WEX : Q1 2026 Earnings Call

Published: 2026-04-23 11:20:06 ET WEX

Published on 04/23/2026 at 11:20 am EDT

Exhibit 99.2

April 22, 2026

wez‹

the impact of the Company's debt instruments on the Company's operations;

the impact of increased leverage on the Company's operations, results or borrowing capacity generally;

our ability to achieve our capital allocation priorities;

changes in interest rates;

the ability to refinance certain indebtedness or obtain additional financing;

the actions of regulatory bodies, including tax, banking and securities regulators, or possible changes in tax, banking or financial regulations impacting the Company's industrial bank, the Company as the corporate parent or other subsidiaries or affiliates;

the failure to comply with the Treasury Regulations applicable to non-bank custodians;

the impact from breaches of, or other issues with, the Company's technology systems or those of its third-party service providers and any resulting negative impact on the Company's reputation, liabilities or relationships with customers or merchants;

the impact of regulatory developments with respect to privacy and data protection;

the impact of any disruption to the technology and electronic communications networks we rely on;

the ability to adopt, implement and use artificial intelligence technologies across our business successfully and ethically;

the ability to maintain effective systems of internal controls;

the failure to repurchase shares at favorable prices, if at all;

the impact of provisions in our charter documents, Delaware law and applicable banking laws that may delay or prevent our acquisition or other strategic actions by a third party; as well as

other risks and uncertainties identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 13, 2026, and subsequent filings with the SEC.

The forward-looking statements speak only as of the date of the initial filing of these earnings supplemental materials and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events, or otherwise.

Non-GAAP Information:

For additional important information and disclosure regarding our use of non-GAAP metrics, specifically, adjusted net income, adjusted net income per diluted share, total segment adjusted operating income and margin, adjusted operating income and margin, and adjusted free cash flow, please see our most recent earnings release issued on April 22, 2026. In addition, see Exhibit 1 to this earnings supplement for an explanation and reconciliation of (i) GAAP operating income to non-GAAP total segment adjusted operating income and adjusted operating income, (ii) GAAP net income to non-GAAP adjusted net income, (iii) GAAP net income per diluted share to non-GAAP adjusted net income per diluted share, and (iv) GAAP operating cash flow to non-GAAP adjusted free cash flow.

Note:

The Company rounds amounts to millions within tables and text (unless otherwise specified), and calculates all percentages and per-share data from underlying whole-dollar amounts. As a result, certain amounts may not foot, crossfoot, or recalculate based on reported numbers due to rounding. Within the tables below, we present the impact of FX and PPG changes on various financial metrics. To determine the estimated earnings impact of FX on revenue and expenses from entities whose functional currency is not denominated in U.S. dollars, as well as revenue and variable expenses from purchase volume transacted in non-U.S. denominated currencies, amounts were translated using the weighted average exchange rates for the same period in the prior year, net of tax, exclusive of revenue and expenses derived from acquisitions for one year following the acquisition dates. To determine the estimated earnings impact of PPG, revenue and certain variable expenses impacted by changes in fuel prices were adjusted based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, net of applicable taxes, exclusive of revenue and expenses derived from acquisitions for one year following the acquisition dates. For the portions of our business that earn revenue based on margin spreads, revenue was adjusted to the comparable margin from the prior year, net of non-controlling interests and applicable taxes.

Financial Results

Total revenue for Q1 2026 increased $37.2 million, or 5.8%, compared to Q1 2025, including a net $2.1 million unfavorable impact from fuel prices and a $5.1 million favorable impact from foreign exchange rates. The fuel price impact consisted of a favorable impact of $5.5 million in the U.S. offset by an unfavorable impact of $7.6 million from international fuel spreads. Q1 net income was $2.22 per diluted share, an increase of 22.7% compared to the prior year. Q1 adjusted net income was $4.15 per diluted share, an increase of 18.2% compared to the prior year.

Q1 2026 results were better than previous guidance, largely due to higher-than-anticipated fuel prices. Fuel prices trended higher than the guidance assumption, which increased revenue above the top end of the guidance range. The higher fuel prices also pushed adjusted EPS above the guidance range. When accounting for the impact of fuel prices and FX noted in the table below, revenue growth was up 5.4% during the quarter compared with the prior year, while adjusted earnings per share grew 19.4% on the same basis.

(Unaudited)

For the three months ended

For the twelve months ended

(in millions except per share amounts)

3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25

9/30/25 12/31/25 3/31/26

12/31/24 12/31/25

Revenues

$ 652.7 $

673.5 $

665.5 $

636.5 $

636.6 $

659.6 $

691.8 $

672.9 $

673.8 $

2,628.1 $

2,660.8

Y/Y Change

6.7 %

8.4 %

2.2 %

(4.0)%

(2.5)%

(2.1)%

3.9 %

5.7 %

5.8 %

3.1 %

1.2 %

FX Impact vs Prior Year1

$ (0.7) $

0.8 $

(2.2) $

1.3 $

2.5 $

(1.9) $

(2.7) $

(4.2) $

(5.1) $

(0.8) $

(6.2)

