What factors drove the changes in WEX's revenue and profit?

What guidance did WEX's management provide for the next earnings period?

What is the market's earnings forecast for WEX next quarter?

What is WEX's latest dividend and current dividend yield?

What does WEX do and what are its main business segments?

What is the revenue and EPS growth rate for WEX year over year?

Did WEX beat or miss consensus estimates last quarter?

What were the key takeaways from WEX's earnings call?

- **Revenue & EPS Growth**: Q4 2025 revenue +5.7%, adjusted EPS +15.1%. Full-year 2025 adjusted EPS +5.4%. 
- **Strategic Momentum**: 50% YoY increase in product innovation velocity; *Fleet Plus* and AI-powered claims processing driving differentiation. 
- **Segment Strength**: 
  - *Benefits*: 9.4M HSA accounts, 6% Q4 SaaS growth. 
  - *Corporate Payments*: Travel revenue +30% YoY, direct AP volumes +15% YoY. 
- **2026 Outlook**: Revenue +5% YoY, adjusted EPS +13% YoY (ex macro). Target leverage below 3x by mid-2026. 
- **Risks & Challenges**: 1% YoY headwind from lower interest rates in Mobility; Q1 2026 credit losses elevated due to fuel price decline. 


**【CEO Summary Section】**
- **Q4 2025 Performance**: Revenue of $672.9 million (+5.7% YoY), adjusted EPS of $4.11 (+15.1% YoY). Full-year 2025 revenue reached $2.66 billion, with adjusted EPS of $16.10 (+5.4% YoY). 
- **Strategic Pillars**: Amplifying core (Mobility, Benefits), expanding reach (Corporate Payments), and accelerating innovation (AI-driven product velocity up 50% YoY). 
- **Segment Highlights**: 
  - *Mobility*: Flat revenue but 13% YoY growth in small business customers. *Fleet Plus* combines closed-loop fuel cards with open-loop flexibility. 
  - *Benefits*: 9.4 million HSA accounts (+6% Q4 SaaS growth). AI reduces claim processing time to minutes with 98% accuracy. 
  - *Corporate Payments*: Travel revenue up >30% YoY, direct AP volumes +15% YoY. Global funding engine enables multi-currency virtual cards. 

**【CFO Financial Commentary】**
- **2026 Guidance**: Revenue $2.70-$2.76 billion (+5% YoY midpoint), adjusted EPS $17.25-$17.85 (+13% YoY midpoint, ex macro). 
- **Key Drivers**: 
  - *Mobility*: 1-3% YoY growth (excluding macro), $50 million cost savings reinvested. 
  - *Benefits*: 5-7% revenue growth, 2% headwind from lower rates. 
  - *Corporate Payments*: 5-7% growth, 17.8% YoY revenue expansion in Q4. 
- **Leverage & Capital Allocation**: Target leverage below 3x by Q2/Q3 2026. Prioritize debt reduction, high-return growth investments, and disciplined M&A. 

**【Q&A Highlights】**
- **Corporate Payments Yield**: Flat to slightly down in 2026, with mix shift to non-travel. 
- **Credit Losses**: Q1 2026 Mobility credit losses 17-22bps (vs. 12-17bps full-year target). 
- **Political Impact on Benefits**: Potential tailwind from legislative changes, but no impact on 2026 guidance. 
- **Direct AP Growth**: Double-digit 2026 growth expected, driven by 20%+ vertical wins in construction/healthcare. 
- **Mobility Macro Assumptions**: No improvement in over-the-road trucking cycle; 1% YoY headwind from lower interest rates. 


WEX Inc. (WEX) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 $691.8M (+3.9% YoY), driven by Mobility (50%), Benefits (30%), and Corporate Payments (20%).
- **EPS Beat**: Non-GAAP EPS $4.59 (+5.5% YoY), outpacing fuel/forex headwinds.
- **Strategic Wins**: 12% new small business customers, 20%+ Direct AP volume growth, 100+ AI use cases.
- **2026 Outlook**: 5-10% revenue growth target, 10+ EPS growth, $19M invested in growth initiatives.

