WEX Inc. (WEX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 23, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the WEX SEC filings page.
WEX Inc. (WEX) reported $2.8B in revenue over the twelve months to Jun 30, 2026, up 7.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Cash-generative profit persists, but flat growth now sits beside thinner margins and a balance sheet increasingly shaped by buybacks and debt.
In FY2025, operating cash flow of$454M exceeded net income of$304M , so reported earnings converted into cash rather than depending on accruals. Free cash flow was$314M , however, indicating that recurring capital spending still absorbs part of that cash before it is available for discretionary uses.
Revenue was nearly flat at
Debt-to-equity rose from 2.1x to 2.9x in one year, making the capital structure more leveraged. With a current ratio near 1.0x and
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of WEX Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
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 89/100, reflecting efficient cost management and pricing power. This is down from 26.1% the prior year.
WEX Inc.'s revenue grew a modest 1.2% year-over-year to $2.7B. This slow but positive growth earns a score of 38/100.
WEX Inc. has elevated debt relative to equity (D/E of 2.86), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 25/100, reflecting increased financial risk.
WEX Inc.'s current ratio of 1.05 is below the typical benchmark, resulting in a score of 21/100. This tight liquidity could limit financial flexibility if cash inflows slow.
WEX Inc. converts 11.8% of revenue into free cash flow ($313.7M). This strong cash generation earns a score of 79/100.
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 75/100. This is up from 20.8% the prior year.
WEX Inc. scores 0.87, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
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.
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
Earnings & Revenue
WEX Inc. generated $753.5M in revenue in Q2 2026. This represents an increase of 14.2% from the same quarter a year earlier. Against the prior quarter it is up 11.8%.
WEX Inc.'s EBITDA was $246.9M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 21.7% from the same quarter a year earlier. Against the prior quarter it is up 3.0%.
WEX Inc. reported $108.5M in net income in Q2 2026. This represents an increase of 59.3% from the same quarter a year earlier. Against the prior quarter it is up 39.6%.
WEX Inc. earned $3.11 per diluted share (EPS) in Q2 2026. This represents an increase of 57.1% from the same quarter a year earlier. Against the prior quarter it is up 40.1%.
Cash & Balance Sheet
WEX Inc. recorded an outflow of $121.1M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 152.7% from the same quarter a year earlier. Against the prior quarter it is up 67.1%.
WEX Inc. held $1.2B in cash against $3.5B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
WEX Inc.'s gross margin was 61.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 2.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.1 percentage points.
WEX Inc.'s operating margin was 27.0% in Q2 2026, reflecting core business profitability. This is up 3.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.5 percentage points.
WEX Inc.'s net profit margin was 14.4% in Q2 2026, showing the share of revenue converted to profit. This is up 4.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.9 percentage points.
WEX Inc.'s ROE was 8.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 1.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.0 percentage points.
Capital Allocation
WEX Inc. spent $63.8M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 557.7% from the same quarter a year earlier.
WEX Inc. invested $43.5M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 25.7% from the same quarter a year earlier. Against the prior quarter it is up 16.0%.
Not reported for Q2 2026.
WEX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $753.5M+14.2% | $673.8M+5.8% | $672.8M+5.7% | $691.8M+4.0% | $659.6M-2.1% | $636.6M-2.5% | $636.4M-4.1% | $665.5M+2.2% |
| Cost of Revenue | $289.7M+6.2% | $280.1M+3.7% | $283.6M+10.1% | $274.3M+10.1% | $272.7M+3.4% | $270.0M+1.0% | $257.6M+0.7% | $249.2M+6.0% |
| Gross Profit | $463.8M+19.9% | $393.7M+7.4% | $389.2M+2.7% | $417.5M+0.3% | $386.9M-5.6% | $366.6M-4.9% | $378.8M-7.0% | $416.3M0.0% |
| SG&A Expenses | $104.3M+20.9% | $87.3M+18.5% | $78.2M-17.0% | $92.0M-0.1% | $86.3M-14.6% | $73.7M-16.7% | $94.2M-19.0% | $92.1M-21.0% |
| Operating Income | $203.2M+29.6% | $158.2M+0.6% | $166.2M+5.7% | $183.6M-6.5% | $156.8M-6.7% | $157.3M-4.4% | $157.3M-0.8% | $196.4M+12.3% |
| EBITDA | $246.9M+21.7% | $239.8M+0.4% | $325.1M+6.1% | $228.3M-6.2% | $202.8M-5.7% | $238.8M-1.7% | $306.4M+7.8% | $243.3M+12.2% |
| Income Tax | $41.9M+66.3% | $30.8M+6.6% | $25.8M+54.5% | $36.2M-5.2% | $25.2M-13.4% | $28.9M+19.4% | $16.7M-28.9% | $38.2M+46.9% |
| Net Income | $108.5M+59.3% | $77.7M+8.7% | $84.2M+31.8% | $80.3M-22.0% | $68.1M-11.6% | $71.5M+8.7% | $63.9M-24.7% | $102.9M+459.2% |
| EPS (Basic) | $3.13+58.1% | $2.25+22.3% | $2.44+48.8% | $2.34-8.6% | $1.98+7.0% | $1.84+17.2% | $1.64-18.0% | $2.56+495.3% |
| EPS (Diluted) | $3.11+57.1% | $2.22+22.7% | $2.40+49.1% | $2.30-8.7% | $1.98+8.2% | $1.81+16.8% | $1.61-18.7% | $2.52+500.0% |
| Diluted Shares (Avg) | 35M+1.5% | 35M-11.2% | N/A | 35M-14.7% | 34M-18.1% | 39M-7.1% | N/A | 41M-6.0% |
Not reported in any period shown, so not listed: R&D Expenses, Interest Expense.