PPG Impact vs Prior Year1

$ 20.5 $

5.4 $

21.2 $

26.6 $

8.5 $

15.9 $

6.0 $

(3.3) $

2.1 $

73.8 $

27.0

PPG and FX % Impact on Revenue

(3.2)%

(1.0)%

(2.9)%

(4.2)%

(1.7)%

(2.1)%

(0.5)%

1.2 %

0.4 %

(2.9)%

(0.8)%

vs Prior Year

GAAP Income per Diluted $ 1.55 $

1.83 $

2.52 $

1.60 $

1.81 $

1.98 $

2.30 $

2.41 $

2.22

$ 7.50 $

8.47

Y/Y Change3 (0.6)%

(16.8)%

(19.2)%

16.8 %

8.2 %

(8.7)%

50.6 %

22.7 %

21.8 %

12.9 %

ANI per Diluted Share2

$ 3.46 $

3.91 $

4.35 $

3.57 $

3.51 $

3.95 $

4.59 $

4.11 $

4.15 $ 15.28 $

16.10

Y/Y Change

4.5 %

7.7 %

7.4 %

(6.5)%

1.4 %

1.0 %

5.5 %

15.1 %

18.2 % 3.2 %

5.4 %

FX Impact per Share vs Prior Year1

$ - $

- $

(0.05) $

0.01 $

- $

(0.03) $

(0.04) $

(0.02) $ (0.04) $

(0.11)

PPG Impact per Share vs Prior Year1

$ 0.33 $

0.09 $

0.33 $

0.44 $

0.13 $

0.29 $

0.11 $

(0.07) $

0.06 $ 1.19 $

0.46

PPG and FX % Impact on Adjusted

(10.0)%

(2.5)%

(6.9)%

(11.8)%

(3.7)%

(6.7)%

(1.6)%

3.1 %

(1.2)%

(7.8)%

(2.3)%

Share2

Earnings Per Share vs Prior Year

(1) Favorable impacts are shown in these tables as negatives, while unfavorable impacts are shown as positive figures.

(2) Diluted earnings per share includes the impact of convertible securities under the "if-converted" method if the effect of such securities would be dilutive and includes the assumed exercise of dilutive options, the assumed issuance of unvested RSUs, performance-based awards for which the performance condition has been met as of the date of determination, and contingently issuable shares that would be issuable if the end of the reporting period was the end of the contingency period, using the treasury stock method unless the effect is anti-dilutive.

(3) Changes are marked "NM" where GAAP net income per share volatility limits meaningful comparison.

The following table summarizes our financial results by segment for the most recent quarter and for the twelve months ended December 31, 2025, in millions:

(Unaudited) For the three months ended 3/31/26 For the twelve months ended 12/31/25

Corporate Corporate

Mobility

Benefits

Payments

Total

Mobility

Benefits

Payments

Total

Revenues

$ 344.6 $

216.2 $

113.0

$ 673.8

$ 1,386.0 $

797.4 $

477.4

$ 2,660.8

Segment Revenue % of Total

51.1 %

32.1 %

16.8 %

52.1 %

30.0 %

17.9 %

Y/Y Change

3.2 %

8.5 %

9.3 %

5.8 %

(1.1)%

7.8%

(2.1)%

1.2%

GAAP Operating Income

$ 89.7 $

72.4 $

32.0

$ 158.2

$ 400.4 $

225.8 $

166.0 $

663.9

GAAP Operating Income Margin

26.0 %

33.5 %

28.3 %

23.5 %

28.9 %

28.3 %

34.8 %

25.0 %

Adjusted Operating Income *

$ 124.5 $

100.2 $

44.1 $

244.1

$ 541.1 $

341.6 $

213.3 $

997.5

Adjusted Operating Income Margin *

36.1 %

46.4 %

39.0 %

36.2 %

39.0 %

42.8 %

44.7 %

37.5 %

* Amounts presented within the Mobility, Benefits, and Corporate Payments columns represent Segment Adjusted Operating Income or Segment Adjusted Operating Income Margin, as applicable, while amounts presented within the Total columns represent Adjusted Operating Income or Adjusted Operating Income Margin, as applicable, for the consolidated entity. For related definitions, see Acronyms and Abbreviations later in this supplement.

Within our Mobility segment, operating through North American, Over-the-Road, and International business units, WEX is a leader in payments and fleet management solutions. We serve diverse fleet needs globally, from Over-the-Road to locally operated fleets. Our proprietary closed-loop payments network in the U.S. covers approximately 95% of fueling locations and offers broad acceptance at EV charging locations. Our differentiated network offers enhanced data capture, custom controls, and tailored economics between fleets and merchants, creating customer value. Beyond fuel cards, our portfolio includes SaaS solutions for field service management, telematics, reporting and analytics, cash flow management, and mixed-energy fleets. Powered by payment intelligence and workflow optimization, these solutions deliver transformative value to operators, fleet managers, and business managers. Our solutions simplify our customers' businesses by optimizing costs, streamlining operations, and improving driver and fleet manager satisfaction while advancing sustainability and driving business growth.

Revenue in this segment is derived primarily from payment processing, based on transaction volume or fixed fees, as well as account servicing fees, finance charges, and other ancillary services.

Mobility segment revenue for the quarter increased 3.2% compared to the same period a year ago, including a 0.2% benefit due to higher fuel prices and foreign exchange rates. A $0.28 increase year over year in U.S. fuel prices increased revenue by approximately $5.5 million, which was offset by an unfavorable impact of $7.6 million from international fuel price spreads. Foreign exchange rates added a favorable $2.8 million impact to revenue.

In periods of high fuel price volatility, three factors will drive a disconnect between the fuel price sensitivity we provide4 and actual results: (1) The European market moves opposite the U.S. market due to the impact of pricing spreads; (2) Large disconnects between diesel and unleaded gasoline prices as seen in Q1 makes sensitivities less accurate; and (3) Recognition of late fee revenue is based on prior month's fuel prices, resulting in an approximate one-month lag to realize the benefit of higher fuel prices.

