WEX Inc. Reports Third Quarter 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 ended September 30, 2025.

“Our strategy to return to revenue growth was demonstrated in the third quarter with both revenue and earnings exceeding the high end of our guidance ranges,” said Melissa Smith, WEX’s Chair, Chief Executive Officer, and President. “We are focused on driving continued momentum by executing on our three strategic pillars: amplifying our core business, expanding our reach, and accelerating innovation. The third quarter marked a turning point with acceleration in revenue growth, and we are confident in our ability to deliver sustainable growth, attractive margins, and robust cash flow for our shareholders. Thank you to our more than 6,500 WEXers for their continued innovation, execution, and passion in support of our valued customers’ success around the world.”

Third Quarter 2025 Financial Results

(Results are compared to the prior year period unless otherwise noted)

Total revenue for the third quarter of 2025 of $691.8 million increased 3.9%, driven by strength across the Benefits and Corporate Payments segments. The revenue increase in the quarter includes a $6.0 million unfavorable impact from fuel prices and spreads and a $2.7 million favorable impact from foreign exchange rates.

Net income was $80.3 million, or $2.30 per diluted share, a decrease of 8.7%. Adjusted net income was $159.7 million, or $4.59 per diluted share, up 5.5%. Operating income margin was 26.5% compared to 29.5%. Total adjusted operating income margin was 39.5% compared to 44.0% 1.

Third 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)

“Our third-quarter results highlight the resiliency of our business,” said Jagtar Narula, WEX’s Chief Financial Officer. “Even amid a challenged macro environment, we’re executing effectively, with sequential improvements and new business wins driving momentum. We remain focused on disciplined investment in our core and maintaining financial flexibility, positioning WEX to capture growth and operating leverage as market conditions improve.”

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:

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 nine months ended September 30, 2025; and in Exhibit 3, a table of selected other metrics for the quarter ended September 30, 2025 and the four preceding quarters. See segment revenue for the three and nine months ended September 30, 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, October 30, 2025, 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 October 30 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 at least Thursday, November 6, 2025. 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.

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 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.

2 Please see the reconciliation of this non-GAAP measure to operating cash flow in Exhibit 1.

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.

WEX INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

(unaudited)

Three months ended September 30,

Nine months ended September 30,

2025

2024

2025

2024

Revenues

Payment processing revenue

301.7

309.9

858.8

930.3

Account servicing revenue

185.3

174.6

542.3

516.5

Finance fee revenue

83.2

70.5

239.3

218.6

Other revenue

121.5

110.5

347.6

326.3

Total revenues

691.8

665.5

1,987.9

1,991.6

Cost of services

Processing costs

163.1

156.0

491.9

489.0

Service fees

22.6

20.7

71.5

62.4

Provision for credit losses

20.4

9.7

57.9

52.6

Operating interest

29.2

28.3

82.0

77.6

Depreciation and amortization

39.0

34.6

113.7

98.6

Total cost of services

274.3

249.2

817.0

780.2

General and administrative

92.0

92.1

251.9

281.6

Sales and marketing

97.3

80.9

285.9

259.9

Depreciation and amortization

44.7

46.9

135.5

140.9

Operating income

183.6

196.4

497.6

529.0

Financing interest expense, net of financial instruments

(63.8

)

(58.4

)

(181.8

)

(178.5

)

Change in fair value of contingent consideration

(0.7

)

(0.1

)

(2.3

)

(3.5

)

Net foreign currency (loss) gain

(2.6

)

3.2

(3.3

)

(9.7

)

Income before income taxes

116.4

141.1

310.2

337.2

Income tax expense

36.2

38.2

90.3

91.6

Net income

80.3

102.9

219.8

245.7

Net income per share:

Basic

2.34

2.56

6.13

5.95

Diluted

2.30

2.52

6.07

5.89

Weighted average common shares outstanding:

Basic

34.4

40.3

35.8

41.3

Diluted

34.8

40.8

36.2

41.7

WEX INC. CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions)

(unaudited)

