WEX Inc (WEX)

WEX® Recognized by Forbes as One of America’s Best Employers for Company Culture 2026June 2, 2026 7:58 AM
Business Wire Placement in the top 100 underscores how WEX culture helps power execution, innovation, and long-term value creation WEX® (NYSE: WEX), a global leader in intelligent payment solutions, today announced it has been named one of America’s Best Employers for Company Culture 2026 by Forbes. WEX ranked No. 78 overall and earned the top placement among companies headquartered in Maine. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260602004586/en/Forbes recognized WEX, based in Portland, Maine, on its Best Employers for Company Culture 2026 list. The intelligent payment solutions business earned top placement in Maine. America’s Best Employers for Company Culture 2026 recognizes 600 U.S. companies with strong workplace environments. The list was developed through an independent survey of more than 217,000 U.S.-based employees at organizations with at least 1,000 employees, along with broader evaluations from people familiar with the employer or industry. At WEX, culture is a business strength. Across its mobility, benefits, and corporate payments segments, WEXers bring curiosity, collaboration, and discipline to solving complex customer problems. The same culture that helps teams move quickly, learn together, and apply technology responsibly also supports how WEX executes on its strategy, accelerates innovation, and creates long-term value. “Our people are the reason WEX has earned this recognition, and we believe they are our competitive advantage for the company,” said Melissa Smith, chief executive officer and president of WEX. “As WEX has grown, what has remained constant is the care, curiosity, and ownership WEXers bring to their work. Culture is how strategy becomes execution. It helps us serve customers better, operate with discipline, and continue building a company that can create lasting value for shareholders.” People strategy at WEX focuses on elevating people and performance to support a collaborative, innovative culture. Since 2019, the company has grown from one employee resource group to 10. Supported by executive sponsors, these communities create connection, expand understanding, and help shape a more accessible, inclusive, and effective WEX. The company also gives employees room to learn, experiment, and apply new tools in ways that support the business. The WEX AI Accelerators community, now more than 1,000 employees strong, provides employees a trusted space to build AI skills alongside colleagues, test new ideas responsibly, and apply them to real business challenges. In a recent internal survey, 60% of WEX employees said they use AI daily, compared with 31% of national tech sector employees, and nearly 90% said the WEX culture actively supports that learning. A focus on learning and innovation is directly connected to how WEX serves customers and scales its business. By helping employees build new capabilities, collaborate across teams, and bring forward practical ideas, WEX is strengthening the culture needed to move faster, improve efficiency, and deliver smarter solutions across its global platform. WEX also supports employees through benefits and programs that recognize work is only one part of life. Benefits begin on the first day of employment and include adoption and fertility benefits; tuition reimbursement; family care support for children, seniors, and pets; and customized programs for imaging and surgery, mental health, weight loss, and more. The WEX culture also extends into the communities where employees live and work. Guided by one of its core values, Be a Positive Force, WEX gives each employee annual paid time to volunteer with organizations that matter to them. During National Volunteer Month in April 2026, employees logged nearly 1,800 volunteer hours across 14 countries. “When employees feel supported, connected, and equipped to grow, customers feel the difference,” said Sandy Kuohn, chief people officer at WEX. “A strong culture helps us attract and retain talent, move with speed and accountability, and bring better ideas to customers. This recognition reflects the workplace we are continuing to build, one where people can do meaningful work, learn together, and help WEX deliver for all of its stakeholders.” The full list of recognized companies is available on Forbes’ website. About WEX WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260602004586/en/ WEX
Johnston Farrow
832-823-3044
johnston.farrow@wexinc.com Original: WEX® Recognized by Forbes as One of America’s Best Employers for Company Culture 2026

WEX to Present at the Baird 2026 Global Consumer, Technology & Services ConferenceMay 19, 2026 4:30 PM
Business Wire WEX Inc. (NYSE: WEX), a global leader in intelligent payment solutions, today announced that its Chief Financial Officer, Jagtar Narula, will present at the Baird 2026 Global Consumer, Technology & Services Conference on Tuesday, June 2, 2026 at approximately 2:30 p.m. ET. A webcast of the presentation will be available live on the Investor Relations section of the Company’s website, http://ir.wexinc.com, or through the following address here. For those unable to listen to the live webcast, a replay will also be available on the Company’s website for at least 30 days following the date of the conference. About WEX
WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260519865132/en/ Media Contact
WEX
Cuthbert Langley, 843-670-7490
Cuthbert.Langley @Vegie-7769
Pedro.Alvarez@wexinc.com Original: WEX to Present at the Baird 2026 Global Consumer, Technology & Services Conference

WEX Announces $1 Billion Share Repurchase ProgramMay 14, 2026 4:45 PM
Business Wire WEX (NYSE: WEX), a global leader in intelligent payment solutions, today announced that its Board of Directors has authorized a new share repurchase program under which up to $1 billion, plus any transaction expenses and excise taxes incurred, worth of WEX’s common stock may be repurchased. “Our $1 billion share repurchase authorization reflects our Board’s conviction in the intrinsic value of our stock and commitment to returning capital to shareholders and further underscores our strong free cash flow and financial capacity. We remain focused on maintaining a strong balance sheet, investing for long-term growth and returning capital to shareholders,” said Melissa Smith, WEX’s President and Chief Executive Officer. Under the new share repurchase authorization, the Company may buy back stock on a discretionary basis from time to time through Rule 10b5-1 trading plans, open market transactions, privately negotiated transactions, accelerated share repurchase programs, derivative transactions, issuer self-tender offers or otherwise. The timing and amount of any transaction is subject to WEX’s discretion based upon, among other things, market conditions and other opportunities that the Company may have for the use or investment of its cash balances. In addition, repurchases are subject to the availability of shares of stock for purchase, prevailing market conditions, the trading price of the Company’s stock, and the Company’s financial performance, among other things. The repurchase program does not obligate WEX to acquire any specific number of shares, has no expiration date and may be modified, discontinued, or suspended at any time. WEX currently intends that all instructions for the repurchase of shares under this program shall be in compliance with Rule 10b-18 as required or deemed appropriate and the covenants or provisions of any debt or other obligations then outstanding. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding: the Company’s intention and ability to engage in repurchases of its common stock; the conditions and methods under which such repurchases may occur; the amount and/or prices of any such repurchases; the Company’s financial performance; and, the timing of and time frame during which such repurchases may occur. Any statements in this communication that are not statements of historical facts are forward-looking statements. When used in this communication, the words “anticipate,” “believe,” “confidence,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “positions,” “project,” “target,” “will,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future plans, objectives, expectations, and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements, including, but not limited to, the risks and uncertainties identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 13, 2026 and subsequent filings with the SEC. The forward-looking statements speak only as of the date of this communication and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events, or otherwise. About WEX WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260514746670/en/ Media
WEX
Cuthbert Langley
Cuthbert.Langley @Vegie-7769
Pedro.Alvarez@wexinc.com Original: WEX Announces $1 Billion Share Repurchase Program

WEX Announces David Foss as Chair of the BoardMay 14, 2026 4:30 PM
Business Wire WEX (NYSE: WEX) (“WEX” or the “Company”), a global leader in intelligent payment solutions, today announced that its Board of Directors (the “Board”) has appointed independent director David Foss as Chair of the Board, effective immediately. The appointment reflects the Board’s previously announced plan to separate the roles of Chair and Chief Executive Officer. Melissa Smith will continue to serve as Chief Executive Officer, President, and a member of the Board. “I am honored to serve as Chair of the Board,” said David Foss. “The Company has built a strong foundation, differentiated market position, and a talented leadership team focused on driving long-term growth. I look forward to partnering closely with Melissa, our Board, and the broader management team as we continue advancing WEX’s strategy, strengthening governance, and creating long-term value for our shareholders.” About WEX
WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com. Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements including, but not limited to, statements regarding the Company’s leadership structure and its plans, goals, expectations, and objectives. Any statements in this communication that are not statements of historical facts are forward-looking statements. When used in this communication, the words “anticipate,” “believe,” “confidence,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “positions,” “project,” “target,” “will,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future plans, objectives, expectations, and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements, including, but not limited to, the risks and uncertainties identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 13, 2026, and subsequent filings with the SEC. The forward-looking statements speak only as of the date of this communication and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events, or otherwise. View source version on businesswire.com: https://www.businesswire.com/news/home/20260514836149/en/ News Media Contact:
Edelman Smithfield
WEX @Vegie-7769
Pedro.Alvarez@wexinc.com Original: WEX Announces David Foss as Chair of the Board

ISS Joins Glass Lewis and Egan-Jones by Supporting Impactive’s Case for Change at WEXApril 27, 2026 7:30 AM
Business Wire
All Three Proxy Advisory Firms Have Now Recommended For Impactive Nominees and Highlighted the Need for Greater Independent Oversight in the WEX Boardroom


ISS Recommends Shareholders Vote FOR Impactive Nominees Kurt Adams and Lauren Taylor Wolfe and WITHHOLD Support on WEX Directors Nancy Altobello and Stephen Smith


Highlights the “Disconnect” Between Board’s Portrayal of Performance and Company Track Record That Raises “Credible Questions” About Its Willingness to Hold Management Accountable


Concludes WEX Board Would Benefit From the Addition of a Significant Shareholder Representative, Greater Independence and Enhanced Industry Experience


Impactive Urges Shareholders to Vote on the WHITE Proxy Card to Elect All Three of Its Highly Qualified Nominees


Impactive Capital, LP (“Impactive” or “we”), together with its affiliates, is one of the largest shareholders of WEX Inc. (NYSE: WEX) (the “Company” or “WEX”) with an ownership interest of approximately 4.9%. Impactive announced today that leading proxy advisory firm Institutional Shareholder Services Inc. (“ISS”) has recommended that shareholders vote on the WHITE proxy card FOR the election of Impactive director nominees Kurt Adams and Lauren Taylor Wolfe to the Company’s Board of Directors (the “Board”) and WITHHOLD on director Nancy Altobello and Compensation Committee Chair Stephen Smith.


