📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

WEX Inc. operates a commerce platform in the United States and internationally. The Mobility segment offers fleet payment solutions, transaction processing, and information management services; and provides account activation and account retention services; authorization and billing inquiries, and account maintenance services; account management; credit and collections services; merchant services; analytics solutions; and ancillary services and offerings. This segment markets its products directly and indirectly to businesses and government agencies with fleets of commercial vehicles; and indirectly through co-branded and private label relationships. The Corporate Payments segment provides payment solutions, including embedded payments; and accounts payable automation and spend management solutions. This segment also markets its products directly and indirectly to customers in travel, fintech, insurance, consumer bill pay, and media verticals. The Benefits segment offers software-as-a-service (SaaS) platform for consumer directed healthcare benefits and full-service benefit enrollment solutions. In addition, its SaaS platform includes embedded payment solutions and plan administration services for consumer-directed health benefits; COBRA accounts; and benefit enrollment and administration services. Further, it offers custodial and depository services for health savings accounts; and markets its products through third-party administrators, financial institutions, payroll providers, and health plans. WEX Inc. was formerly known as Wright Express Corporation and changed its name to WEX Inc. in October 2012. WEX Inc. was founded in 1983 and is headquartered in Portland, Maine.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding WEX

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	1.9K	$291K	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management used language like 'stronger financial results than anticipated', 'revenue at top end of guidance', 'adjusted EPS exceeding guidance', and 'excited to preview underlying positives'—all supported by specific customer wins and pipeline strength.

Q3 2025

Confident Specific

Management repeatedly highlighted a 'turning point' with revenue growth acceleration, exceeding guidance ranges. Language included 'strong performance,' 'excited about the path ahead,' and specific numbers like $691.8M revenue and $4.59 EPS. They acknowledged macro challenges but emphasized control over strategic levers.

Q4 2025

Confident Specific

Management highlighted an 'inflection point' that 'took hold' in Q4, citing specific metrics such as 50% increase in product innovation velocity, 15.1% EPS growth, and a clear path to margin expansion. Language like 'durable growth', 'momentum building', and 'tangible progress' reinforced conviction.

Q1 2026 latest

Confident Specific

Management repeatedly used phrases like 'strong start to the year', 'exceeded the high end of our guidance range', and 'solid performance across the organization' backed by specific percentages (revenue +5.8% YoY, EPS +18.2%). They provided detailed explanations for macro noise and emphasized controllable execution.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. WEX delivered an EPS beat, raised full-year guidance, and demonstrated that its operating leverage strategy is working – AI and automation are yielding real cost savings and margin expansion even as macro headwinds persist. The Mobility segment's ability to grow revenue despite lower transaction volumes shows pricing power and improved sales execution. The Benefits segment continues its steady HSA account growth and benefit from WEX Bank deposit yields. Corporate Payments reaffirmed with a key travel renewal and growing non-travel AP pipeline. Key watch items for next quarter: the pace of margin expansion as credit loss normalization unfolds, whether Middle East travel softness widens, and how the BP conversion contributes to Mobility volumes. The proxy contest remains a potential distraction but management is proactively addressing it via separate communication. Overall, the company appears on track for a 'scaling' year as promised, making the investment case more compelling than three months ago.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED WEX Q1 2026 revenue $673.8M, EPS $4.15, beating guidance; raises full-year outlook.

Revenue & Profitability

Revenue in Q1 2026 was $673.8 million, up 5.8% year-over-year. Adjusted net income per diluted share was $4.15, up 18.2% year-over-year. Adjusted operating income margin declined 50 basis points year-over-year due to higher credit losses, but normalized for that, margin expanded 130 basis points. Trailing twelve-month adjusted free cash flow was $671 million, up 14% year-over-year.

Outlook

Management expects margin expansion of approximately 75 basis points on a macro-neutral basis for the full year 2026. The guidance assumes fuel prices of $3.70 per gallon for the full year, no interest rate cuts, and no macroeconomic recovery. The Middle East conflict is having a small impact on travel volume trends entering Q2, reflected in guidance.

Growth Drivers

Key growth drivers include pricing actions in Mobility (which contributed ~$70 million in 2024-2025), the BP conversion win, and the 10-4 by WEX app for small owner-operators. In Benefits, HSA accounts grew 8% to 9.4 million, and custodial investment revenue grew 14.2%. In Corporate Payments, travel revenue grew ~12%, and direct AP purchase volume grew approximately 15%.

Balance Sheet & CapEx

Specific CapEx guidance was not discussed. The company is executing $50 million in cost saving actions in 2026, including savings from automation and AI integration, with a portion reinvested and the remainder flowing to margins. AI is being integrated into operations to improve customer outcomes and efficiency.

Margins

Q1 adjusted operating income margin declined 50 bps year-over-year due to a 200 bps impact from higher credit losses. Normalizing for that, margins expanded 130 bps. For 2026, the company expects ~75 bps margin expansion on a macro-neutral basis. Benefits segment margins may moderate through the year due to rate-related headwinds.

Key Risks

Risks flagged include fuel price volatility and spread movements in Europe (unfavorable $7.6 million impact in Q1), credit losses (increased from 12 to 19 basis points), and the impact of the Middle East conflict on travel volume (approximately $3 million quarterly in Middle East corridor). The company also faces macro uncertainty and potential customer demand shifts.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-23

Revenue and adjusted EPS exceeded guidance, driven by strong execution and favorable fuel prices. All segments contributed to growth, with Mobility and Corporate Payments showing notable momentum. Guidance for both revenue and EPS was raised, and share repurchases accelerated.

Q1 2026 Q1 2026 2026-04-23

Revenue and adjusted EPS exceeded guidance, with all segments contributing to growth. AI-driven efficiency and pricing actions supported margin expansion, while guidance for 2026 was raised on higher fuel price assumptions. Credit losses and fuel price volatility remain key risks.

Q4 2025 Q4 2025 2026-02-05

Q4 revenue grew 5.7% year-over-year to $672.9M, with adjusted EPS up 15.1%. Full-year 2025 revenue hit $2.66B, and 2026 guidance calls for 5% revenue and 13% EPS growth at the midpoint. Strong performance in benefits and corporate payments offset mobility softness.

Q3 2025 Q3 2025 2025-10-30

Q3 revenue and adjusted EPS exceeded guidance, led by Mobility and a rebound in Corporate Payments. Strategic investments in AI and targeted marketing drove innovation and customer growth, while the company raised full-year guidance amid ongoing macro headwinds.

Q2 2025 Q2 2025 2025-07-24

Revenue and adjusted EPS exceeded guidance, driven by strong cost control and major customer wins. Benefits and direct AP showed robust growth, while Corporate Payments is set to return to growth in the second half.

📊 Analysis Methodology

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