Payment processing transactions were down 3.0% in Q1 2026 compared to Q1 2025. Local fleets in North America were down 2.5%, while Over-the-Road truck fleets were down 1.0%.

The net interchange rate in the Mobility segment was 1.23%, a decrease of 10 basis points sequentially. The sequential decrease in the net interchange rate is due primarily to the unusually large European market movement, which reduced the rate by 6 basis points, and the increase in the U.S. fuel price.

The net late fee rate decreased by 3 basis points year-over-year, while finance fee revenue increased 6.2% to $79.8 million. The 3 basis point decrease in the net late fee rate primarily reflects a timing lag from fuel price increases late in the quarter.

Credit losses increased by $11.6 million versus the same period last year, coming in at 19 basis points of spend volume, which was in line with our guidance range of 17-22 basis points and compares to 12 basis points for the same quarter last year.

Operating income margin for the segment was 26.0%, compared to 29.8% in the prior-year period. The segment adjusted operating income margin for the quarter was 36.1%, which is down 3.3% compared to last year. This decrease was primarily driven by the impact of higher credit losses and international fuel price spreads.

Note: Shortly after posting these materials on April 22, 2026, we identified an immaterial scrivener's error. While correctly stated in the table on page 6, the first bullet on page 5 incorrectly stated that foreign exchange rates added a favorable $5.1 million impact to Mobility segment revenue in the quarter, rather than a favorable $2.8 million impact. On the same day of posting, we updated the bullet to reflect the correct number, as now shown above.

(4) Refer to the 'Sensitivities' table within the Guidance section of this document.

The following table reflects segment results and select other metrics within Mobility. All amounts are in millions, except for average U.S. fuel price:

(Unaudited)

For the three months ended

ended

3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26

12/31/24 12/31/25

Revenues

Total Revenues

339.0 $

359.6 $

357.2 $

345.2 $

333.8 $

346.2 $

360.8 $

345.1 $ 344.6

1,400.8 $

1,386.0

Y/Y Change

(1.0)%

5.7 %

2.0 %

(1.4)%

(1.5)%

(3.7)%

1.0 %

- %

3.2 %

1.3 %

(1.1)%

FX Impact5

0.1

0.4 $

(0.5)

0.1 $

1.3

(0.8)

(0.9)

(1.5) $

(2.8)

(1.9)

PPG Impact4

20.5

5.4 $

21.2

26.6 $

8.5

15.9

6.0

(3.3) $

2.1

73.8

27.0

PPG and FX % Impact on Revenue

(6.0)%

(1.7)%

(5.9)%

(7.6)%

(2.9)%

(4.2)%

(1.4)%

1.4 %

0.2 %

(5.3)%

(1.8)%

Operating Income (GAAP)

99.3

119.2

136.5

114.1 $

99.4

101.1

111.5

88.4

89.7

469.1

400.4

Operating Income (GAAP) Margin

29.3 %

33.1 %

38.2 %

33.1 %

29.8 %

29.2 %

30.9 %

25.6 %

26.0 %

33.5 %

28.9 %

Segment Adjusted Operating Income

131.0

154.3

167.1

146.1 $

131.4

134.0

146.7

128.9

124.5

598.5

541.1

Segment Adjusted Operating

38.6 %

42.9 %

46.8 %

42.3 %

39.4 %

38.7 %

40.7 %

37.3 %

36.1 %

42.7 %

39.0 %

For the twelve months

Income Margin6

Select Other Metrics

Total Volume

$ 19,943

$ 20,849

$ 20,137

18,610 $

18,751

18,833

19,684

18,637

19,891

79,539

75,905

Y/Y Change

(6.0)%

3.1 %

(9.4)%

(11.6)%

(6.0)%

(9.7)%

(2.3)%

0.1 %

6.1 %

(6.1)%

(4.6)%

Payment Processing Transactions

136.9

144.9

146.5

138.5

134.5

139.2

140.0

132.5

130.4

566.8

546.1

Y/Y Change

(0.4)%

1.8 %

1.3 %

0.3 %

(1.8)%

(3.9)%

(4.5)%

(4.3)%

(3.0) %

0.7 %

(3.6)%

Payment Processing $ of Fuel

13,061

$ 13,729

$ 13,227

12,003 $

12,018

12,216

12,641

11,859

$ 12,707

52,021

48,735

Y/Y Change

(7.7)%

(0.4)%

(11.5)%

(13.1)%

(8.0)%

(11.0)%

(4.4)%

(1.2)%

5.7 %

(8.2)%

(6.3)%

Average U.S. Fuel Price

3.56

3.62

3.45

3.25 $

3.32

3.28

3.38

3.29

3.60

3.47

3.32

Y/Y Change

(7.8)%

(1.6)%

(13.1)%

(13.6)%

(6.7)%

(9.5)%

(2.1)%

1.1 %

8.4 %

(9.2)%

(4.4)%

Payment Processing Gallons

3,568

3,694

3,731

3,601

3,528

3,625

3,640

3,497

3,428

14,593

14,289

Y/Y Change

(0.3)%

0.8 %

1.2 %

0.6 %

(1.1)%

(1.9)%

(2.4)%

(2.9)%

(2.8) %

0.6 %

(2.1)%

Net Payment Processing Rate

1.31 %

1.29 %

1.38 %

1.36 %

1.30 %

1.31 %

1.33 %

1.23 %

1.34 %

1.32 %

Net Late Fee Revenue

$60.4

$67.3

$59.0

$68.4

$63.7

$65.9

$67.2

$66.7

$64.2

$255.1

$263.5

Y/Y Change

(14.0)%

1.5 %

(11.1)%

(0.9)%

5.5 %

(2.0)%

13.9 %

(2.5)%

0.7 %

(6.1)%

3.3 %

Net Late Fee Rate

0.46 %

0.49 %

0.45 %

0.57 %

0.53 %

0.54 %

0.53 %

0.56 %

0.50 %

0.49 %

0.54 %

Credit Losses, in Basis Points

(5)

Favorable impacts are shown in these tables as negatives, while unfavorable impacts are shown as positive figures.

