WEX Inc. (WEX) Income Statement
WEX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsWEX revenue and net income
Where WEX's revenue goes
2025Each bar shows an amount and its share of revenue. WEX kept 11.4% of revenue as net income.
WEX profit margins
WEX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1.2% | +4.2% | +11.3% | +12.0% |
| Gross profit | −8.2% | +0.9% | +10.5% | +12.5% |
| Operating income | −1.5% | +12.9% | — | +11.4% |
| Net income | −1.8% | +14.7% | — | +11.6% |
| EPS (diluted) | +5.7% | +6.1% | +21.7% | +12.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
WEX quarterly EPS vs estimates
WEX beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 28, 2026 (estimate $4.94).
WEX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.66B | $2.63B | $2.55B | $2.35B | $1.85B | $1.56B | $1.72B | $1.49B | $1.25B | $1.01B |
| Cost of revenue | $1.20B | $1.04B | $969.1M | $930.5M | $702.2M | $673.2M | $659.8M | $547.9M | $514.3M | $458.8M |
| Gross profit | $1.46B | $1.59B | $1.2M | $1.42B | $1.15B | $886.7M | $1.06B | $944.7M | $734.3M | $553.7M |
| Research & development | — | — | $78.7M | $78.0M | $74.2M | $72.4M | $57.8M | $38.6M | $32.6M | $27.6M |
| Sales, general & admin | $717.2M | $716.8M | $1.05B | $655.7M | $646.0M | $558.8M | $535.7M | $438.6M | $348.0M | $316.4M |
| Total operating expenses | $783.6M | $904.2M | $1.86B | $950.3M | $806.4M | $978.4M | $678.1M | $564.1M | $500.9M | $395.2M |
| Operating income | $676.0M | $686.3M | $14.8M | $469.8M | $342.0M | −$91.7M | $385.8M | $380.6M | $233.4M | $158.5M |
| Interest income | $240.8M | $262.0M | $199.7M | $70.2M | $101.6M | $209.9M | $170.3M | $141.2M | $74.3M | $109.0M |
| Interest expense | $240.6M | $235.9M | $157.2M | $47.5M | $89.2M | $157.1M | $134.7M | $105.0M | $107.1M | $113.4M |
| Income before taxes | $420.2M | $417.8M | $14.8M | $260.5M | $203.9M | −$301.1M | $216.5M | $238.6M | $174.4M | $48.9M |
| Income taxes | $116.1M | $108.2M | $102.2M | $93.1M | $67.8M | −$20.6M | $61.2M | $68.8M | $15.4M | $28.6M |
| Net income | $304.1M | $309.6M | $14.8M | $201.4M | $100,000 | −$243.6M | $99.0M | $168.3M | $160.1M | $23.5M |
| EBITDA | $994.9M | $975.0M | $14.8M | $571.9M | $565.7M | $117.9M | $588.3M | $543.4M | $485.2M | $304.0M |
| EPS (diluted) | $16.16 | $15.29 | $14.81 | $13.54 | $9.13 | $6.06 | $9.20 | $8.20 | $5.41 | $4.58 |
| Gross margin | 54.9% | 60.5% | 0.0% | 60.4% | 62.1% | 56.8% | 61.7% | 63.3% | 58.8% | 54.7% |
| Operating margin | 25.4% | 26.1% | 0.6% | 20.0% | 18.5% | −5.9% | 22.4% | 25.5% | 18.7% | 15.7% |
| Net margin | 11.4% | 11.8% | 0.6% | 8.6% | 0.0% | −15.6% | 5.7% | 11.3% | 12.8% | 2.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $753.5M | $673.8M | $672.9M | $691.8M | $659.6M | $636.6M | $636.5M | $665.5M | $673.5M | $652.7M | $663.3M | $651.4M |
| Cost of revenue | $333.3M | $294.5M | $306.6M | $274.3M | $272.8M | $270.0M | $257.5M | $249.3M | $263.7M | $267.2M | $255.9M | $235.1M |
| Gross profit | $420.2M | $379.3M | $366.3M | $417.5M | $386.8M | $366.6M | $379.0M | $416.2M | $409.8M | $385.5M | $407.4M | $416.3M |
| Research & development | — | — | — | — | — | — | — | — | — | — | $78.7M | — |
