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Credit services · Financial Services · Fiscal year ends Dec 31
WEX reported revenue of $1.8B in the fiscal year ended Dec 2025, down 1.2% from the year before. Operating income was $664M, an operating margin of 36.0%, and net income was $304M. Operating cash flow of $454M less capital expenditure of $141M left free cash flow of $314M. Net debt was $2.7B.
Ranks among the 35 credit services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,346 | 1,690 | 1,838 | 1,867 | 1,845 |
| Cost of revenue | 702 | 931 | 973 | 1,038 | 1,101 |
| Gross profit | 644 | 759 | 865 | 830 | 745 |
| Selling, general & admin | 646 | 656 | 756 | 717 | 717 |
| Operating income | 342 | 470 | 647 | 686 | 664 |
| Net interest incomeBanks | 4.5 | – | – | – | – |
| Interest expense | 128 | 131 | – | – | – |
| Pre-tax income | 204 | 261 | 369 | 418 | 420 |
| Income tax | 67.8 | 93.1 | 102 | 108 | 116 |
| Net income | 135 | 167 | 267 | 310 | 304 |
| Diluted EPS | 0.00 | 4.50 | 6.16 | 7.50 | 8.47 |
| Diluted shares | 45.3 | 44.7 | 43.3 | 41.3 | 35.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 589 | 922 | 976 | 596 | 906 |
| Receivables | 2,891 | 3,276 | 3,429 | 3,009 | 3,363 |
| Current assets | 5,300 | 6,817 | 8,935 | 8,516 | 9,713 |
| Net PP&E | 180 | 202 | 243 | 261 | 254 |
| Goodwill | 2,908 | 2,729 | 3,016 | 2,983 | 3,015 |
| Total assets | 10,307 | 11,529 | 13,882 | 13,322 | 14,400 |
| Deferred revenue | 2,026 | 3,145 | 12.4 | – | – |
| Current liabilities | 4,400 | 6,294 | 8,519 | 8,327 | 9,287 |
| Short-term debt | 156 | 53.1 | 55.1 | 52.1 | 54.7 |
| Long-term debt | 2,695 | 2,522 | 2,828 | 3,082 | 3,532 |
| DepositsBanks | 2,679 | 3,479 | 4,073 | 4,453 | – |
| Total liabilities | 8,214 | 9,880 | 12,062 | 11,833 | 13,165 |
| Shareholders' equity | 1,839 | 1,650 | 1,821 | 1,489 | 1,235 |
| Backlog (remaining obligations) | 230 | 236 | 217 | 243 | 252 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −42.6 | 679 | 908 | 481 | 454 |
| Capital expenditure | 86.0 | 113 | 144 | 147 | 141 |
| Free cash flow | −129 | 567 | 764 | 334 | 314 |
| Depreciation & amortisation | 273 | 264 | 276 | 321 | 331 |
| Stock-based compensation | 74.8 | 97.9 | 127 | 112 | 100 |
| Acquisitions | 559 | 0.0 | 402 | 0.9 | 0.0 |
| Share buybacks | 0.0 | 283 | 303 | 652 | 800 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 25.6% | 8.8% | 1.6% | −1.2% |
| Operating income growth (YoY) | – | 37.4% | 37.7% | 6.1% | −3.3% |
| EPS growth (YoY) | – | – | 36.9% | 21.8% | 12.9% |
| Gross margin | 47.8% | 44.9% | 47.1% | 44.4% | 40.4% |
| Operating margin | 25.4% | 27.8% | 35.2% | 36.8% | 36.0% |
| Net margin | 10.1% | 9.9% | 14.5% | 16.6% | 16.5% |
| Return on equityBlank when equity is negative | 7.4% | 10.1% | 14.6% | 20.8% | 24.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.8% | 9.0% | 12.1% | 13.7% | 13.0% |
| Free cash flow margin | −9.6% | 33.5% | 41.6% | 17.9% | 17.0% |
| Cash conversion (CFO ÷ net income) | −0.31x | 4.06x | 3.41x | 1.55x | 1.49x |
| Receivable days | 784 | 708 | 681 | 588 | 665 |
| Interest cover | 2.66x | 3.59x | – | – | – |
| Debt ÷ equity | 1.55x | 1.56x | 1.58x | 2.11x | 2.91x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,262 | 1,653 | 1,907 | 2,538 | 2,681 |
| Current ratio | 1.20x | 1.08x | 1.05x | 1.02x | 1.05x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.