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    WEX Inc (WEX)

    Financials

    Updated May 1, 2025, 7:02 PM UTC
    Income Statement - MetricFY 2013Q1 2014Q2 2014Q3 2014FY 2014Q1 2015Q2 2015Q3 2015FY 2015Q1 2016Q2 2016Q3 2016FY 2016Q1 2017Q2 2017Q3 2017FY 2017Q1 2018Q2 2018Q3 2018FY 2018Q1 2019Q2 2019Q3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Total Revenues (USD, millions)663.302,548.0652.7673.40665.50--636.6
    Payment processing revenue (USD, millions)311.801,213.7302.0318.40309.90--271.8
    Account servicing revenue (USD, millions)171.30646.4173.3168.60174.60--179.1
    Finance fee revenue (USD, millions)80.00314.270.377.8070.50--75.7
    Other revenue (USD, millions)100.20373.7107.1108.70110.50--110.0
    Total cost of services (USD, millions)255.90973.3267.2263.70249.30--270.0
    Processing costs (USD, millions)169.90621.6169.1163.80156.10--167.5
    Service fees (USD, millions)18.6073.321.020.8020.60--25.7
    Provision for credit losses (USD, millions)12.3089.822.420.609.60--15.9
    Operating interest (USD, millions)26.6084.223.525.7028.40--24.1
    Depreciation and amortization (Cost of services) (USD, millions)28.50104.431.232.8034.60--36.8
    General and administrative (USD, millions)116.30428.088.5101.0092.10--73.7
    Sales and marketing (USD, millions)86.20327.885.393.7080.90--90.9
    Depreciation and amortization (USD, millions)46.40171.847.246.8046.90--44.7
    Operating income (USD, millions)158.50647.1164.5168.10196.40--157.3
    Financing interest expense, net of financial instruments (USD, millions)(82.20)(204.6)(60.3)(59.90)(58.30)--(53.0)
    Change in fair value of contingent consideration (USD, millions)(2.30)(8.5)(1.7)(1.70)(0.10)--(0.8)
    Net foreign currency gain (loss) (USD, millions)14.304.9(12.5)(0.50)3.30--(3.1)
    Income before income taxes (USD, millions)108.40368.890.0106.10141.10--100.4
    Income tax expense (USD, millions)23.50102.224.229.2038.20--28.9
    Net income (USD, millions)84.90266.665.876.90103.00--71.5
    Balance Sheet - MetricFY 2013Q1 2014Q2 2014Q3 2014FY 2014Q1 2015Q2 2015Q3 2015FY 2015Q1 2016Q2 2016Q3 2016FY 2016Q1 2017Q2 2017Q3 2017FY 2017Q1 2018Q2 2018Q3 2018FY 2018Q1 2019Q2 2019Q3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Cash and cash equivalents (USD, millions)975.8975.8779.6682.6535.4---
    Restricted cash (USD, millions)1,254.21,254.21,302.11,095.7776.4---
    Accounts receivable, net (USD, millions)3,428.53,428.53,857.23,966.43,770.4---
    Investment securities (USD, millions)3,022.13,022.13,304.93,322.53,722.6---
    Securitized accounts receivable, restricted (USD, millions)129.4129.4143.3138.7133.3---
    Prepaid expenses and other current assets (USD, millions)125.3125.3147.4177.2171.4---
    Total current assets (USD, millions)8,935.38,935.39,534.59,383.19,109.4---
    Property, equipment and capitalized software (net) (USD, millions)242.9242.9249.5256.9261.3---
    Goodwill (USD, millions)3,015.73,015.73,003.83,006.23,024.9---
    Other intangible assets (net) (USD, millions)1,458.71,458.71,406.31,362.01,313.8---
    Investment securities (non-current) (USD, millions)66.866.866.165.773.7---
    Deferred income taxes, net (asset) (USD, millions)13.713.714.814.616.0---
    Other assets (USD, millions)149.0149.0146.8158.4162.2---
    Total assets (USD, millions)13,882.113,882.114,421.814,246.913,961.4---
    Accounts payable (USD, millions)1,479.11,479.11,824.01,734.11,365.5---