(6)

Segment adjusted operating income margin is derived by dividing segment adjusted operating income by the revenue of the corresponding segment.

WEX's Benefits segment provides a broad benefits platform with integrated payments-spanning Health Savings Accounts, Flexible Spending Accounts, Health Reimbursement Arrangements, COBRA, and benefits enrollment and administration - delivered directly to businesses or through our partner network. These solutions empower administrators, employers, and participants to make optimal benefits decisions. Our platform's flexibility supports multiple plan types and customizable designs, adapting to market changes. Our solutions streamline processes, reduce costs, and empower employees with greater choice and control. WEX combines healthcare expertise with payment intelligence and workflow optimization to deliver secure, customer-centric solutions. This simplifies daily administration, provides personalized tools, and offers proactive support, ultimately driving better business outcomes through healthier, more engaged employees.

Revenue in this segment is derived from per-participant fees, HSA deposit interest, and debit card interchange. Our business experiences annual seasonality, with Q1 peaking for new account sign-ups and transactions. WEX Inc. also serves as an IRS-designated non-bank custodian, while WEX Bank provides HSA depository services.

Benefits segment revenue in Q1 2026 was $216.2 million, an increase of 8.5% over the prior year, driven by continued strong revenue growth in our HSA accounts.

Average SaaS accounts for Q1 increased 3.8% year-over-year to 22.4 million. HSA account growth specifically, including partner channel accounts, was 8%. The sequential deceleration in growth of overall SaaS accounts was primarily due to shutting down an underperforming non-core product that does not impact revenue or income materially.

Benefits purchase volume increased by 7.2% compared to the prior-year quarter. While our interchange revenues in this segment are a relatively small piece of the total, they generate a steady revenue stream and a strong flow-through to operating income.

Account servicing revenue in Q1 was $114.5 million, a decrease of 1.2% versus last year. Higher account servicing revenues earned as a result of an increase in the average number of SaaS accounts were offset by a decrease in program fees earned on custodial services from lower HSA deposits held by third-party depository banks as a result of deposits being transferred to WEX Bank.

Average custodial cash assets for the quarter totaled $5.2 billion, an increase of 11.8% compared to the prior year, and generated $63.8 million in revenue

-up from $55.8 million last year-earned at WEX Bank and third-party banks. The interest yield earned on these investments increased 10 basis points year-over-year to 4.95%.

Operating income margin for the segment was 33.5%, compared to 28.3% in the same prior-year period. The segment adjusted operating income margin for the quarter was 46.4%, compared to 43.6% in the same prior-year period.

The following table reflects segment results and select other metrics within Benefits. All amounts are in millions:

(Unaudited) For the three months ended

For the twelve months ended

3/31/24 6/30/24 9/30/24 12/31/24

3/31/25

6/30/25

9/30/25

12/31/25

3/31/26

12/31/24 12/31/25

Revenues

Total Revenues

$ 191.2 $

179.8 $

181.5 $

186.9

$199.3

$195.1

$198.1

$204.9

$216.2

$ 739.5 $

797.4

Y/Y Change

15.9 %

12.9 %

9.3 %

4.9 %

4.2 %

8.5 %

9.2 %

9.6 %

8.5 %

10.6 %

7.8 %

Operating Income (GAAP)