September 30,

2025

December 31,

2024

Assets

Cash and cash equivalents

812.9

595.8

Restricted cash

668.6

837.8

Accounts receivable, net

3,816.1

3,008.6

Investment securities

4,129.2

3,764.7

Securitized accounts receivable, restricted

138.9

109.6

Prepaid expenses and other current assets

149.7

199.0

Total current assets

9,715.5

8,515.5

Property, equipment and capitalized software

258.5

261.2

Goodwill and other intangible assets

4,146.8

4,243.3

Investment securities

81.0

80.5

Deferred income taxes, net

16.8

18.3

Other assets

214.7

202.8

Total assets

14,433.3

13,321.6

Liabilities and Stockholders’ Equity

Accounts payable

1,460.4

1,090.9

Accrued expenses and other current liabilities

665.9

653.6

Restricted cash payable

667.4

837.0

Short-term deposits

5,152.9

4,452.7

Short-term debt, net

1,306.8

1,293.2

Total current liabilities

9,253.4

8,327.3

Long-term debt, net

3,719.1

3,082.1

Deferred income taxes, net

174.6

145.6

Other liabilities

167.8

277.7

Total liabilities

13,314.9

11,832.8

Total stockholders’ equity

1,118.4

1,488.8

Total liabilities and stockholders’ equity

14,433.3

13,321.6

WEX INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(unaudited)

Nine Months Ended September 30,

2025

2024

Cash flows from operating activities

159.6

(157.0

)

Cash flows from investing activities

Purchases of property, equipment and capitalized software

(102.2

)

(108.6

)

Purchase of other investments

(11.7

)

(18.0

)

Purchases of available-for-sale debt securities

(923.6

)

(900.9

)

Sales and maturities of available-for-sale debt securities

653.4

309.4

Acquisition of intangible assets

(14.5

)

(5.1

)

Other investing activities

4.4

(0.9

)

Net cash used for investing activities

(394.3

)

(724.0

)

Cash flows from financing activities

Repurchases of common stock

(799.8

)

(543.6

)

Net change in deposits

697.6

388.8

Net change in restricted cash payable

(215.6

)

(480.4

)

Payments of deferred and contingent consideration

(76.7

)

(93.7

)

Other financing activities

(39.3

)

(23.5

)

Net debt activity 1

650.7

711.3

Net cash provided by financing activities

216.8

(41.1

)

Effect of exchange rates on cash, cash equivalents and restricted cash

62.3

3.9

Net change in cash, cash equivalents and restricted cash

44.4

(918.2

)

Cash, cash equivalents and restricted cash, beginning of period

1,437.0

2,230.0

Cash, cash equivalents and restricted cash, end of period

1,481.5

1,311.8

1 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 September 30,

2025

2024

per diluted share

Net income

80.3

2.30

102.9

2.52

Unrealized gain on financial instruments

(0.3

)

(0.01

)

(0.9

)

(0.02

)

Net foreign currency loss (gain)

2.6

0.07

(3.2

)

(0.08

)

Change in fair value of contingent consideration

0.7

0.02

0.1

—

Acquisition-related intangible amortization

47.9

1.38

50.4

1.24

Other acquisition and divestiture related items

5.0

0.14

2.4

0.06

Stock-based compensation

34.7

1.00

29.8

0.73

Other costs

3.6

0.10

12.6

0.31

Debt restructuring and debt issuance cost amortization

2.3

0.07

4.3

0.11

Tax related items

(17.1

)

(0.49

)

(20.9

)

(0.51

)

Adjusted net income

159.7

4.59

177.5

4.35

Nine Months Ended September 30,

2025

2024

per diluted share

Net income

219.8

6.07

245.7

5.89

Unrealized gain on financial instruments

(0.7

)

(0.02

)

(0.6

)

(0.01

)

Net foreign currency loss

3.3

0.09

9.7

0.23

Change in fair value of contingent consideration

2.3

0.06

3.5

0.08

Acquisition-related intangible amortization

145.1

4.01

151.9

3.64

Other acquisition and divestiture related items

9.4

0.26

9.3

0.22

Stock-based compensation

80.4

2.22

89.8

2.15

Other costs

22.9

0.63

37.8

0.91

Debt restructuring and debt issuance cost amortization

6.3

0.17

12.0

0.29

Tax related items

(54.4

)

