NYSE : WEX
WEX Inc. — Financial statements
Technology · Software - Infrastructure · United States
Last price 184.61 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 6.07B
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Financial statements
WEX Inc. (WEX) reported revenue of 2.88B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 2.37B | 2.19B | 2.19B | 2.17B | 2.09B | 1.64B |
| Other Revenue | 512.40M | 470.70M | 438.80M | 373.70M | 264.90M | 209.40M |
| Revenue | 2.88B | 2.66B | 2.63B | 2.55B | 2.35B | 1.85B |
| Cost of Revenue | 751.60M | 751.20M | 724.40M | 694.90M | 624.10M | 535.70M |
| Gross Profit | 2.13B | 1.91B | 1.90B | 1.85B | 1.73B | 1.31B |
| Selling, General & Admin | 798.30M | 717.20M | 711.50M | 751.20M | 655.70M | 643.60M |
| Other Operating Expenses | 116.50M | 109.00M | 104.10M | 84.20M | 20.60M | 9.20M |
| Operating Expenses | 1.35B | 1.24B | 1.21B | 1.20B | 1.12B | 970.60M |
| Operating Income | 776.60M | 673.90M | 698.60M | 651.70M | 606.40M | 344.30M |
| Interest Expense | -217.80M | -240.60M | -235.90M | -204.60M | -47.50M | -89.20M |
| Currency Exchange Gain (Loss) | 7.10M | -200.00K | -26.10M | 4.90M | -22.70M | -12.30M |
| Other Non Operating Income (Expenses) | -200.00K | -100.00K | 3.60M | |||
| EBT Excluding Unusual Items | 565.70M | 433.00M | 436.60M | 452.00M | 536.20M | 246.40M |
| Merger & Restructuring Charges | -12.30M | -4.60M | -2.40M | |||
| Impairment of Goodwill | -136.50M | |||||
| Asset Writedown | -9.90M | -9.90M | ||||
| Other Unusual Items | -1.30M | -2.90M | -6.50M | -78.60M | -139.10M | -40.10M |
| Pretax Income | 554.50M | 420.20M | 417.80M | 368.80M | 260.60M | 203.90M |
| Income Tax Expense | 149.90M | 116.10M | 108.20M | 102.20M | 93.10M | 67.80M |
| Earnings From Continuing Operations | 404.60M | 304.10M | 309.60M | 266.60M | 167.50M | 136.10M |
| Minority Interest in Earnings | 33.90M | -136.00M | ||||
| Net Income | 404.60M | 304.10M | 309.60M | 266.60M | 201.40M | 100.00K |
| Net Income to Common | 404.60M | 304.10M | 309.60M | 266.60M | 201.40M | 100.00K |
| Shares Outstanding (Basic) | 34.45M | 35.50M | 40.80M | 42.80M | 44.40M | 44.70M |
| Shares Outstanding (Diluted) | 34.85M | 35.90M | 41.30M | 43.30M | 44.70M | 45.30M |
| EPS (Basic) | 11.74 | 8.57 | 7.59 | 6.23 | 4.54 | 0.00 |
| EPS (Diluted) | 11.61 | 8.47 | 7.50 | 6.16 | 4.50 | 0.00 |
| Free Cash Flow | -291.30M | 313.70M | 334.10M | 764.30M | 566.50M | -128.60M |
| Free Cash Flow Per Share | -8.36 | 8.74 | 8.09 | 17.65 | 12.67 | -2.84 |
| Gross Margin | 73.91% | 71.77% | 72.44% | 72.73% | 73.45% | 71.05% |
