What is Wex Inc's earnings per share (EPS)?

Wex Inc (WEX) reported diluted earnings per share of $8.47 for fiscal year 2025. This represents a 12.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Wex Inc Financials

WEX

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Wex Inc (WEX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 49/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Wex Inc has an operating margin of 24.9%, meaning the company retains $25 of operating profit per $100 of revenue. This strong profitability earns a score of 78/100, reflecting efficient cost management and pricing power. This is down from 26.1% the prior year.

Growth

Wex Inc's revenue grew a modest 1.2% year-over-year to $2.7B. This slow but positive growth earns a score of 35/100.

Leverage

Wex Inc has a moderate D/E ratio of 2.86. This balance of debt and equity financing earns a leverage score of 44/100.

Liquidity

Wex Inc's current ratio of 1.05 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 16/100, which could limit financial flexibility.

Cash Flow

Wex Inc has a free cash flow margin of 11.8%, earning a moderate score of 54/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Wex Inc earns a strong 24.6% return on equity (ROE), meaning it generates $25 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 66/100. This is up from 20.8% the prior year.

Altman Z-Score Distress

0.84

Wex Inc scores 0.84, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

5/9

Wex Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.49x

For every $1 of reported earnings, Wex Inc generates $1.49 in operating cash flow ($454.3M OCF vs $304.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.7B

YoY+1.2%

5Y CAGR+11.3%

10Y CAGR+12.0%

Wex Inc generated $2.7B in revenue in fiscal year 2025. This represents an increase of 1.2% from the prior year.

EBITDA

$995.0M

YoY-1.3%

5Y CAGR+42.3%

10Y CAGR+12.3%

Wex Inc's EBITDA was $995.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1.3% from the prior year.

Net Income

$304.1M

YoY-1.8%

10Y CAGR+10.6%

Wex Inc reported $304.1M in net income in fiscal year 2025. This represents a decrease of 1.8% from the prior year.

EPS (Diluted)

$8.47

YoY+12.9%

10Y CAGR+12.4%

Wex Inc earned $8.47 per diluted share (EPS) in fiscal year 2025. This represents an increase of 12.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$313.7M

YoY-6.1%

5Y CAGR-13.7%

10Y CAGR-1.9%

Wex Inc generated $313.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 6.1% from the prior year.

Cash & Debt

$905.8M

YoY+52.0%

5Y CAGR+1.2%

10Y CAGR+12.5%

Wex Inc held $905.8M in cash against $3.5B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

34M

YoY-11.6%

5Y CAGR-4.9%

10Y CAGR-1.2%

Wex Inc had 34M shares outstanding in fiscal year 2025. This represents a decrease of 11.6% from the prior year.

Margins & Returns

Gross Margin

58.6%

YoY-1.9pp

5Y CAGR+1.8pp

10Y CAGR-41.0pp

Wex Inc's gross margin was 58.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.9 percentage points from the prior year.

Operating Margin

24.9%

YoY-1.2pp

5Y CAGR+30.8pp

10Y CAGR-1.8pp

Wex Inc's operating margin was 24.9% in fiscal year 2025, reflecting core business profitability. This is down 1.2 percentage points from the prior year.

Net Margin

11.4%

YoY-0.4pp

5Y CAGR+29.6pp

10Y CAGR-1.6pp

Wex Inc's net profit margin was 11.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.4 percentage points from the prior year.

Return on Equity

24.6%

YoY+3.8pp

5Y CAGR+39.5pp

10Y CAGR+14.5pp

Wex Inc's ROE was 24.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$799.8M

YoY+22.7%

10Y CAGR+43.2%

Wex Inc spent $799.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 22.7% from the prior year.

Capital Expenditures

$140.6M

YoY-4.5%

5Y CAGR+11.8%

10Y CAGR+8.3%

Wex Inc invested $140.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 4.5% from the prior year.

WEX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$2.7B+1.2%	$2.6B+3.1%	$2.5B+8.4%	$2.4B+27.0%	$1.9B+18.6%	$1.6B
Cost of Revenue	$1.1B+6.1%	$1.0B+6.6%	$973.3M+4.6%	$930.5M+32.5%	$702.1M+4.3%	$673.2M
Gross Profit	$1.6B-1.9%	$1.6B+1.0%	$1.6B+10.9%	$1.4B+23.7%	$1.1B+29.5%	$886.7M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$330.2M-12.1%	$375.8M-12.2%	$428.0M+24.5%	$343.9M+5.2%	$326.9M+11.9%	$292.1M
Operating Income	$663.9M-3.3%	$686.3M+6.1%	$647.1M+37.7%	$469.8M+37.4%	$342.0M+473.1%	-$91.7M
Interest Expense	N/A	N/A	N/A	$130.7M+1.8%	$128.4M-18.2%	$157.1M
Income Tax	$116.1M+7.3%	$108.2M+5.9%	$102.2M+9.8%	$93.1M+37.3%	$67.8M+429.2%	-$20.6M
Net Income	$304.1M-1.8%	$309.6M+16.1%	$266.6M+59.4%	$167.2M+23.6%	$135.3M+147.6%	-$283.9M
EPS (Diluted)	$8.47+12.9%	$7.50+21.8%	$6.16+36.9%	$4.50	$0.00+100.0%	$-5.56

