AI-extracted from the 10-Q filed 2026-07-23 — Q2 2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
WEX reported Q2 2026 revenue of $753.5M, up 14% YoY, driven by higher fuel prices in Mobility and network incentives in Corporate Payments, with net income up 59% to $108.5M.
Biggest Revenue Drivers
Mobility$422.4M+22% YoY
Higher average U.S. fuel prices drove payment processing revenue up 31%, with higher finance fee revenue from increased late fees and factoring fees on elevated receivable balances.
Benefits$206.0M+6% YoY
Growth driven by higher HSA deposits yielding increased custodial investment revenue and higher payment processing revenues, offset by lower program fees on reduced third-party held HSA deposits.
Biggest Revenue Drivers
Total revenue: $753.5M+14% YoY
Mobility$422.4M+22% YoY
Higher average U.S. fuel prices drove payment processing revenue up 31%, with higher finance fee revenue from increased late fees and factoring fees on elevated receivable balances.
Benefits$206.0M+6% YoY
Growth driven by higher HSA deposits yielding increased custodial investment revenue and higher payment processing revenues, offset by lower program fees on reduced third-party held HSA deposits.
Corporate Payments$125.1M+6% YoY
Higher net interchange rate from increased network incentives, partially offset by lower purchase volumes from travel timing and seasonal patterns.
Largest Expense Items
Provision for credit losses$33.0M+53% YoY
Driven by higher accounts receivable balances from increased fuel prices and higher loss rates in Mobility segment during first half of 2026.
Sales and marketing$112.7M+15% YoY
Increased from sustained sales initiatives investments made throughout 2025, higher partner commissions, and higher stock-based compensation from increased attainments.
General and administrative$104.3M+21% YoY
Higher professional services and expenses related to proxy contest concluded in Q2 2026, plus increased stock-based compensation from higher performance-based attainments.
Margins: Operating margin expanded to 27.0% from 23.8% YoY, driven primarily by higher domestic fuel prices which are accretive to earnings since most costs are fixed. This was partially offset by increased credit losses and sales/marketing investments. Segment adjusted operating income margin for Mobility improved 450 bps to 43.2%, while Benefits margin declined 300 bps to 40.5% due to nonrecurring operating costs.
Watch Items from the Filing
Mobility segment provision for credit losses increased 111% YoY to $32.3M in Q2, driven by higher receivables from fuel prices and elevated loss rates; credit losses in basis points rose to 16.1 bps from 13.5 bps.
Corporate Payments purchase volume declined 4% YoY in Q2 2026 to $19.8B, reflecting travel seasonal timing between first and second half of year; segment remains concentrated in travel payments.
WEX Bank regulatory capital ratios remain well-capitalized with Total Capital to risk-weighted assets at 13.48% vs 10% minimum; however, WEX Bank remains subject to FDIC consent order from September 2023 requiring ongoing compliance improvements.
HSA custodial cash assets held by WEX Bank increased to $4.8B of $5.2B total, up from lower third-party holdings, creating greater deposit funding dependency and potential basis risk on custodial investment yields.
Financing interest expense decreased $12.8M YoY in Q2 to $52.2M due to lower rates and reduced Revolving Credit borrowings, but six-month expense remained elevated by Senior Notes issued March 2025.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
3 transactions in WEX reported by 2 members of Congress under the STOCK Act, most recent trade Jun 4, 2025. Reported transactions, not recommendations.
About WEX Inc. (WEX): stock profile, AI score and financials
WEX Inc. (WEX) stock profile, AI quality score, and SEC EDGAR financial data, a Industrials sector company. 13F Pro's AI-powered ranking engine scores WEX at 48.1/100 on a composite quality score built from its SEC filings, placing it at rank #1,752 of 2,925 stocks — the bottom half of the AI-ranked universe. Areas of concern include institutional flow (27.9) and earnings quality (28.7), which score below median versus the broader universe. Shareholder dilution risk is elevated at 28.1/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), WEX Inc. reports quarterly revenue of $753.5M, net income of $108.5M, an operating margin of 27.0%. Top institutional holders of WEX by reported 13-F value include Jupiter Topco, BlackRock, PAR CAPITAL MANAGEMENT, based on the most recent SEC filings. WEX trades on the NYSE exchange and files with the SEC under CIK 1309108. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate WEX daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for WEX Inc. directly from SEC EDGAR.