| Operating Margin | 26.96% | 25.33% | 26.58% | 25.58% | 25.80% | 18.61% |
| Profit Margin | 14.05% | 11.43% | 11.78% | 10.46% | 8.57% | 0.01% |
| Free Cash Flow Margin | -10.11% | 11.79% | 12.71% | 30.00% | 24.10% | -6.95% |
| EBITDA | 977.50M | 874.40M | 910.20M | 849.20M | 792.30M | 542.70M |
| EBITDA Margin | 33.94% | 32.86% | 34.63% | 33.33% | 33.71% | 29.33% |
| D&A For EBITDA | 200.90M | 200.50M | 211.60M | 197.50M | 185.90M | 198.40M |
| EBIT | 776.60M | 673.90M | 698.60M | 651.70M | 606.40M | 344.30M |
| EBIT Margin | 26.96% | 25.33% | 26.58% | 25.58% | 25.80% | 18.61% |
| Effective Tax Rate | 27.03% | 27.63% | 25.90% | 27.71% | 35.73% | 33.25% |
| Revenue as Reported | 2.88B | 2.66B | 2.63B | 2.55B | 2.35B | 1.85B |
| Advertising Expenses | 42.90M | 31.50M | 27.10M | 23.40M | 20.60M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 593.20M | 905.80M | 595.80M | 975.80M | 922.00M | 588.92M |
| Short-Term Investments | 4.67B | 4.33B | 3.76B | 3.02B | 1.40B | 948.68M |
| Trading Asset Securities | 45.30M | 100.00K | ||||
| Cash & Short-Term Investments | 5.27B | 5.24B | 4.36B | 4.00B | 2.36B | 1.54B |
| Accounts Receivable | 5.56B | 3.50B | 3.13B | 3.57B | 3.43B | 3.03B |
| Other Receivables | 38.30M | 36.30M | 30.90M | 24.70M | 9.30M | 4.20M |
| Receivables | 5.60B | 3.54B | 3.16B | 3.59B | 3.44B | 3.03B |
| Prepaid Expenses | 91.50M | 131.00M | 123.30M | 63.60M | 63.90M | 59.33M |
| Restricted Cash | 580.90M | 772.70M | 837.80M | 1.25B | 937.80M | 667.91M |
| Other Current Assets | 2.00M | 30.40M | 34.90M | 25.50M | 11.00M | 4.97M |
| Total Current Assets | 11.54B | 9.71B | 8.52B | 8.94B | 6.82B | 5.30B |
| Property, Plant & Equipment | 267.20M | 304.90M | 315.80M | 304.70M | 269.10M | 259.01M |
| Long-Term Investments | 205.50M | 116.80M | 91.60M | 66.80M | 84.10M | 54.55M |
| Goodwill | 3.03B | 3.02B | 2.98B | 3.02B | 2.73B | 2.91B |
| Other Intangible Assets | 1.01B | 1.09B | 1.26B | 1.46B | 1.47B | 1.64B |
| Long-Term Accounts Receivable | 34.10M | 36.20M | 29.10M | 33.10M | 37.90M | 40.72M |
| Long-Term Deferred Tax Assets | 17.40M | 16.90M | 18.30M | 13.70M | 13.40M | 5.63M |
| Long-Term Deferred Charges | 14.70M | 15.80M | 13.80M | 5.20M | 4.37M | |
| Other Long-Term Assets | 96.70M | 93.50M | 92.10M | 40.30M | 99.90M | 91.67M |
| Total Assets | 16.20B | 14.40B | 13.32B | 13.88B | 11.53B | 10.31B |
| Accounts Payable | 2.05B | 1.07B | 1.09B | 1.48B | 1.37B | 1.02B |
| Accrued Expenses | 536.60M | 608.00M | 552.70M | 713.80M | 589.20M | 527.59M |
| Short-Term Debt | 1.81B | 1.27B | 1.24B | 986.00M | 149.50M | 100.86M |