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$672.8M-2.7%	$691.8M+4.9%	$659.6M+3.6%	$636.6M0.0%	$636.4M-4.4%	$665.5M-1.2%	$673.5M+3.2%	$652.7M
Cost of Revenue	$283.6M+3.4%	$274.3M+0.6%	$272.7M+1.0%	$270.0M+4.8%	$257.6M+3.4%	$249.2M-5.5%	$263.8M-1.3%	$267.2M
Gross Profit	$389.2M-6.8%	$417.5M+7.9%	$386.9M+5.5%	$366.6M-3.2%	$378.8M-9.0%	$416.3M+1.6%	$409.7M+6.3%	$385.5M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$78.2M-15.0%	$92.0M+6.6%	$86.3M+17.1%	$73.7M-21.8%	$94.2M+2.3%	$92.1M-8.8%	$101.0M+14.1%	$88.5M
Operating Income	$166.2M-9.5%	$183.6M+17.1%	$156.8M-0.3%	$157.3M0.0%	$157.3M-19.9%	$196.4M+16.8%	$168.1M+2.2%	$164.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$25.8M-28.7%	$36.2M+43.7%	$25.2M-12.8%	$28.9M+73.1%	$16.7M-56.3%	$38.2M+31.3%	$29.1M+20.2%	$24.2M
Net Income	$84.2M+4.9%	$80.3M+17.9%	$68.1M-4.8%	$71.5M+11.9%	$63.9M-37.9%	$102.9M+33.6%	$77.0M+17.0%	$65.8M
EPS (Diluted)	N/A	$2.30+16.2%	$1.98+9.4%	$1.81	N/A	$2.52+37.7%	$1.83+18.1%	$1.55

WEX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$14.4B+8.1%	$13.3B-4.0%	$13.9B+20.4%	$11.5B+11.9%	$10.3B+25.9%	$8.2B
Current Assets	$9.7B+14.1%	$8.5B-4.7%	$8.9B+31.1%	$6.8B+28.6%	$5.3B+51.3%	$3.5B
Cash & Equivalents	$905.8M+52.0%	$595.8M-38.9%	$975.8M+5.8%	$922.0M+56.6%	$588.9M-30.9%	$852.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$3.0B+1.1%	$3.0B-1.1%	$3.0B+10.5%	$2.7B-6.2%	$2.9B+8.2%	$2.7B
Total Liabilities	$13.2B+11.3%	$11.8B-1.9%	$12.1B+22.1%	$9.9B+20.3%	$8.2B+33.6%	$6.1B
Current Liabilities	$9.3B+11.5%	$8.3B-2.3%	$8.5B+35.4%	$6.3B+43.1%	$4.4B+60.5%	$2.7B
Long-Term Debt	$3.5B+14.6%	$3.1B+9.0%	$2.8B+12.1%	$2.5B-6.4%	$2.7B-6.2%	$2.9B
Total Equity	$1.2B-17.1%	$1.5B-18.2%	$1.8B+10.4%	$1.6B-10.3%	$1.8B-3.5%	$1.9B
Retained Earnings	$2.4B+14.7%	$2.1B+17.6%	$1.8B+17.9%	$1.5B+15.6%	$1.3B+0.2%	$1.3B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$14.4B-0.2%	$14.4B-1.6%	$14.7B+5.1%	$14.0B+4.8%	$13.3B-4.6%	$14.0B-2.0%	$14.2B-1.2%	$14.4B
Current Assets	$9.7B0.0%	$9.7B-1.8%	$9.9B+7.9%	$9.2B+7.7%	$8.5B-6.5%	$9.1B-2.9%	$9.4B-1.6%	$9.5B
Cash & Equivalents	$905.8M+11.4%	$812.9M+5.2%	$772.6M+26.6%	$610.3M+2.4%	$595.8M+11.3%	$535.4M-21.6%	$682.6M-12.4%	$779.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$3.0B+0.1%	$3.0B0.0%	$3.0B+0.7%	$3.0B+0.2%	$3.0B-1.4%	$3.0B+0.6%	$3.0B+0.1%	$3.0B
Total Liabilities	$13.2B-1.1%	$13.3B-2.8%	$13.7B+4.1%	$13.2B+11.2%	$11.8B-3.7%	$12.3B-1.4%	$12.5B-1.4%	$12.6B
Current Liabilities	$9.3B+0.4%	$9.3B-2.6%	$9.5B+8.4%	$8.8B+5.2%	$8.3B-4.5%	$8.7B-3.9%	$9.1B+0.9%	$9.0B
Long-Term Debt	$3.5B-5.0%	$3.7B-4.9%	$3.9B-4.6%	$4.1B+33.0%	$3.1B-1.9%	$3.1B+6.2%	$3.0B-4.0%	$3.1B
Total Equity	$1.2B+10.4%	$1.1B+14.3%	$978.7M+20.8%	$810.4M-45.6%	$1.5B-11.2%	$1.7B-5.9%	$1.8B+0.3%	$1.8B
Retained Earnings	$2.4B+3.7%	$2.3B+3.6%	$2.2B+3.2%	$2.1B+3.5%	$2.1B+3.2%	$2.0B+5.4%	$1.9B+4.2%	$1.8B

