WEX Inc. income statement
In fiscal 2025, WEX Inc. reported revenue of $2.66bn, up 1.2% on the year before, operating income of $664m (a 25.0% margin) and net income of $304m, or $8.47 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 315 | 390 | 553 | 623 | 717 | 818 | 855 | 1,012 | 1,249 | 1,493 | 1,724 | 1,560 | 1,851 | 2,351 | 2,548 | 2,628 | 2,661 | 2,880 |
| Cost of revenue | — | — | — | — | — | — | — | 459 | 514 | 548 | 660 | 673 | 702 | 931 | 973 | 1,038 | 1,101 | 1,141 |
| Gross profit | — | — | — | — | — | — | — | 554 | 734 | 945 | 1,064 | 887 | 1,148 | 1,420 | 1,575 | 1,590 | 1,560 | 1,740 |
| Selling and marketing | — | — | — | — | — | — | — | 131 | 164 | 229 | 260 | 267 | 319 | 312 | 328 | 341 | 387 | 428 |
| General and administrative | — | — | — | — | — | — | — | 186 | 184 | 209 | 276 | 292 | 327 | 344 | 428 | 376 | 330 | 371 |
| Operating income | 118 | 151 | 233 | 222 | 277 | 306 | 229 | 159 | 233 | 381 | 386 | −92 | 342 | 470 | 647 | 686 | 664 | 767 |
| Interest expense | 10 | 5 | 5 | 5 | 4 | 6 | 6 | 12 | 25 | 105 | 135 | 157 | 128 | 131 | — | — | — | — |
| Net interest income | — | — | — | — | — | 7 | 7 | 17 | 32 | 16 | 9 | 6 | 4 | — | — | — | — | — |
| Provision for credit losses | — | 20 | 28 | 23 | 20 | 32 | 23 | 33 | 64 | 66 | 66 | 78 | 45 | — | — | — | — | — |
| Income before tax | 225 | 145 | 209 | 206 | 238 | 302 | 185 | 49 | 174 | 239 | 217 | −301 | 204 | 261 | 369 | 418 | 420 | 555 |
| Income tax | 86 | 57 | 75 | 109 | 90 | 102 | 75 | 29 | 15 | 69 | 61 | −21 | 68 | 93 | 102 | 108 | 116 | 150 |
| Net income | 140 | 88 | 134 | 97 | 149 | 202 | 111 | 61 | 160 | 168 | 156 | −284 | 135 | 167 | 267 | 310 | 304 | 405 |
| Diluted EPS | $3.55 | $2.25 | $3.43 | $2.48 | $3.82 | $5.18 | $2.62 | $0.57 | $3.71 | $3.86 | $2.26 | −$5.56 | $0.00 | $4.50 | $6.16 | $7.50 | $8.47 | $11.60 |
| Diluted shares (average) | 39m | 39m | 39m | 39m | 39m | 39m | 39m | 41m | 43m | 44m | 44m | 44m | 45m | 45m | 43m | 41m | 36m | 35m |
| EBITDA | 141 | 182 | 281 | 272 | 337 | 377 | 312 | 300 | 437 | 580 | 623 | 170 | 615 | 734 | 923 | 1,008 | 995 | 1,018 |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 637 | 637 | 660 | 692 | 673 | 674 | 754 | 780 |
| Cost of revenue | 258 | 270 | 273 | 274 | 284 | 280 | 290 | 287 |
| Gross profit | 379 | 367 | 387 | 418 | 389 | 394 | 464 | 493 |
| Selling and marketing | 81 | 91 | 98 | 97 | 101 | 105 | 113 | 109 |
| General and administrative | 94 | 74 | 86 | 92 | 78 | 87 | 104 | 101 |
| Operating income | 157 | 157 | 157 | 184 | 166 | 158 | 203 | 239 |
| Income before tax | 81 | 100 | 93 | 116 | 110 | 109 | 151 | 186 |
| Income tax | 17 | 29 | 25 | 36 | 26 | 31 | 42 | 51 |
| Net income | 64 | 72 | 68 | 80 | 84 | 78 | 109 | 134 |
| Diluted EPS | $1.61 | $1.81 | $1.98 | $2.30 | $2.40 | $2.22 | $3.11 | $3.88 |
| EBITDA | 239 | 239 | 203 | 228 | 248 | 240 | 247 | 283 |
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