WEX · WEX Inc.

WEX Inc. delivered strong Q1 2026 results with total revenue of $673.8 million, up 5.8% year-over-year, driven by robust growth in Benefits (8.5% to $216.2M) and Corporate Payments (9.3% to $113.0M), while Mobility grew modestly 3.2% to $344.6M despite a 3.0% decline in payment processing transactions to 130.4 million. GAAP operating income remained stable at $158.2 million with a margin of 23.5% (down from 24.7%), but adjusted operating income rose to $244.1 million (36.2% margin). Net income increased 8.7% to $77.7 million or $2.22 per diluted share, with adjusted net income up 5.0% to $145.3 million or $4.15 per share. CEO Melissa Smith highlighted continued momentum in executing strategy to amplify core businesses, expand reach, and accelerate innovation, including AI integration for efficiency and smarter payment workflows. CFO Jagtar Narula noted higher-than-expected fuel prices boosted results, though offset somewhat by international fuel spread volatility, with plans to direct incremental cash flows toward deleveraging below 3.0x leverage (steady at 3.1x). Adjusted free cash flow improved significantly to $49.5 million from $16.2 million, reflecting better operational cash generation after adjustments for funding activity and investments. The company raised full-year 2026 guidance, signaling confidence: revenue to $2.82-2.88 billion and adjusted EPS to $18.95-19.55, based on assumed U.S. fuel prices of $3.70/gallon and 25% tax rate. Q2 guidance of $727-747 million revenue and $4.93-5.13 adjusted EPS further underscores positive outlook amid normalizing fuel dynamics.