**【CEO Summary Section】**
- Q3 revenue of $691.8 million (+3.9% YoY) driven by Mobility (50%), Benefits (30%), and Corporate Payments (20%).
- Mobility: 12% YoY new small business customers, 104xWEX app savings $300/month, and BP partnership on track.
- Benefits: 6% SaaS account growth, 14.9% custodial investment revenue increase.
- Corporate Payments: 4.7% growth from Direct AP (20%+ volume growth) and embedded payments expansion.

**【CFO Financial Commentary】**
- GAAP net income $420M, Non-GAAP EPS $4.59 (+5.5% YoY), outpacing fuel/forex headwinds.
- Operating margin impacted by +$19M sales/marketing investments.
- Interest rate sensitivity: 100bp change affects revenue ±$40M, EPS ±$0.30-$0.35.

**【Q&A Highlights】**
- Mobility: 1.4% YoY same-store sales decline, but 12% new small business growth.
- Corporate Payments: 20%+ Direct AP volume growth, lapping OTA transition.
- AI: 100+ AI use cases across fraud, claims, and customer service.
- 2026 Outlook: 5-10% long-term revenue growth, 10+ EPS growth target.

WEX Inc.(WEX)-20251030-2025 Q3 Earnings call transcript

- **Revenue Resilience**: Q2 revenue $659.6M, adjusted EPS $3.95, with 8% growth ex fuel/FX. Strong cost control offset macro challenges.
- **Key Wins**: BP partnership to add 0.5-1% revenue, UAW Trust expands HSA to 8.7M accounts, and 25%+ growth in Corporate Payments direct AP.
- **Segment Momentum**: Benefits leads with 7% HSA growth, Corporate Payments reaccelerates with new fintech wins, Mobility invests in sales to counter same-store declines.
- **Future Outlook**: Q3 guidance signals recovery in Corporate Payments, while Mobility faces macro headwinds. Full-year EPS $15.37-15.77 reflects disciplined growth strategy.

**【Management Opening Remarks】**
- WEX provided a press release and supplemental materials, emphasizing non-GAAP metrics for financial discussions. Forward-looking statements were noted with potential risks.

**【CEO Summary Section】**
- **Revenue and Earnings**: Q2 revenue of $659.6M (-2.1% YoY), adjusted EPS of $3.95 (+1% YoY). Excluding fuel and FX impacts, adjusted EPS grew 8%.
- **Customer Wins**: Secured BP (Mobility), UAW Retiree Medical Benefits Trust (Benefits), and a large corporate payments customer.
- **Segment Performance**: 
  - *Mobility* (50% of revenue): Local fleets saw same-store sales decline, but new sales pipeline is strong. BP partnership to add 0.5-1% revenue in first full year post-conversion.
  - *Benefits* (30% of revenue): 7% HSA account growth to 8.7M, 25%+ growth in direct AP volume.
  - *Corporate Payments* (20% of revenue): 25% YoY growth in direct AP, new fintech customer implementation.
- **Investments**: Increased salesforce by 50% in Corporate Payments, digital marketing for small businesses in Mobility.

**【CFO Financial Commentary】**
- **Q2 Financials**: GAAP revenue $659.6M, adjusted EPS $3.95. Mobility segment revenue down 3.7% YoY, Benefits up 8.5%, Corporate Payments down 11.8% YoY.
- **Guidance**: Q3 revenue $669-689M, adjusted EPS $4.30-4.50. Full year revenue $2.61-2.65B, adjusted EPS $15.37-15.77.
- **Balance Sheet**: Leverage ratio 3.4x, prioritizing debt reduction over share buybacks.

**【Q&A Highlights】**
- **Corporate Payments Growth**: Expect Q3 lapping of headwinds, 25%+ direct AP growth, and new customer implementations to drive 4%+ back-half growth.
- **Mobility Challenges**: Same-store sales decline due to fuel efficiency and macroeconomic factors, but sales pipeline and marketing investments show promise.
- **HSA Expansion**: Legislative changes add 3-4M potential accounts, with cautious but optimistic approach to new opportunities.
- **Strategic Portfolio Review**: Board evaluating asset composition for shareholder value, focusing on shared infrastructure and strategic advantages.