    Accrued expenses and other current liabilities (USD, millions)802.7802.7671.2702.9679.9---
    Restricted cash payable (USD, millions)1,253.51,253.51,301.41,095.1775.7---
    Short-term deposits (USD, millions)3,942.83,942.84,075.94,288.84,461.5---
    Short-term debt, net (USD, millions)1,041.11,041.11,113.01,248.61,435.4---
    Total current liabilities (USD, millions)8,519.28,519.28,985.59,069.68,718.1---
    Long-term debt, net (USD, millions)2,827.52,827.53,081.52,959.63,143.3---
    Long-term deposits (USD, millions)129.8129.8129.7-----
    Deferred income taxes, net (liability) (USD, millions)129.5129.5132.8132.6137.6---
    Other liabilities (USD, millions)455.5455.5314.6301.6285.0---
    Total liabilities (USD, millions)12,061.512,061.512,644.112,463.312,284.0---
    Common stock (USD, millions)0.50.50.50.50.5---
    Additional paid-in capital (USD, millions)1,053.01,053.01,065.21,099.61,068.3---
    Retained earnings (USD, millions)1,757.11,757.11,822.91,899.92,002.8---
    Accumulated other comprehensive loss (USD, millions)(229.2)(229.2)(276.5)(281.2)(145.8)---
    Treasury stock at cost (USD, millions)(760.8)(760.8)(834.4)(935.3)(1,248.3)---
    Total stockholders’ equity (USD, millions)1,820.61,820.61,777.71,783.51,677.5---
    Total liabilities and stockholders’ equity (USD, millions)13,882.113,882.114,421.814,246.913,961.4---
    Cash Flow - MetricFY 2013Q1 2014Q2 2014Q3 2014FY 2014Q1 2015Q2 2015Q3 2015FY 2015Q1 2016Q2 2016Q3 2016FY 2016Q1 2017Q2 2017Q3 2017FY 2017Q1 2018Q2 2018Q3 2018FY 2018Q1 2019Q2 2019Q3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Net income (USD, millions)84.90266.665.876.90103.00---
    Change in fair value of contingent consideration (USD, millions)2.308.51.71.700.10---
    Stock-based compensation (USD, millions)35.30127.028.133.4028.60---
    Depreciation and amortization (USD, millions)74.90276.278.479.6081.50---
    Provision for credit losses (USD, millions)12.3089.822.420.609.60---
    Loss on extinguishment of Convertible Notes (USD, millions)0.0070.1------
    Other non-cash adjustments (USD, millions)(46.80)(3.1)10.12.50(5.70)---
    Net change in operating assets and liabilities, net of effects of business acquisitions (USD, millions)-(195.1)(359.8)(221.70)(213.90)---
    Net cash (used for) provided by operating activities (USD, millions)761.90907.9(153.3)(7.00)3.30---
    Purchases of property, equipment and capitalized software (USD, millions)(41.90)(143.6)(34.0)(39.60)(35.00)---
    Purchase of other investments (USD, millions)(12.80)(17.8)--(3.50)---
    Purchases of available-for-sale debt securities (USD, millions)(319.50)(1,768.1)(391.7)(120.50)(388.70)---
    Sales and maturities of available-for-sale debt securities (USD, millions)49.50193.6108.894.70105.90---
    Acquisition of intangible assets (USD, millions)0.00(4.5)--0.00---
    Acquisitions, net of cash and restricted cash acquired (USD, millions)(246.30)(402.0)------
    Net cash used for investing activities (USD, millions)(566.90)(2,138.3)(317.8)(84.90)(321.30)---
    Repurchases of common stock (USD, millions)(150.80)(303.4)------
    Net change in deposits (USD, millions)(296.80)593.1133.683.30171.90---
    Net change in restricted cash payable (USD, millions)63.10276.269.3(202.50)(347.20)---
    Borrowings on revolving credit facility (USD, millions)969.603,449.31,041.92,044.102,977.40---