| Current Portion of Long-Term Debt | 54.70M | 54.70M | 52.10M | 55.10M | 53.10M | 54.91M |
| Current Portion of Leases | 9.50M | 10.10M | 12.00M | 11.80M | ||
| Current Unearned Revenue | 28.20M | 26.70M | 28.60M | 12.40M | 8.10M | |
| Other Current Liabilities | 6.78B | 6.25B | 5.35B | 5.26B | 4.12B | 2.69B |
| Total Current Liabilities | 11.25B | 9.29B | 8.33B | 8.52B | 6.29B | 4.40B |
| Long-Term Debt | 3.46B | 3.53B | 3.08B | 2.83B | 2.52B | 2.70B |
| Long-Term Leases | 54.00M | 60.40M | 66.00M | 70.60M | 81.05M | |
| Long-Term Unearned Revenue | 48.90M | 64.80M | 51.30M | 83.00M | 87.00M | 58.90M |
| Long-Term Deferred Tax Liabilities | 210.90M | 187.30M | 145.60M | 129.50M | 142.20M | 192.97M |
| Other Long-Term Liabilities | 75.80M | 40.30M | 166.10M | 436.30M | 763.60M | 783.57M |
| Total Liabilities | 15.04B | 13.16B | 11.83B | 12.06B | 9.88B | 8.21B |
| Common Stock | 500.00K | 500.00K | 500.00K | 500.00K | 500.00K | 492.00K |
| Additional Paid-In Capital | 1.31B | 1.21B | 1.15B | 1.05B | 928.00M | 844.05M |
| Retained Earnings | 2.69B | 2.37B | 2.07B | 1.76B | 1.49B | 1.29B |
| Treasury Stock | -2.48B | -2.22B | -1.42B | -760.80M | -463.20M | -172.34M |
| Comprehensive Income & Other | -371.50M | -128.10M | -312.20M | -229.20M | -306.30M | -122.52M |
| Total Common Equity | 1.15B | 1.23B | 1.49B | 1.82B | 1.65B | 1.84B |
| Minority Interest | 254.11M | |||||
| Shareholders' Equity | 1.15B | 1.23B | 1.49B | 1.82B | 1.65B | 2.09B |
| Total Liabilities & Equity | 16.20B | 14.40B | 13.32B | 13.88B | 11.53B | 10.31B |
| Total Debt | 5.32B | 4.92B | 4.45B | 3.95B | 2.81B | 2.93B |
| Net Cash (Debt) | -54.30M | 316.80M | -85.30M | 51.30M | -444.60M | -1.40B |
| Net Cash Per Share | -1.56 | 8.82 | -2.07 | 1.18 | -9.95 | -30.84 |
| Filing Date Shares Outstanding | 32.86M | 34.31M | 38.82M | 41.73M | 43.13M | 44.83M |
| Total Common Shares Outstanding | 33.30M | 34.30M | 39.00M | 41.90M | 43.22M | 44.83M |
| Working Capital | 290.30M | 426.40M | 188.20M | 416.10M | 523.00M | 899.81M |
| Book Value Per Share | 34.60 | 35.99 | 38.17 | 43.45 | 38.17 | 41.02 |
| Tangible Book Value | -2.88B | -2.87B | -2.75B | -2.65B | -2.55B | -2.71B |
| Tangible Book Value Per Share | -86.55 | -83.64 | -70.63 | -63.34 | -59.07 | -60.51 |
| Machinery | 47.10M | 51.10M | 51.90M | 83.20M | 84.36M | |
| Construction In Progress | 19.02M | |||||
| Leasehold Improvements | 18.60M | 18.60M | 20.80M | 24.10M | 25.21M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 404.60M | 304.10M | 309.60M | 266.60M | 201.40M | 100.00K |
| Depreciation & Amortization | 200.90M | 200.50M | 211.60M | 197.50M | 185.90M | 198.40M |
