Detailed financial statements for WEX Inc. (WEX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
WEX Inc., a financial technology enterprise established in 1983 and headquartered in Portland, Maine, delivers diverse services across the United States and globally. The company, which operated as Wright Express Corporation until its name change in October 2012, structures its operations into three primary divisions. The Fleet Solutions segment specializes in comprehensive payment processing for vehicle fleets.
Analysis Summary
WEX Inc. reported revenue of $2.66B in the most recent fiscal year, growing at a 5-year CAGR of 11.3%.
Trailing-twelve-month margins: gross margin 57.6%, operating margin 26.6%, net margin 14.0%. Free cash flow grew at -16.6% CAGR over 5 years.
At $184.61 (closing price, October 30, 2026), WEX trades at a P/E of 15.89 and an ROE of 32.33%. Market capitalisation stands at $6.3B.
Balance sheet quality for WEX: current ratio of 1.0, net cash position of $380.4M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $313.7M represents 103% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.01B | $1.25B | $1.49B | $1.72B | $1.56B | $1.85B | $2.35B | $2.55B | $2.63B | $2.66B |
| Cost of Revenue | $458.8M | $514.3M | $547.9M | $659.8M | $673.2M | $702.2M | $930.5M | $973.3M | $1.04B | $1.20B |
| Gross Profit | $553.7M | $734.3M | $944.7M | $1.06B | $886.7M | $1.15B | $1.42B | $1.57B | $1.59B | $1.46B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | $74.2M | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $316.4M | $348.0M | $438.6M | $535.7M | $558.8M | $646.0M | $655.7M | $755.8M | $716.8M | $717.2M |
| Operating Expenses | $395.2M | $500.9M | $564.1M | $678.1M | $978.4M | $806.4M | $950.3M | $927.6M | $904.2M | $783.6M |
| Operating Income | $158.5M | $233.4M | $380.6M | $385.8M | -$91.7M | $342.0M | $469.8M | $647.1M | $686.3M | $676.0M |
| EBITDA | $304.0M | $485.2M | $543.4M | $588.3M | $117.9M | $565.7M | $571.9M | $849.6M | $975.0M | $994.9M |
| Interest Expense | $113.4M | $107.1M | $105.0M | $134.7M | $157.1M | $89.2M | $47.5M | $204.6M | $235.9M | $240.6M |
| Pre-tax Income | $48.9M | $174.4M | $238.6M | $216.5M | -$301.1M | $203.9M | $260.5M | $368.8M | $417.8M | $420.2M |
| Income Tax | $28.6M | $15.4M | $68.8M | $61.2M | -$20.6M | $67.8M | $93.1M | $102.2M | $108.2M | $116.1M |
| Net Income | $23.5M | $160.1M | $168.3M | $99.0M | -$243.6M | $100,000 | $201.4M | $266.6M | $309.6M | $304.1M |
| EPS | $1.49 | $3.73 | $3.90 | $3.59 | $-6.40 | $0.00 | $4.54 | $6.23 | $7.59 | $8.57 |
| EPS (Diluted) | $1.48 | $3.73 | $3.86 | $3.55 | $-6.40 | $0.00 | $4.50 | $6.16 | $7.50 | $8.47 |
| Shares Outstanding (Diluted) | 40.9 M | 43.0 M | 43.6 M | 43.8 M | 43.8 M | 45.3 M | 44.7 M | 43.3 M | 41.3 M | 35.9 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $672.9M | $673.8M | $753.5M | $780.1M |
| Gross Profit | $366.3M | $379.3M | $420.2M | $492.7M |
| Operating Income | $166.6M | $158.2M | $203.2M | $238.8M |
| EBITDA | $251.3M | $243.7M | $286.2M | $323.7M |
| Net Income | $84.3M | $77.7M | $108.5M | $134.1M |
| EPS | $2.45 | $2.25 | $3.13 | $3.95 |
