WEX earnings analysis
What we found in WEX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
WEX reported Q1 2026 revenue of $673.8M, up $37.2M (+5.8%) versus Q1 2025, with adjusted net income per diluted share of $4.15 (vs. $3.51 a year ago). GAAP net income per diluted share was $2.22 (up from $1.81 YoY) while operating cash flow improved to a use of $(330.8)M from $(481.6)M a year ago and adjusted free cash flow was $49.5M. Mobility, Benefits and Corporate Payments all grew year-over-year, though Mobility saw margin pressure from higher provisions for credit losses and unfavorable European fuel spreads.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue beat and YoY growth
- Total revenues were $673.8M in Q1 2026 versus $636.6M in Q1 2025, an increase of $37.2M (+5.8%).
- Adjusted EPS outperformance
- Adjusted net income per diluted share was $4.15 in Q1 2026 versus $3.51 in Q1 2025, an increase of $0.64 (+18.2%).
- GAAP EPS improved YoY
- GAAP net income per diluted share was $2.22 in Q1 2026 versus $1.81 in Q1 2025, up $0.41 (+22.7%).
- Adjusted free cash flow turned positive
- Adjusted free cash flow was $49.5M in Q1 2026 versus $16.2M in Q1 2025, an increase of $33.3M.
- Volume expansion
- Total volume across the Company was $58,119M in Q1 2026 versus $54,057M in Q1 2025, an increase of $4,062M (+7.5%).
- All three segments grew
- Mobility revenue $344.6M (+$10.8, +3% YoY); Benefits revenue $216.2M (+$16.9, +8% YoY); Corporate Payments revenue $113.0M (+$9.6, +9% YoY).
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Higher credit loss provision in Mobility
- Mobility provision for credit losses increased to $25.6M in Q1 2026 from $13.9M in Q1 2025, an increase of $11.6M (83%), pressuring Mobility operating income (segment operating income fell $9.7M to $89.7M).
- Margin pressure in Mobility
- Mobility segment adjusted operating income margin declined to 36.1% in Q1 2026 from 39.4% in Q1 2025, a 3.3 percentage point decrease driven by higher provisions and increased sales/product development investments.
- Increased corporate expense and stock-based compensation
- Unallocated corporate general and administrative expense rose $9.7M to $35.2M in Q1 2026, driven primarily by higher stock-based compensation and proxy-contest related professional fees.
- Operating cash use remains significant
- Net cash used in operating activities was $(330.8)M in Q1 2026 (improved from $(481.6)M in Q1 2025) but remains a material cash outflow.
- Fuel price / FX headwinds
- Unfavorable European fuel price spreads reduced Mobility revenue by $2.1M in Q1 2026, partially offset by a $2.8M favorable foreign currency impact.
- No material change to disclosed risk factors
- Item 1A states there are no material changes to the risk factors disclosed in the 2025 Form 10-K (the risk factors are qualified by the 10-Q text).
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.22
- Operating margin
- 39.9%
- Segment
- Mobility: $344.6M (Q1 2026) vs $333.8M (Q1 2025), +$10.8M (+3%)
- Segment
- Benefits: $216.2M (Q1 2026) vs $199.3M (Q1 2025), +$16.9M (+8%)
- Segment
- Corporate Payments: $113.0M (Q1 2026) vs $103.5M (Q1 2025), +$9.6M (+9%)
What they said about what is next.
This 10-Q does not provide numeric forward guidance. The Company’s Apr 22, 2026 earnings release/8-K (separate filing) updated FY2026 guidance (per prior disclosure): revenue $2.82B–$2.88B and adjusted net income $18.95–$19.55 per diluted share; Q2 2026 revenue and adjusted net income ranges were provided in the earnings release.
The filing reads better than the one before it.
What came before.
- 10-K · February 13, 2026
- WEX positions itself as a payments-and-software platform across three segments (Mobility, Benefits, Corporate Payments) with proprietary closed-loop networks, AI investments, and a strategy to “amplify our core, expand…
- 10-Q · October 30, 2025
- WEX reported Q3 2025 revenue of $691.8M, up from $665.5M in Q3 2024, while operating income declined to $183.6M from $196.4M and net income fell to $80.3M from $102.9M. Diluted EPS decreased to $2.30 from $2.52…
- 10-Q · October 24, 2024
- WEX reported total revenues of $665.5 million in the quarter ended September 30, 2024, up $14.1 million versus $651.4 million in the prior-year quarter, with operating income expanding to $196.4 million (29.5% operating…
- 10-Q · July 25, 2024
- WEX reported Q2 2024 revenue of $673.5M (up $52.2M, +8.4% vs Q2 2023) with operating income of $168.1M and diluted EPS of $1.83. Segment revenue growth was broad-based (Mobility, Corporate Payments, Benefits). Liquidity…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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