WEX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$454.3M-5.6%	$481.4M-47.0%	$907.9M+33.6%	$679.4M+1694.8%	-$42.6M-105.8%	$736.8M
Capital Expenditures	$140.6M-4.5%	$147.3M+2.6%	$143.6M+27.2%	$112.9M+31.3%	$86.0M+6.9%	$80.5M
Free Cash Flow	$313.7M-6.1%	$334.1M-56.3%	$764.3M+34.9%	$566.5M+540.5%	-$128.6M-119.6%	$656.3M
Investing Cash Flow	-$696.9M+27.5%	-$960.6M+55.1%	-$2.1B-198.4%	-$716.7M+55.2%	-$1.6B-386.5%	-$329.1M
Financing Cash Flow	$418.9M+260.9%	-$260.3M-116.5%	$1.6B+130.9%	$681.3M-57.3%	$1.6B+2803.5%	-$59.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$799.8M+22.7%	$652.0M+114.9%	$303.4M+7.3%	$282.8M	$0	$0

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$294.7M-21.7%	$376.6M+42.3%	$264.6M+154.9%	-$481.6M-175.4%	$638.4M+19245.5%	$3.3M+147.1%	-$7.0M+95.4%	-$153.3M
Capital Expenditures	$58.6M+67.4%	$35.0M+1.2%	$34.6M+6.1%	$32.6M-15.8%	$38.7M+10.6%	$35.0M-11.6%	$39.6M+16.5%	$34.0M
Free Cash Flow	$236.1M-30.9%	$341.6M+48.5%	$230.0M+144.7%	-$514.2M-185.7%	$599.7M+1991.8%	-$31.7M+32.0%	-$46.6M+75.1%	-$187.3M
Investing Cash Flow	-$302.6M-1507.4%	$21.5M+105.5%	-$392.3M-1569.4%	-$23.5M+90.1%	-$236.6M+26.4%	-$321.3M-278.4%	-$84.9M+73.3%	-$317.8M
Financing Cash Flow	$202.1M+145.6%	-$443.6M-229.7%	$342.0M+7.4%	$318.4M+245.3%	-$219.2M-16.7%	-$187.8M+9.5%	-$207.4M-158.6%	$354.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0-100.0%	$100K-99.0%	$9.7M-98.8%	$790.0M+628.8%	$108.4M-70.7%	$370.0M+270.0%	$100.0M+35.9%	$73.6M

