30,
Increase
(decrease)
Nine months ended
September 30,
Increase
(decrease)
Corporate Payments
2026
2025
Amount
Percent
2026
2025
Amount
Percent
Revenues
Payment processing revenue
$
113.6
$
109.7
$
3.9
3.5
%
$
312.1
$
293.1
$
19.0
6.5
%
Account servicing revenue
19.4
18.3
1.1
5.9
%
50.8
47.0
3.7
7.9
%
Finance fee revenue
0.1
0.3
(0.1
)
NM
0.7
1.0
(0.3
)
NM
Other revenue
4.3
4.5
(0.2
)
(5.1
)%
12.0
13.4
(1.4
)
(10.2
)%
Total revenues
$
137.4
$
132.8
$
4.6
3.5
%
$
375.6
$
354.5
$
21.1
5.9
%
NM - Not meaningful
Exhibit 5
Segment Adjusted Operating Income and Adjusted Operating Income Margin Information
(in millions)
(unaudited)
Segment Adjusted
Operating Income
Segment Adjusted
Operating Income Margin 7
Three Months Ended September 30,
Three Months Ended September 30,
2026
2025
2026
2025
Mobility
$
203.9
$
146.7
46.9
%
40.7
%
Benefits
87.5
86.7
42.2
%
43.8
%
Corporate Payments
68.5
63.8
49.9
%
48.0
%
Total segment adjusted operating income
$
360.0
$
297.2
46.1
%
43.0
%
Segment Adjusted
Operating Income
Segment Adjusted
Operating Income Margin 7
Nine Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Mobility
$
511.1
$
412.2
42.5
%
39.6
%
Benefits
271.2
258.5
43.1
%
43.6
%
Corporate Payments
171.1
153.7
45.6
%
43.4
%
Total segment adjusted operating income
$
953.4
$
824.4
43.2
%
41.5
%
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Adjusted operating income
$
332.5
$
273.5
$
875.3
$
750.3
Adjusted operating income margin 8
42.6
%
39.5
%
39.6
%
37.7
%