WEX Inc. (WEX) Q2 2025 Earnings Call Transcript

- **Q1 Financials**: Revenue $636.6M (-2.5% YoY), adjusted EPS $3.51 (+1.4% YoY). Benefits segment HSA accounts grew 7%, outpacing market 5% growth.
- **Segment Performance**: Mobility flat, Corporate Payments down 15.5% YoY (due to customer transition), but direct AP volume up 25% YoY.
- **Strategic Investments**: $25M in sales/marketing with early success (18% new Mobility apps YoY). Full-year guidance assumes $31M macro drag, but maintains $14.72-$15.32 EPS target.
- **Macro Sensitivity**: $0.35 EPS impact from $0.10 fuel price change, 25% AP volume growth offsets macro softness in Corporate Payments.
- **Credit Resilience**: Historical credit loss spikes (40-50bp) are short-lived; AI tools mitigate risk in current cycle.

**【CEO Summary Section】**
- WEX reported Q1 2025 revenue of $636.6 million, down 2.5% YoY, with adjusted EPS of $3.51, up 1.4% YoY. Mobility segment revenue was flat, while Benefits and Corporate Payments segments showed mixed performance.
- CEO Melissa Smith highlighted the company's diversified business model as a buffer against macroeconomic uncertainty, with 50% of revenue from the Mobility segment, 30% from Benefits, and 20% from Corporate Payments.
- Key initiatives include $25 million in incremental sales and marketing investments across segments, with early success in Mobility (18% YoY increase in small business applications) and Corporate Payments (25% YoY growth in direct AP volume).
- The company remains cautious on macroeconomic trends, particularly in the Mobility segment, where local fleets saw same-store sales decline 3.9% YoY due to weather and economic factors, while over-the-road trucking customers saw a 0.6% uptick.

**【CFO Financial Commentary】**
- GAAP revenue of $636.6 million missed the midpoint of guidance due to lower-than-expected fuel prices, but adjusted EPS of $3.51 exceeded the high end of the range.
- Mobility segment revenue declined 1.5% YoY, with a 2.9% drag from lower fuel prices and FX. Benefits segment revenue grew 4.2% YoY, driven by 7% HSA account growth. Corporate Payments revenue fell 15.5% YoY, largely due to a customer transition, but direct AP volume grew 25% YoY.
- Full-year 2025 guidance: Revenue $2.57-$2.63 billion, adjusted EPS $14.72-$15.32, with $31 million negative impact from fuel, FX, and interest rates. Sensitivity analysis shows a $0.35 EPS impact from a $0.10 change in fuel prices and $0.30-$0.35 EPS impact from a 100bp interest rate change.

**【Q&A Key Highlights】**
- **Mobility Segment**: CEO noted Q1 Mobility results were in line with expectations, with local fleets impacted by weather and macro factors, while over-the-road trucking saw a pull-forward of demand ahead of tariffs. CFO expects Mobility growth to remain in the 1%-3% range for the year.
- **Corporate Payments**: CFO highlighted 25% YoY growth in direct AP volume, but cautioned on potential macroeconomic impacts in the embedded payments business, which is 67% international and less sensitive to U.S. domestic travel trends.
- **Credit Risk**: CFO noted credit losses typically spike to 40-50bp during recessions but are short-lived due to receivables duration and proactive credit management. The company has invested in AI tools to mitigate risk.
- **Strategic Portfolio Review**: CEO confirmed the Board regularly reviews business portfolio composition, but believes current diversification provides long-term value despite macro challenges.

WEX (WEX)-1 May 25-2025 Q1 Earnings call transcript

- **Revenue Resilience**: Full year revenue up 3% YoY ($2.6B), with adjusted EPS growth of 3%. Q4 revenue flat ex FX/fuel, adjusted EPS +5% YoY.
- **Growth Target Adjustment**: Organic revenue target lowered to 5%-10% YoY due to travel market saturation and slower HSA adoption. EPS target updated to 10%-15% YoY.
- **Investment Payoff**: $25M+ in sales/marketing investments with <2-year payback periods. Direct AP automation saw 25% Q4 purchase volume growth.
- **Segment Highlights**: 
  - *Mobility*: EV solutions and 10-4 by WEX driving long-term potential.
  - *Corporate Payments*: Non-travel business (embedded payments) expected to reaccelerate post 2025 headwinds.
  - *Benefits*: Custodial investment revenue up 17.9% YoY, but account growth moderating.
- **2025 Outlook**: Near-term growth constrained by investments, but FY26+ poised for reacceleration with updated targets.