| Other Amortization | 130.60M | 130.60M | 109.70M | 78.70M | 78.00M | 74.20M |
| Asset Writedown & Restructuring Costs | 136.50M | |||||
| Loss (Gain) From Sale of Investments | -86.40M | |||||
| Stock-Based Compensation | 129.50M | 100.30M | 112.20M | 127.00M | 97.90M | 74.80M |
| Provision & Write-off of Bad Debts | 106.00M | 78.40M | 68.20M | 89.80M | 179.90M | 45.10M |
| Other Operating Activities | 36.50M | 54.40M | 41.40M | 153.70M | 81.70M | 176.80M |
| Change in Accounts Receivable | -400.60M | -400.60M | 325.20M | -195.10M | -602.70M | -959.10M |
| Change in Accounts Payable | -20.10M | -20.10M | -396.30M | 115.40M | 348.70M | 253.00M |
| Change in Income Taxes | 30.00M | 30.00M | -31.30M | -8.20M | 8.60M | 4.10M |
| Change in Other Net Operating Assets | -742.30M | -23.30M | -268.90M | 82.50M | 49.90M | 90.00M |
| Operating Cash Flow | -124.90M | 454.30M | 481.40M | 907.90M | 679.40M | -42.60M |
| Capital Expenditures | -166.40M | -140.60M | -147.30M | -143.60M | -112.90M | -86.00M |
| Cash Acquisitions | -900.00K | -402.00M | -558.80M | |||
| Sale (Purchase) of Intangibles | -58.60M | -73.10M | -5.10M | -4.50M | -3.30M | |
| Investment in Securities | -809.40M | -488.00M | -807.40M | -1.59B | -600.40M | -956.20M |
| Other Investing Activities | 4.80M | 100.00K | 4.10M | -100.00K | -100.00K | |
| Investing Cash Flow | -1.03B | -696.90M | -960.60M | -2.14B | -716.70M | -1.60B |
| Short-Term Debt Issued | 18.41B | 3.21B | 58.90M | 54.10M | 2.20M | |
| Long-Term Debt Issued | 11.08B | 10.30B | 9.42B | 2.39B | 1.76B | |
| Total Debt Issued | 39.19B | 29.50B | 13.51B | 9.48B | 2.44B | 1.76B |
| Short-Term Debt Repaid | -18.39B | -2.18B | ||||
| Long-Term Debt Repaid | -10.62B | -10.82B | -8.42B | -2.57B | -1.99B | |
| Total Debt Repaid | -38.91B | -29.02B | -13.00B | -8.42B | -2.57B | -1.99B |
| Net Debt Issued (Repaid) | 285.00M | 480.20M | 514.50M | 1.06B | -129.00M | -228.90M |
| Issuance of Common Stock | 5.00M | 44.20M | ||||
| Repurchase of Common Stock | -267.40M | -799.80M | -652.00M | -303.40M | -301.70M | -23.50M |
| Other Financing Activities | 845.10M | 738.50M | -122.80M | 813.00M | 1.11B | 1.80B |
| Financing Cash Flow | 862.70M | 418.90M | -260.30M | 1.57B | 681.30M | 1.60B |
| Foreign Exchange Rate Adjustments | -10.80M | 65.10M | -53.50M | 27.40M | -41.10M | -25.40M |
| Miscellaneous Cash Flow Adjustments | 100.00K | 100.00K | ||||
| Net Cash Flow | -307.30M | 241.40M | -793.00M | 370.30M | 602.90M | -72.80M |
| Free Cash Flow | -291.30M | 313.70M | 334.10M | 764.30M | 566.50M | -128.60M |
