WEX Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WEX Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,018	1,251	1,493	1,724	1,560	1,851	2,351	2,548	2,628	2,661
Cost of revenue	459	514	548	660	673	702	931	973	1,038	1,101
Gross profit	560	736	945	1,064	887	1,148	1,420	1,575	1,590	1,560
Selling and marketing	131	164	229	260	267	319	312	328	341	387
General and administrative	186	184	209	276	292	327	344	428	376	330
Operating expenses	823	1,011
Operating income	159	233	381	386	-91.7	342	470	647	686	664
Interest expense	12.4	25	105	135	157	128	131
Other non-operating income	-0.6	15.3	-0.8	0.9
Pre-tax income	48.9	174	239	217	-301	204	261	369	418	420
Income tax	28.6	15.5	68.8	61.2	-20.6	67.8	93.1	102	108	116
Net income to minority interests	-3.16	-1.1	1.48	-1.03	3.47	0.8	0.3	0	0
Net income	60.6	160	168	156	-284	135	167	267	310	304
EBITDA	300	437	580	623	170	615	734	923	1,008	995
EPS, basic	0.58	3.72	3.90	2.29	-5.56	0.00	4.54	6.23	7.59	8.57
EPS, diluted	0.57	3.71	3.86	2.26	-5.56	0.00	4.50	6.16	7.50	8.47
Shares, basic (weighted)	40.8	43	43.2	43.3	43.8	44.7	44.4	42.8	40.8	35.5
Shares, diluted (weighted)	40.9	43.1	43.6	43.8	43.8	45.3	44.7	43.3	41.3	35.9