| Sales, general & admin | $217.0M | $191.9M | $199.7M | $189.3M | $184.0M | $164.6M | $175.3M | $173.0M | $194.7M | $173.8M | $116.3M | $199.4M |
| Total operating expenses | $217.0M | $221.2M | $199.7M | $233.9M | $230.0M | $209.3M | $221.7M | $219.8M | $241.7M | $221.0M | $248.9M | $241.4M |
| Operating income | $203.2M | $158.2M | $166.6M | $183.6M | $156.8M | $157.3M | $157.3M | $196.4M | $168.1M | $164.5M | $158.5M | $174.9M |
| Interest income | — | — | $55.7M | $66.4M | $62.6M | $56.1M | $73.8M | $55.2M | — | — | — | $57.2M |
| Interest expense | $52.2M | $53.6M | $58.8M | $63.8M | $65.0M | $53.0M | $57.4M | $58.4M | $59.9M | $60.3M | $82.2M | $54.8M |
| Income before taxes | $150.5M | $108.5M | $110.0M | $116.4M | $93.4M | $100.4M | $80.6M | $141.1M | $106.1M | $90.0M | $108.4M | $44.4M |
| Income taxes | $41.9M | $30.8M | $25.8M | $36.2M | $25.2M | $28.9M | $16.6M | $38.2M | $29.1M | $24.2M | $23.5M | $26.0M |
| Net income | $108.5M | $77.7M | $84.3M | $80.3M | $68.1M | $71.5M | $63.9M | $102.9M | $77.0M | $65.8M | $84.9M | $18.4M |
| EBITDA | $286.2M | $243.7M | $251.3M | $263.9M | $242.4M | $234.9M | $219.8M | $281.0M | $245.6M | $228.7M | $265.5M | $166.7M |
| EPS (diluted) | $4.50 | $4.15 | $4.11 | $4.59 | $3.95 | $3.51 | $3.57 | $4.35 | $3.91 | $3.46 | $3.82 | $4.05 |
| Gross margin | 55.8% | 56.3% | 54.4% | 60.3% | 58.6% | 57.6% | 59.5% | 62.5% | 60.8% | 59.1% | 61.4% | 63.9% |
| Operating margin | 27.0% | 23.5% | 24.8% | 26.5% | 23.8% | 24.7% | 24.7% | 29.5% | 25.0% | 25.2% | 23.9% | 26.8% |
| Net margin | 14.4% | 11.5% | 12.5% | 11.6% | 10.3% | 11.2% | 10.0% | 15.5% | 11.4% | 10.1% | 12.8% | 2.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WEX's financial statements (latest annual report filed February 13, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WEX financial results
In fiscal year 2025 (ended December 31, 2025), WEX reported revenue of $2.7 billion, up 1.2% from the year before. It had net income of $304.1 million (down 1.8%), a net profit margin of 11.4%. Diluted earnings per share came to $16.16. Over five years revenue grew at an average rate of 11.3% a year.
See the WEX stock overview for the latest quote and news, or the WEX chart for price history and technical indicators.
WEX income statement FAQ
What is WEX's annual revenue?
WEX reported total revenue of $2.7 billion for fiscal year 2025, which ended on December 31, 2025. That was up 1.2% from $2.6 billion the previous year.
Is WEX profitable?
Yes. WEX reported net income of $304.1 million in fiscal 2025, a net profit margin of 11.4%; its operating margin was 25.4%.
What is WEX's gross margin?
WEX's gross margin was 54.9% in fiscal 2025: for every $100 of revenue, WEX kept $55 after the direct cost of its products and services.
How fast is WEX growing?
Revenue grew 11.3% a year on average over the last five fiscal years, from $1.6 billion to $2.7 billion.
What are WEX's earnings per share?
WEX earned $16.16 per diluted share in fiscal 2025, compared with $15.29 a year earlier.
When will WEX report its next earnings?
WEX is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does WEX's fiscal year end?
WEX's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 13, 2026.