WEX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $16.5B+12.4% | $15.4B+10.5% | $14.4B+8.1% | $14.4B+3.4% | $14.7B+3.0% | $14.0B-3.2% | $13.3B-4.0% | $14.0B+0.4% |
| Current Assets | $11.8B+19.3% | $10.7B+16.8% | $9.7B+14.1% | $9.7B+6.7% | $9.9B+5.5% | $9.2B-3.8% | $8.5B-4.7% | $9.1B-0.2% |
| Cash & Equivalents | $1.2B+50.3% | $633.5M+3.8% | $905.8M+52.0% | $812.9M+51.8% | $772.6M+13.2% | $610.3M-21.7% | $595.8M-38.9% | $535.4M-44.1% |
| Short-Term Investments | $4.9B+19.3% | $4.8B+24.7% | $4.3B+15.1% | $4.1B+10.9% | $4.1B+24.7% | $3.8B+15.8% | $3.8B+24.6% | $3.7B+41.8% |
| Long-Term Investments | $106.8M+32.0% | $92.8M+13.7% | $94.2M+17.0% | $81.0M+9.9% | $80.9M+23.1% | $81.6M+23.4% | $80.5M+20.5% | $73.7M+57.5% |
| Goodwill | $3.0B+0.4% | $3.0B+1.1% | $3.0B+1.1% | $3.0B-0.4% | $3.0B+0.2% | $3.0B-0.5% | $3.0B-1.1% | $3.0B+8.2% |
| Total Liabilities | $15.2B+10.7% | $14.2B+7.6% | $13.2B+11.3% | $13.3B+8.4% | $13.7B+9.9% | $13.2B+4.0% | $11.8B-1.9% | $12.3B+0.7% |
| Current Liabilities | $11.3B+19.0% | $10.2B+16.6% | $9.3B+11.5% | $9.3B+6.1% | $9.5B+4.7% | $8.8B-2.5% | $8.3B-2.3% | $8.7B-1.6% |
| Non-Current Liabilities | $3.9B-8.2% | $3.9B-10.5% | $3.9B+10.6% | $4.1B+13.9% | $4.2B+23.7% | $4.4B+20.1% | $3.5B-1.0% | $3.6B+6.5% |
| Long-Term Debt | $3.5B-9.9% | $3.6B-12.0% | $3.5B+14.6% | $3.7B+18.3% | $3.9B+32.1% | $4.1B+33.0% | $3.1B+9.0% | $3.1B+18.6% |
| Total Equity | $1.3B+37.4% | $1.3B+57.3% | $1.2B-17.1% | $1.1B-33.3% | $978.7M-45.1% | $810.4M-54.4% | $1.5B-18.2% | $1.7B-1.1% |
| Retained Earnings | $2.6B+15.9% | $2.4B+14.5% | $2.4B+14.7% | $2.3B+14.2% | $2.2B+16.1% | $2.1B+17.3% | $2.1B+17.6% | $2.0B+19.8% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable.
