WEX (WEX) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was $673.8 million, up 5.8%–6% year-over-year, exceeding the high end of guidance, with adjusted net income per diluted share at $4.15, up 18.2% year-over-year.

• All business segments—Mobility, Benefits, and Corporate Payments—contributed to growth, supported by AI-driven innovation and operational efficiency improvements.

• AI initiatives accelerated product innovation velocity by 50% and reduced claims reimbursement times by 98%.

• Adjusted free cash flow improved to $49.5 million from $16.2 million year-over-year.

• Total volume processed reached $58.1 billion, up 7.5%–8% year-over-year.

Financial highlights

• Q1 2026 revenue: $673.8 million (+5.8%–6% YoY); adjusted EPS: $4.15 (+18.2% YoY); GAAP net income: $77.7 million (+8.6%–9% YoY).

• Adjusted net income: $145.3 million; adjusted free cash flow: $49.5 million.

• Mobility revenue up 3.2%, Benefits up 8.5%, Corporate Payments up 9.3% year-over-year.

• Adjusted operating income margin was 36.2%, slightly down from 36.7% year-over-year.

• Total company volume: $58.1 billion, up 8% year-over-year.

Outlook and guidance

• Full-year 2026 revenue guidance: $2.82–$2.88 billion; adjusted EPS: $18.95–$19.55; Q2 2026 revenue: $727–$747 million; adjusted EPS: $4.93–$5.13.

• Guidance raised on higher fuel price assumptions; assumes no interest rate cuts for the year.

• Sensitivity: $0.10/gal change in fuel price impacts revenue by ~$20M and ANI/share by ~$0.35.

• Margin expansion of ~75 bps expected for 2026 on a macro-neutral basis.

• Management expects continued growth across all segments, supported by investments in technology and product development.