WEX Inc.

Listed Company

WEXCIK 0001309108NYSELarge AcceleratedServices-Business Services, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.66B

Net Income

$304.10M

Total Assets

$14.40B

Equity

$1.23B

Shares Out

34.67M

Op. Cash Flow

$454.30M

Business

WEX Inc. operates a global B2B commerce platform that simplifies administrative and payment workflows for businesses. It offers payment processing, virtual card and issuing capabilities, fleet and mobility payment solutions, and SaaS benefits administration including HSAs, FSAs, HRAs, COBRA and enrollment tools. The company organizes operations into three primary segments—Mobility, Benefits, and Corporate Payments—each combining proprietary technology, data analytics, and payment services. WEX distributes its solutions direct to corporations and through partners, co-brands, private-label programs, financial institutions, brokers and other channel partners across multiple international markets.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	2,661	2,628	2,548	2,351	1,851
Processing costs	665	648	622	559	483
Service fees	96	84	73	65	53
Provision for credit losses	78	68	90	180	45
Operating interest	109	104	84	21	—
Depreciation and amortization	152	134	104	106	112
Total cost of services	1,101	1,038	973	931	702
General and administrative	330	376	428	344	327
Sales and marketing	387	341	328	312	319
Depreciation and amortization	179	187	172	158	161
Operating income	664	686	647	470	342
Financing interest expense, net of financial instruments	−241	−236	−205	−48	−89
Net foreign currency (loss) gain	−200,000	−26	5	−23	−12
Change in fair value of contingent consideration	−3	−7	−9	−139	—
Loss on extinguishment of Convertible Notes	0	0	−70	0	0
Income before income taxes	420	418	369	261	204
Income tax provision	116	108	102	93	68
Net income attributable to shareholders	304	310	267	167	135
Basic (in dollars per share)	8.57	7.59	6.23	4.54	0
Diluted (in dollars per share)	8.47	7.5	6.16	4.5	0
Basic (in shares)	36	41	43	44	45
Diluted (in shares)	36	41	43	45	45

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	906	596	976	922	589
Restricted cash	773	838	1,254	938	668
Accounts receivable, net	3,363	3,009	3,429	3,276	2,891
Investment securities	4,333	3,765	3,022	1,395	949
Securitized accounts receivable, restricted	124	110	129	143	125
Prepaid expenses and other current assets	215	199	125	143	78
Total current assets	9,713	8,516	8,935	6,817	5,300
Property, equipment and capitalized software	254	261	243	202	180
Goodwill	3,015	2,983	3,016	2,729	2,908
Other intangible assets	1,088	1,260	1,459	1,474	1,643
Investment securities	94	81	67	48	40
Deferred income taxes, net	17	18	14	13	6
Other assets	218	203	149	246	231
Total assets	14,400	13,322	13,882	11,529	10,307
Accounts payable	1,070	1,091	1,479	1,366	1,022
Accrued expenses and other current liabilities	695	654	803	644	528
Restricted cash payable	772	837	1,254	937	668
Short-term deposits	5,423	4,453	3,943	3,145	—
Short-term debt, net	1,326	1,293	1,041	203	156
Total current liabilities	9,287	8,327	8,519	6,294	4,400
Long-term debt, net	3,532	3,082	2,828	2,522	2,695
Deferred income taxes, net	187	146	130	142	193
Other liabilities	159	278	456	587	274
Total liabilities	13,165	11,833	12,062	9,880	8,214
Commitments and contingencies (Note 19)	—	—	—	—	—
Common stock $0.01 par value; 175.0 shares authorized; 50.7 shares issued in 2025 and 50.3 in 2024; 34.3 shares outstanding in 2025 and 39.0 in 2024	500,000	500,000	500,000	500,000	492,000
Additional paid-in capital	1,209	1,150	1,053	928	844
Retained earnings	2,371	2,067	1,757	1,491	1,289
Accumulated other comprehensive loss	−128	−312	−229	−306	−123
Treasury stock at cost; 16.4 and 11.3 shares in 2025 and 2024, respectively	−2,218	−1,416	−761	−463	−172
Total stockholders equity	1,235	1,489	1,821	1,650	1,839
Total liabilities and stockholders equity	14,400	13,322	13,882	11,529	10,307

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation	100	112	127	98	75
Depreciation and amortization	331	321	276	264	273
Debt restructuring and debt issuance cost amortization and accretion expense	9	11	19	17	16
Deferred tax provision (benefit)	44	11	−21	−60	13
Unrealized loss on interest rate swaps	0	0	81	−86	−40
Other non-cash adjustments	2	19	5	20	12
Accounts receivable and securitized accounts receivable	−401	325	−195	−603	−959
Prepaid expenses and other current and other long-term assets	5	−44	44	−29	30
Accounts payable	−20	−396	115	349	253
Accrued expenses and other current and long-term liabilities	−29	−225	38	79	60
Income taxes	30	−31	−8	9	4
Net cash provided by operating activities	454	481	908	679	−43
Purchases of property, equipment and capitalized software	−141	−147	−144	−113	−86
Purchases of equity securities and other investments	−12	−54	−18	−3	−300,000
Purchases of available-for-sale debt securities	−1,725	−1,260	−1,768	−658	−994
Sales and maturities of available-for-sale debt securities	1,250	506	194	61	35
Acquisition of intangible assets	−73	−5	−5	−3	0
Acquisitions, net of cash and restricted cash acquired	0	−900,000	−402	0	−559
Other investing activities	5	0	4	—	—
Net cash used for investing activities	−697	−961	−2,138	−717	−1,601
Repurchases of common stock	−800	−652	−303	−283	0
Net change in restricted cash payable	−112	−388	276	305	193
Net change in deposits	968	383	593	802	1,620
Advances from the FHLB	18,393	3,215	0	0	—
Repayments to the FHLB	−18,393	−2,110	0	0	—
Net activity on other short-term debt	22	−67	59	54	2
Borrowings on revolving credit facility	10,085	8,660	3,449	—	—
Repayments on revolving credit facility	−10,562	−8,416	−2,787	—	—
Borrowings on term loans	448	68	0	0	113
Repayments on term loans	−62	−60	−63	−63	−64
Proceeds from issuance of Senior Notes	550	0	0	—	—
Borrowings on BTFP	0	1,570	5,975	0	0
Repayments on BTFP	0	−2,345	−5,200	0	0
Repurchase of Convertible Notes	0	0	−369	0	0
Payments of deferred and contingent consideration	−77	−94	−52	0	0
Other financing activities	−40	−24	−4	—	—
Net cash provided by (used for) financing activities	419	−260	1,573	681	1,596
Effect of exchange rates on cash, cash equivalents and restricted cash	65	−54	27	−41	−25
Net change in cash, cash equivalents and restricted cash	241	−793	370	603	−73
Interest paid	334	329	248	129	132
Capital expenditures incurred but not paid	9	7	10	8	5
Accrued excise tax on stock repurchases	7	0	0	—	—
Purchases of available-for-sale debt securities, unsettled as of period-end	0	25	0	0	—
Contingent/deferred consideration resulting from a business combination or asset acquisition	0	0	9	0	27

Filings

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