| Free Cash Flow Margin | -10.11% | 11.79% | 12.71% | 30.00% | 24.10% | -6.95% |
| Free Cash Flow Per Share | -8.36 | 8.74 | 8.09 | 17.65 | 12.67 | -2.84 |
| Levered Free Cash Flow | 531.05M | 1.10B | 910.59M | 1.44B | 1.74B | 1.01B |
| Unlevered Free Cash Flow | 667.17M | 1.25B | 1.06B | 1.57B | 1.77B | 1.06B |
| Cash Interest Paid | 333.60M | 333.60M | 328.50M | 247.90M | 129.40M | 132.20M |
| Cash Income Tax Paid | 44.50M | 44.50M | 131.90M | 130.30M | 142.80M | 50.60M |
| Change in Working Capital | -1.13B | -414.00M | -371.30M | -5.40M | -195.50M | -612.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.07B | 5.11B | 6.97B | 8.31B | 7.13B | 6.29B |
| Enterprise Value | 6.12B | 5.19B | 7.30B | 8.30B | 7.96B | 8.97B |
| Last Close Price | 184.61 | 148.98 | 175.32 | 194.55 | 163.65 | 140.39 |
| PE Ratio | 15.91 | 16.80 | 22.53 | 31.19 | 35.42 | 62,920.75 |
| Forward PE | 8.18 | 8.68 | 10.80 | 12.33 | 12.00 | 13.61 |
| PS Ratio | 2.11 | 1.92 | 2.65 | 3.26 | 3.04 | 3.40 |
| PB Ratio | 5.34 | 4.14 | 4.68 | 4.57 | 4.33 | 3.01 |
| P/FCF Ratio | 16.28 | 20.88 | 10.88 | 12.59 | ||
| P/OCF Ratio | 11.24 | 14.49 | 9.16 | 10.50 | ||
| PEG Ratio | 0.59 | 1.07 | 1.23 | 0.94 | 0.80 | 0.72 |
| EV/Sales Ratio | 2.13 | 1.95 | 2.78 | 3.26 | 3.38 | 4.85 |
| EV/EBITDA Ratio | 6.26 | 5.94 | 8.02 | 9.77 | 10.04 | 16.52 |
| EV/EBIT Ratio | 7.88 | 7.71 | 10.44 | 12.74 | 13.12 | 26.05 |
| EV/FCF Ratio | 16.55 | 21.84 | 10.86 | 14.05 | ||
| Debt / Equity Ratio | 4.62 | 3.99 | 2.99 | 2.17 | 1.70 | 1.40 |
| Debt / EBITDA Ratio | 5.38 | 5.56 | 4.81 | 4.56 | 3.46 | 5.18 |
| Debt / FCF Ratio | 15.69 | 13.31 | 5.16 | 4.96 | ||
| Net Debt / Equity Ratio | 0.05 | -0.26 | 0.06 | -0.03 | 0.27 | 0.67 |
| Net Debt / EBITDA Ratio | 0.06 | -0.36 | 0.09 | -0.06 | 0.56 | 2.57 |
| Net Debt / FCF Ratio | -0.19 | -1.01 | 0.26 | -0.07 | 0.79 | -10.86 |
| Asset Turnover | 0.19 | 0.19 | 0.19 | 0.20 | 0.21 | 0.20 |
| Quick Ratio | 0.97 | 0.94 | 0.90 | 0.89 | 0.92 | 1.04 |
| Current Ratio | 1.03 | 1.05 | 1.02 | 1.05 | 1.08 | 1.21 |
| Return on Equity (ROE) | 35.64% | 22.33% | 18.71% | 15.37% | 8.95% | 6.59% |
| Return on Assets (ROA) | 3.17% | 3.04% | 3.21% | 3.21% | 3.47% | 2.33% |
| Return on Invested Capital (ROIC) | 62.73% | 39.15% | 30.97% | 24.39% | 13.96% | 5.86% |
| Return on Capital Employed (ROCE) | 15.70% | 13.20% | 14.00% | 12.20% | 11.60% | 5.80% |
| Earnings Yield | 6.29% | 5.95% | 4.44% | 3.21% | 2.82% | 0.00% |
| FCF Yield | -4.80% | 6.14% | 4.79% | 9.19% | 7.94% | -2.04% |
| Buyback Yield / Dilution | 6.25% | 13.08% | 4.62% | 3.13% | 1.32% | -3.33% |