ISS's recommendation follows reports published by Glass, Lewis & Co., LLC ("Glass Lewis") and Egan-Jones Ratings Company ("Egan-Jones"), both of which also endorsed Impactive’s case for change at WEX.


Impactive stated:


“ISS’s recommendation reinforces that meaningful boardroom change at WEX is the only way to reverse the ongoing pattern of missed opportunities, failed governance and lost shareholder value that has defined the Company for far too long. All three independent and objective proxy advisory firms have rejected WEX’s personal attacks and validated the substantive case for change. ISS, Glass Lewis and Egan-Jones emphasize the importance of having a direct shareholder representative on the Board, along with the need for stronger independence, governance and oversight of management. Electing all three of Impactive’s nominees – Kurt Adams, Ellen Alemany and Lauren Taylor Wolfe – is the surest path to ensuring that the necessary skills, objectivity and accountability will be present in the boardroom to unlock the Company’s full value for all shareholders.”


ISS highlighted WEX’s financial underperformance and capital allocation issues, with a particular focus on the disconnect between how the Board has portrayed performance versus the reality for shareholders, stating:1



“The ongoing concerns with board composition and leadership are only amplified by the struggle to generate value for shareholders…there continues to be a sharp disconnect between the significant capital allocated in furtherance of the company's strategy and the comparatively minimal corresponding benefit accrued to shareholders (even as the company has deployed capital in share buybacks). Indeed, despite the board's messaging, TSR has failed to meet the expectations of shareholders over key measurement periods, including over the majority of the CEO's tenure.”




“WEX has underperformed its self-selected peers for the majority of the CEO’s tenure which spans more than a dozen years…It is difficult to reconcile its track record with the board’s positioning of results. Ultimately, the CEO has led the implementation of a strategy that has failed to resonate with the market for over a decade, and it is difficult for shareholders to conclude that the board is now configured to effectively oversee management as it continues down this path. In light of these considerations, [Impactive] has presented a compelling case for change.”




“Despite the significant capital deployed over Smith's tenure, M&A and share repurchases have generated only limited shareholder value. For example, market cap has expanded from $3.8 billion to $5.4 billion over the period…meaning that every dollar spent on a deal corresponds to less than 35 cents in market cap expansion.”



ISS commented on WEX’s governance practices, including concerns around lack of independence in the boardroom and communication with shareholders, stating:



“…the board’s portrayal of performance is difficult to reconcile with the company's track record. WEX has underperformed peers dramatically, and it has repeatedly failed to meet board-approved forecasts. In response, the board has demonstrated a recurring pattern of reframing or recalibrating setbacks and results in an apparent effort to position them as a series of individual incidents, each of which could be defensible when viewed in isolation. Yet, the collection of individual accounts does not coalesce into a coherent or believable narrative for shareholders. This is not only clear in public disclosure, but it was clear during engagement with ISS. For example, on several occasions, conversations about margins and performance were distracted by optimism over the impending benefits of AI and product innovation This disconnect raises credible questions about the board’s willingness to hold management accountable.”




“…the line between management and the board remains blurred. For example, in her capacity as board chair, the CEO played an important role in selecting the newest director, who is now serving as the LID. If nothing else, this is concerning from an optical standpoint, as a role of the LID is to serve as a counterweight to the combined chair/CEO.”



ISS also highlighted the merits of all three of Impactive’s nominees and the baselessness of the Company’s personal attacks, stating:



“The board has leveled various criticisms against Wolfe. Ultimately, these are unsubstantiated by the public record, and the evidence instead suggests that she would join the board as an informed participant by virtue of her longstanding, active investment in WEX.”




“The ability of Adams and Alemany to add value as directors was validated by the board when they were offered seats in settlement negotiations. Moreover, both could impart further independence, which is critical.”



In its recent report supporting Impactive’s case for change, Glass Lewis noted the following:2



“[Impactive] has articulated a credible case for enhanced oversight, and the performance record, while not uniformly negative, reflects a sustained period of relative underperformance against the most relevant comparators over long- and medium-term horizons that the Company has not fully rebutted through its operational narrative.”




“Given that [Impactive’s] campaign has demonstrated credibility, appears to have contributed to a more favorable market reassessment, and has articulated a coherent set of concerns regarding oversight and capital allocation, shareholders are justified in concluding that direct Impactive representation on the board is appropriate.”



Egan-Jones recommended shareholders vote for the election of all three Impactive nominees, writing:3



“The three dissident nominees bring skills, experience, and ownership alignment that would meaningfully strengthen the Board's ability to evaluate strategic alternatives, including the potential spin-off of the Benefits segment, and to hold management accountable for operational performance.”




“WEX has materially underperformed its closest peers and the relevant benchmark index across multiple measurement periods under the current leadership team. Operating margins in the Mobility and Corporate Payments segments are declining and lag Corpay by a significant and widening margin. The company's acquisition-heavy capital allocation strategy has generated substantial debt without commensurate margin improvement or shareholder returns.”




“…despite a clear mandate from shareholders in the form of historically low director support votes at the 2025 Annual Meeting, the Board has made no structural changes, particularly with the combined CEO/chair role, that would credibly address the accountability deficit shareholders have identified.”



For more information, including how to vote for Impactive’s three nominees using the WHITE proxy card, please visit www.WakeUpWEX.com.




If you have any questions, require assistance in voting your WHITE universal proxy card, or need additional copies of Impactive’s proxy materials, please contact:








 








Okapi Partners LLC








1212 Avenue of the Americas, 17th Floor








New York, New York 10036








 








Stockholders may call toll-free: (877) 285-5990








Banks and Brokers call: (212) 297-0720








E-mail: info@okapipartners.com







ADDITIONAL INFORMATION


Impactive Capital Master Fund LP, together with the other participants in its proxy solicitation (collectively, “Impactive”), has filed a definitive proxy statement and accompanying WHITE universal proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit proxies with respect to the election of Impactive’s slate of highly qualified director candidates and the other proposals to be presented at the 2026 annual meeting of stockholders (the “Annual Meeting”) of WEX Inc., a Delaware corporation (“WEX” or the “Company”). Stockholders are advised to read the proxy statement and any other documents related to the solicitation of stockholders of the Company in connection with the Annual Meeting because they contain important information, including information relating to the participants in Impactive’s proxy solicitation. These materials and other materials filed by Impactive with the SEC in connection with the solicitation of proxies are available at no charge on the SEC’s website at http://www.sec.gov. The definitive proxy statement and other relevant documents filed by Impactive with the SEC are also available, without charge, by directing a request to Impactive’s proxy solicitor, Okapi Partners LLC, at its toll-free number (877) 285-5990 or via email at info@okapipartners.com.



____________________________



1





 

Permission to quote ISS was neither sought nor received. Emphasis added.








2





 

Permission to quote Glass Lewis was neither sought nor received. Emphasis added.








3





 

Permission to quote Egan-Jones was neither sought nor received. Emphasis added.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260427057025/en/
Investor:

Bruce Goldfarb / Chuck Garske / Lisa Patel

Okapi Partners

(877) 285-5990

info@okapipartners.com


OR


info@impactivecapital.com


Media:

Longacre Square Partners

impactive@longacresquare.com


Original: ISS Joins Glass Lewis and Egan-Jones by Supporting Impactive’s Case for Change at WEX

WEX Issues Letter to Shareholders Highlighting Strong Performance, Accelerating Momentum and Improved 2026 OutlookApril 22, 2026 6:35 PM
Business Wire
Urges Shareholders to Vote Today on the Blue Proxy Card “FOR” ONLY WEX’s Nominees


WEX (NYSE: WEX) (“WEX” or the “Company”), a global leader in intelligent payment solutions, today publicized a letter to shareholders highlighting the Company’s strong performance, accelerating momentum and improved financial outlook for 2026.


The full text of the letter follows:


Dear Fellow Shareholders:


This year’s Annual Meeting of Stockholders (the “Annual Meeting”) of WEX Inc. (“WEX,” “we,” or the “Company”) is fast approaching. The meeting is scheduled to be held on May 5, 2026.


Since our last annual meeting, we have reached an inflection point. We have returned to growth, outperformed our peers1 on a total shareholder return basis2 and made important strides toward the margin expansion we expect as our disciplined investments in the business take hold.


Despite this progress and a nearly 50% increase in our stock price over the last year, Impactive Capital Master Fund LP (“Impactive”) is seeking to replace a third of our directors, including our Chair and CEO and the Chairs of two of our key committees. We believe electing Impactive’s candidates in place of any of these individuals would risk disrupting the Company’s momentum and result in the loss of valuable expertise on the Board of Directors (the “Board”).