(1.50

)

(71.1

)

(1.70

)

Adjusted net income

434.3

11.99

488.1

11.70

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,

2025

(margin) 1

2024

(margin) 1

2025

(margin) 1

2024

(margin) 1

Operating income

183.6

26.5

196.4

29.5

497.6

25.0

529.0

26.6

Unallocated corporate expenses

23.7

24.1

74.1

73.8

Acquisition-related intangible amortization

47.9

50.4

145.1

151.9

Other acquisition and divestiture related items

3.8

1.6

5.0

5.4

Stock-based compensation

34.7

29.8

80.4

89.8

Other costs

3.6

14.8

22.3

42.0

Total segment adjusted operating income

297.2

43.0

317.1

47.6

824.4

41.5

891.9

44.8

Unallocated corporate expenses

(23.7

)

(24.1

)

(74.1

)

(73.8

)

Adjusted operating income

273.5

39.5

293.0

44.0

750.3

37.7

818.1

41.1

1 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 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.

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 and for internal budgeting and forecasting purposes for both short- and long-term operating plans.

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 also be useful to investors when evaluating the Company’s 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. In addition, 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

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:

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Operating cash flow

376.6

3.3

159.6

(157.0

)

Adjustments to operating cash flow, as reported:

Change in WEX Bank cash balances

(47.5

)

125.3

(162.3

)

383.8

Other adjustments 1

1.5

—

61.9

67.1

Net Funding Activity 2

(178.1

)

372.2

693.0

792.0

Net sales and maturities (purchases) of current investment securities

48.7

(276.3

)

(273.3

)

(584.8

)

Capital expenditures

(35.0

)

(35.0

)

(102.2

)

(108.6

)

Adjusted free cash flow

166.2

189.5

376.7

392.5

1 For the nine months ended September 30, 2025 and 2024, other adjustments is substantially comprised of contingent and deferred consideration paid to sellers in excess of acquisition-date fair value.

2 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.

Exhibit 2

Impact of Certain Macro Factors on Reported Revenue and Adjusted Net Income

(in millions, except per share data)

(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,

2025

2024

2025

2024

2025

2024

2025

2024

Reported revenue

360.8

357.2

198.1

181.5

132.8

126.9

691.8

665.5

FX impact (favorable) / unfavorable

(0.9

)

—

(1.9

)

(2.7

)

PPG impact (favorable) / unfavorable

6.0

—

6.0

Nine months ended September 30,

2025

2024

2025

2024

2025

2024

2025

2024

Reported revenue

1,040.8

1,055.6

592.5

552.5

354.5

383.5

1,987.9

1,991.6

FX impact (favorable) / unfavorable

(0.4

)

—

(1.7

)

(2.1

)

PPG impact (favorable) / unfavorable

30.4

—

30.4

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,

2025

2024

2025

2024

2025

2024

FX impact (favorable) / unfavorable

—

(1.2

)

—

PPG impact (favorable) / unfavorable

3.7

—

Nine months ended September 30,

2025

2024

2025

2024

2025

2024

FX impact (favorable) / unfavorable

(0.6

)

—

(0.3

)

—

(1.6

)

—

PPG impact (favorable) / unfavorable

19.0

—

To determine the estimated adjusted net income 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 adjusted net income 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 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

Mobility:

Payment processing transactions (1)

140.0

139.2

134.5

138.5

146.5

Payment processing gallons of fuel (2)

3,639.8

3,625.4

3,527.7

3,600.7

3,730.5

Average US fuel price (US$ / gallon)

3.38

3.28

3.32

3.25

3.45

Payment processing $ of fuel (3)

12,641.4

12,216.2

12,017.9

12,003.4

13,227.5

Net payment processing rate (4)

1.33

1.31

1.30

1.36

1.38

Payment processing revenue

168.2

160.4

156.4

163.4

183.2

Net late fee rate (5)