$ 46.7 $

32.5 $

45.2 $

48.8 $

56.5 $

53.5 $

56.9 $

58.9 $

72.4

$ 173.3 $

225.8

Operating Income (GAAP) Margin

24.4 %

18.1 %

24.9 %

26.1 %

28.3 %

27.4 %

28.7 %

33.5 %

23.4 %

28.3 %

Segment Adjusted Operating Income

$ 79.4 $

71.1 $

78.4 $

78.0 $

86.9 $

84.9 $

86.7 $

83.1 $

100.2

$ 307.0 $

341.6

Segment Adjusted Operating Income Margin7

41.5 %

39.6 %

43.2 %

41.7 %

43.6 %

43.5 %

43.8 %

40.6 %

46.4 %

41.5 %

42.8 %

Select Other Metrics

Average SaaS Accounts

20.3

20.0

20.3

20.4

21.5

21.2

21.5

21.6

22.4

20.3

21.5

Y/Y Change

- %

2.6 %

2.0 %

2.5 %

6.1 %

6.0 %

3.8 %

2.0 %

6.0 %

Total Volume

$ 3,840 $

3,496 $

3,129 $

3,135 $

4,196 $

3,729 $

3,276 $

2,882

3,989

$ 13,600 $

14,083

Y/Y Change

9.7 %

8.0 %

8.6 %

11.1 %

9.3 %

6.7 %

4.7 %

(8.1)%

(4.9)%

9.3 %

3.5 %

Purchase Volume

$ 2,115 $

1,865 $

1,646 $

1,617 $

2,330 $

2,003 $

1,771 $

1,732 $

2,497

$ 7,243 $

7,836

Y/Y Change

9.6 %

8.7 %

9.7 %

7.1 %

10.2 %

7.4 %

7.6 %

7.1 %

7.2 %

8.8 %

8.2 %

Average HSA Custodial Cash Assets

$ 4,209 $

4,231 $

4,315 $

4,366 $

4,609 $

4,705 $

4,808 $

4,874 $

5,154

4,280

4,749

Y/Y Change

11.8 %

9.1 %

10.4 %

11.2 %

9.5 %

11.2 %

11.4 %

11.6 %

11.8 %

10.6 %

11.0 %

Custodial Investment Revenue - in Other Revenue8 $ 37.5

$ 40.0

$ 41.2

$ 44.3

$ 44.6

$ 48.2

$ 51.5

$ 51.8

$ 55.8

$ 163.0

$ 196.1

Custodial Investment Revenue - in Account $ 13.0

$ 11.9

$ 12.5

$ 9.1

$ 11.3

$ 9.6

$ 10.2

$ 9.2

$ 7.9

$ 46.5

$ 40.3

Custodial Investment Revenue - Total $ 50.5

$ 51.9

$ 53.7

$ 53.4

$ 55.8

$ 57.8

$ 61.7

$ 61.0

$ 63.8

$ 209.5

$ 236.4

Y/Y Change

35.8 %

23.6 %

22.0 %

17.9 %

10.6 %

11.4 %

14.9 %

14.2 %

24.3 %

12.8 %

HSA Yield10

4.80 %

4.91 %

4.98 %

4.89 %

4.85 %

4.92 %

5.13 %

5.00 %

4.95 %

4.90 %

4.98 %

Servicing Revenue9

(7) Segment adjusted operating income margin is derived by dividing segment adjusted operating income by the revenue of the corresponding segment.

(8) Represents income earned on available-for-sale securities held and managed by WEX Bank. These amounts are recorded within Other Revenue on our consolidated statement of operations.

(9) Represents income earned for custodial deposits held at third-party banks. These amounts are recorded within Account Servicing Revenue on our consolidated statement of operations.

(10) We calculate HSA yield by dividing Custodial Investment Revenue - Total by Average HSA Custodial Cash Assets.

The following chart shows the maturity profile of the investment securities and deposits as of March 31, 2026. The blended portfolio yield shown is the return earned on the balances maturing each year as of March 31, 2026.

HSA Investments Vintages by Maturity and Yield

$2,500

$2,420 8%

Investment Balances ($M)

$2,000

$1,500

$1,000

$500

3.6%

$602

$129

4.6%

3.7%

4.1%

4.8% 4.9%

$381 $464

5.2%

$656

Blended Portfolio Yield

5.0%

$1,925

$473

$281 $287

$162 $252 $263 $337

$347 $570

$495

$157

$29 $24 $44 $117 $86 -%

2026 2027 2028 2029 2030 2031 2032 Thereafter

Despite benchmark interest rates that have generally trended downward recently, our portfolio management efforts have maintained relatively consistent custodial investment returns.

WEX's Corporate Payments segment provides comprehensive and secure business-to-business (B2B) payments solutions powering mid-sized businesses and global enterprises through scalable technology. Our Direct to Corporate solution automates Accounts Payable (AP) by integrating with Enterprise Resource Planning systems and accounting workflows to maximize virtual payment usage. Our customizable Embedded Payments solution seamlessly integrates virtual payment capabilities into existing workflows, whether payments are core to the business, part of critical operations, or an added customer offering. This versatile solution empowers a broad range of industries, including online travel. We also offer white-label partnerships with financial institutions. Leveraging scale, network incentives, global expertise, and our supplier enablement team, we seek to optimize revenue for our customers.

Revenue in this segment is primarily derived from net interchange, with additional contributions from licensing fees.

Corporate Payments segment revenue for the quarter increased 9.3% to $113.0 million. The revenue increase was driven primarily by a 10.1% increase in the total volume. Foreign exchange rates were also favorable, increasing revenue by $2.2 million compared to the prior year.

Purchase volumes issued by WEX for the quarter increased 3.6% compared to the same period last year.

The net interchange rate was flat sequentially.

Direct Accounts Payable purchase volume for the quarter increased in line with Q4 2025. This book of business currently generates approximately 20% of annual segment revenue.

Operating income margin for the segment was 28.3%, compared to 26.3% in the same prior-year period. The segment adjusted operating income margin for the quarter was 39.0%, down from 39.1% in the same prior-year period.