We Are Delivering Strong Results and Our Momentum is Accelerating


As our financial results demonstrate, we have been executing well, and our performance continues to improve. In 2025, we generated record revenue, net income per share and adjusted net income per share.3 Our 2025 adjusted EBITDA even surpassed the upside projections Impactive published in 2022.4


As we announced today, our momentum continued into the first quarter. We delivered year-over-year increases in revenue and adjusted net income per share, both of which exceeded the high end of our guidance range, supported by continued revenue growth across each of our segments. We increased our outlook for 2026 and have renewed confidence in our ability to continue to build on our progress.


Our recent results reflect strong performance across our business segments. Over the last six years, in our Mobility and Benefits segments, we have grown transaction volumes and accounts faster than our closest competitors, and we have also delivered strong volume growth in our Corporate Payments segment. Furthermore, our return on invested capital – calculated properly by adjusting for borrowings at WEX Bank – has increased over the last several years, exceeds our cost of capital and is comparable to that of Corpay, a company Impactive prefers to compare us with (even though it is far from our only peer).4


Our Improving Fundamentals Have Driven TSR Outperformance


Our fundamental performance improvement has translated into improved shareholder returns. Year-to-date, since our third quarter 2025 earnings release and over the last year, our total shareholder returns have outperformed5 those of the peer group we use to benchmark performance, our 2025 Performance Peer Group.6 We worked closely with an independent consulting firm to develop this group, focusing on companies that are subject to similar macroeconomic forces and whose returns have historically been correlated with WEX’s.


Over the same periods, we have also outperformed our previous performance peer group7, which was left largely unchanged from its introduction in 2021 to 2025, when it was replaced by our current performance peer group. In addition, we have outperformed when measured against our 2025 Compensation Benchmarking Peer Group,8 which Impactive insists on using to compare our performance. (That group, it should be noted, consists of companies that compete with us for talent but are not necessarily in the same end markets or exposed to the same macroeconomic forces, and thus not what we use to measure performance.)


Over the past five years, our shareholder returns are broadly in line with – or even better than – those of both our current and previous performance peer groups.9


We Are Executing a Strategy to Deliver Sustainable, Profitable Growth


That said, we are not satisfied with our current stock price, and we are taking decisive actions to strengthen the business and position WEX for long-term growth.


In Mobility, we have launched new solutions and increased investment in sales and marketing to expand our market opportunity and drive demand. We have had notable success with smaller fleets, which is a large and fragmented segment of the market.


In Corporate Payments, we have managed the business model transition of a large customer while extending into new solutions and verticals to offset the temporary impact on revenue. And across the Company, we are leveraging AI to accelerate innovation, improve efficiency and enhance our customer value proposition. The early results of these efforts have been promising, and we believe AI can transform how we serve our customers and serve as a competitive differentiator.


As a result of these actions, we believe WEX is more focused, more resilient and better positioned for growth than ever before.


Consistent with our commitment to optimize the business and maximize returns for shareholders, the Board has, for many years (long pre-dating Impactive’s investment), conducted an annual review session each summer focused on evaluating the Company’s business configuration and strategy.


After Impactive presented its break-up proposal to the Board in February 2025, the Board determined to accelerate and enhance its annual review of WEX’s portfolio and opportunities to enhance shareholder value. We worked with Bank of America and J.P. Morgan to help us evaluate both Impactive’s proposal and a range of other strategic ideas. Both financial advisors presented to the full Board in May 2025, and one delivered subsequent presentations to the Finance Committee in July and August and the full Board again in September. This process included extensive analyses and many hours of boardroom discussion, informed by hundreds of pages of materials.


Ultimately, following this comprehensive review, the Board unanimously concluded that WEX’s businesses are stronger together. A break-up of the kind Impactive has proposed would, in our view, result in a company with a lower growth rate, increased customer concentration, less scale, greater earnings volatility and reduced access to the low-cost capital provided by WEX Bank.


We have shared these conclusions with Impactive. Unfortunately, despite our efforts to find common ground, Impactive has escalated its campaign, even as Impactive has been aggressively selling shares.


We Have Engaged Constructively with Impactive


To be clear, we value Impactive’s investment and welcome its perspectives, and we remain open to a constructive resolution that serves the best interests of all shareholders.


However, we cannot, in good conscience, endorse Ms. Taylor Wolfe’s candidacy. We conducted extensive diligence as part of our comprehensive director evaluation process, speaking with former board colleagues and other individuals who proactively shared their perspectives with us. Based on this review, we identified serious concerns regarding Ms. Taylor Wolfe, including her conduct on a prior board, conflicts of interest arising from her spouse’s investment firm’s stake in our competitor Ramp, as well as Impactive’s inattention to regulatory oversight and misaligned investment time horizon. Taken together, these issues are, in our view, highly problematic.


Ms. Taylor Wolfe’s continued dismissal of our concerns regarding the potential conflict of interest involving Ramp—which considers WEX a direct competitor and is actively targeting our customers—only heightens our doubts about her ability to serve as an effective fiduciary. You do not need to believe Ms. Taylor Wolfe or us on whether Ramp is competitive with WEX: just search for “WEX Fuel Card” on Google and note the ads that Ramp is buying to target our prospective customers. Ms. Taylor Wolfe also downplays the investment and consultation her spouse and his firm have provided to Ramp, which we believe is one of the firm’s largest positions and worth well over $300 million. We do not believe shareholders are well served by having Ms. Taylor Wolfe on our Board while her spouse stands to benefit from Ramp’s competitive success relative to WEX.


We Ask for Your Support


We encourage you to review the investor presentation we published recently, available at www.VotewithWEX.com and on our Investor Relations webpage, which provides further details on our improving results, strong execution and clear path to value creation. Once you do, we believe you will conclude, as we did, that supporting our refreshed Board (which includes a new, incoming Vice Chair and Lead Independent Director) is the best way to ensure that WEX’s progress continues and that the Company delivers long-term value.


We hope you will join us in voting on the Company’s BLUE proxy card “FOR” ONLY WEX’s nominees.


Thank you for your continued support and investment.


Sincerely,


The WEX Board of Directors


If you have any questions or require any assistance with voting your shares, please call the Company’s proxy solicitor:


INNISFREE M&A INCORPORATED

501 Madison Avenue, 20th Floor

New York, New York 10022

Shareholders, please call toll free: +1 (877) 750-0637 (from the U.S. and Canada) or

+1 (412) 232-3651 (from all other countries)

Banks and Brokerage firms may call: +1 (212) 750-5833 (collect)


About WEX


WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com.


Forward-Looking Statements and Risk Factors


This press release contains forward-looking statements including, but not limited to, statements regarding plans, goals, expectations and objectives. Any statements in this communication that are not statements of historical facts are forward-looking statements. When used in this communication, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “positions,” “confidence,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future plans, objectives, expectations, and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements, including, but not limited to, the risks and uncertainties identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 13, 2026 and subsequent filings with the SEC. The forward-looking statements speak only as of the date of this communication and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events, or otherwise.


Important Additional Information and Where to Find It


The Company has filed a definitive proxy statement on Schedule 14A, an accompanying BLUE proxy card, and other relevant documents with the SEC in connection with the solicitation of proxies from the Company’s stockholders for the Company’s 2026 annual meeting of stockholders. THE COMPANY’S STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING BLUE PROXY CARD, AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain a free copy of the definitive proxy statement, an accompanying BLUE proxy card, any amendments or supplements to the definitive proxy statement, and other documents that the Company files with the SEC at no charge from the SEC’s website at www.sec.gov. Copies will also be available at no charge by clicking the “SEC filings” link in the “Financials” section of the Company’s website at https://ir.wexinc.com/.


Appendix


Reconciliation of GAAP Net Income Attributable to Shareholders per Diluted Share to Adjusted Net Income Attributable to Shareholders per Diluted Share




(Unaudited)







Year Ended December 31,










2013







2016







2017







2018







2019







2020







2021







2022







2023







2024







2025








Net income (loss) attributable to shareholders per diluted share (GAAP)







$3.82







$0.57







$3.71







$3.86







$2.26







$(5.56)







$—







$4.50







$6.16







$7.50







$8.47








Unrealized loss (gain) on financial instruments







$0.14







$(0.19)







$(0.03)







$(0.06)







$0.79







$0.62







$(0.86)







$(1.86)







$0.70







$0.01







$(0.02)








Net foreign currency loss (gain)







$—







$0.23







$(0.73)







$0.89







$0.02







$0.59







$0.27







$0.51







$(0.11)







$0.63







$—








Acquisition-related intangible amortization







$0.85







$2.39







$3.57







$3.17







$3.64







$3.90







$4.01







$3.81







$4.25







$4.89







$5.34








Other acquisition and divestiture related items







$(0.02)







$1.24







$0.12







$0.10







$0.86







$1.32







$0.81







$0.40







$0.15







$0.29







$0.25








Legal settlement







$—







$—







$—







$—







$—







$3.71







$—







$—







$—







$—







$—








Stock-based compensation







$0.24







$0.48







$0.71







$0.81







$1.09







$1.50







$1.70







$2.25







$3.04







$2.71







$2.88








Other costs







$(0.04)







$0.34







$0.26







$0.31







$0.57







$0.31







$0.52







$0.86







$1.05







$1.19







$0.71








Vendor settlement







$—







$0.38







$—







$—







$—







$—







$—







$—







$—







$—







$—








(Gain) loss on sale of subsidiary







$—







$—







$(0.49)







