PAR Investment discloses 6.6% WEX Inc. (NYSE: WEX) ownership stake

Rhea-AI Filing Summary

WEX Inc. received an updated ownership report showing that investment firm PAR Investment Partners, L.P. beneficially owns 2,252,000 shares of WEX common stock. This stake represents 6.6% of the company’s outstanding shares, based on 34,288,525 shares outstanding as of September 30, 2025.

PAR reports sole power to vote and dispose of all 2,252,000 shares, with no shared voting or dispositive power. Related entities PAR Group II, L.P. and PAR Capital Management, Inc. may also be deemed beneficial owners through their roles as general partners and manager of PAR Investment Partners.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

WEX Inc.

(Name of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

96208T104

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 96208T104

1

Names of Reporting Persons

PAR Investment Partners, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,252,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,252,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,252,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.6 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: * Based on 34,288,525 shares outstanding on September 30, 2025 as disclosed in the issuer's quarterly report on Form 10-Q filed on 10/30/2025.

SCHEDULE 13G

CUSIP No. 96208T104

1

Names of Reporting Persons

PAR Group II, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,252,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,252,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,252,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.6 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 96208T104

1

Names of Reporting Persons

PAR Capital Management, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,252,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,252,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,252,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.6 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: WEX Inc.
(b)	Address of issuer's principal executive offices: 1 Hancock Street, Portland, ME 04101
Item 2.
(a)	Name of person filing: PAR Investment Partners, L.P.
(b)	Address or principal business office or, if none, residence: 200 Clarendon Street, 48th Floor, Boston, MA 02116
(c)	Citizenship: State of Delaware
(d)	Title of class of securities: Common Stock, $0.01 par value per share
(e)	CUSIP No.: 96208T104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,252,000
(b)	Percent of class: 6.6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,252,000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,252,000
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. The sole general partner of PAR Investment Partners, L.P. is PAR Group II, L.P. The sole general partner of PAR Group II, L.P., is PAR Capital Management, Inc. Each of PAR Group II, L.P. and PAR Capital Management, Inc. may be deemed to be the beneficial owner of all shares held directly by PAR Investment Partners, L.P.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PAR Investment Partners, L.P.

Signature:	Steven M. Smith
Name/Title:	Chief Operating Officer and General Counsel of PAR Capital Management, Inc.
Date:	02/17/2026

PAR Group II, L.P.

Signature:	Steven M. Smith
Name/Title:	Chief Operating Officer and General Counsel of PAR Capital Management, Inc.
Date:	02/17/2026

PAR Capital Management, Inc.

Signature:	Steven M. Smith
Name/Title:	Chief Operating Officer and General Counsel
Date:	02/17/2026

FAQ

What percentage of WEX (WEX) does PAR Investment Partners own?

PAR Investment Partners beneficially owns 6.6% of WEX Inc. The firm reports holding 2,252,000 shares of WEX common stock, calculated against 34,288,525 shares outstanding as of September 30, 2025, as disclosed in WEX’s quarterly report.

How many WEX (WEX) shares does PAR Investment Partners report holding?

PAR Investment Partners reports beneficial ownership of 2,252,000 WEX shares. The filing states this entire amount is subject to sole voting and sole dispositive power, with no shared voting or shared dispositive authority reported by the PAR entities.

Which entities related to PAR are listed as WEX (WEX) beneficial owners?

PAR Investment Partners, L.P., PAR Group II, L.P., and PAR Capital Management, Inc. are listed. PAR Group II is the sole general partner of PAR Investment Partners, and PAR Capital Management, Inc. is the sole general partner of PAR Group II, so each may be deemed a beneficial owner.

What is the basis for the 6.6% WEX (WEX) ownership calculation?

The 6.6% stake is based on 34,288,525 WEX shares outstanding. That outstanding share count comes from WEX Inc.’s Form 10-Q for the period ended September 30, 2025, which PAR references when calculating its percentage ownership.

Does PAR report shared voting or dispositive power over WEX (WEX) shares?

PAR reports only sole voting and sole dispositive power over the WEX shares. The disclosure lists 2,252,000 shares with sole voting and dispositive power and explicitly shows zero shares with shared voting or shared dispositive power among the reporting persons.

What type of securities in WEX (WEX) does PAR hold?

PAR holds WEX Inc. common stock with a $0.01 par value per share. The filing identifies the securities as common stock of WEX Inc., referencing CUSIP 96208T104, and all reported ownership figures relate to this single class of securities.