The following table reflects segment results and select other metrics within Corporate Payments. All amounts are in millions:

For the three months ended

For the twelve months ended

3/31/24 6/30/24 9/30/24 12/31/24

3/31/25

6/30/25

9/30/25

12/31/25 3/31/26

12/31/24 12/31/25

Revenues

Total Revenues

$ 122.5 $

134.1

$ 126.9 $

104.3

$ 103.5

$ 118.3 $

132.8 $

122.9 $

113.0

$ 487.8 $

477.4

Y/Y Change

16.9 %

10.0 %

(6.1)%

(22.7)%

(15.5)%

(11.8)%

4.7 %

17.8 %

9.3 %

(1.8)%

(2.1)%

FX Impact11

$ (0.9) $

0.5

$ (1.7) $

1.3

$ 1.3

$ (1.1) $

(1.9) $

(2.6) $

(2.2)

$ (0.9) $

(4.3)

Operating Income (GAAP)

$ 51.1

$ 61.0

$ 56.1

$ 35.4

$ 27.2

$ 38.0

$ 52.0 $

48.8 $

32.0

$ 203.5

$ 166.0

Operating Income (GAAP) Margin

41.7 %

45.5 %

44.2 %

33.9 %

26.3 %

32.1 %

39.1 %

39.7 %

28.3 %

41.7 %

34.8 %

Segment Adjusted Operating

$ 64.6

$ 74.4

$ 71.5

$ 45.7

$ 40.5

$ 49.5

$ 63.8 $

59.5 $

44.1

$ 256.2

$ 213.3

Segment Adjusted Operating

52.7 %

55.5 %

56.4 %

43.9 %

39.1 %

41.9 %

48.0 %

48.4 %

39.0 %

52.5 %

44.7 %

Select Other Metrics

Total Volume

$ 33,026

$ 35,792

$ 39,056

$ 30,833

$ 31,109

$ 36,939

$ 43,272 $

36,466 $

34,240

$ 138,707

$ 147,786

Y/Y Change

19.7 %

12.5 %

6.2 %

(3.6)%

(5.8)%

3.2 %

10.8 %

18.3 %

10.1 %

8.2 %

6.5 %

Total Purchase Volume

$ 23,948

$ 25,756

$ 23,394

$ 16,541

$ 17,285

$ 20,497

$ 23,177 $

19,342 $

17,908

$ 89,640

$ 80,300

Y/Y Change

28.5 %

12.5 %

(16.0)%

(27.5)%

(27.8)%

(20.4)%

(0.9)%

16.9 %

3.6 %

(2.8)%

(10.4)%

Net Interchange Rate

0.43 %

0.45 %

0.52 %

0.50 %

0.48 %

0.47 %

0.53 %

0.46 %

0.49 %

Income

Income Margin12

(11) Favorable impacts are shown as negatives, while unfavorable impacts are shown as positive figures.

(12) Segment adjusted operating income margin is derived by dividing segment adjusted operating income by the revenue of the corresponding segment.

The following charts present Corporate Payments segment revenue, adjusted operating income margin, volume, and net interchange rate:

Corporate Payments Revenue and Segment Adjusted Operating Income Margin

Revenue, Net Basis for All Periods ($M)

$160.0

$80.0

60.0%

$103.5

$118.3

$132.8

$122.9

$113.0

Adjusted Operating Margin

40.0%

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

20.0%

$32,000

Corporate Payments Volume and Net Interchange Rate

Net Interchange Rate

1.00%

Purchase Volume ($M)

$16,000

0.75%

0.50%

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

0.25%

Key Balance Sheet and Liquidity Metrics

The following table shows key balance sheet and liquidity metrics as well as key operating metrics relevant to our balance sheet:

(in millions, except for leverage ratio)

3/31/24

6/30/24

9/30/24

12/31/24

3/31/25

6/30/25

9/30/25

12/31/25

3/31/26

Cash and Cash Equivalents

$ 780 $

683 $

535

$ 599

$ 610

$ 773

$ 813

$ 906

$ 634

Accounts Receivable

3,857

3,966

3,770

3,023

3,768

3,925

3,816

3,363

4,349

Long-Term Debt, Net

3,082

2,960

3,143

3,082

4,100

3,909

3,719

3,532

3,606

Corporate Cash

$ 176 $

143 $

123

$ 80

$ 163

$ 134

$ 128

$ 122

$ 91

Available Liquidity

$ 639 $

947 $

729

$ 735

$ 770

$ 916

$ 1,082

$ 1,249

$ 1,131

Leverage Ratio13

2.6x

2.5x

2.6x

3.5x

3.4x

3.25x

3.1x

Investment Securities at Cost14

$ 3,411 $

3,438 $

3,734

$ 3,875

$ 3,891

$ 4,180

$ 4,134

$ 4,329

$ 4,818

We remain in a healthy financial position and ended the quarter with $1.1 billion of available liquidity that includes our available corporate cash and capacity to borrow under our Revolving Credit Facility. Our leverage ratio, as defined in the Credit Agreement, as of March 31, 2026, stands at 3.1 times, and remains within our long-term target range of 2.5 times to 3.5 times.

The following table summarizes the Company's long-term debt maturities15, excluding our revolver and nominal scheduled principal payments on our term loans:

Term Debt Maturities By Year ($M)

$1,347

$686

$420

$550

2026 2027 2028 2029 2030 2031 2032 2033

We have maintained ample access to debt markets and strategically review our debt composition and maturity schedule to align with our long-term objectives. We currently have a runway of approximately two years before our next maturity, which we believe provides us with an appropriate cushion to remain opportunistic in the market.

(13) As defined in the Credit Agreement.

(14) Our available-for-sale debt securities are measured and reported at fair value on the face of the balance sheet. We have additionally included the cost basis of these investments to provide greater clarity on the nature and extent of our investing activities.

(15) The maturity date of the Term A debt is the earlier of (i) May 10, 2029 and (ii) the date that is 91 days prior to the maturity of the Term B-2 Loans. We have presented Term A within 2029 in the table above with the expectation that the Term B-2 debt will be refinanced prior to maturity.