$—







$—







$1.06







$—







$—







$—







$—







$—








Impairment charges and asset write-offs







$—







$—







$1.02







$0.13







$—







$1.22







$—







$3.05







$—







$—







$0.28








Debt restructuring and debt issuance cost amortization







$—







$0.31







$0.24







$0.32







$0.48







$0.91







$0.48







$0.39







$2.06







$0.39







$0.23








Change in fair value of contingent consideration







$—







$—







$—







$—







$—







$—







$0.88







$3.11







$0.20







$0.16







$0.08








Non-cash adjustments related to tax receivable agreement







$—







$0.01







$(0.35)







$0.02







$(0.02)







$(0.01)







$—







$—







$—







$—







$—








ANI adjustments attributable to non-controlling interests







$—







$(0.06)







$(0.04)







$(0.03)







$1.21







$(0.98)







$2.91







$(0.77)







$—







$—







$—








Tax related items







$(0.41)







$(1.93)







$(2.67)







$(1.24)







$(1.71)







$(2.47)







$(1.58)







$(2.59)







$(2.59)







$(2.47)







$(2.13)








Dilutive impact of stock awards







$—







$—







$—







$—







$—







$(0.06)







$—







$—







$—







$—







$—








Dilutive impact of convertible debt







$—







$—







$—







$—







$—







$—







$—







$(0.13)







$(0.10)







$—







$—








Adjusted net income attributable to shareholders per diluted share







$4.58







$3.78







$5.32







$8.28







$9.20







$6.06







$9.14







$13.53







$14.81







$15.28







$16.10







Reconciliation of Consolidated Net Income to ROIC measurements and GAAP net income to adjusted EBITDA




(Unaudited)







WEX








($M)







2023







2024







2025













 



Consolidated Net Income







$266.6







$309.6







$304.1








Operating and financing interest







288.8







340.0







349.5








Income tax expense







102.2







108.2







116.1








Depreciation and amortization expense







276.2







321.3







331.1








Other items







-







-







-








EBITDA







$933.8







$1,079.1







$1,100.9








Non-cash stock-based compensation







127.0







112.2







100.3








Other







126.5







98.7







58.2








Adjusted EBITDA







$1,187.3







$1,290.0







$1,259.4













 



Consolidated Net Income







266.6







309.6







304.1








Operating and financing interest







288.8







340.0







349.5








Foreign exchange (gain)/loss







(4.9)







26.2







0.2








Net operating profit after tax (NOPAT)







$550.5







$675.8







$653.9













 



Average Invested Capital10







$5,034.4







$5,229.2







$4,878.4













 



NOPAT ROIC







10.9%







12.9%







13.4%







1 Refers to the Company’s “2025 Performance Peers Group,” as described on page 65 of the Company’s Definitive Proxy Statement, filed with the SEC on April 3, 2026. Peers include ACI Worldwide, Affirm Holdings, AvidXchange Holdings, BILL Holdings, Block, Bread Financial Holdings, Broadridge Financial Solutions, Corpay, CSG Systems International, Dayforce, Equifax, Euronet Worldwide, EVERTEC, Fidelity National Information Services, Fiserv, Global Payments, HealthEquity, Jack Henry & Associates, Marqeta, MAXIMUS, NCR Atleos, Paychex, Paycom Software, Paylocity Holding Corp., Paymentus Holdings, Payoneer Global, PayPal Holdings, Remitly Global, Shift4 Payments, Toast, TransUnion, Voya Financial and Western Union.

2 Source: Bloomberg. Data from May 14, 2025 to April 21, 2026.

3 See appendix for a reconciliation of GAAP net income per diluted share to non -GAAP adjusted net income per diluted share.

4 See appendix for a reconciliation of GAAP net income to non-GAAP net operating profit after tax and GAAP net income to adjusted EBITDA and an explanation of the ROIC calculation.

5 Source: Bloomberg. Data ending as of April 21, 2026.

6 See supra at Endnote 1 for peer group constituents.

7 Refers to the Company’s “2024 Performance Peer Group,” as described on page 56 of the Company’s Definitive Proxy Statement, filed with the SEC on April 17, 2025. Peers include Block, Bread Financial Holdings, Corpay, Equifax, Fidelity National Information Services, Fiserv, Global Payments, HealthEquity, Jack Henry & Associates, PayPal Holdings, TransUnion and Western Union.

8 Peers include ACI Worldwide, BILL Holdings, Block, Broadridge Financial Solutions, Corpay, CSG Systems International, Dayforce, Euronet Worldwide, EVERTEC, Fair Isaac, HealthEquity, Jack Henry & Associates, Paychex, Paycom Software, Paylocity Holding Corp. and TransUnion.

9 Source: Bloomberg. Data ending as of April 21, 2026.

10 “Average Invested Capital" refers to average equity plus average short and long-term debt as reported, less FHLB advances.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260422686905/en/
News Media Contact:

Edelman Smithfield

WEX@edelman.com


Investor Contact:

WEX

Steve Elder, 207-523-7769

Steve.Elder@wexinc.com


Original: WEX Issues Letter to Shareholders Highlighting Strong Performance, Accelerating Momentum and Improved 2026 Outlook

WEX to Host Virtual Fireside Chat on April 27, 2026April 22, 2026 6:40 PM
Business Wire
Chair, CEO, and President Melissa Smith and Lead Independent Director designee David Foss to discuss WEX’s strategic progress and clear path to value creation


Urges shareholders to vote “FOR” ONLY WEX’s nine nominees using the BLUE proxy card


WEX (NYSE: WEX) (“WEX” or the “Company”), a global leader in intelligent payment solutions, today announced it will host a virtual fireside chat on Monday, April 27, 2026 at 3:00 p.m. ET.


Melissa Smith, WEX’s Chair, Chief Executive Officer, and President, and David Foss, Lead Independent Director designee, will discuss WEX's strategic progress, accelerating momentum, and clear path to value creation, as well as why WEX’s Board is best positioned to deliver long-term value for shareholders.


The virtual fireside chat will be webcast live online and may be accessed through the investor relations section of WEX’s website or at https://events.q4inc.com/attendee/157827594. The live fireside chat may also be accessed by dialing +1 888-596-4144 or +1 646-968-2525. The conference ID number is 3071305. The live webcast will be accompanied by slides, which will be made available through the investor relations section of the WEX website.


For those unable to listen to the live fireside chat, a replay will also be available on the Company’s website through Monday, May 4, 2026.


To learn more about WEX’s strategy, Board, and path to value creation, please visit www.VotewithWEX.com.


INNISFREE M&A INCORPORATED

501 Madison Avenue, 20th Floor

New York, New York 10022

Shareholders, please call toll free: +1 (877) 750-0637 (from the U.S. and Canada) or

+1 (412) 232-3651 (from all other countries)

Banks and Brokerage firms may call: +1 (212) 750-5833 (collect)


About WEX

WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com.


Forward-Looking Statements and Risk Factors

This press release contains forward-looking statements including, but not limited to, statements regarding plans, goals, expectations and objectives. Any statements in this communication that are not statements of historical facts are forward-looking statements. When used in this communication, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “positions,” “confidence,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future plans, objectives, expectations, and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements, including, but not limited to, the risks and uncertainties identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 13, 2026 and subsequent filings with the SEC. The forward-looking statements speak only as of the date of this communication and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events, or otherwise.


Important Additional Information and Where to Find It

The Company has filed a definitive proxy statement on Schedule 14A, an accompanying BLUE proxy card, and other relevant documents with the SEC in connection with the solicitation of proxies from the Company’s stockholders for the Company’s 2026 annual meeting of stockholders. THE COMPANY’S STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING BLUE PROXY CARD, AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain a free copy of the definitive proxy statement, an accompanying BLUE proxy card, any amendments or supplements to the definitive proxy statement, and other documents that the Company files with the SEC at no charge from the SEC’s website at www.sec.gov. Copies will also be available at no charge by clicking the “SEC filings” link in the “Financials” section of the Company’s website at https://ir.wexinc.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260422396995/en/
News Media Contact:

Edelman Smithfield

WEX@edelman.com
Investor Contact:

WEX

Steve Elder, 207-523-7769

Steve.Elder@wexinc.com


Original: WEX to Host Virtual Fireside Chat on April 27, 2026

WEX Inc. Reports First Quarter 2026 Financial ResultsApril 22, 2026 4:30 PM
Business Wire
Revenue of $673.8 million increased 5.8% compared to the prior year


GAAP net income of $2.22 per diluted share and adjusted net income of $4.15 per diluted share, an increase of 22.7% and 18.2% respectively compared to the prior year


GAAP operating income margin of 23.5% and adjusted operating income margin of 36.2%


Raises full year 2026 revenue guidance to $2.82 billion to $2.88 billion and adjusted net income guidance to $18.95 to $19.55 per diluted share


WEX (NYSE: WEX), a global leader in intelligent payment solutions, today reported financial results for the three months ended March 31, 2026.


“Our momentum continues to build with a strong start to 2026, as revenue and adjusted net income in the first quarter both exceeded the high end of guidance ranges,” said Melissa Smith, WEX’s Chair, Chief Executive Officer, and President. “We are firmly focused on executing our strategy to amplify our core, expand our reach, and accelerate innovation, and I am pleased to see the results. We continue to embed AI into our workstreams and product development processes to both accelerate operational efficiency and deliver smarter, more efficient payment workflows to our customers. This continued progress reinforces our confidence in our ability to deliver sustainable growth, expanded margins, and robust cash flow for our shareholders.”