| EPS (Diluted) | $2.41 | $2.22 | $3.11 | $3.88 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $190.9M | $508.1M | $541.5M | $981.4M | $1.33B | $1.26B | $1.86B | $975.8M | $595.8M | $905.8M |
| Short-term Investments | $23.5M | $23.4M | 0 | 0 | 0 | $948.7M | $1.40B | $3.02B | $3.76B | $4.33B |
| Receivables | $2.05B | $2.46B | $2.58B | $2.78B | $2.09B | $3.03B | $3.44B | $3.57B | $3.01B | $3.49B |
| Inventory | -$11.7M | 0 | $123.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.37B | $3.21B | $3.40B | $3.84B | $3.50B | $5.30B | $6.82B | $8.94B | $8.52B | $9.71B |
| Property, Plant & Equipment | $167.3M | $163.9M | $187.9M | $280.8M | $273.4M | $259.0M | $269.1M | $304.7M | $261.2M | $253.7M |
| Goodwill | $1.84B | $1.88B | $1.83B | $2.44B | $2.69B | $2.91B | $2.73B | $3.02B | $2.98B | $3.02B |
| Intangible Assets | $1.27B | $1.15B | $1.03B | $1.58B | $1.55B | $1.64B | $1.47B | $1.46B | $1.26B | $1.09B |
| Total Assets | $6.08B | $6.74B | $6.77B | $8.30B | $8.18B | $10.31B | $11.53B | $13.88B | $13.32B | $14.40B |
| Accounts Payable | $617.1M | $752.4M | $814.7M | $853.0M | $647.1M | $880.1M | $1.23B | $1.32B | $952.7M | $925.3M |
| Short-term Debt | 0 | $397.2M | $216.5M | $261.7M | $169.2M | $171.3M | $214.4M | $1.04B | $1.29B | $1.33B |
| Total Current Liabilities | $940.6M | $1.13B | $2.31B | $3.05B | $2.74B | $4.40B | $6.29B | $8.52B | $8.33B | $9.29B |
| Long-term Debt | $1.99B | $2.03B | $2.13B | $2.69B | $2.87B | $2.70B | $2.52B | $2.83B | $3.08B | $3.53B |
| Total Liabilities | $4.57B | $5.02B | $4.97B | $6.21B | $6.15B | $8.21B | $9.88B | $12.06B | $11.83B | $13.16B |
| Retained Earnings | $1.24B | $1.40B | $1.48B | $1.54B | $1.29B | $1.29B | $1.49B | $1.76B | $2.07B | $2.37B |
| Total Equity | $1.50B | $1.71B | $1.79B | $1.93B | $1.90B | $1.84B | $1.65B | $1.82B | $1.49B | $1.23B |
| Total Debt | $2.20B | $2.42B | $2.35B | $3.02B | $3.13B | $2.95B | $2.81B | $3.87B | $4.45B | $4.86B |
| Net Debt | $1.99B | $1.89B | $1.81B | $2.03B | $1.80B | $742.2M | -$450.2M | -$129.3M | $85.3M | -$380.4M |
| Working Capital | $1.43B | $2.07B | $1.09B | $792.4M | $762.0M | $899.8M | $523.1M | $416.1M | $188.2M | $426.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $812.9M | $905.8M | $633.5M | $1.16B |
| Total Assets | $14.43B | $14.40B | $15.43B | $16.50B |
| Total Liabilities | $13.31B | $13.16B | $14.15B | $15.15B |
| Total Equity | $1.12B | $1.23B | $1.27B | $1.34B |
| Total Debt | $5.03B | $4.86B | $5.24B | $5.36B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $57.5M | $159.2M | $169.8M | $155.3M | -$280.5M | $136.1M | $167.5M | $266.6M | $309.6M | $304.1M |
| Depreciation & Amortization | $141.7M | $203.7M | $199.8M | $237.1M | $261.9M | $272.6M | $263.9M | $276.2M | $321.3M | $331.1M |
| Stock-based Compensation | $19.7M | $30.5M | $33.9M | $45.8M | $63.9M | $74.8M | $97.9M | $127.0M | $112.2M | $100.3M |
| Change in Working Capital | -$441.8M | -$344.7M | -$139.1M | $100.8M | $589.1M | -$419.0M | -$195.5M | -$5.4M | -$371.3M | -$414.0M |
| Operating Cash Flow | -$151.1M | $132.9M | $400.2M | $663.2M | $857.0M | $150.4M | $679.4M | $907.9M | $481.4M | $454.3M |
| Capital Expenditure | -$65.8M | -$79.3M | -$87.2M | -$102.9M | -$80.5M | -$86.0M | -$116.2M | -$143.6M | -$147.3M | -$140.6M |
| Acquisitions | -$1.09B | -$84.4M | -$165.5M | -$882.4M | -$243.2M | -$558.8M | 0 | -$402.0M | -$900,000 | 0 |