Cash Flow

The following table16 presents our operating cash flow and adjusted free cash flow metric:

(Unaudited)

For the three months ended

(In millions)

3/31/24

6/30/24

9/30/24

12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26

Operating Cash Flow, as reported

$ (153.3) $

(7.0) $

3.3 $

638.4 $

(481.6) $

264.6 $

376.6 $

294.7 $

(330.8)

Changes in WEX Bank cash balances

$ 188.9 $

69.6 $

125.3 $

(104.7) $

67.7 $

(182.5) $

(47.5) $

(95.0) $

236.5

Other

$ 67.1 $

- $

(33.1) $

58.8 $

1.6 $

1.5 $

0.3 $

42.6

Net Funding Activity

$ 205.0 $

214.8 $

372.2 $

(139.3) $

375.5 $

495.6 $

(178.1) $

290.8 $

616.9

Less: Purchases of current investment securities, net of sales and maturities

$ (282.9) $

(25.6) $

(276.3) $

(153.2) $

28.3 $

(350.3) $

48.7 $

(191.1) $

(478.2)

Less: Capital expenditures

$ (34.0) $

(39.6) $

(35.0) $

(38.7) $

(32.6) $

(34.6) $

(35.0) $

(38.4) $

(37.5)

Adjusted Free Cash Flow

$ (9.2) $

212.2 $

189.5 $

169.5 $

16.2 $

194.3 $

166.2 $

261.3 $

49.5

Trailing Twelve Month Adjusted Free Cash Flows $ 605.0 $ 543.0 $ 567.8 $ 562.0 $ 587.4 $ 569.5 $ 546.2 $ 638.0 $ 671.3

WEX has historically generated a significant amount of cash each year, although absolute levels can vary based upon macroeconomic factors, operational investments, and overall business performance. We utilize an adjusted free cash flow metric, which is prepared on a non-GAAP basis, to describe the cash flow we consider available for investment. The purpose of the adjusted calculation is to remove impacts of funding accounts receivable in the normal course of business and other cash activity at WEX Bank, which is excluded from and does not impact the amount of cash available at the parent company level. Using our definition, Q1 2026 adjusted free cash flow was $49 million. Over the trailing twelve months ended March 31, 2026, we generated $671 million, converting a substantial portion of our ANI into adjusted free cash flow. We are able to leverage this strong adjusted free cash flow generation to deliver on our disciplined capital allocation strategy, including ongoing investments in our business.

(16) See "Reconciliation of GAAP Operating Cash Flow to Adjusted Free Cash Flow" in Exhibit 1 for a more detailed discussion of these metrics.

Capital Allocation

The following table presents our uses of cash over the preceding quarters:

For the three months ended

(In millions) 3/31/24 6/30/24 9/30/202417 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26

Capital

Expenditures

$ 34.0

$ 39.6

$ 35.0

$ 38.7

$ 32.6

$ 34.6

$ 35.0

$ 38.4

$ 37.5

Acquisitions18

$ 86.6

$ 5.1

$ 7.1

$ -

$ 91.2

$ -

$ 58.6

$ 80.7

Repurchases17, 19

$ 73.6

$ 100.0

$ 370.0

$ 106.0

$ 790.0

$ -

Capital Deployed

$ 194.2

$ 144.7

$ 412.1

$ 144.7

$ 913.8

$ 34.6

$ 35.0

$ 97.0

$ 118.2

Note: The Q4 2025 acquisition amount relates primarily to the purchase of the BP portfolio.

WEX strategically allocates capital through a disciplined and rigorous analytical process, prioritizing investments that we expect will deliver strong longterm returns. Our primary uses of cash include growth-focused initiatives - such as investments in technology and customer experience - strategic M&A, and returning capital to shareholders via share repurchases. Our capex investments are central to strengthening our competitive edge and delivering greater value to our customers.

The following table presents cash spent on share buybacks and ending undiluted shares outstanding for each of the preceding quarters:

For the three months ended

(In millions, except per share amounts) 3/31/24 6/30/24 9/30/24 12/31/2417 03/31/25 06/30/25 09/30/25 12/31/25 03/31/26

Cash Spent Repurchasing Shares $ 73.6

$ 100.0

$ 370.0

$ 106.0

$ 790.0

$ -

Cumulative Cash Spent $ 659.8

$ 759.8

$ 1,129.8

$ 1,235.8

$ 2,025.8

Share Repurchases19 0.35

0.47

1.72

0.77

5.10

Cumulative Shares Repurchased Since 3.93

4.39

6.12

6.89

11.99

2022

(17) During the third quarter of 2024, we entered into an ASR agreement with JPMorgan to repurchase an aggregate of $300.0 million of the Company's outstanding common stock. Under the ASR, the Company made a payment of

$300.0 million to JPMorgan for which we received an initial delivery of approximately 1.3 million shares of our common stock. For purposes of this table, we have included the full payment amount and the initial delivery of shares in the quarter ended September 30, 2024. During the fourth quarter of 2024, the ASR was settled, resulting in the receipt of an additional 0.2 million shares of WEX common stock, which is included in the quarter ended December 31, 2024.

(18) This line is presented on a cash basis and includes consideration transferred in the related quarter, including deferred payments when they are paid as opposed to when the underlying transaction occurred.

(19) On February 26, 2025, the Company commenced a modified "Dutch auction" tender offer to repurchase up to $750.0 million worth of its common stock (the "Tender Offer"). On March 31, 2025, the Company completed the Tender Offer and accepted for purchase a total of approximately 4.9 million shares of its common stock at a purchase price of $154 per share. The Company paid $750.0 million in cash to complete the Tender Offer, excluding related costs and fees. The Company incurred approximately $4.2 million of costs and fees related to the Tender Offer, which are recorded along with the cost of the shares repurchased as treasury stock.

