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WEX (WEX) investor relations material
WEX Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary24 Jul, 2025
Executive summary
Q2 2025 revenue was $659.6M, at the top end of guidance but down 2% year-over-year; adjusted EPS was $3.95, exceeding expectations.
Adjusted net income was $136.2M; GAAP net income was $68.1M, down 12% year-over-year.
Major customer wins and investments in sales, marketing, and product innovation are driving momentum.
Underlying revenue was flat year-over-year after adjusting for fuel and FX; adjusted EPS grew 7.7% on the same basis.
Share repurchases and new debt issuances marked significant capital actions.
Financial highlights
Adjusted EPS grew 1% year-over-year; excluding fuel and FX, adjusted EPS grew 7.7%.
GAAP operating income for Q2 was $156.8M; adjusted operating income was $243.0M.
Benefits segment revenue rose 8.5–9% year-over-year; Corporate Payments revenue declined 11.8–12%.
Mobility segment revenue declined 3.7–4% year-over-year, mainly due to lower fuel prices.
Adjusted free cash flow for Q2 was $194M; trailing twelve-month adjusted free cash flow was $570M.
Outlook and guidance
Q3 2025 revenue expected between $669M and $689M; adjusted EPS guidance $4.30–$4.50.
Full-year 2025 revenue guidance: $2.61B–$2.65B; adjusted EPS $15.37–$15.77.
Guidance assumes no further share repurchases or M&A, and current fuel price and interest rate expectations.
Mobility credit losses expected at 13–18 bps (Q3) and 12–17 bps (full year).
Corporate Payments segment expected to return to growth in Q3, accelerating in Q4.
Explain the higher fuel prices benefit.
Why did Corporate Payments volume decrease?
Elaborate on long-term non-GAAP tax rate.
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Q3 202523 Oct, 2025
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Frequently asked questions
Fleet Payment Cards and More
WEX Inc. is an American financial technology company with global operations that provides various types of payment processing and management services. The company is primarily known for its fuel cards and payment solutions built for both governmental and commercial vehicle fleets. The company also provides various payment solutions for businesses of all sizes, as well as services used for handling employee benefits. The company is headquartered in Portland, Maine, and its shares are traded on the NYSE.
Wright Express
The company was founded in 1983 in Maine, USA, as Wright Express Corporation, focusing on providing fleet cards, payment processing services, and information management solutions to the U.S. commercial and government vehicle fleet industry. Over the years, WEX expanded significantly, both in services and geographical reach. The company has diversified into a global provider of payment processing and information management services across various sectors, including vehicle fleet, travel, healthcare, and corporate payments. In 2012 Wright Express rebranded itself as WEX.
Payment Solutions for Vehicle Fleets
WEX provides specialized fleet payment solutions designed to streamline operations for businesses with vehicle fleets. Their services primarily focus on fuel and maintenance payment systems. WEX's fleet cards, provided through a partnership with MasterCard, allow companies to manage fuel purchases and vehicle maintenance expenses efficiently, offering detailed reporting and cost control measures. These cards are accepted at a vast network of fueling and service locations, ensuring accessibility for drivers. WEX's platform integrates data analytics, which helps businesses gain insights into their fleet's spending patterns and efficiency, data that can then be used to improve operations. This service is similar to what companies like FleetCor do, but Wex’s services extend beyond just solutions for vehicle fleets.
Other Services
Besides fleet fuel cards, WEX Inc. offers a broad range of payment and technology solutions across various sectors. In the corporate payments segment, they provide virtual cards and automated accounts payable solutions, helping businesses streamline their payment processes and improve cash flow management. In the travel and hospitality industry, WEX offers specialized payment solutions that simplify transactions for travel agencies, airlines, and hotels. Additionally, WEX has extended its services into the healthcare sector, providing payment platforms that facilitate transactions between insurers, providers, and patients.
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