WEX Inc. Goodwill & Intangibles Disclosure
| 9. | Goodwill and Other Intangible Assets | ||||
| (in millions) | Mobility | Corporate Payments | Benefits | Total | |||||||||||||||||||
| Balance as of January 1, 2025 | |||||||||||||||||||||||
| Gross goodwill | $ | 1,545.2 | $ | 775.4 | $ | 863.4 | $ | 3,184.0 | |||||||||||||||
| Accumulated impairment losses | (190.7) | (9.9) | — | (200.6) | |||||||||||||||||||
| Net goodwill | $ | 1,354.5 | $ | 765.5 | $ | 863.4 | $ | 2,983.4 | |||||||||||||||
| Measurement period adjustments | — | — | — | — | |||||||||||||||||||
| Foreign currency translation | 6.8 | 25.1 | — | 31.9 | |||||||||||||||||||
| Balance at December 31, 2025 | |||||||||||||||||||||||
| Gross goodwill | $ | 1,552.0 | $ | 800.5 | $ | 863.4 | $ | 3,215.9 | |||||||||||||||
| Accumulated impairment losses | (190.7) | (9.9) | — | (200.6) | |||||||||||||||||||
| Net goodwill | $ | 1,361.3 | $ | 790.6 | $ | 863.4 | $ | 3,015.3 | |||||||||||||||
| (In millions) | Mobility | Corporate Payments | Benefits | Total | |||||||||||||||||||
| Balance as of January 1, 2024 | |||||||||||||||||||||||
| Gross goodwill | $ | 1,556.6 | $ | 797.2 | $ | 862.5 | $ | 3,216.3 | |||||||||||||||
| Accumulated impairment losses | (190.7) | (9.9) | — | (200.6) | |||||||||||||||||||
| Net goodwill | $ | 1,365.9 | $ | 787.3 | $ | 862.5 | $ | 3,015.7 | |||||||||||||||
| Goodwill acquired during the year | (3.0) | — | 0.9 | (2.1) | |||||||||||||||||||
| Foreign currency translation | (8.4) | (21.8) | — | (30.2) | |||||||||||||||||||
| Balance at December 31, 2024 | |||||||||||||||||||||||
| Gross goodwill | $ | 1,545.2 | $ | 775.4 | $ | 863.4 | $ | 3,184.0 | |||||||||||||||
| Accumulated impairment losses | (190.7) | (9.9) | — | (200.6) | |||||||||||||||||||
| Net goodwill | $ | 1,354.5 | $ | 765.5 | $ | 863.4 | $ | 2,983.4 | |||||||||||||||
| December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||
| (in millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||||
| Definite-lived intangible assets | ||||||||||||||||||||||||||||||||||||||
| Acquired software and developed technology | $ | 310.2 | $ | (268.5) | $ | 41.7 | $ | 317.8 | $ | (254.6) | $ | 63.3 | ||||||||||||||||||||||||||
| Customer relationships | 1,985.2 | (1,195.3) | 789.9 | 1,971.4 | (1,083.0) | 888.4 | ||||||||||||||||||||||||||||||||
Contractual rights(1) | 286.6 | (124.0) | 162.7 | 286.6 | (86.9) | 199.7 | ||||||||||||||||||||||||||||||||
| Merchant networks and other partner relationships | 163.9 | (86.0) | 77.9 | 160.9 | (73.7) | 87.3 | ||||||||||||||||||||||||||||||||
| Trade names and brand names | 62.8 | (48.8) | 14.0 | 62.4 | (45.5) | 16.9 | ||||||||||||||||||||||||||||||||
| Other intangible assets | 9.5 | (7.5) | 2.0 | 12.0 | (7.5) | 4.5 | ||||||||||||||||||||||||||||||||
| Total | $ | 2,818.2 | $ | (1,730.0) | $ | 1,088.2 | $ | 2,811.1 | $ | (1,551.1) | $ | 1,260.0 | ||||||||||||||||||||||||||
| (in millions) | |||||
| 2026 | $ | 177.2 | |||
| 2027 | $ | 162.5 | |||
| 2028 | $ | 150.0 | |||
| 2029 | $ | 106.4 | |||
| 2030 | $ | 93.1 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 18, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 6, 2017 | |
| 2015 | Feb 26, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.