WEX Inc. WEX

Industrials SIC 7389 - Services-Business Services, NEC NAICS Administrative and Support and Waste Management and Remediation Services › Administrative and Support Services derived NYSE

WEX is a global commerce platform that provides seamlessly embedded, personalized payments solutions across three business segments: Mobility, Benefits, and Corporate Payments. Our purpose is to simplify the business of running a business. That purpose has become increasingly relevant as organizations face rising complexity driven by fragmented systems, manual workflows, increasing costs, and greater compliance demands. These challenges slow decision-making and introduce additional operational risk. Leveraging our deep industry expertise, WEX has developed platforms and proprietary networks that address these issues by delivering the technologies and services that enable our customers to achieve greater speed and efficiency, cost savings, accuracy, and insight across financial and administrative workflows.

Last close 197.46 2026-10-23
Market cap $6.73B 2026-06-30 share count
52-week range 125.29 - 203.99

Valuation FY2025 figures against the last close

P/S3.6x
P/E23.3x
P/FCF21.5x
EV/EBITDA5.1x
Dividend yield—
Diluted EPS8.47

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Mobility
  • Benefits
  • Corporate Payments
Revenue by segment, 3 categories over 3 years. The same figures are in the table below. FY2025 Mobility, FY2025: 785.2M (42.5%) 43% Mobility Benefits, FY2025: 601M (32.6%) 33% Benefits Corporate Payments, FY2025: 459.2M (24.9%) 25% Corporate Payments FY2024 Mobility, FY2024: 834.5M (44.7%) 45% Benefits, FY2024: 572.9M (30.7%) 31% Corporate Payments, FY2024: 459.9M (24.6%) 25% FY2023 Mobility, FY2023: 809.3M (44.0%) 44% Benefits, FY2023: 559M (30.4%) 30% Corporate Payments, FY2023: 470.1M (25.6%) 26%
Segment FY2025FY2024FY2023
Mobility $785.2M $834.5M $809.3M
Benefits $601.0M $572.9M $559.0M
Corporate Payments $459.2M $459.9M $470.1M

As the company reported it, from the “Revenue - Schedule of Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $1.85B$1.87B$1.84B$1.69B$1.35B$1.13B$1.21B$996.8M$1.25B$1.01B
Cost of revenue $1.10B$1.04B$973.3M$930.5M$702.1M$673.2M$659.8M$547.9M$514.3M$458.8M
Gross profit $744.8M$829.5M$865.1M$759.2M$643.7M$455.8M$547.7M$448.8M$734.3M$553.7M
SG&A $330.2M$375.8M$428.0M$343.9M$326.9M$292.1M$275.8M$209.3M$184.3M$185.6M
Total operating expenses ————————$1.01B$823.3M
Operating income $663.9M$686.3M$647.1M$469.8M$342.0M-$91.7M$385.8M$380.6M$233.4M$158.5M
Interest expense ———$130.7M$128.4M$157.1M$134.7M$105.0M$31.9M$17.1M
Pre-tax income $420.2M$417.8M$368.8M$260.5M$203.9M-$301.1M$216.5M$238.6M$174.4M$48.9M
Income tax $116.1M$108.2M$102.2M$93.1M$67.8M$20.6M$61.2M$68.8M$15.4M$28.6M
Net income $304.1M$309.6M$266.6M$167.2M$135.3M-$283.9M$156.3M$168.3M$160.1M$20.3M
EPS, basic 8.577.596.234.540.00-5.562.293.903.720.58
EPS, diluted 8.477.506.164.500.00-5.562.263.863.710.57
Shares, diluted (wtd. avg.) 35.9M41.3M43.3M44.7M45.3M43.8M43.8M43.6M43.1M40.9M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $905.8M$595.8M$2.23B$1.86B$1.26B$852.0M$810.9M$541.5M$503.5M$190.9M
Short-term investments $4.33B$3.76B$3.02B$1.40B$948.7M$0————
Total current assets $9.71B$8.52B$8.94B$6.82B$5.30B$3.50B$3.84B$3.40B$3.21B—
Property, plant and equipment $253.7M$261.2M$242.9M$202.2M$179.5M$188.3M$212.5M$187.9M$163.9M$167.3M
Goodwill $3.02B$2.98B$3.02B$2.73B$2.91B$2.69B$2.44B$1.83B$1.88B$1.84B
Other intangibles $1.09B$1.26B$1.46B$1.47B$1.64B$1.55B$1.58B$1.03B$1.15B$1.27B
Total assets $14.40B$13.32B$13.88B$11.53B$10.31B$8.18B$8.30B$6.77B$6.69B$6.00B
Short-term debt $54.7M$52.1M$55.1M$53.1M$155.8M$152.7M$248.5M$216.5M$397.2M—
Total current liabilities $9.29B$8.33B$8.52B$6.29B$4.40B$2.74B$3.05B$2.31B$2.58B—
Long-term debt $3.53B$3.08B$2.83B$2.52B$2.70B$2.87B$2.69B$2.13B$2.03B—
Total liabilities $13.16B$11.83B$12.06B$9.88B$8.21B$6.15B$6.21B$4.97B$5.06B$4.49B
Retained earnings $2.37B$2.07B$1.76B$1.49B$1.29B$1.29B$1.54B$1.48B$1.31B$1.24B
Total equity $1.23B$1.49B$1.82B$1.65B$1.84B$1.88B$1.93B$1.80B$1.63B$1.42B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $454.3M$481.4M$907.9M$679.4M-$42.6M$736.8M$663.2M$400.2M$135.4M-$141.2M
Depreciation and amortisation $331.1M$321.3M$276.2M$263.9M$272.6M$261.9M$237.1M$199.8M$203.7M$141.7M
Stock-based compensation $100.3M$112.2M$127.0M$97.9M$74.8M$63.9M$45.8M$33.9M$30.5M$19.7M
Capital expenditure $140.6M$147.3M$143.6M$112.9M$86.0M$80.5M$102.9M$87.2M$79.3M$61.8M
Investing cash flow -$696.9M-$960.6M-$2.14B-$716.7M-$1.60B-$329.1M-$990.6M-$254.2M-$168.1M-$1.16B
Financing cash flow $418.9M-$260.3M$1.57B$681.3M$1.60B-$59.0M$749.8M-$102.7M$359.4M$1.22B
Buybacks $799.8M$652.0M$303.4M$282.8M$0$0——$0$0