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	191	504	541	811	852	589	922	976	596	906
Short-term investments					0	949	1,395	3,022	3,765	4,333
Other current assets		77.5	149	87.7	86.6	77.6	143	125	199	215
Total current assets		3,206	3,398	3,842	3,503	5,300	6,817	8,935	8,516	9,713
Property, plant and equipment	167	164	188	212	188	180	202	243	261	254
Lease right-of-use assets				68.4	85	79.5	66.9	61.8	54.6	51.2
Goodwill	1,838	1,876	1,832	2,441	2,688	2,908	2,729	3,016	2,983	3,015
Intangible assets	1,265	1,154	1,034	1,575	1,552	1,643	1,474	1,459	1,260	1,088
Long-term investments			24.4		37.3	39.7	48	66.8	80.5	94.2
Other non-current assets		258	284	184	197	231	246	149	203	218
Total assets	5,997	6,689	6,771	8,298	8,183	10,307	11,529	13,882	13,322	14,400
Deferred revenue		987	927	1,311	911	2,026	3,145	12.4
Short-term debt		397	217	249	153	156	203	1,041	1,293	1,326
Total current liabilities		2,576	2,312	3,050	2,741	4,400	6,294	8,519	8,327	9,287
Long-term debt		2,028	2,134	2,687	2,874	2,695	2,522	2,828	3,082	3,532
Lease liabilities				67.9	83	81	70.6	66	60.4	54
Other non-current liabilities		32	32.3	106	165	274	587	456	278	159
Total liabilities	4,491	5,059	4,975	6,205	6,148	8,214	9,880	12,062	11,833	13,165
Total debt		2,028	2,134	2,687	3,027	2,851	2,575	2,883	3,134	3,587
Paid-in capital	548	569	593	675	873	844	928	1,053	1,150	1,209
Retained earnings	1,244	1,313	1,482	1,539	1,287	1,289	1,491	1,757	2,067	2,371
Treasury stock	-172	-172	-172	-172	-172	-172	-463	-761	-1,416	-2,218
Other comprehensive income	-123	-89.2	-117	-115	-82.9	-123	-306	-229	-312	-128
Shareholders' equity	1,497	1,621	1,786	1,927	1,905	1,839	1,650	1,821	1,489	1,235
Minority interests	8.56	9.22	10.2	9.58	13	0
Total equity	1,415	1,631	1,796	1,928	1,878	1,839	1,650	1,821	1,489	1,235
Total liabilities and equity	5,997	6,689	6,771	8,298	8,183	10,307	11,529	13,882	13,322	14,400
Shares outstanding	42.8	43	43.1	43.3	44.2	44.8	43.2	41.9	39	34.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	20.3	159	170	155	-280	136	168	267	310	304
Depreciation and amortization	142	204	200	237	262	273	264	276	321	331
Stock-based compensation	19.7	30.5	33.9	45.8	63.9	74.8	97.9	127	112	100
Deferred income tax	19.5	-4.23	31.3	19.7	-29.3	12.9	-60.2	-21.3	11.1	43.6
Change in receivables	-436	-542
Change in payables	66.2	196	-3.59	139	-184	253	349	115	-396	-20.1
Cash from operations	-141	135	400	663	737	-42.6	679	908	481	454
Capital expenditures	-61.8	-79.3	-87.2	-103	-80.5	-86	-113	-144	-147	-141
Acquisitions	-1,093	-114	-163	-882	-221	-559	0	-402	-0.9	0
Purchases of investments	-5.85	-0.47	-1.77	0	0	-994	-658	-1,768	-1,260	-1,725
Sales and maturities of investments	0.5	0.63	0.27	0.23	0.18	0	0	0	0	559
Cash from investing	-1,160	-168	-254	-991	-329	-1,601	-717	-2,138	-961	-697
Debt issued								0	0	550
Stock issued	0.3	0.73	0	0	90	0	0	16.1	17.1
Share buybacks	0	0			0	0	-283	-303	-652	-800
Cash from financing	1,216	359	-103	750	-59	1,596	681	1,573	-260	419
Exchange rate effect	2.79	-17.7	-10.7	4.02	-0.41	-25.4	-41.1	27.4	-53.5	65.1
Net change in cash	-82.8	309	32.6	426	348	-72.8	603	370	-793	241
Free cash flow	-203	56.2	313	560	656	-129	567	764	334	314
Interest paid	116	129	141	176	163	132	129	248	329	334
Income taxes paid	23.9	6.68	39.2	51	-8.44	50.6	143	130	132	44.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $178.28 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	59.6%	Gross profit / revenue.
Operating margin	25.5%	Operating income / revenue.
EBITDA margin	34.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.4%	Pre-tax income / revenue.
Net margin	12.6%	Net income / revenue.
FCF margin	3.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.4%	Cash from operations / revenue.
Effective tax rate	27.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	26.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.1%	Net income / average total assets.
Return on invested capital (ROIC)	13.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	4.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.3%	Capital expenditures / revenue.
D&A / revenue	9.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-1.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-3.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	12.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-1.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	42.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-1.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	22.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	12.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	23.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-5.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-12.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-9.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-6.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-17.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-13.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-17.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-9.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-8.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-13.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-7.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.04x	Current assets / current liabilities.
Quick ratio	0.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.54x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.66x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.7%	Total debt / total assets.
Liabilities / assets	91.9%	Total liabilities / total assets.
Net debt	-$2.52B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.62x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$503.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	24.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$2.73B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.17x	Revenue / average total assets.
Fixed asset turnover	10.8x	Revenue / average property, plant and equipment.
FCF conversion	25.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	66.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$10.05	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$80.00	Revenue / diluted weighted shares.
FCF per share	$2.53	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.53	Cash from operations / diluted weighted shares.
Book value per share	$39.20	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$79.65	Tangible book value / shares outstanding.
Cash per share	$177.89	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	72.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.08B	Share price x shares outstanding.
Enterprise value	$3.55B	Market cap + total debt - cash - short-term investments.
P/E	17.3x	Market cap / net income. Only when net income is positive.
P/S	2.18x	Market cap / revenue.
P/B	4.52x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	68.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	23.1x	Market cap / cash from operations, when positive.
EV/Sales	1.27x	Enterprise value / revenue.
EV/EBIT	4.99x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.69x	Enterprise value / EBITDA, when both are positive.
EV/FCF	40.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.5%	Free cash flow / market cap.
Earnings yield	5.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.74x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was WEX Inc.'s revenue in fiscal 2025?

WEX Inc. reported revenue of $2.66B for fiscal 2025, 1.2% higher than the year before.

Was WEX Inc. profitable in fiscal 2025?

Yes. Net income was $304.1M, a net margin of 11.4%.

How much free cash flow did WEX Inc. generate in fiscal 2025?

Cash from operations of $454.3M minus capital expenditures of $140.6M left free cash flow of $313.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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