**【CEO Summary Section】**
- **Full Year 2024 Performance**: Revenue of $2.6 billion, up 3% YoY, with adjusted EPS growing 3%. Excluding fuel and FX impacts, revenue and EPS grew 6% and 11% YoY, respectively.
- **Q4 2024 Results**: Revenue of $637 million (-4% YoY), adjusted EPS of $3.57 (-6.5% YoY). Excluding FX and fuel, Q4 revenue was flat, and EPS grew 5% YoY.
- **Long-Term Growth Targets**: Adjusted organic revenue growth target revised to 5%-10% (from 8%-12%), driven by market saturation in travel and slower HSA adoption. Adjusted EPS target updated to 10%-15% YoY.
- **Strategic Initiatives**: $25M+ in sales/marketing investments to accelerate growth in Corporate Payments (embedded payments, AP automation) and Mobility (EV solutions, 10-4 by WEX). Payback periods <2 years for new investments.

**【CFO Financial Commentary】**
- **Q4 2024 Financials**: GAAP revenue $636.5M (-4% YoY), adjusted EPS $3.57 (-6.5% YoY). FX and fuel impacts reduced revenue by 4.2% and EPS by 12%.
- **Segment Performance**: 
  - *Mobility*: Revenue down 1.4% YoY (7.6% impact from FX/fuel). Payment processing rate +10bps YoY.
  - *Benefits*: Revenue +4.9% YoY, SaaS term growth 2.5%. Custodial investment revenue +17.9% YoY.
  - *Corporate Payments*: Revenue -22.7% YoY, driven by contract renegotiations and FX. Direct AP purchase volume +25% YoY.
- **2025 Guidance**: 
  - Q1 Revenue: $625M-$640M; adjusted EPS: $3.35-$3.50.
  - Full Year Revenue: $2.6B-$2.66B; adjusted EPS: $14.65-$15.25.
  - FY25 investments (~$25M in sales/marketing) expected to weigh on near-term growth but deliver long-term returns.

**【Key Q&A Insights】**
- **Investment Returns**: Sales/marketing investments have <2-year payback periods. Direct AP automation (mid-market focus) saw 25% Q4 purchase volume growth.
- **Mobility Outlook**: EV transition presents long-term opportunity, but near-term growth constrained by trucking recession and fuel efficiency improvements.
- **Corporate Payments**: Travel business maturing, but non-travel (embedded payments, AP automation) offers higher-margin growth. 2025 expected to see modest decline before reacceleration in 2H25.
- **Balance Sheet**: Strong cash flow ($106M Q4 buybacks) and low leverage (2.6x), supporting M&A and share repurchases.


Actual										1.81	1.21	1.59	1.45	1.79	2.31	2.45	2.58	2.88	3.71	3.51	3.44	3.31	3.63	4.05	3.82	3.46	3.91	4.35	3.57	3.51	3.95	4.59	4.11
Forecast										2.0523	1.3791	1.7235	1.4649	1.6676	1.9549	2.281	2.4507	2.6977	3.4699	3.4248	3.2191	3.2046	3.5154	3.7676	3.7128	3.4874	3.8053	4.411	3.5558	3.4053	3.7137	4.4422	3.9194
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-11.81%	-12.26%	-7.75%	-1.02%	+7.34%	+18.16%	+7.41%	+5.28%	+6.76%	+6.92%	+2.49%	+6.86%	+3.29%	+3.26%	+7.50%	+2.89%	-0.79%	+2.75%	-1.38%	+0.40%	+3.07%	+6.36%	+3.33%	+4.86%

WEX

WEX fundamentals

WEX Q4 2025 Earnings

Earnings Call

You can ask Aime

WEX

WEX fundamentals

WEX Q4 2025 Earnings

Earnings Call

WEX Earnings Call Summary for Q4/202510:00 AM on Feb 5, 2026

WEX Earnings Call Summary for Q3/202510:00 AM on Oct 30, 2025

WEX Earnings Call Summary for Q2/202510:00 AM on Jul 24, 2025

WEX Earnings Call Summary for Q1/202510:00 AM on May 1, 2025

WEX Earnings Call Summary for Q4/202410:00 AM on Feb 6, 2025

You can ask Aime