WEX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	58.6%-1.9pp	60.5%-1.3pp	61.8%+1.4pp	60.4%-1.7pp	62.1%+5.2pp	56.8%
Operating Margin	24.9%-1.2pp	26.1%+0.7pp	25.4%+5.4pp	20.0%+1.5pp	18.5%+24.4pp	-5.9%
Net Margin	11.4%-0.4pp	11.8%+1.3pp	10.5%+3.4pp	7.1%-0.2pp	7.3%+25.5pp	-18.2%
Return on Equity	24.6%+3.8pp	20.8%+6.2pp	14.6%+4.5pp	10.1%+2.8pp	7.4%+22.3pp	-14.9%
Return on Assets	2.1%-0.2pp	2.3%+0.4pp	1.9%+0.5pp	1.5%+0.1pp	1.3%+4.8pp	-3.5%
Current Ratio	1.05+0.0	1.02-0.0	1.05-0.0	1.08-0.1	1.20-0.1	1.28
Debt-to-Equity	2.86+0.8	2.07+0.5	1.55+0.0	1.53+0.1	1.47-0.0	1.51
FCF Margin	11.8%-0.9pp	12.7%-17.3pp	30.0%+5.9pp	24.1%+31.1pp	-7.0%-49.0pp	42.1%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	57.9%-2.5pp	60.4%+1.7pp	58.7%+1.1pp	57.6%-1.9pp	59.5%-3.0pp	62.5%+1.7pp	60.8%+1.8pp	59.1%
Operating Margin	24.7%-1.8pp	26.5%+2.8pp	23.8%-0.9pp	24.7%-0.0pp	24.7%-4.8pp	29.5%+4.5pp	25.0%-0.2pp	25.2%
Net Margin	12.5%+0.9pp	11.6%+1.3pp	10.3%-0.9pp	11.2%+1.2pp	10.0%-5.4pp	15.5%+4.0pp	11.4%+1.3pp	10.1%
Return on Equity	6.8%-0.4pp	7.2%+0.2pp	7.0%-1.9pp	8.8%+4.5pp	4.3%-1.8pp	6.1%+1.8pp	4.3%+0.6pp	3.7%
Return on Assets	0.6%+0.0pp	0.6%+0.1pp	0.5%-0.1pp	0.5%+0.0pp	0.5%-0.3pp	0.7%+0.2pp	0.5%+0.1pp	0.5%
Current Ratio	1.050.0	1.050.0	1.040.0	1.05+0.0	1.02-0.0	1.04+0.0	1.03-0.0	1.06
Debt-to-Equity	2.86-0.5	3.33-0.7	3.99-1.1	5.06+3.0	2.07+0.2	1.87+0.2	1.66-0.1	1.73
FCF Margin	35.1%-14.3pp	49.4%+14.5pp	34.9%+115.6pp	-80.8%-175.0pp	94.2%+99.0pp	-4.8%+2.2pp	-6.9%+21.8pp	-28.7%

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Frequently Asked Questions

What is Wex Inc's annual revenue?

Wex Inc (WEX) reported $2.7B in total revenue for fiscal year 2025. This represents a 1.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Wex Inc's revenue growing?

Wex Inc (WEX) revenue grew by 1.2% year-over-year, from $2.6B to $2.7B in fiscal year 2025.

Is Wex Inc profitable?

Yes, Wex Inc (WEX) reported a net income of $304.1M in fiscal year 2025, with a net profit margin of 11.4%.

What is Wex Inc's EBITDA?

Wex Inc (WEX) had EBITDA of $995.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Wex Inc have?

As of fiscal year 2025, Wex Inc (WEX) had $905.8M in cash and equivalents against $3.5B in long-term debt.

What is Wex Inc's gross margin?

Wex Inc (WEX) had a gross margin of 58.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Wex Inc's operating margin?

Wex Inc (WEX) had an operating margin of 24.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Wex Inc's net profit margin?

Wex Inc (WEX) had a net profit margin of 11.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Wex Inc's return on equity (ROE)?

Wex Inc (WEX) has a return on equity of 24.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Wex Inc's free cash flow?

Wex Inc (WEX) generated $313.7M in free cash flow during fiscal year 2025. This represents a -6.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Wex Inc's operating cash flow?

Wex Inc (WEX) generated $454.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Wex Inc's total assets?

Wex Inc (WEX) had $14.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Wex Inc's capital expenditures?

Wex Inc (WEX) invested $140.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Wex Inc buy back shares?

Yes, Wex Inc (WEX) spent $799.8M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Wex Inc have outstanding?

Wex Inc (WEX) had 34M shares outstanding as of fiscal year 2025.

What is Wex Inc's current ratio?

Wex Inc (WEX) had a current ratio of 1.05 as of fiscal year 2025, which is considered adequate.

What is Wex Inc's debt-to-equity ratio?

Wex Inc (WEX) had a debt-to-equity ratio of 2.86 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Wex Inc's return on assets (ROA)?

Wex Inc (WEX) had a return on assets of 2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Wex Inc's Altman Z-Score?

Wex Inc (WEX) has an Altman Z-Score of 0.84, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Wex Inc's Piotroski F-Score?

Wex Inc (WEX) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Wex Inc's earnings high quality?

Wex Inc (WEX) has an earnings quality ratio of 1.49x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Wex Inc?

Wex Inc (WEX) scores 49 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.