WEX (WEX) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue of $780.1M, up 12.8%; adjusted operating income rose 21.6% to $332.5M and adjusted diluted EPS increased 33.6% to $6.13.

• Excluding fuel and FX, revenue grew 4.4% and adjusted EPS 14.3%; results exceeded guidance, with pricing, new business and operating leverage supporting underlying growth.

• Strategy centers on pricing and margin expansion, customer experience, sales growth and AI-enabled innovation across Mobility, Benefits and Corporate Payments.

Financial highlights

• GAAP net income was $134.1M, or $3.88 per diluted share, versus $80.3M and $2.30 a year earlier; adjusted net income was $211.9M, or $6.13 per diluted share.

• Adjusted operating income was $332.5M versus $273.5M; adjusted operating margin expanded to 42.6% from 39.5%.

• Fuel prices contributed a net favorable $57.3M to Q3 revenue and FX added $0.8M; fuel and FX contributed 8.4 percentage points of revenue growth.

• Q3 adjusted free cash flow was $234.3M and trailing-12-month adjusted free cash flow was $764.1M; 9M adjusted free cash flow was $502.8M.

• 9M operating cash flow was negative $419.6M versus positive $159.6M; Q3 operating cash flow was negative $11.2M versus positive $376.6M.

Outlook and guidance

• Q4 revenue guidance is $760M-$780M and adjusted diluted EPS is $5.67-$5.87; FY 2026 guidance is $2.968B-$2.988B and $21.28-$21.48 per share.

• FY guidance increased $96M for revenue and $1.50 per share versus prior guidance midpoints; fuel assumptions of $4.50 per gallon raised guidance by $91M and $1.40 per share.

• Guidance assumes U.S. fuel prices of $4.81 per gallon in Q4 and $4.50 for FY, a 25.0% adjusted tax rate, and excludes further repurchases beyond ~$260M through Q3.

• Mobility FY organic revenue growth is expected at 3%-5%, up from the initial 1%-3%; Corporate Payments growth is expected at 4%-6%, down from 5%-7%.

• Q4 midpoint implies 5% organic revenue growth with no Mobility demand recovery assumed; management expects >100 bps of macro-adjusted margin expansion in H2.