WEX Inc.

WEX 10-K · FY 2025
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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 2,660.8 2,628.1 +1.2%
Show Product Lines breakouts
Account servicing revenue 726 690.6 +5.1%
Finance fee revenue 321.3 298.2 +7.7%
Payment processing revenue 1,142.8 1,200.5 -4.8%
Product And Service Other 470.7 438.9 +7.2%
Show Business Segments breakouts
Benefits 797.4 739.5 +7.8%
Corporate Payments 477.4 487.8 -2.1%
Mobility 1,386 1,400.8 -1.1%
Show Geography breakouts
Non Us 325 338.7 -4.0%
US 2,335.7 2,289.5 +2.0%
Direct Operating Costs 665.2 647.7 +2.7%
Service Fees 95.9 83.7 +14.6%
Show Business Segments breakouts
Benefits 77.6 64.8 +19.8%
Corporate Payments 10.8 11.7 -7.7%
Mobility 7.5 7.2 +4.2%
Provision For Other Credit Losses 78.4 68.2 +15.0%
Show Business Segments breakouts
Benefits -0.5 -0.5 0.0%
Corporate Payments 15.5 7.7 +101.3%
Mobility 63.4 61 +3.9%
Interest Expense Operating Cost Of Revenue 109 104.1 +4.7%
Show Business Segments breakouts
Benefits 5.2 4.6 +13.0%
Corporate Payments 19.7 9.7 +103.1%
Mobility 84.1 89.7 -6.2%
Cost Of Goods And Services Sold Depreciation And Amortization 152.1 134 +13.5%
Cost of Revenue 1,100.6 1,037.8 +6.1%
General & Administrative 330.2 375.8 -12.1%
Sales & Marketing 387 341 +13.5%
Depreciation And Amortization 179 187.3 -4.4%
Operating Income 663.9 686.3 -3.3%
Financing Interest Expense Net Of Financial Instruments -240.6 -235.9 -2.0%
Foreign Currency Transaction Gain Loss Before Tax -0.2 -26.1 +99.2%
Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1 -2.9 -6.5 +55.4%
Income Before Taxes 420.2 417.8 +0.6%
Income Tax Expense (Benefit) 116.1 108.2 +7.3%
Net Income 304.1 309.6 -1.8%
Show Equity Components breakouts
Retained Earnings 304.1 309.6 -1.8%
EPS (Basic) 8.57 7.59 +12.9%
EPS (Diluted) 8.47 7.5 +12.9%
Wtd Avg Shares (Basic) 35.5 40.8 -13.0%
Wtd Avg Shares (Diluted) 35.9 41.3 -13.1%
Revenue 1,845.4 1,867.3 -1.2%
Show Product Lines breakouts
Account servicing revenue 560.1 534.3 +4.8%
Account servicing revenue · Benefits 453.9 445.2 +2.0%
Account servicing revenue · Corporate Payments 63 50.2 +25.5%
Account servicing revenue · Mobility 43.1 39 +10.5%
Payment processing revenue 1,142.8 1,200.5 -4.8%
Payment processing revenue · Benefits 104.2 96.2 +8.3%
Payment processing revenue · Corporate Payments 395.9 409.7 -3.4%
Payment processing revenue · Mobility 642.7 694.5 -7.5%
Product And Service Other 142.5 132.5 +7.5%
Product And Service Other · Benefits 43 31.5 +36.5%
Product And Service Other · Corporate Payments 0.2 — —
Product And Service Other · Mobility 99.3 101 -1.7%
Show Business Segments breakouts
Benefits 601 572.9 +4.9%
Corporate Payments 459.2 459.9 -0.2%
Mobility 785.2 834.5 -5.9%
Other Revenue 815.4 761 +7.1%
Show Business Segments breakouts
Benefits 196.4 166.7 +17.8%
Corporate Payments 18.2 27.9 -34.8%
Mobility 600.8 566.4 +6.1%
Interest Income (FY) — — —
Show Business Segments breakouts
Benefits 196.2 163.3 +20.1%
Corporate Payments 12.9 22.7 -43.2%
Mobility 15.3 13.4 +14.2%
Comprehensive Income 488.2 226.5 +115.5%
Other Comprehensive Income 184.1 -83.1 +321.5%
Net Income Loss Available To Common Stockholders Basic 304.1 309.6 -1.8%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 905.8 595.8 +52.0%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 7.1 — —
Accounts And Other Receivables Net Current 3,362.6 3,008.6 +11.8%
Show Pledged Status breakouts
Asset Pledged As Collateral 204.1 — —
Short-Term Investments 4,332.9 3,764.7 +15.1%
Prepaid Expenses & Other Current Assets 215.4 199 +8.2%
Total Current Assets 9,713 8,515.5 +14.1%
Non-Current Assets
Property, Plant & Equipment 253.7 261.2 -2.9%
Show Geography breakouts
Non Us 9.7 9.6 +1.0%
US 244 251.6 -3.0%
Goodwill 3,015.3 2,983.4 +1.1%
Show Business Segments breakouts
Benefits 863.4 863.4 0.0%
Corporate Payments 790.6 765.5 +3.3%
Mobility 1,361.3 1,354.5 +0.5%
Long Term Investments 94.2 80.5 +17.0%
Deferred Tax Assets 16.9 18.3 -7.7%
Other Non-Current Assets 218.2 202.8 +7.6%
Total Assets 14,399.5 13,321.6 +8.1%
Operating Lease Right-of-Use Assets 51.2 54.6 -6.2%
Intangible Assets 1,088.2 1,260 -13.6%
Show Finite Lived Intangible Assets By Major Class breakouts
Acquired software and developed technology 41.7 63.3 -34.1%
Contractual Rights 162.7 199.7 -18.5%
Customer Relationships 789.9 888.4 -11.1%
