Wex Inc. · NYSE:WEX
Wex — Q3 2026 Earnings Presentation
24 slides from Wex's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Earnings
Q3 2026 Earnings October 29, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements These materials include forward-looking statements including, but not limited to, statements about management’s plans, goals, expectations, and guidance and assumptions with respect to future financial performance of the Company. Any statements in this presentation that ar
Slide 3: Every day, businesses manage payments and workflows that are complex, regulated, and mission-critical
Every day, businesses manage payments and workflows that are complex, regulated, and mission-critical Our technology is deeply embedded into customers’ operations to simplify payments, enrich data, and ensure compliance – at scale We transform data into intelligence to deliver tailored control over
Slide 4: Performance Snapshot
Performance Snapshot Revenue Adj. Operating Income • Revenue and adjusted net Margin2 income per diluted share1 exceeded guidance ranges $780.1M 42.6% • Expanded margins by 90 +12.8% +~310 basis points basis points on a macro- neutral basis Adj. Net Income Per TTM Adj. Free Cash Flow3 Diluted Share1
Slide 5: We Are Executing a Customer-Centric Strategy to Deliver Sustainable, Profitable Growth
We Are Executing a Customer-Centric Strategy to Deliver Sustainable, Profitable Growth STRATEGIC PILLARS 1 2 3 Amplify Our Core Expand Our Reach Accelerate Innovation We leverage our deep customer We extend into new markets where AI enables us to deliver better and channel relationships, we have a c
Slide 6: Building For The Future
Building For The Future • Creating integrated experiences for our customers to address more of their needs and take on more mission-critical financial work on their behalf • Shifting from simply reporting data to driving action for our customers allowing them to focus on their business • AI as found
Slide 7: Mobility
Mobility Driving our Strategic Pillars Q3 2026 By the • Renewed our largest direct OTR customer by gallons processed Numbers • Delivering innovation and expanding our value through Fleet Intelligence while capturing value through price $435M Revenue • Piloted agentic account management solution focu
Slide 8: Benefits
Benefits Driving our Strategic Pillars Q3 2026 By the • Customers responding positively to our investments in platform Numbers modernization • Continued AI integration across the platform, including expanding $208M Claims AI processing Revenue Executing our Plan 42.2% Adj. Operating • Revenue increa
Slide 9: Corporate Payments
Corporate Payments Driving our Strategic Pillars Q3 2026 By the • Expanding our customers across the business through the Numbers strength of our platform, including signing new OTAs • Healthy pipelines in both Direct AP and Embedded Payments $137M businesses that have been an investment focus Reven
Slide 10: Disciplined Capital Allocation
Disciplined Capital Allocation Capital Allocation Priorities General Approach Near-Term Priority Key Statistic Target leverage ratio of Continue to operate below Leverage ratio of 2.7x at Strong Balance Sheet 2.5-3.0x 3.0x leverage ratio quarter end Prioritize disciplined Continue to invest organica
Slide 11: Q3 2026 Financial Results
Q3 2026 Financial Results Wex .
Slide 12: Consolidated Results
Consolidated Results ($M except per share data) Q3 26 Q3 25 $ ∆ Yr/Yr % ∆ Yr/Yr Total Revenue $780.1 $691.8 $88.3 12.8 % GAAP Net Income $134.1 $80.3 $53.8 67.1 % GAAP Net Income per Diluted Share $3.88 $2.30 $1.58 68.7 % Adjusted Net Income1 $211.9 $159.7 $52.2 32.7 % Adjusted Net Income per Dilute
Slide 13: Segment Results ($M)
Segment Results1 ($M) Mobility Benefits Corporate Payments WEX Consolidated ~50% of annual revenue ~30% of annual revenue ~20% of annual revenue 20.6% $435.1 12.8% $780.1 $691.8 $360.8 4.8% $198.1 $207.6 3.5% $132.8 $137.4 40.7% 46.9% 43.8% 42.2% 48.0% 49.9% 39.5% 42.6% Q3 25 Q3 26 Q3 25 Q3 26 Q3 25
Slide 14: Balance Sheet and Adjusted Free Cash Flow
Balance Sheet and Adjusted Free Cash Flow Trailing 12 Months Adjusted Free Cash Flow1 ($M) Leverage Ratio by Quarter Q3 2026 adjusted free cash flow1 of $234.3 million 3.25x 3.1x 3.1x $764.1 2.9x $671.3 $696.0 2.7x $638.0 $546.2 9/30/25 12/31/25 3/31/26 6/30/26 9/30/26 9/30/25 12/31/25 3/31/26 6/30/
Slide 15: Financial Guidance and Assumptions
Financial Guidance and Assumptions Q4'26 Full Year 2026 Guidance also includes the following Financial assumptions: Guidance Current Current Changes from Prior Guide Guidance Guidance at Midpoint • U.S. retail fuel prices estimated at $4.81 per gallon Low High Low High $ % Fuel Price for Q4 and $4.5
Slide 16: Appendix
Appendix Wex .
Slide 17: Financial Guidance and Assumptions (Addl.)
Financial Guidance and Assumptions (Addl.) The following tables include estimated revenue and ANI per diluted share sensitivities to changes in PPG and interest rates as of the date of this presentation. As a reminder, the impacts of these macro factors can and will change based upon various factors
Slide 18: Our Strategy Has Driven Long-Term Growth
Our Strategy Has Driven Long-Term Growth Total Revenue ($B) Adjusted Net Income per Diluted Share1 11% CAGR 17% CAGR Q3'26 1 See appendix for a reconciliation of GAAP Net Income Attributable to Shareholders per Diluted Share to Adjusted Net Income Attributable to Shareholders per Diluted Share. 18
Slide 19: Key Performance Indicators
Key Performance Indicators ($M unless otherwise noted) Q3 26 Q3 25 $ ∆ Yr/Yr % ∆ Yr/Yr Mobility Segment Total Volume ($)* 27,717 19,684 8,034 40.8 % Payment Processing Transactions 142.3 140.0 2.4 1.7 % Payment Processing $ of Fuel 18,011 12,641 5,369 42.5 % Net Payment Processing Rate (%) 1.14 % 1.
Slide 20: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of GAAP Operating Income to Non-GAAP Total Segment Adjusted Operating Income and Adjusted Operating Income Three Months Ended September 30, ($M) 2026 (margin)1 2025 (margin)1 Operating income $ 238.8 30.6 % $ 183.6 26.5 % Unallocated corporate expenses 27.5 23.
Slide 21: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of GAAP Net Income and Net Income per Share to Non-GAAP Adjusted Net Income and Adjusted Net Income per Share Three Months Ended September 30, 2026 2025 ($M except per share data) per diluted share per diluted share Net income attributable to shareholders $ 134
Slide 22: Non-GAAP Reconciliation
Non-GAAP Reconciliation Although adjusted net income, adjusted operating income and total segment adjusted operating income are not calculated in accordance with GAAP, our management team believes these non-GAAP measures are integral to our reporting and planning processes and uses them to assess op
Slide 23: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow In addition to evaluating the Company’s liquidity on a GAAP basis, Company management uses adjusted free cash flow, a non-GAAP financial measure, to evaluate cash generation by adjusting for certai
Slide 24: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of GAAP Net Income Attributable to Shareholders per Diluted Share to Adjusted Net Income Attributable to Shareholders per Diluted Share (Unaudited) Year Ended December 31, 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net income (loss) attributable to share