Total Revenue

-2% " " " " "

Total Revenue declined by approximately 2% YoY to USD 659.6 million in Q2 2025 compared to USD 673.5 million in Q2 2024. This modest drop reflects a combination of weaker performance in segments like Corporate Payments (down 11.8% YoY) and Mobility (down 3.7% YoY), partially offset by growth in Payment Processing and Benefits, suggesting adverse market factors (e.g., lower fuel prices and FX headwinds) continued from prior periods. " " " " "

Mobility Revenue

-3.7% " " " " "

Mobility Revenue declined by 3.7% YoY to USD 346.2 million, likely due to softer domestic demand and ongoing effects of lower fuel prices impacting transaction volumes, continuing trends observed in earlier periods with similar external pressures. " " " " "

Payment Processing Revenue

+9% " " " "

Payment Processing Revenue increased by roughly 9% YoY to USD 27.2 million, driven by robust transaction volume growth and enhanced digital payment capabilities, which built on previous period improvements and operational efficiencies. " " " "

Other Revenue

+24% " " "

Other Revenue jumped by nearly 24% YoY to USD 57.4 million, attributed to higher interest income from increased restricted cash balances and favorable shifts in interest rates compared to Q2 2024, continuing the trend seen in prior improvements in ancillary revenue streams. " " "

Corporate Payments

-11.8% " " " "

Corporate Payments revenue declined by 11.8% YoY to USD 118.3 million, reflecting challenges such as contract renegotiations, a 28% drop in purchase volumes, and unfavorable foreign exchange impacts, factors that had also been emerging in previous reports and continued to pressure this segment in Q2 2025. " " " "

Benefits

+8.5% " " " " "

Benefits revenue increased by about 8.5% YoY to USD 195.1 million, driven by strong HSA enrollment and a rise in custodial cash asset balances, which built on the previous period’s momentum in growing the Health Savings Account business and related SaaS accounts. " " " " "

Revenue ($USD Millions)

Q3 2025

$640 million to $660 million "

$669 to $689 "

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Adjusted Net Income EPS ($USD)

Q3 2025

$3.60 to $3.80 per diluted share "

$4.30 to $4.50 per diluted share "

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Revenue ($USD Billions)

FY 2025

$2.57 billion to $2.63 billion "

$2.61 to $2.65 "

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Adjusted Net Income EPS ($USD)

FY 2025

$14.72 to $15.32 per diluted share "

$15.37 to $15.77 per diluted share "

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Mobility Segment Performance

Q1 2025: Same‑store sales declines for local fleets and modest declines for OTR customers, along with operational and fuel price sensitivity concerns. " " Q4 2024: Pricing initiatives, negative same‑store sales (–2.8% for fleets and –1% for OTR), and fuel price/FX headwinds. " " Q3 2024: Pricing optimization challenges with an unplanned charge, persistent same‑store sales softness, and significant fuel price impacts. " " "

Q2 2025: Stable pricing strategies with a slight increase in the processing rate, continued same‑store sales declines, ongoing operational improvements (e.g., investing in sales and new customer agreements such as BP), and fuel price sensitivity that provided modest earnings benefits. " " " " "

Recurring concerns around operational challenges and fuel price sensitivity persist throughout, although Q2 2025 shows improved pricing stability and new customer agreements that may offset some historical weaknesses.

Benefits Segment Growth

Q1 2025: Described as robust with 7% HSA account growth outpacing the market. " " Q4 2024: Noted deceleration in HSA growth amid market saturation with mid‑single‑digit trends. " " Q3 2024: Growth remained strong at around 7%, beating market expectations. "

Q2 2025: HSA account growth remains robust at 7%, outperforming the market, with new legislative developments expected to expand the total addressable market significantly. " " "

The narrative shifted from concerns about deceleration in Q4 2024 to continued robust performance in Q2 2025, further buoyed by new market opportunities through expanded legislative coverage.

Corporate Payments Dynamics

Q1 2025: Revenue declined (–15.5%) driven by a large travel customer transition; however, the Direct AP product grew nearly 25% and a strong pipeline was in place. " " Q4 2024: Revenue dipped (–22.7%) due to contract renegotiations and temporary volume reductions, though new customer wins were noted. " " " Q3 2024: Revenue affected by a model change for a large OTA customer, with purchase volume down but underlying transaction volumes up, and long‑term growth expectations of 10–15%. " " " " "

Q2 2025: Despite revenue challenges from a large travel customer's transition, the segment shows a strong pipeline in embedded payments, with Direct AP volume growing over 25% for the third consecutive quarter and a notable fintech client win. " " "

There is a consistent theme of revenue headwinds from customer transitions combined with a robust pipeline that signals long‑term growth potential.

