WEX reported Q4 2025 revenue of $672.9 million, up 5.7% year-over-year, driven by favorable fuel price and foreign-exchange impacts of $3.3 million and $4.2 million, respectively. Net income rose to $84.3 million ($2.41 per diluted share), a 50.6% increase per share, while adjusted net income climbed 15.1% to $143.7 million ($4.11 per diluted share). Operating income margin held steady at 24.7%, with adjusted operating margin at 36.7%. Total transaction volume across all segments increased 10.3% to $58.0 billion, reflecting strong demand in corporate and benefits businesses despite flat mobility revenues.

Mobility revenue remained flat at $345.1 million as over-the-road trucking activity softened, but WEX added 13% more small-fleet customers through targeted sales and enhanced closed-loop fuel card flexibility. Benefits revenue grew 9.6% to $204.9 million, supported by a 6.0% increase in SaaS accounts to 21.6 million and an 11.6% rise in HSA custodial balances to $4.9 billion. The corporate payments segment delivered the fastest growth, with revenues up 17.8% to $122.9 million and purchase volume rising 16.9% to $19.3 billion, propelled by travel recovery and accounts payable automation wins in construction, healthcare, retail and media.

WEX’s global virtual card platform drove a 16.9% increase in purchase volume, with travel-related revenue up more than 30% and non-travel corporate payments advancing mid-single digits. The newly launched multi-currency funding engine enables on-demand conversions and broader enterprise integration. Direct accounts payable volumes climbed approximately 15%, while early embedded payments deployments have built a robust pipeline expected to contribute meaningfully to growth through 2026.

Management forecasted full-year 2026 revenue between $2.70 billion and $2.76 billion, implying roughly 5% growth, and adjusted net income of $607 million to $628 million (or $17.25 to $17.85 per diluted share), representing 13% earnings growth at midpoint. First-quarter revenue is expected between $650 million and $670 million, with adjusted net income of $133 million to $140 million. WEX plans to pair cost-savings initiatives with continued investment in product development, while targeting further leverage reduction from the 3.1x post-quarter credit agreement ratio.