WEX (NYSE:WEX) Q4 2025 Earnings call February 05, 2026 10:00 AM ET Speaker2Hello and thank you for standing by. My name is Tiffany and I will be your conference operator today. At this time I would like to welcome everyone to the WEX Q4 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks there will be a question and answer session. If you would like to ask a question during that time simply press star then the number 1 on your telephone keypad. ...

Exhibit 99.2 ____ . Forward-Looking Statements These earnings supplemental materials contain forward-looking statements including, but not limited to, statements about management's plans, goals, expectations, and guidance and assumptions with respect to future financial performance of the Company. Any statements in these supplemental materials that are not statements of historical facts are forward-looking statements. When used in these supplemental materials, the words "anticipate," "believe," "continue," ...

Revenue and Income Growth - Total revenue for Q4 2025 increased by $36.3 million, or 5.7%, compared to Q4 2024, driven by a favorable impact from fuel prices and foreign exchange rates[8] - Q4 net income was $2.41 per diluted share, reflecting a significant increase of 50.6% year-over-year[8] - Adjusted net income for Q4 was $4.11 per diluted share, an increase of 15.1% compared to the prior year[8] - Revenue growth for Q4, when accounting for the impact of fuel prices and foreign exchange, was up 4.5% compared to the prior year[8] - The total revenue for the twelve months ended December 31, 2025, was $2,660.8 million, representing a year-over-year increase of 1.2%[9] - The company reported a year-over-year change in revenues of 5.7% for Q4 2025, with a notable increase in the Benefits segment[8] Segment Performance - Mobility segment revenue for Q4 2025 was $345.1 million, flat compared to the same period last year, with a 1.4% benefit from higher fuel prices and foreign exchange rates[14] - The Benefits segment revenue for the twelve months ended December 31, 2025, was $797.4 million, representing a year-over-year decrease of 1.1%[10] - Benefits segment revenue for the quarter was $204.9 million, an increase of 9.6% over the prior year, driven by strong revenue growth in SaaS accounts and custodial revenue[8] - Corporate Payments segment revenue for the quarter increased 17.8% to $122.9 million, driven by an 18.3% increase in total volume[25] Operating Income and Margins - Operating income margin for the Mobility segment was 25.6% in Q4 2025, down from 33.1% in the same prior-year period[14] - Adjusted operating income for the Mobility segment was $128.9 million in Q4 2025, with a margin of 37.3%, down 5.0% year-over-year[15] - Operating income margin for the Benefits segment was 28.7%, compared to 26.1% in the same prior-year period[8] - Operating income (GAAP) for the twelve months ended December 31, 2023, was $219.1 million, with an operating income margin of 44.1%[26] - Operating income for the three months ended December 31, 2023, was $158.5 million, with an expected increase to $196.4 million by September 30, 2024[62] Cash Flow and Liquidity - Adjusted free cash flow for Q4 2025 was $261 million, with a trailing twelve-month adjusted free cash flow of $638 million[34] - Available liquidity at the end of 2025 was $1.25 billion, including corporate cash and borrowing capacity[29] - The Company reported an operating cash flow of $761.9 million for the year ended December 31, 2023, with an adjusted free cash flow of $510.6 million[71] Capital Expenditures and Share Repurchases - Capital expenditures for the three months ended December 31, 2023, were $41.9 million, with total capital deployed of $438.2 million[36] - The company spent $150 million on share repurchases in Q4 2023, with cumulative cash spent reaching $2.0258 billion by Q1 2025[38] - A modified "Dutch auction" tender offer was completed on March 31, 2025, repurchasing approximately 4.9 million shares at $154 per share for a total of $750 million[38] Financial Guidance and Projections - The financial guidance for Q1 2026 projects net revenue between $650 million and $670 million, with a full year estimate of $2.7 billion to $2.76 billion, reflecting a 3% increase at midpoint[41] - Adjusted net income per diluted share guidance for 2026 is set at $3.80 to $4.00 for Q1 and $17.25 to $17.85 for the full year, indicating a 9% increase at midpoint[41] - The company anticipates full year revenue growth of 1-3% in Mobility, with a 5-7% growth expectation in both Benefits and Corporate Payments segments[41] Foreign Exchange and Other Financial Metrics - The impact of foreign exchange on revenue for the twelve months was a decrease of $6.2 million compared to the prior year[9] - The company reported a net foreign currency gain of $26.1 million for the twelve months ended December 31, 2024[59] - Unrealized gains and losses on financial instruments for the twelve months ended December 31, 2023, resulted in a net impact of $30.4 million[59] Non-GAAP Measures and Adjustments - Adjusted net income and adjusted operating income are non-GAAP measures that the Company believes are useful for evaluating performance, but should not replace GAAP measures[69] - The Company plans to utilize a fixed annual projected long-term non-GAAP tax rate starting in fiscal year 2024 to enhance consistency across reporting periods[70] - The Company reported a loss on extinguishment of Convertible Notes as part of debt restructuring costs, which are not indicative of ongoing operations[68]

Core Viewpoint - WEX reported strong financial results for Q4 and the full year 2025, highlighting strategic actions taken to accelerate growth and improve performance [1] Financial Performance - The company achieved record revenue for the fourth quarter and the entire year, indicating successful execution of its growth strategy [1]

Wex (WEX) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended December 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on February 4. On th ...

PORTLAND, Maine--(BUSINESS WIRE)-- #WEX--WEX® (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today introduced WEX Fleet card now with EV payment capabilities, giving fleet customers a single way to pay for both traditional fuel and public electric vehicle (EV) charging. WEX is the first fuel card provider to incorporate fueling and EV charging into one card, one account, and one invoice across its proprietary closed-loop fuel network. The new offering all. ...

New partnership to help enable faster, more efficient supplier payments while unlocking new revenue opportunities for travel merchants. MONTREAL, Jan. 27, 2026 /PRNewswire/ -- Nuvei today announced a partnership with ®WEX (NYSE: WEX), a global leader in virtual payment solutions, to bring WEX's virtual card technology to Nuvei's global merchant network. Through the partnership, travel merchants integrated into Nuvei's network can benefit from improved cash flows, stronger liquidity, reduced credit dependenc ...

PORTLAND, Maine--(BUSINESS WIRE)--WEX Inc. (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today announced it will report fourth quarter and full year 2025 financial results in a release to be issued on Wednesday, February 4, 2026, after market close. The press release and WEX's supplemental materials packet—which includes certain details of our fourth quarter and full year performance—will also be available that same afternoon through the investor. ...

Consumer health and wellness online retailer Health-E Commerce has launched a partnership with WEX.By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.This collaboration will integrate the company’s FSA Store (flexible ...

Core Viewpoint - WEX announced changes to the composition and leadership of its Board of Directors to enhance oversight effectiveness [1] Group 1: Board Composition and Leadership Changes - The Board has been developing and executing a plan for thoughtful renewal and orderly transition of independent director leadership [1]