Diversified Business Model

Q1 2025: Emphasis on diversification providing a buffer against macro uncertainty, with cross‑segment synergies in technology and operations. " " Q4 2024: Highlighted strengths in each segment (mobility, benefits, corporate payments) as part of an integrated model. " Q3 2024: No explicit mention of a diversified business model, though cross‑segment strategies were implicit in the discussion [N/A].

Q2 2025: Consistent cross‑segment strategies were emphasized across mobility, benefits, and corporate payments, with shared technology infrastructure and a strategic portfolio review to optimize returns. " " " " "

The diversified approach remains a recurring and central theme. While Q3 2024 did not explicitly mention it, the current period reinforces the message of strong, synergistic cross‑segment strategies.

EV Transition

Q1 2025: Focus on robust EV charging network coverage (90% of fuel stations and 80% of EV charging locations) and support for mixed fleets. " Q4 2024: Positive outlook on EVs with new product initiatives and pricing strategies, though the transition is expected to be slow. " Q3 2024: Detailed progress in EV and hybrid solutions, with fleet managers’ strong intent to integrate EVs into their fleets. "

Q2 2025: Emerging focus on EV initiatives with products resonating in the market and strategic partnerships with fleet leasing companies; while the transition is slower than anticipated, it is viewed as a great long‑term play. " "

There is consistent long‑term bullish sentiment on EVs across periods, with Q2 2025 emphasizing emerging product momentum and strategic partnerships despite a slower-than‑expected pace.

AP Automation Solutions

Q1 2025: Noted nearly 25% year‑over‑year growth in Direct AP volume with a focus on mid‑market customers; emphasis on security and control. " " Q4 2024: Achieved over 20% growth in spend volume, with significant white space identified in the mid‑market, and plans for further enhancements. " " " Q3 2024: Not mentioned [N/A].

Q2 2025: Expansion continues robustly with Direct AP exceeding 25% growth for a third consecutive quarter, supported by a more than 50% expansion in sales force and over 140 new customer wins to date. " "

The expansion into AP automation solutions has been consistently strong. Q2 2025 reinforces the narrative with further growth and heavy sales investment, solidifying its role as a key revenue driver.

BP Agreement and Conversion Challenges

Q1 2025, Q4 2024, Q3 2024: No material discussion on BP agreements or conversion challenges [N/A].

Q2 2025: A new long‑term BP agreement was announced, representing a significant win. The conversion of BP’s existing portfolio will begin in 2026, meaning near‑term revenue only includes new card sales while conversion delays modestly temper immediate revenue expectations. " " " "

This is a newly emerging topic in Q2 2025 with significant long‑term potential, although the delayed conversion means immediate revenue impact is limited.

Fintech Client Wins

Q1 2025, Q4 2024, Q3 2024: There was no explicit mention of fintech client wins as a separate growth driver [N/A].

Q2 2025: WEX highlighted a significant win with a large publicly traded fintech using its virtual card issuing technology. This win is part of an expanding pipeline in the Corporate Payments segment, contributing positively to diversification and growth. " "

This is a new emphasis in the current period demonstrating an emerging revenue source within the payments ecosystem.

Share Repurchase Strategy

Q1 2025: Aggressive buyback activity returned $790 million to investors, reducing share count by over 5 million (13.1% reduction). " Q4 2024: Continued repurchase activity with $106 million in Q4 and additional purchases in January, with openness to M&A opportunities. " Q3 2024: The Board increased the repurchase authorization by $1 billion, resulting in a 12% reduction in outstanding shares since 2022. " "

Q2 2025: The CFO explained that the focus shifts to using available cash flow for debt reduction, with no additional repurchases planned in the near term. "

There is a shift in capital allocation sentiment from prior aggressive buyback strategies to a current focus on deleveraging, indicating a more conservative near‑term posture.

Macroeconomic and Operational Risks

Q1 2025: Discussed tariffs creating uncertainty, fuel price volatility (–1.7% impact; sensitivity of $20 million per $0.10 change), weather-related downturns, and measures to address credit exposure. " " " " Q4 2024: Emphasized fuel price volatility, impacts of a trucking recession, FX headwinds, and operational challenges such as contract renegotiations and customer losses. " " " " Q3 2024: Detailed fuel price declines (–13%), credit loss reductions, and operational issues (e.g., unplanned charges) without mentioning tariffs or weather. " " " " " "

Q2 2025: Recurring concerns remain around fuel price volatility (with a 3.7% revenue decline and 4.2% drag from lower fuel prices/FX) and tariff uncertainties (noted in OTR normalization); weather and credit exposure are less emphasized compared to earlier periods. " " " "

Persistent macroeconomic and operational risks are a recurring theme. While fuel price volatility and tariff concerns remain, there is a slight de‐emphasis on weather and credit exposure, hinting at potential stabilization in those areas.