First Quarter 2026 Financial Results

(Results are compared to the prior year period unless otherwise noted)


Total revenue for the first quarter of $673.8 million, an increase of 5.8%. The revenue increase in the quarter includes favorable impacts of $5.5 million and $5.1 million from U.S. fuel prices and foreign exchange rates, respectively, which were offset by an unfavorable $7.6 million impact from fuel price spreads internationally.


Net income for the first quarter of $77.7 million, or $2.22 per diluted share, increased 22.7% per diluted share. Adjusted net income was $145.3 million, or $4.15 per diluted share, up 18.2% per diluted share. Operating income margin was 23.5% compared to 24.7%. Adjusted operating income margin was 36.2% compared to 36.7%1.


First Quarter 2026 Performance Metrics and Segment Results

(Results are compared to the prior year period unless otherwise noted)


Consolidated



Total volume across all segments was $58.1 billion, an increase of 7.5%.



Mobility Segment

Provides payments and fleet management solutions to more than 600,000 customers globally.



Revenue of $344.6 million increased 3.2%.



Operating income margin of 26.0% and segment adjusted operating income margin of 36.1%1.



Payment processing transactions of 130.4 million decreased 3.0%.



Benefits Segment

Provides a broad benefits platform with integrated payments—spanning HSAs, FSAs, HRAs, COBRA, and benefits enrollment and administration—delivered directly to businesses or through our partner network.



Revenue of $216.2 million increased 8.5%.



Operating income margin of 33.5% and segment adjusted operating income margin of 46.4%1.



Average number of Software-as-a-Service (SaaS) accounts of 22.4 million grew 3.8%.



Average HSA custodial cash assets were $5.2 billion, an increase of 11.8%.




___________________________



1 See Exhibit 1 of this press release for a full explanation and reconciliation of the non-GAAP financial measures, adjusted net income, adjusted net income per diluted share, total segment adjusted operating income, and adjusted operating income, to the most directly comparable GAAP financial measures. See Exhibit 5 of this press release for information on the calculation of adjusted operating income margin and segment adjusted operating income margin.







Corporate Payments Segment

Provide comprehensive and secure business-to-business (B2B) payments solutions powering mid-sized businesses and global enterprises through scalable technology.



Revenue of $113.0 million increased 9.3%.



Operating income margin of 28.3% and segment adjusted operating income margin of 39.0%1.



Purchase volume of $17.9 billion grew 3.6%.



Total volume processed, which includes volume from which WEX does not earn interchange revenue, was $34.2 billion, an increase of 10.1%.



Balance Sheet and Cash Flow

(Results are compared to the prior year period unless otherwise noted)



Net cash used for operating activities in the first quarter of 2026 totaled $330.8 million compared to $481.6 million.



Adjusted free cash flow was $49.5 million compared to $16.2 million2.



The Company’s leverage ratio, as defined in its Credit Agreement, was 3.1x as of both March 31, 2026 and December 31, 2025.



“Our first quarter results reflect fundamental strength and strong performance across our business,” said Jagtar Narula, WEX’s Chief Financial Officer. “We continue to execute our operating strategy and we expect incremental cash flows related to higher-than-expected fuel prices will be directed toward our capital allocation priorities to deleverage below 3.0x. We remain focused on delivering long-term, sustainable shareholder value. We saw a lower fuel price benefit in Q1 than historical sensitivities would normally suggest due to high volatility in international fuel price spreads outweighing the benefit in the U.S. market, large disconnects between diesel and unleaded pricing impacting the mix, and timing related to late fees reflecting the higher prices; however, as conditions normalize, we expect a return to historical patterns.”


Financial Guidance and Assumptions

The Company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis, due to the uncertainty and the indeterminate amount of certain elements that are included in reported GAAP earnings.



For the second quarter of 2026, the Company expects revenue in the range of $727 million to $747 million and adjusted net income in the range of $173 million to $180 million, or $4.93 to $5.13 per diluted share.



For the full year 2026, the Company expects revenue in the range of $2.82 billion to $2.88 billion and adjusted net income in the range of $667 million to $688 million, or $18.95 to $19.55 per diluted share.



The Company’s guidance is based on the following assumptions:



U.S. retail fuel prices of $4.30 and $3.70 per gallon, respectively, for the second quarter and full year 2026 based on the applicable NYMEX futures price from the week of April 13, 2026. This does not include any potential future impacts from European fuel spreads.



Adjusted net income effective tax rate of 25.0% for both the second quarter and full year.



Mobility credit losses will range from 17 to 22 basis points for the second quarter and 12 to 17 basis points for the full year.



Weighted average diluted shares outstanding of 35.0 million and 35.2 million for the second quarter and full year, respectively.



For additional information regarding our financial guidance assumptions, please see the Q1 2026 earnings supplemental materials filed with the SEC and available on our website.


The Company's adjusted net income guidance, which is a non-GAAP measure, excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, other costs, debt restructuring costs and debt issuance cost amortization, tax related items and certain other non-operating items and non-recurring or non-cash operating charges that are not core to our operations, as applicable depending on the period presented. We are unable to reconcile our adjusted net income guidance to the comparable GAAP measure without unreasonable effort because of the difficulty in predicting the amounts to be adjusted, including, but not limited to, foreign currency exchange rates, unrealized gains and losses on financial instruments, and acquisition and divestiture-related items, which may have a significant impact on our financial results.


Additional Information

Management uses the non-GAAP measures presented within this earnings release to evaluate the Company’s performance on a comparable basis. Management believes that investors may find these measures useful for the same purposes, but cautions that they should not be considered a substitute for, or superior to, disclosure in accordance with GAAP.



___________________________



2 Please see the reconciliation of adjusted free cash flow, a non-GAAP measure, to operating cash flow in Exhibit 1.







Beginning in fiscal year 2024, the Company began utilizing a fixed annual projected long-term non-GAAP tax rate in order to provide better consistency across reporting periods. The fixed annual projected long-term non-GAAP tax rate could be subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix including due to acquisition activity, or other changes to our strategy or business operations. The Company will re-evaluate our long-term rate as appropriate.


To provide investors with additional insight into its operational performance, WEX has included in this earnings release in Exhibit 1, reconciliations of non-GAAP measures referenced in this earnings release; in Exhibit 2, tables illustrating the impact of foreign currency rates and fuel prices for each of our reportable segments for the three months ended March 31, 2026; and in Exhibit 3, a table of selected other metrics for the quarter ended March 31, 2026 and the four preceding quarters. The Company is also providing segment revenue for the three months ended March 31, 2026 and 2025 in Exhibit 4 and information regarding segment adjusted operating income margin and adjusted operating income margin in Exhibit 5.


Conference Call Details and Availability of Supplemental Materials

In conjunction with this announcement, WEX will host a conference call tomorrow, April 23, 2026, at 10:00 a.m. (ET). As previously announced, the conference call will be webcast live on the Internet, and can be accessed at the Investor Relations section of the WEX website, www.wexinc.com. The live conference call may also be accessed by dialing +1 (888) 596-4144 or +1 (646) 968-2525. The conference ID number is 2902800. The live webcast will be accompanied by presentation slides, which will be made available through the Investor Relations section of the WEX website on the morning of April 23 prior to the beginning of the webcast.


A replay of the live webcast and the accompanying slides will be available on the Company's website through Thursday, April 30, 2026. Concurrent with this release, WEX has posted supplemental materials to the Investor Relations section of the WEX website to assist investors with understanding our results and performance.


About WEX

WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com.


Forward-Looking Statements


This earnings release contains forward-looking statements including, but not limited to, statements about management’s plans, goals, expectations, and guidance and assumptions with respect to future financial performance of the Company. Any statements in this earnings release that are not statements of historical facts are forward-looking statements. When used in this earnings release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “positions,” “confidence,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future plans, objectives, expectations, and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements. The following factors, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this earnings release and in oral statements made by our authorized officers:



the impact of fluctuations in the amount of fuel purchased and sold by our customers and retail partners, respectively, fuel price volatility, and the actual price of fuel, including fuel spreads in the Company’s international markets, and the resulting impact on the Company’s results, including margins, revenues, and net income;



the effects of general economic conditions and the amount of business activity in the economies in which we operate, including, but not limited to, conditions resulting from market volatility, an economic recession, the impact of tariffs, international trade wars or other international conflicts, including ongoing military conflicts, supply chain disruptions, increasing unemployment, inflation, changes in interest rates and declining consumer confidence, which may lead to, among other things, a decline or stagnation or volatility in demand for fuel, corporate payment services, travel related services, or employee benefits related products and services;



the failure to meet the applicable requirements or commitments under Mastercard or Visa contracts and rules;



the extent to which unpredictable events in the locations in which the Company or the Company’s customers operate or elsewhere may adversely affect the Company’s employees, ability to conduct business, results of operations and financial condition;



the impact and size of credit losses, including fraud losses, and other adverse effects if the Company fails to adequately assess and monitor credit risk or fraudulent use of our payment cards or systems;



the impact of changes to the Company’s credit standards;



limitations on, or compression of, interchange fees, including as a result of regulatory changes;



the effect of adverse financial conditions affecting the banking system;



failure to implement new technologies and products;



the failure to realize or sustain the expected benefits from investments in our capabilities and other initiatives;



