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…
Earnings analysis · 10-Q
WEX earnings analysis
Filed April 23, 2026 · Our reading of the company's report
The latest report
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)…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.22
- Operating margin
- 39.9%
What stood out
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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%).
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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%).
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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%).
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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.
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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%).
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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).
What to watch
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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).
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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.
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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.
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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.
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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.
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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).
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.