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001309108-26-000010.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B Revenue, FY2016: 1B Gross profit, FY2016: 553.7M Net income, FY2016: 20.3M Revenue, FY2017: 1.2B Gross profit, FY2017: 734.3M Net income, FY2017: 160.1M Revenue, FY2018: 996.8M Gross profit, FY2018: 448.8M Net income, FY2018: 168.3M Revenue, FY2019: 1.2B Gross profit, FY2019: 547.7M Net income, FY2019: 156.3M Revenue, FY2020: 1.1B Gross profit, FY2020: 455.8M Net income, FY2020: -283.9M Revenue, FY2021: 1.3B Gross profit, FY2021: 643.7M Net income, FY2021: 135.3M Revenue, FY2022: 1.7B Gross profit, FY2022: 759.2M Net income, FY2022: 167.2M Revenue, FY2023: 1.8B Gross profit, FY2023: 865.1M Net income, FY2023: 266.6M Revenue, FY2024: 1.9B Gross profit, FY2024: 829.5M Net income, FY2024: 309.6M Revenue, FY2025: 1.8B Gross profit, FY2025: 744.8M Net income, FY2025: 304.1M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.01B $1.25B $996.8M $1.21B $1.13B $1.35B $1.69B $1.84B $1.87B $1.85B
Gross profit $553.7M $734.3M $448.8M $547.7M $455.8M $643.7M $759.2M $865.1M $829.5M $744.8M
Net income $20.3M $160.1M $168.3M $156.3M -$283.9M $135.3M $167.2M $266.6M $309.6M $304.1M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event Item 8.01
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 7389

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MA Mastercard Inc $550.02B 37.7x 16.4%
ACN Accenture plc $152.67B 20.5x 7.4%
UBER Uber Technologies, Inc $136.24B 14.1x 18.3%
MELI MERCADOLIBRE INC $91.77B 45.9x 34.3%
DASH DoorDash, Inc. $77.93B 84.2x 27.9%
EBAY EBAY INC $54.03B 28.0x 7.9%
PYPL PayPal Holdings, Inc. $50.30B 10.5x 4.3%
MSCI MSCI Inc. $44.76B 39.2x 9.7%