Wex (WEX) financial statements
Wex reported revenue of $2.7B in fiscal 2025, up 11.3% a year over 9 years.
Net income was $304M and the operating margin 25.0%, against 15.7% in 2016.
Free cash flow was $314M, and the company returned $800M in net buybacks.
The diluted share count fell 12% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Wex's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0B | $1.2B | $997M | $1.7B | $1.6B | $1.9B | $2.4B | $2.5B | $2.6B | $2.7B |
| Cost of revenue | $459M | $514M | $548M | $660M | $673M | $702M | $930M | $973M | $1.0B | $1.1B |
| Gross profit | $554M | $734M | $449M | $1.1B | $887M | $1.1B | $1.4B | $1.6B | $1.6B | $1.6B |
| Selling, general and admin | $316M | $348M | $439M | $536M | $559M | $646M | $656M | $756M | $717M | $717M |
| Operating income | $159M | $233M | $381M | $386M | -$92M | $342M | $470M | $647M | $686M | $664M |
| Interest expense | $12M | $25M | $105M | $135M | $157M | $128M | $131M | — | — | — |
| Pre-tax income | $49M | $174M | $239M | $217M | -$301M | $204M | $260M | $369M | $418M | $420M |
| Income tax | $29M | $15M | $69M | $61M | -$21M | $68M | $93M | $102M | $108M | $116M |
| Net income | $61M | $160M | $168M | $156M | -$284M | $135M | $167M | $267M | $310M | $304M |
| EPS (diluted) | $0.57 | $3.71 | $3.86 | $2.26 | -$5.56 | $0.00 | $4.50 | $6.16 | $7.50 | $8.47 |
| Diluted shares | 41M | 43M | 44M | 44M | 44M | 45M | 45M | 43M | 41M | 36M |
| Gross margin | 54.7% | 58.8% | 45.0% | 61.7% | 56.8% | 62.1% | 60.4% | 61.8% | 60.5% | 58.6% |
| Operating margin | 15.7% | 18.7% | 38.2% | 22.4% | -5.9% | 18.5% | 20.0% | 25.4% | 26.1% | 25.0% |
| Net margin | 6.0% | 12.8% | 16.9% | 9.1% | -18.2% | 7.3% | 7.1% | 10.5% | 11.8% | 11.4% |
Balance sheet
Fiscal years, from Wex's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $191M | $504M | $541M | $811M | $852M | $1.5B | $2.3B | $4.0B | $4.4B | $5.2B |
| Total current assets | — | $3.2B | $3.4B | $3.8B | $3.5B | $5.3B | $6.8B | $8.9B | $8.5B | $9.7B |
| Property, plant and equipment | $167M | $164M | $188M | $212M | $188M | $180M | $202M | $243M | $261M | $254M |
| Goodwill | $1.8B | $1.9B | $1.8B | $2.4B | $2.7B | $2.9B | $2.7B | $3.0B | $3.0B | $3.0B |
| Total assets | $6.0B | $6.7B | $6.8B | $8.3B | $8.2B | $10.3B | $11.5B | $13.9B | $13.3B | $14.4B |
| Total current liabilities | — | $2.6B | $2.3B | $3.0B | $2.7B | $4.4B | $6.3B | $8.5B | $8.3B | $9.3B |
| Long-term debt | — | $2.0B | $2.1B | $2.7B | $2.9B | $2.7B | $2.5B | $2.8B | $3.1B | $3.5B |
| Total liabilities | $4.5B | $5.1B | $5.0B | $6.2B | $6.1B | $8.2B | $9.9B | $12.1B | $11.8B | $13.2B |
| Shareholders' equity | $1.5B | $1.6B | $1.8B | $1.9B | $1.9B | $1.8B | $1.6B | $1.8B | $1.5B | $1.2B |
| Net debt | -$191M | $1.9B | $1.8B | $2.1B | $2.2B | $2.3B | $1.8B | $2.9B | $3.8B | $4.0B |
Cash flow
Fiscal years, from Wex's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$141M | $135M | $400M | $663M | $737M | -$43M | $679M | $908M | $481M | $454M |
| Capital spending | $62M | $79M | $87M | $103M | $80M | $86M | $113M | $144M | $147M | $141M |
| Free cash flow | -$203M | $56M | $313M | $560M | $656M | -$129M | $566M | $764M | $334M | $314M |
| Stock-based compensation | $20M | $30M | $34M | $46M | $64M | $75M | $98M | $127M | $112M | $100M |
| Share buybacks (net) | $0 | $0 | — | — | $0 | $0 | -$283M | -$303M | -$652M | -$800M |
| Free cash flow margin | -20.0% | 4.5% | 31.4% | 32.5% | 42.1% | -6.9% | 24.1% | 30.0% | 12.7% | 11.8% |
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Open WEX in InvestinglyQuestions
What was Wex's revenue in 2025?
$2.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Wex generate?
$314M in fiscal 2025 (operating cash flow minus capital spending).
From Wex's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.