Financial Guidance

The following table presents our expectations for the second quarter and full year 2026:

Financial Guidance Q2'26 Full Year 2026

Current Guidance Current Guidance Changes from Prior Guide at Midpoint

Low

High

Low

High

$ Change

Change

Fuel Price Impact

Net Revenue, in millions

$ 727

$ 747

$ 2,820

$ 2,880

$ 120

4 %

$106

Adjusted Net Income per Diluted Share20

$ 4.93

$ 5.13

$ 18.95

$ 19.55

$ 1.70

10 %

$1.70

Second quarter and full year 2026 guidance is based on a number of assumptions, including:

Key Guidance Assumptions Q2'26 Full Year 2026

Current Guidance

Current

Guidanc

Change from Prior Guide at Midpoint

% Change

Average U.S. Retail Fuel Prices per Gallon

$4.30

$3.70

$0.60

19%

Mobility Credit Losses (bps)

17 - 22

12 -

Weighted Average Diluted Shares Outstanding, in millions

35.0

35.2

Domestic fuel prices estimated at $4.30 per gallon for Q2 and $3.70 per gallon for the full year, based on NYMEX futures curve; this assumption increased 2026 revenue and EPS guidance by approximately $106 million and $1.70 cents, respectively. This does not include any potential future impacts from European fuel spreads.

Interest rates in line with the market Fed Funds projections of no cuts for the remainder of the year.

Foreign exchange rates are as of the end of March 2026.

Adjusted net income effective tax rate of 25.0% for 2026 (all periods).

No effects from any future M&A activity or share repurchases; available cash flow used to pay down debt.

(20) The Company's adjusted net income guidance, which is a non-GAAP measure, excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, changes in fair value of contingent consideration, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, other costs, impairment charges, debt restructuring and debt issuance cost amortization, adjustments attributable to our non-controlling interests, and certain tax related items. We are unable to reconcile our adjusted net income guidance to the comparable GAAP measure without unreasonable effort because of the difficulty in predicting the amounts to be adjusted, including, but not limited to, foreign currency exchange rates, unrealized gains and losses on financial instruments, and acquisition and divestiture related items, which may have a significant impact on our financial results.

The following tables include estimated revenue and ANI per share sensitivities to changes in PPG and interest rates as of the date of this supplement. As a reminder, the impacts of these macro factors can and will change based upon various factors, including the composition of our balance sheet. We target maintaining a materially neutral ANI per share impact from 100bps adjustments to interest rates and can adjust our profile through balance sheet strategies and hedging.

Price per Gallon

Interest Rates

Sensitivities

+$0.10/Gal -$0.10/Gal

+100bps

-100bps

Impact to Net Revenue, in millions (approximate)

$ 20 $ (20)

$ 30 $

(30)

Impact to ANI per Share (approximate)21

$ 0.35 $ (0.35)

$ (0.40) $

0.45

Note: The ANI per share amounts above have been updated to reflect the share count reduction due to the Tender Offer completed at the end of March 2025.

The following charts22 represent a walk between our previous 2026 guidance and our updated 2026 guidance, accounting for the primary drivers that have changed.

$2,900

$2,800

$2,700

Full Year 2026 Revenue Guidance Walk

$2,850

$20.00

3.9%

0.2%

0.1%

0.2%

$2,730

$17.50

Full Year 2026 ANI per Share Guidance Walk

(0.6)%

0.2%

0.4%

$17.55

9.7%

$19.25

$2,600

$15.00

$2,500

Previous 2026

Guidance at Midpoint

PPG Interest Rates

Underlying Growth

Other Revised 2026

Guidance at Midpoint

Previous 2026

Guidance at Midpoint

PPG Interest Rates

Underlying Growth

Other Revised 2026

Guidance at Midpoint

(21) The Company's adjusted net income guidance, which is a non-GAAP measure, excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, changes in fair value of contingent consideration, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, other costs, impairment charges, debt restructuring and debt issuance cost amortization, adjustments attributable to our non-controlling interests and certain tax related items. We are unable to reconcile our adjusted net income guidance to the comparable GAAP measure without unreasonable effort because of the difficulty in predicting the amounts to be adjusted, including, but not limited to, foreign currency exchange rates, unrealized gains and losses on financial instruments, and acquisition and divestiture related items, which may have a significant impact on our financial results.

(22) The PPG impacts above include adjustment for International fuel price spreads. Other includes impact from foreign exchange rate fluctuations.

Enterprise Strategy

STRATEGIC PILLARS

Amplify Our Core

We leverage our deep customer and channel relationships, proprietary data and technology assets, scale and financial and regulatory expertise to grow in key core markets

Expand Our Reach

We extend into new markets where we have a clear right to win and where our differentiated assets allow us to createa stronger customer value proposition

Accelerate Innovation

AI enables us to deliver better prodUcts at a faster paCe, unlock our commercial potential, and drive efficiency and operating leverage

Our strategic pillars ore powered by organic investments in technology, new product development, and our soles and marketing engine

Our Strategy Has Driven Long-Term Growth23

(23) See "Reconciliation of GAAP Net Income Attributable to Shareholders per Diluted Share to Adjusted Net Income Attributable to Shareholders per Diluted Share" in Exhibit 1.

Disclaimer

WEX Inc. published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 15:19 UTC.