the failure to compete effectively in order to maintain or renew key customer and partner agreements and relationships, to maintain volumes under such agreements or to favorably differentiate ourselves from our competitors;



the ability to attract and retain employees;



the failure to realize the benefits of acquisitions or divestitures we have completed or may undertake;



the failure to achieve commercial and financial benefits as a result of our strategic minority equity investments;



the impact of foreign currency exchange rates on the Company’s operations, revenue and income and other risks associated with our operations outside the United States;



the failure to adequately safeguard custodial HSA assets;



the incurrence of impairment charges if the Company’s assessment of the fair value of certain of its reporting units or assets changes;



the uncertainties of investigations and litigation;



the ability of the Company to protect its intellectual property and other proprietary rights;



the impact of actions of activist investors including costs and expenses incurred to address activism-related matters and the distraction of management from business operations in responding to those actions, including any proposals or proxy contest for the election of directors at our annual meeting of stockholders;



the impact of market volatility, regulatory capital requirements and other regulatory requirements on the operations of WEX Bank or its ability to make payments to WEX Inc.;



the impact of the Company’s debt instruments on the Company’s operations;



the impact of increased leverage on the Company’s operations, results or borrowing capacity generally;



our ability to achieve our capital allocation priorities;



changes in interest rates;



the ability to refinance certain indebtedness or obtain additional financing;



the actions of regulatory bodies, including tax, banking and securities regulators, or possible changes in tax, banking or financial regulations impacting the Company’s industrial bank, the Company as the corporate parent or other subsidiaries or affiliates;



the failure to comply with the Treasury Regulations applicable to non-bank custodians;



the impact from breaches of, or other issues with, the Company’s technology systems or those of its third-party service providers and any resulting negative impact on the Company’s reputation, liabilities or relationships with customers or merchants;



the impact of regulatory developments with respect to privacy and data protection;



the impact of any disruption to the technology and electronic communications networks we rely on;



the ability to adopt, implement and use artificial intelligence technologies across our business successfully and ethically;



the ability to maintain effective systems of internal controls;



the failure to repurchase shares at favorable prices, if at all;



the impact of provisions in our charter documents, Delaware law and applicable banking laws that may delay or prevent our acquisition or other strategic actions by a third party; as well as



other risks and uncertainties identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 13, 2026, and subsequent filings with the Securities and Exchange Commission.



The forward-looking statements speak only as of the date of the initial filing of this earnings release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise.




WEX INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS








(in millions, except per share data)








(unaudited)








 



 






Three months ended March 31,








 






2026






 






2025








Revenues






 






 






 








Payment processing revenue






$






284.2






 






 






$






271.8






 








Account servicing revenue






 






182.5






 






 






 






179.1






 








Finance fee revenue






 






80.1






 






 






 






75.7






 








Other revenue






 






127.0






 






 






 






110.0






 








Total revenues






 






673.8






 






 






 






636.6






 








Cost of services






 






 






 








Processing costs






 






165.0






 






 






 






167.5






 








Service fees






 






24.2






 






 






 






25.7






 








Provision for credit losses






 






29.3






 






 






 






15.9






 








Operating interest






 






23.7






 






 






 






24.1






 








Depreciation and amortization






 






37.9






 






 






 






36.8






 








Total cost of services






 






280.1






 






 






 






270.0






 








General and administrative






 






87.3






 






 






 






73.7






 








Sales and marketing






 






104.6






 






 






 






90.9






 








Depreciation and amortization






 






43.7






 






 






 






44.7






 








Operating income






 






158.2






 






 






 






157.3






 








Financing interest expense, net of financial instruments






 






(53.6






)






 






 






(53.0






)








Other income (expense)






 






(0.7






)






 






 






(0.8






)








Net foreign currency gain (loss)






 






4.6






 






 






 






(3.1






)








Income before income taxes






 






108.5






 






 






 






100.4






 








Income tax expense






 






30.8






 






 






 






28.9






 








Net income attributable to shareholders






$






77.7






 






 






$






71.5






 








 






 






 






 








Net income attributable to shareholders per share:






 






 






 








Basic






$






2.25






 






 






$






1.84






 








Diluted






$






2.22






 






 






$






1.81






 








Weighted average common shares outstanding:






 






 






 








Basic






 






34.5






 






 






 






38.9






 








Diluted






 






35.0






 






 






 






39.4






 









 








WEX INC. CONDENSED CONSOLIDATED BALANCE SHEETS








(in millions)








(unaudited)










 



 






March 31,

2026






 






December 31,

2025








Assets






 






 






 








Cash and cash equivalents






$






633.5






 






$






905.8








Restricted cash






 






606.8






 






 






772.7








Accounts receivable






 






4,348.9






 






 






3,362.6








Investment securities






 






4,775.4






 






 






4,332.9








Securitized accounts receivable, restricted






 






185.1






 






 






123.7








Prepaid expenses and other current assets






 






164.7






 






 






215.4








Total current assets






 






10,714.4






 






 






9,713.0








Property, equipment and capitalized software






 






255.2






 






 






253.7








Goodwill and other intangible assets






 






4,121.6






 






 






4,103.4








Investment securities






 






92.8






 






 






94.2








Deferred income taxes, net






 






17.3






 






 






16.9








Other assets






 






224.0






 






 






218.2








Total assets






$






15,425.3






 






$






14,399.5








Liabilities and Stockholders’ Equity






 






 






 








Accounts payable






$






1,713.8






 






$






1,070.4








Accrued expenses and other current liabilities






 






526.3






 






 






695.2








Restricted cash payable






 






605.6






 






 






771.5








Short-term deposits






 






5,741.0






 






 






5,423.1








Short-term debt, net






 






1,631.4






 






 






1,326.4








Total current liabilities






 






10,218.2






 






 






9,286.6








Long-term debt, net






 






3,605.7






 






 






3,532.0








Deferred income taxes, net






 






194.7






 






 






187.3








Other liabilities






 






132.3






 






 






159.1








Total liabilities






 






14,150.9






 






 






13,165.0








Total stockholders’ equity






 






1,274.4






 






 






1,234.5








Total liabilities and stockholders’ equity






$






15,425.3






 






$






14,399.5









 








WEX INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS








(in millions)








(unaudited)








 



 






Three Months Ended March 31,








 






2026






 






2025








 






 






 






 








Net cash used for operating activities






$






(330.8






)






 






$






(481.6






)








 






 






 






 








Cash flows from investing activities






 






 






 








Purchases of property, equipment and capitalized software






 






(37.5






)






 






 






(32.6






)








Purchases of available-for-sale debt securities






 






(653.0






)






 






 






(146.0






)








Sales and maturities of available-for-sale debt securities






 






177.2






 






 






 






175.5






 








Acquisition of intangible assets






 






—






 






 






 






(14.5






)








Other investing activities






 






(10.8






)






 






 






(5.9






)








Net cash used for investing activities






 






(524.1






)






 






 






(23.5






)








 






 






 






 








Cash flows from financing activities






 






 






 








Repurchases of common stock






 






—






 






 






 






(790.0






)








Net change in deposits






 






318.3






 






 






 






193.3






 








Net change in restricted cash payable






 






(160.9






)






 






 






(194.1






)








Payments of deferred and contingent consideration






 






(80.7






)






 






 






(76.7






)








Other financing activities






 






(29.7






)






 






 






(34.4






)








Net debt activity3






 






376.1






 






 






 






1,220.3






 








Net cash provided by financing activities






 






423.1






 






 






 






318.4






 








 






 






 






 








Effect of exchange rates on cash, cash equivalents and restricted cash






 






(6.4






)






 






 






27.2






 








Net change in cash, cash equivalents and restricted cash






 






(438.1






)






 






 






(159.5






)








Cash, cash equivalents and restricted cash, beginning of period






 






1,678.4






 






 






 






1,437.0






 








Cash, cash equivalents and restricted cash, end of period






$






1,240.3






 






 






$






1,277.6






 








___________________________



3 Net debt activity includes: borrowings and repayments on revolving credit facility; borrowings and repayments on term loans; proceeds from issuance of Senior Notes; borrowings and repayments on Bank Term Funding Program (BTFP); advances from and repayments to Federal Home Loan Bank (FHLB); net change in borrowed federal funds; and net borrowings on or repayments of other debt.