    Repayments on revolving credit facility (USD, millions)(779.20)(2,787.3)(774.1)(2,217.60)(2,779.40)---
    Borrowings on term loans (USD, millions)----0.00---
    Repayments on term loans (USD, millions)(15.80)(63.3)(15.8)(14.90)(14.50)---
    Repurchase of Convertible Notes (USD, millions)0.00(368.9)------
    Advances from the FHLB (USD, millions)-5,975.01,570.0(1,270.00)270.00---
    Repayments to the FHLB (USD, millions)-(5,200.0)(1,585.0)-----
    Borrowings on BTFP (USD, millions)5,225.005,975.01,570.00.000.00---
    Repayments on BTFP (USD, millions)(4,950.00)(5,200.0)(1,585.0)0.00(50.00)---
    Net change in borrowed federal funds (USD, millions)--80.0(150.00)150.00---
    Net borrowings (repayments) on other debt (USD, millions)63.7058.910.3(13.10)13.70---
    Payments of deferred and contingent consideration (USD, millions)0.00(52.2)(86.6)0.00(7.10)---
    Other financing activities (USD, millions)1.30(2.1)(15.9)(5.00)(2.60)---
    Net cash (used for) provided by financing activities (USD, millions)(132.00)1,573.3354.1(207.40)(187.80)---
    Effect of exchange rates on cash, cash equivalents and restricted cash (USD, millions)50.2027.4(31.3)(4.00)39.20---
    Net change in cash, cash equivalents and restricted cash (USD, millions)113.20370.3(148.3)(303.40)(466.50)---
    Cash, cash equivalents and restricted cash, beginning of period (a) (USD, millions)1,859.71,859.72,230.02,230.02,230.0---
    Cash, cash equivalents and restricted cash, end of period (a) (USD, millions)2,230.02,230.02,081.71,778.31,311.8---
    Revenue by Segment - in Millions of USDFY 2013Q1 2014Q2 2014Q3 2014FY 2014Q1 2015Q2 2015Q3 2015FY 2015Q1 2016Q2 2016Q3 2016FY 2016Q1 2017Q2 2017Q3 2017FY 2017Q1 2018Q2 2018Q3 2018FY 2018Q1 2019Q2 2019Q3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Mobility350.11,382.7339.0359.6357.23451400.8333.8
    - Payment Processing290.728.124.921.9--29.7
    - Account Servicing115.9435.7117.0108.4110.0--115.9
    - Finance Fees0.10.30.10.10.1--0
    - Other Revenue42.2141.746.046.349.4--53.6
    Corporate Payments135496.9122.5134.1126.9104.3487.8103.5
    Benefits178.2668.4191.2179.8181.5187739.5199.3
    Total Revenue663.32,548.0652.7673.5665.5636.42628.1636.6
    KPIs - Metric (Unit, Scale)FY 2013Q1 2014Q2 2014Q3 2014FY 2014Q1 2015Q2 2015Q3 2015FY 2015Q1 2016Q2 2016Q3 2016FY 2016Q1 2017Q2 2017Q3 2017FY 2017Q1 2018Q2 2018Q3 2018FY 2018Q1 2019Q2 2019Q3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Payment processing transactions for Mobility segment (millions of transactions)--------
    Payment processing dollar value of fuel for Mobility segment (USD in millions)-56,683.613,061.013,729.113,227.5---
    Net payment processing rate for Mobility segment (percentage)-1.231.311.291.38---
    Net late fee rate for Mobility segment (percentage)-0.480.460.490.45---
    Purchase volume for Corporate Payments segment (USD in millions)-92,196.923,947.925,756.223,394.4---
    Net interchange rate for Corporate Payments segment (percentage)-0.460.430.450.45---
    Purchase volume for Benefits segment (USD in millions)-6,655.62,114.71,865.11,645.7---
    Average number of SaaS accounts for Benefits segment (millions of accounts)-19.920.320.020.3---
    Average HSA custodial cash assets for Benefits segment (USD in millions)-3,868.94,209.34,231.04,315.0---
    Total volume across the Company (USD in millions)--56,80960,13762,322---