WEX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$77.6M-129.3% | -$330.8M+31.3% | $294.7M-53.8% | $376.6M+11312.1% | $264.6M+3880.0% | -$481.6M-214.2% | $638.4M-16.2% | $3.3M-92.9% |
| Depreciation & Amortization | $43.7M-5.0% | $81.6M+0.1% | $81.9M+0.1% | $44.7M-4.7% | $46.0M-1.9% | $81.5M+4.0% | $81.8M+9.2% | $46.9M+11.7% |
| Stock-Based Compensation | $36.4M+14.8% | $27.5M+118.3% | N/A | $33.5M+16.7% | $31.7M-5.1% | $12.6M-55.2% | N/A | $28.7M-5.9% |
| Capital Expenditures | $43.5M+25.7% | $37.5M+15.0% | $58.6M+51.4% | $35.0M0.0% | $34.6M-12.6% | $32.6M-4.1% | $38.7M-7.6% | $35.0M-3.8% |
| Free Cash Flow | -$121.1M-152.7% | -$368.3M+28.4% | $236.1M-60.6% | $341.6M+1177.6% | $230.0M+593.6% | -$514.2M-174.5% | $599.7M-16.7% | -$31.7M-413.9% |
| Investing Cash Flow | -$255.9M+34.8% | -$524.1M-2130.2% | -$302.6M-27.9% | $21.5M+106.7% | -$392.3M-362.1% | -$23.5M+92.6% | -$236.6M+58.3% | -$321.3M-29.0% |
| Financing Cash Flow | $873.0M+155.3% | $423.1M+32.9% | $202.1M+192.2% | -$443.6M-136.2% | $342.0M+264.9% | $318.4M-10.1% | -$219.2M-66.1% | -$187.8M-179.3% |
| Share Buybacks | $63.8M+557.7% | $0-100.0% | $0-100.0% | $100K-100.0% | $9.7M-90.3% | $790.0M+973.4% | $108.4M-28.1% | $370.0M+661.3% |
Not reported in any period shown, so not listed: Dividends Paid.
WEX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.6%+2.9pp | 58.4%+0.8pp | 57.9%-1.7pp | 60.4%-2.2pp | 58.7%-2.2pp | 57.6%-1.5pp | 59.5%-1.9pp | 62.5%-1.4pp |
| Operating Margin | 27.0%+3.2pp | 23.5%-1.2pp | 24.7%0.0pp | 26.5%-3.0pp | 23.8%-1.2pp | 24.7%-0.5pp | 24.7%+0.8pp | 29.5%+2.7pp |
| Net Margin | 14.4%+4.1pp | 11.5%+0.3pp | 12.5%+2.5pp | 11.6%-3.8pp | 10.3%-1.1pp | 11.2%+1.1pp | 10.0%-2.8pp | 15.5%+12.6pp |
| Return on Equity | 8.1%+1.1pp | 6.1%-2.7pp | 6.8%+2.5pp | 7.2%+1.1pp | 7.0%+2.6pp | 8.8%+5.1pp | 4.3%-0.4pp | 6.1%+5.1pp |
| Return on Assets | 0.7%+0.2pp | 0.5%0.0pp | 0.6%+0.1pp | 0.6%-0.2pp | 0.5%-0.1pp | 0.5%+0.1pp | 0.5%-0.1pp | 0.7%+0.6pp |
| Current Ratio | 1.040.0x | 1.050.0x | 1.050.0x | 1.050.0x | 1.040.0x | 1.050.0x | 1.020.0x | 1.040.0x |
| Debt-to-Equity | 2.62-1.4x | 2.83-2.2x | 2.86+0.8x | 3.33+1.5x | 3.99+2.3x | 5.06+3.3x | 2.07+0.5x | 1.87+0.3x |
| Asset Turnover | 0.050.0x | 0.040.0x | 0.050.0x | 0.050.0x | 0.040.0x | 0.050.0x | 0.050.0x | 0.050.0x |
| FCF Margin | -16.1%-50.9pp | -54.7%+26.1pp | 35.1%-59.1pp | 49.4%+54.1pp | 34.9%+41.8pp | -80.8%-52.1pp | 94.2% | -4.8%-6.3pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| WEX Inc. WEX | FY2025 | $2.7B | $304.1M | 11.4% | $5.8B | 55/100 |
| Confluent, Inc. CFLT | FY2025 | $1.2B | -$295.3M | -25.3% | $11.1B | 51/100 |
| UiPath, Inc. PATH | FY2026 | $1.6B | $282.3M | 17.5% | $6.8B | 57/100 |
| SentinelOne, Inc. S | FY2026 | $1.0B | -$450.7M | -45.0% | $8.7B | 45/100 |
| ACI Worldwide, Inc. ACIW | FY2025 | $1.8B | $226.7M | 12.9% | $5.1B | 65/100 |
| Varonis Systems, Inc. VRNS | FY2025 | $623.5M | -$129.3M | -20.7% | $5.5B | 54/100 |
Where WEX Inc. Ranks
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.
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 P/E ratio?
WEX Inc. (WEX) trades at 16.4x earnings, its market capitalization divided by net income of $350.7M net income, trailing 12 months to June 30, 2026. The market capitalization is $5.8B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is WEX Inc.'s price-to-sales ratio?
WEX Inc. (WEX) trades at 2.1x sales, its market capitalization divided by revenue of $2.8B revenue, trailing 12 months to June 30, 2026. The market capitalization is $5.8B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is WEX Inc.'s Altman Z-Score?
WEX Inc. (WEX) has an Altman Z-Score of 0.87, 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 to 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 55 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.