 



Exhibit 1








Reconciliation of Non-GAAP Measures








(in millions, except per share data)








(unaudited)









Reconciliation of GAAP Net Income Attributable to Shareholders to Non-GAAP Adjusted Net Income Attributable to Shareholders








 



 






Three Months Ended March 31,








 






2026






 






2025








 






 






 






per diluted

share






 






 






 






per diluted share








Net income attributable to shareholders






$






77.7






 






 






$






2.22






 






 






$






71.5






 






 






$






1.81






 








Unrealized loss (gain) on financial instruments






 






0.2






 






 






 






—






 






 






 






(0.4






)






 






 






(0.01






)








Net foreign currency (gain) loss






 






(4.6






)






 






 






(0.13






)






 






 






3.1






 






 






 






0.08






 








Change in fair value of contingent consideration






 






0.7






 






 






 






0.02






 






 






 






0.8






 






 






 






0.02






 








Acquisition-related intangible amortization






 






45.8






 






 






 






1.31






 






 






 






47.8






 






 






 






1.21






 








Other acquisition and divestiture related items






 






0.9






 






 






 






0.03






 






 






 






2.5






 






 






 






0.06






 








Stock-based compensation






 






29.6






 






 






 






0.85






 






 






 






13.3






 






 






 






0.34






 








Other costs






 






10.2






 






 






 






0.29






 






 






 






14.8






 






 






 






0.38






 








Debt restructuring and debt issuance cost amortization






 






2.5






 






 






 






0.07






 






 






 






2.2






 






 






 






0.06






 








Tax related items






 






(17.6






)






 






 






(0.50






)






 






 






(17.2






)






 






 






(0.44






)








Adjusted net income attributable to shareholders






$






145.3






 






 






$






4.15






 






 






$






138.4






 






 






$






3.51






 









Reconciliation of GAAP Operating Income to Non-GAAP Total Segment Adjusted Operating Income and Adjusted Operating Income








 



 






Three Months Ended March 31,








 






2026





 

(margin)4






 






2025





 

(margin)4








Operating income






$






158.2






 





 

23.5






%






 






$






157.3






 





 

24.7






%








Unallocated corporate expenses






 






24.6






 





 

 






 






 






24.9






 





 

 








Acquisition-related intangible amortization






 






45.8






 





 

 






 






 






47.8






 





 

 








Other acquisition and divestiture related items






 






—






 





 

 






 






 






0.5






 





 

 








Stock-based compensation






 






29.6






 





 

 






 






 






13.3






 





 

 








Other costs






 






10.4






 





 

 






 






 






14.9






 





 

 








Total segment adjusted operating income






$






268.8






 





 

39.9






%






 






$






258.7






 





 

40.6






%








Unallocated corporate expenses






 






(24.6






)





 

 






 






 






(24.9






)





 

 








Adjusted operating income






$






244.1






 





 

36.2






%






 






$






233.8






 





 

36.7






%








___________________________



4 Margins are derived by dividing the applicable measures by total revenue for the Company.







The Company's non-GAAP adjusted operating income excludes acquisition-related intangible amortization, other acquisition and divestiture related items, debt restructuring costs, stock-based compensation, other costs and certain non-recurring or non-cash operating charges that are not core to our operations, as applicable depending on the period presented. Total segment adjusted operating income incorporates these same adjustments and further excludes unallocated corporate expenses.


The Company's non-GAAP adjusted net income, which similarly excludes the impact of all items excluded in adjusted operating income, further excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, debt issuance cost amortization, tax related items, and certain other non-operating items, as applicable depending on the period presented.


Although adjusted net income, adjusted operating income, and total segment adjusted operating income are not calculated in accordance with GAAP, our management team believes these non-GAAP measures are integral to our reporting and planning processes and uses them to assess operating performance because they generally exclude financial results that are outside the normal course of our business operations or management’s control. These measures are also used to allocate capital and resources among our operating segments.


For the periods presented herein, the following items have been excluded in determining one or more non-GAAP measures for the following reasons:



Exclusion of the non-cash, mark-to-market adjustments on financial instruments, including interest rate swap agreements and investment securities, helps management identify and assess trends in the Company’s underlying business that might otherwise be obscured due to quarterly non-cash earnings fluctuations associated with these financial instruments. Additionally, the non-cash, mark-to-market adjustments on financial instruments are difficult to forecast accurately, making comparisons across historical and future periods difficult to evaluate;



Net foreign currency gains and losses primarily result from the remeasurement to functional currency of cash, accounts receivable and accounts payable balances, certain intercompany transactions denominated in foreign currencies and any gain or loss on foreign currency economic hedges relating to these items. The exclusion of these items helps management compare changes in operating results between periods that might otherwise be obscured due to currency fluctuations;



The change in fair value of contingent consideration, which is related to the acquisition of certain contractual rights to serve as custodian or sub-custodian to HSAs, is dependent upon changes in future interest rate assumptions and has no significant impact on the ongoing operations of the Company. Additionally, the non-cash, mark-to-market adjustments on financial instruments are difficult to forecast accurately, making comparisons across historical and future periods difficult to evaluate;



The Company considers certain acquisition-related costs, including certain financing costs, investment banking fees, warranty and indemnity insurance, certain integration-related expenses and amortization of acquired intangibles, as well as gains and losses from divestitures to be unpredictable, dependent on factors that may be outside of our control and unrelated to the continuing operations of the acquired or divested business or the Company. In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition-related costs, may not be indicative of such future costs. The Company believes that excluding acquisition-related costs and gains or losses on divestitures facilitates the comparison of our financial results to the Company’s historical operating results and to other companies in our industry;



Stock-based compensation is different from other forms of compensation as it is a non-cash expense. For example, a cash salary generally has a fixed and unvarying cash cost. In contrast, the expense associated with an equity-based award is generally unrelated to the amount of cash ultimately received by the employee, and the cost to the Company is based on a stock-based compensation valuation methodology and underlying assumptions that may vary over time;



Other costs are not consistently occurring and do not reflect expected future operating expense, nor do they provide insight into the fundamentals of current or past operations of our business. This also includes non-recurring professional service costs, costs related to certain identified initiatives, including restructuring and technology initiatives, to further streamline the business, improve the Company’s efficiency, create synergies and globalize the Company’s operations, all with an objective to improve scale and efficiency and increase profitability going forward.



Impairment charges represent non-cash asset write-offs, which do not reflect recurring costs that would be relevant to the Company’s continuing operations. The Company believes that excluding these nonrecurring expenses facilitates the comparison of our financial results to the Company’s historical operating results and to other companies in its industry;



Debt restructuring and debt issuance cost amortization are unrelated to the continuing operations of the Company. Debt restructuring costs are not consistently occurring and do not reflect expected future operating expense, nor do they provide insight into the fundamentals of current or past operations of our business. In addition, since debt issuance cost amortization is dependent upon the financing method, which can vary widely company to company, we believe that excluding these costs helps to facilitate comparison to historical results as well as to other companies within our industry;



The tax related items are the difference between the Company’s GAAP tax provision and a non-GAAP tax provision. The Company utilizes a fixed annual projected long-term non-GAAP tax rate in order to provide better consistency across reporting periods. To determine this long-term projected tax rate, the Company performs a pro forma tax provision based upon the Company’s projected adjusted net income before taxes. The fixed annual projected long-term non-GAAP tax rate could be subject to change in future periods for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix including due to acquisition activity, or other changes to our strategy or business operations; and



The Company does not allocate certain corporate expenses to our operating segments, as these items are centrally controlled and are not directly attributable to any reportable segment.



WEX believes that adjusted net income, adjusted operating income and total segment adjusted operating income may be useful to investors as a means of evaluating our performance. However, because adjusted operating income, total segment adjusted operating income, and adjusted net income are non-GAAP measures, they should not be considered as a substitute for, or superior to, operating income or net income as determined in accordance with GAAP. Adjusted operating income, total segment adjusted operating income and adjusted net income as used by WEX may not be comparable to similarly titled measures employed by other companies.


Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow


Adjusted free cash flow is calculated as cash flows from operating activities adjusted for net purchases of current investment securities, capital expenditures, net Funding Activity, changes in WEX Bank cash balances and certain other adjustments.


Although non-GAAP adjusted free cash flow is not calculated in accordance with GAAP, WEX believes that adjusted free cash flow is a useful measure to further evaluate our results of operations because (i) adjusted free cash flow indicates the level of cash generated by the operations of the business, which excludes consideration paid on acquisitions, after appropriate reinvestment for recurring investments in property, equipment and capitalized software that are required to operate the business; (ii) net Funding Activity includes fluctuations in deposits and other borrowings primarily used as part of our accounts receivable funding strategy; (iii) purchases of current investment securities are made as a result of deposits gathered operationally; and (iv) WEX Bank cash balances may be increased or decreased for reasons other than matching operating activity. However, because adjusted free cash flow is a non-GAAP measure, it should not be considered as a substitute for, or superior to, operating cash flow as determined in accordance with GAAP. In addition, adjusted free cash flow as used by WEX may not be comparable to similarly titled measures employed by other companies.


The following table reconciles GAAP operating cash flow to adjusted free cash flow:




 






Three Months Ended March 31,








(In millions)






2026






 






2025








Operating cash flow






$






(330.8






)






 






$






(481.6






)








Change in WEX Bank cash balances






 






236.5






 






 






 






67.7






 








Other adjustments5






 






42.6






 






 






 






58.8






 








Net Funding Activity6






 






616.9






 






 






 






375.5






 








Net sales and maturities (purchases) of current investment securities






 






(478.2






)






 






 






28.3






 








Capital expenditures






 






(37.5






)






 






 






(32.6






)








Adjusted free cash flow






$






49.5






 






 






$






16.2






 








___________________________



5 For the three months ended March 31, 2026 and 2025, other adjustments are predominantly comprised of contingent consideration paid to sellers in excess of acquisition-date fair value.








6 Net Funding Activity includes the change in net deposits, net advances from the FHLB, changes in participation debt, and changes in borrowings under the BTFP and borrowed federal funds.









 








Exhibit 2








Impact of Certain Macro Factors on Reported Revenue and Adjusted Net Income Attributable to Shareholders








 








(in millions)








(unaudited)








The tables below show the impact of certain macro factors on reported revenue:









 






Segment Revenue Results








 






Mobility






 






Benefits






 






Corporate Payments






 






Total WEX Inc.