Merchant networks and other partner relationships 77.9 87.3 -10.8%
Other Intangible Assets 2 4.5 -55.6%
Trade names and brand names 14 16.9 -17.2%
Other Assets
Restricted Cash 772.7 837.8 -7.8%
Accounts Receivable From Securitization 123.7 109.6 +12.9%
Intangible Assets Net Excluding Goodwill 1,088.2 1,260 -13.6%
Current Liabilities
Restricted Cash Liability Current 771.5 837 -7.8%
Deposit Liability Current 5,423.1 4,452.7 +21.8%
Debt Current 1,326.4 1,293.2 +2.6%
Total Current Liabilities 9,286.6 8,327.3 +11.5%
Deferred Revenue (Current) (Q) — — —
Show Balance Sheet Location breakouts
Accrued expenses and other current liabilities 26.7 28.6 -6.6%
Current Portion of Long-Term Debt 54.7 52.1 +5.0%
Non-Current Liabilities
Accounts Payable Current And Noncurrent 1,070.4 1,090.9 -1.9%
Long-Term Debt 3,532 3,082.1 +14.6%
Deferred Tax Liabilities 187.3 145.6 +28.6%
Other Non-Current Liabilities 159.1 277.7 -42.7%
Total Liabilities 13,165 11,832.8 +11.3%
Operating Lease Liabilities 54 60.4 -10.6%
Contract With Customer Liability Noncurrent (Q) — — —
Show Balance Sheet Location breakouts
Other Liabilities 64.8 51.3 +26.3%
Other Liabilities
Accrued Expenses And Other Current Liabilities 695.2 653.6 +6.4%
Stockholders' Equity
Common Stock 0.5 0.5 0.0%
Additional Paid-In Capital 1,208.9 1,149.7 +5.1%
Retained Earnings 2,370.8 2,066.8 +14.7%
Accumulated Other Comprehensive Income -128.1 -312.3 +59.0%
Treasury Stock Common Value -2,217.6 -1,416 -56.6%
Total Stockholders' Equity 1,234.5 1,488.8 -17.1%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -128.1 -312.3 +59.0%
Additional Paid In Capital 1,208.9 1,149.7 +5.1%
Common Stock 0.5 0.5 0.0%
Retained Earnings 2,370.8 2,066.8 +14.7%
Treasury Stock Common -2,217.6 -1,416 -56.6%
Total Liabilities & Equity 14,399.5 13,321.6 +8.1%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Stock-Based Compensation 100.3 112.2 -10.6%
Show Consolidation Items breakouts
Material Reconciling Items 103.5 111.9 -7.5%
Depreciation & Amortization 331.1 321.3 +3.1%
Amortization of Financing Costs 8.9 11 -19.1%
Deferred Income Taxes 43.6 11.1 +292.8%
Other Nonoperating Gains Losses 1.8 19.4 -90.7%
Increase Decrease In Accounts Receivable And Securitized Receivables -400.6 325.2 -223.2%
Change in Prepaid & Other Assets 5.2 -44.1 +111.8%
Change in Accounts Payable -20.1 -396.3 +94.9%
Increase Decrease In Accrued Liabilities And Other Current And Long Term Liabilities -28.5 -224.8 +87.3%
Increase Decrease In Accrued Income Taxes Payable 30 -31.3 +195.8%
Net Cash from Operations 454.3 481.4 -5.6%
Investing Activities
Capital Expenditures -140.6 -147.3 +4.5%
Payments To Acquire Equity Securities F V N I And Other Investments -12.4 -54.2 +77.1%
Purchases of Investments -1,725.3 -1,259.6 -37.0%
Proceeds From Sale And Maturity Of Available For Sale Securities 1,249.7 506.4 +146.8%
Payments To Acquire Intangible Assets -73.1 -5.1 -1333.3%
Other Investing Activities 4.7 — —
Net Cash from Investing -696.9 -960.6 +27.5%
Financing Activities
Share Repurchases -799.8 -652 -22.7%
Change In Restricted Cash Payable -112.3 -387.7 +71.0%
Increase Decrease In Deposits 967.8 382.6 +153.0%
Proceeds From Federal Home Loan Bank Borrowings 18,392.5 3,215 +472.1%
Repayments Of Federal Home Loan Bank Borrowings -18,392.5 -2,110 -771.7%
Proceeds From Repayments Of Other Debt 21.9 -67.4 +132.5%
Proceeds From Lines Of Credit 10,084.8 8,659.5 +16.5%
Repayments Of Lines Of Credit -10,562 -8,415.9 -25.5%
Proceeds From Issuance Of Other Long Term Debt 447.8 68.3 +555.6%
Repayments Of Other Long Term Debt -62.3 -60 -3.8%
Proceeds From Issuance Of Senior Long Term Debt 550 — —
Payments For Deferred And Contingent Consideration Liabilities Financing Activities -76.7 -93.7 +18.1%
Proceeds From Payments For Other Financing Activities -40.4 -24.1 -67.6%
Net Cash from Financing 418.9 -260.3 +260.9%
Supplemental
Interest Paid 333.6 328.5 +1.6%
Unpaid Capital Expenditures 8.8 6.5 +35.4%
Share Repurchase Program Excise Tax 7.3 — —
Income Taxes Paid 44.5 131.9 -66.3%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 65.1 -53.5 +221.7%
Net Change in Cash 241.4 -793 +130.4%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1,678.4 1,437 +16.8%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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