0.53

0.54

0.53

0.57

0.45

Late fee revenue (6)

67.2

65.9

63.7

68.4

59.0

Corporate Payments:

Purchase volume (7)

23,176.6

20,496.8

17,285.2

16,541.3

23,394.4

Net interchange rate (8)

0.47

0.48

0.50

0.52

0.45

Payment solutions processing revenue

109.7

97.7

85.7

85.5

104.8

Benefits:

Average number of SaaS accounts (9)

21.5

21.2

21.5

20.4

20.3

Purchase volume (10)

1,770.5

2,002.6

2,329.9

1,617.1

1,645.7

Average HSA custodial cash assets

4,808.5

4,705.4

4,608.9

4,366.0

4,315.0

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) Purchase volume represents the total dollar value of all WEX issued transactions that use WEX corporate card products and virtual card products.

(8) 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.

(9) Average number of SaaS accounts represents the number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms.

(10) Purchase volume represents the total dollar value of all transactions where interchange is earned by WEX.

Exhibit 4

Segment Revenue Information

(in millions)

(unaudited)

Three months ended September 30,

Increase (decrease)

Nine months ended September 30,

Increase (decrease)

Mobility

2025

2024

Amount

Percent

2025

2024

Amount

Percent

Revenues

Payment processing revenue

168.2

183.2

(15.0

)

(8.2

484.9

531.1

(46.2

)

(8.7

Account servicing revenue

53.7

49.0

4.7

9.6

155.6

145.2

10.4

7.2

Finance fee revenue

82.9

70.2

12.7

18.1

238.1

217.9

20.2

9.3

Other revenue

56.0

54.7

1.3

2.4

162.2

161.4

0.8

0.5

Total revenues

360.8

357.2

3.7

1.0

1,040.8

1,055.6

(14.8

)

(1.4

Three months ended September 30,

Increase (decrease)

Nine months ended September 30,

Increase (decrease)

Corporate Payments

2025

2024

Amount

Percent

2025

2024

Amount

Percent

Revenues

Payment processing revenue

109.7

104.8

4.9

4.7

293.1

324.2

(31.1

)

(9.6

Account servicing revenue

18.3

15.5

2.8

18.2

47.0

35.8

11.2

31.3

Finance fee revenue

0.3

0.2

—

1.0

0.4

0.7

Other revenue

4.5

6.4

(1.9

)

(29.2

13.4

23.1

(9.7

)

(42.1

Total revenues

132.8

126.9

5.9

4.7

354.5

383.5

(29.0

)

(7.6

Three months ended September 30,

Increase (decrease)

Nine months ended September 30,

Increase (decrease)

Benefits

2025

2024

Amount

Percent

2025

2024

Amount

Percent

Revenues

Payment processing revenue

23.8

21.9

1.9

8.7

80.8

75.0

5.8

7.7

Account servicing revenue

113.3

110.0

3.2

2.9

339.7

335.5

4.2

1.3

Finance fee revenue

—

0.1

—

0.1

0.3

(0.1

)

Other revenue

61.0

49.4

11.6

23.4

172.0

141.8

30.2

21.3

Total revenues

198.1

181.5

16.7

9.2

592.5

552.5

40.0

7.2

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 (1)

Three Months Ended September 30,

2025

2024

2025

2024

Mobility

146.7

167.1

40.7

46.8

Corporate Payments

63.8

71.5

48.0

56.4

Benefits

86.7

78.4

43.8

43.2

Total segment adjusted operating income

297.2

317.1

43.0

47.6

Segment Adjusted Operating Income

Segment Adjusted Operating Income Margin (1)

Nine Months Ended September 30,

2025

2024

2025

2024

Mobility

412.2

452.4

39.6

42.9

Corporate Payments

153.7

210.5

43.4

54.9

Benefits

258.5

229.0

43.6

41.4

Total segment adjusted operating income

824.4

891.9

41.5

44.8

1 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.

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Adjusted operating income

273.5

293.0

750.3

818.1

Adjusted operating income margin (1)

39.5

44.0

37.7

41.1

1 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.