 






Three months ended March 31,








 






2026






 






2025






 






2026






 






2025






 






2026






 






2025






 






2026






 






2025








Reported revenue






$






344.6






 






 






$






333.8






 






$






216.2






 






$






199.3






 






$






113.0






 






 






$






103.5






 






$






673.8






 






 






$






636.6








FX impact (favorable) / unfavorable






$






(2.8






)






 






 






 






$






—






 






 






 






$






(2.2






)






 






 






 






$






(5.1






)






 






 








PPG impact (favorable) / unfavorable






$






2.1






 






 






 






 






$






—






 






 






 






$






—






 






 






 






 






$






2.1






 






 






 







To determine the impact of foreign exchange translation (“FX”) on revenue, revenue from entities whose functional currency is not denominated in U.S. dollars, as well as revenue from purchase volume transacted in non-U.S. denominated currencies, were translated using the weighted average exchange rates for the same period in the prior year, exclusive of revenue derived from acquisitions for one year following the acquisition dates.


To determine the impact of price per gallon of fuel (“PPG”) on revenue, revenue subject to changes in fuel prices was calculated based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, exclusive of revenue derived from acquisitions for one year following the acquisition dates. For the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year.


The table below shows the impact of certain macro factors on adjusted net income by segment:




 






Segment Estimated Adjusted Net Income Attributable to Shareholders Impact








 






Mobility






 






Benefits






 






Corporate Payments








 






Three months ended March 31,








 






2026






 






2025






 






2026






 






2025






 






2026






 






2025








FX impact (favorable) / unfavorable






$






—






 






$






—






 






$






0.1






 






$






—






 






$






(0.7






)






 






$






—








PPG impact (favorable) / unfavorable






$






2.1






 






$






—






 






$






—






 






$






—






 






$






—






 






 






$






—







To determine the estimated earnings impact of FX on revenue and expenses from entities whose functional currency is not denominated in U.S. dollars, as well as revenue and variable expenses from purchase volume transacted in non-U.S. denominated currencies, amounts were translated using the weighted average exchange rates for the same period in the prior year, net of tax, exclusive of revenue and expenses derived from acquisitions for one year following the acquisition dates.


To determine the estimated earnings impact of PPG, revenue and certain variable expenses impacted by changes in fuel prices were adjusted based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, net of applicable taxes, exclusive of revenue and expenses derived from acquisitions for one year following the acquisition dates. For the portions of our business that earn revenue based on margin spreads, revenue was adjusted to the comparable margin from the prior year, net of applicable taxes.




Exhibit 3








Selected Other Metrics








 








(in millions, except rate statistics)








(unaudited)








 






Q1 2026






Q4 2025






Q3 2025






Q2 2025






Q1 2025








Mobility:






 






 






 






 






 








Payment processing transactions (1)






 






130.4






 






 






132.5






 






 






140.0






 






 






139.2






 






 






134.5






 








Payment processing gallons of fuel (2)






 






3,428.3






 






 






3,496.5






 






 






3,639.8






 






 






3,625.4






 






 






3,527.7






 








Average US fuel price (US$ / gallon)






$






3.60






 






$






3.29






 






$






3.38






 






$






3.28






 






$






3.32






 








Payment processing $ of fuel (3)






$






12,706.8






 






$






11,859.4






 






$






12,641.4






 






$






12,216.2






 






$






12,017.9






 








Net payment processing rate (4)






 






1.23






%






 






1.33






%






 






1.33






%






 






1.31






%






 






1.30






%








Payment processing revenue






$






156.8






 






$






157.8






 






$






168.2






 






$






160.4






 






$






156.4






 








Net late fee rate (5)






 






0.50






%






 






0.56






%






 






0.53






%






 






0.54






%






 






0.53






%








Late fee revenue (6)






$






64.2






 






$






66.7






 






$






67.2






 






$






65.9






 






$






63.7






 








Benefits:






 






 






 






 






 








Average number of SaaS accounts (7)






 






22.4






 






 






21.6






 






 






21.5






 






 






21.2






 






 






21.5






 








Purchase volume (8)






$






2,496.7






 






$






1,732.5






 






$






1,770.5






 






$






2,002.6






 






$






2,329.9






 








Average HSA custodial cash assets






$






5,154.2






 






$






4,873.8






 






$






4,808.5






 






$






4,705.4






 






$






4,608.9






 








Corporate Payments:






 






 






 






 






 








Purchase volume (9)






$






17,908.4






 






$






19,341.8






 






$






23,176.6






 






$






20,496.8






 






$






17,285.2






 








Net interchange rate (10)






 






0.53






%






 






0.53






%






 






0.47






%






 






0.48






%






 






0.50






%








Payment solutions processing revenue






$






94.4






 






$






102.8






 






$






109.7






 






$






97.7






 






$






85.7






 







Definitions and explanations:


(1) Payment processing transactions represents the total number of purchases made by fleets that have a payment processing relationship with WEX.


(2) Payment processing gallons of fuel represents the total number of gallons of fuel purchased by fleets that have a payment processing relationship with WEX.


(3) Payment processing dollars of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX.


(4) Net payment processing rate represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants, less certain discounts given to customers and network fees.


(5) Net late fee rate represents late fee revenue as a percentage of fuel purchased by fleets that have a payment processing relationship with WEX.


(6) Late fee revenue represents fees charged for payments not made within the terms of the customer agreement based upon the outstanding customer receivable balance.


(7) Average number of SaaS accounts represents the average number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms.


(8) Purchase volume represents the total dollar value of all transactions where interchange is earned by WEX.


(9) Purchase volume represents the total dollar value of all WEX issued transactions that use WEX corporate card products and virtual card products.


(10) Net interchange rate represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants, less certain discounts given to customers and network fees.




Exhibit 4








Segment Revenue Information








 








(in millions)








(unaudited)









 






Three months ended

March 31,






 






Increase (decrease)








Mobility






2026






 






2025






 






Amount






 






Percent








Revenues






 






 






 






 






 






 






 








Payment processing revenue






$






156.8






 






$






156.4






 






$






0.4






 






0.3






%








Account servicing revenue






 






53.2






 






 






49.9






 






 






3.3






 






6.7






%








Finance fee revenue






 






79.8






 






 






75.2






 






 






4.6






 






6.2






%








Other revenue






 






54.7






 






 






52.3






 






 






2.4






 






4.6






%








Total revenues






$






344.6






 






$






333.8






 






$






10.8






 






3.2






%









 






Three months ended

March 31,






 






Increase (decrease)








Benefits






2026






 






2025






 






Amount






 






Percent








Revenues






 






 






 






 






 






 






 








Payment processing revenue






$






33.0






 






$






29.7






 






$






3.2






 






 






10.9






%








Account servicing revenue






 






114.5






 






 






115.9






 






 






(1.4






)






 






(1.2






)%








Finance fee revenue






 






—






 






 






—






 






 






—






 






 






NM






 








Other revenue






 






68.6






 






 






53.6






 






 






15.0






 






 






28.1






%








Total revenues






$






216.2






 






$






199.3






 






$






16.9






 






 






8.5






%









 






Three months ended

March 31,






 






Increase (decrease)








Corporate Payments






2026






 






2025






 






Amount






 






Percent








Revenues






 






 






 






 






 






 






 








Payment processing revenue






$






94.4






 






$






85.7






 






$






8.7






 






 






10.1






%








Account servicing revenue






 






14.8






 






 






13.3






 






 






1.5






 






 






11.3






%








Finance fee revenue






 






0.2






 






 






0.4






 






 






(0.2






)






 






NM






 








Other revenue






 






3.6






 






 






4.0






 






 






(0.4






)






 






(10.3






)%








Total revenues






$






113.0






 






$






103.5






 






$






9.6






 






 






9.3






%








NM - Not meaningful









 








Exhibit 5








Segment Adjusted Operating Income and Adjusted Operating Income Margin Information








 








(in millions)








(unaudited)








 








 






Segment Adjusted Operating Income






 






Segment Adjusted Operating Income Margin7








 






Three Months Ended March 31,






 






Three Months Ended March 31,








 






2026






 






2025






 






2026






 






2025








Mobility






$






124.5






 






$






131.4






 






36.1






%






 






39.4






%








Benefits






 






100.2






 






 






86.9






 






46.4






%






 






43.6






%








Corporate Payments






 






44.1






 






 






40.5






 






39.0






%






 






39.1






%








Total segment adjusted operating income






$






268.8






 






$






258.7






 






39.9






%






 






40.6






%









 






Three Months Ended March 31,








 






2026






 






2025








Adjusted operating income






$






244.1






 






 






$






233.8






 








Adjusted operating income margin8






 






36.2






%






 






 






36.7






%








___________________________



7 Segment adjusted operating income margin is derived by dividing segment adjusted operating income by the revenue of the corresponding segment (or the entire Company in the case of total segment adjusted operating income). See Exhibit 1 for a reconciliation of GAAP operating income and related margin to total segment adjusted operating income and related margin.







8 Adjusted operating income margin is derived by dividing adjusted operating income by total revenues of the entire Company as shown on the Condensed Consolidated Statement of Operations. See Exhibit 1 for a reconciliation of GAAP operating income and related margin to adjusted operating income and related margin.


 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260422354039/en/
News Media Contact:

WEX

Cuthbert Langley, 843-670-7490

press@wexinc.com


Investor Contact:

WEX

Steve Elder, 207-523-7769

Steve.Elder@wexinc.com


Original: WEX Inc. Reports First Quarter 2026 Financial Results