| Stock Repurchased | -$2.2M | -$9.5M | 0 | 0 | 0 | 0 | -$282.8M | -$303.4M | -$652.0M | -$799.8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$216.9M | $53.7M | $313.1M | $560.3M | $776.5M | $64.4M | $563.2M | $763.9M | $334.1M | $313.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $376.6M | $294.7M | -$330.8M | -$77.6M |
| Capital Expenditure | -$35.0M | -$38.4M | -$37.5M | -$43.5M |
| Free Cash Flow | $341.6M | $256.3M | -$368.3M | -$121.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $33.5M | 0 | $27.5M | -$27.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +23.3% | +19.5% | +15.5% | -9.5% | +18.6% | +27.0% | +8.4% | +3.1% | +1.2% | |
| Net Income Growth (YoY) | +581.1% | +5.1% | -41.2% | -346.1% | +100.0% | +201,300.0% | +32.4% | +16.1% | -1.8% | |
| EPS Growth (YoY) | +150.3% | +4.6% | -7.9% | -278.3% | +100.0% | +206,263.6% | +37.2% | +21.8% | +12.9% | |
| Shares Change (YoY) | +5.2% | +1.3% | +0.4% | +0.2% | +3.4% | -1.3% | -3.2% | -4.6% | -13.1% | |
| FCF Growth (YoY) | +124.7% | +483.3% | +79.0% | +38.6% | -91.7% | +775.1% | +35.6% | -56.3% | -6.1% | |
| Gross Margin | 54.7% | 58.8% | 63.3% | 61.7% | 56.8% | 62.1% | 60.4% | 61.8% | 60.5% | 54.9% |
| Operating Margin | 15.7% | 18.7% | 25.5% | 22.4% | -5.9% | 18.5% | 20.0% | 25.4% | 26.1% | 25.4% |
| EBITDA Margin | 30.0% | 38.9% | 36.4% | 34.1% | 7.6% | 30.6% | 24.3% | 33.3% | 37.1% | 37.4% |
| Net Margin | 2.3% | 12.8% | 11.3% | 5.7% | -15.6% | 0.0% | 8.6% | 10.5% | 11.8% | 11.4% |
| FCF Margin | -21.4% | 4.3% | 21.0% | 32.5% | 49.8% | 3.5% | 24.0% | 30.0% | 12.7% | 11.8% |
| Effective Tax Rate | 58.4% | 8.9% | 28.9% | 28.3% | 6.8% | 33.3% | 35.7% | 27.7% | 25.9% | 27.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-5.30 | $1.25 | $7.18 | $12.80 | $17.71 | $1.42 | $12.59 | $17.64 | $8.09 | $8.74 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 40.8 M | 43.0 M | 43.2 M | 43.3 M | 43.8 M | 44.7 M | 44.4 M | 42.8 M | 40.8 M | 35.5 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 32.33% |
| Return on Invested Capital | 8.22% |
| Return on Assets | 2.50% |
| Gross Margin | 57.58% |
| Operating Margin | 26.62% |
| Net Margin | 14.05% |
Financial Health
| Debt / Equity | 4.62 |
| Current Ratio | 1.03 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.85 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 74.90 | 37.86 | 35.91 | 58.35 | -31.80 | 63,813.64 | 36.05 | 31.23 | 23.10 | 17.38 |
| P/B | 3.04 | 3.55 | 3.38 | 4.71 | 4.68 | 3.41 | 4.40 | 4.57 | 4.80 | 4.28 |
| P/S | 4.50 | 4.86 | 4.05 | 5.26 | 5.72 | 3.39 | 3.09 | 3.27 | 2.72 | 1.99 |
| Gross Margin | 54.7% | 58.8% | 63.3% | 61.7% | 56.8% | 62.1% | 60.4% | 61.8% | 60.5% | 54.9% |
| Operating Margin | 15.7% | 18.7% | 25.5% | 22.4% | -5.9% | 18.5% | 20.0% | 25.4% | 26.1% | 25.4% |
| Net Margin | 2.3% | 12.8% | 11.3% | 5.7% | -15.6% | 0.0% | 8.6% | 10.5% | 11.8% | 11.4% |
Related companies: CORZ · ACIW · QLYS · INGM · FOUR · S · BOX
Explore sector: Technology · Software - Infrastructure
More sections of WEX: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method today · Companies that pass the Lynch method today · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks