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WEX (WEX) Q3 2026 Earnings Report
WEX Q3 2026 EPS Results
- Actual EPS
- $6.13
- Consensus EPS
- $5.68
- Beat/Miss
- Beat by +$0.45
- One Year Ago EPS
- $4.59
WEX Q3 2026 Revenue Results
- Actual Revenue
- $780.10M
- Expected Revenue
- $749.74M
- Beat/Miss
- Beat by +$30.36M
- YoY Revenue Growth
- +12.76%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- After Close
- Conference Call
- Wednesday, October 28, 2026
WEX's next earnings date is estimated for February 11, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive. WEX reported record revenue, substantial adjusted EPS and operating-income growth, improving underlying organic performance, strong free cash flow, share repurchases, lower leverage, and raised full-year guidance. Mobility growth and pricing momentum improved, Direct AP significantly outperformed expectations, and AI and product investments continued to advance. The main challenges were softer over-the-road volume, travel-related pressure from the Middle East conflict, delayed embedded implementations, benefits account-comparison headwinds, lower interest-rate effects, and expected higher fuel-related charge-offs in the fourth quarter. Overall, the highlights significantly outweighed the lowlights.
For Q4, WEX expects revenue in the range of $760 million to $780 million and adjusted net income EPS to be between $5.67 and $5.87 per diluted share; for the full year, it expects revenue in the range of $2.97 billion to $2.99 billion and adjusted net income EPS to be between $21.28 and $21.48 per diluted share. At the midpoint, Q4 implies 5% organic revenue growth, with no demand recovery in mobility, while mobility organic revenue growth is now expected to be in the 3% to 5% range, corporate payments segment revenue growth is expected to be 4% to 6%, and macro-adjusted margin expansion is expected to be above a 100-basis-points in total for the second half of the year. The outlook includes interest rate impacts in line with the current market fed funds projection, a 1% headwind from the Middle East conflict to corporate payments growth rates, and does not factor the impact of share repurchases beyond Q3.
- Record Quarterly Revenue and Strong Earnings GrowthThird-quarter revenue reached a record $780.1 million, up 12.8%. Adjusted operating income increased 21.6% to $332.5 million, and adjusted EPS rose 33.6% to $6.13. Excluding fuel prices and foreign exchange, revenue grew 4.4%, adjusted operating income grew 6.7%, and adjusted EPS grew 14.3%.
- Results Exceeded GuidanceRevenue and adjusted EPS exceeded the company's guidance ranges, with both metrics above the midpoint even after excluding PBG and foreign exchange. Management said the performance demonstrated the operating leverage being built into the business.
- Strong Free Cash Flow and Share RepurchasesTrailing twelve-month adjusted free cash flow was $764.1 million. WEX repurchased $200 million of shares during the quarter, representing 85% of quarterly adjusted free cash flow, and repurchased an additional $75 million through October 26.
- Leverage Improvement and Capital Allocation DisciplineThe company reduced leverage from 2.9x to 2.7x sequentially, remaining within its target range of 2.5x to 3.0x. Management reiterated its commitment to direct the vast majority of adjusted free cash flow toward share repurchases in the near term while weighing M&A opportunities against the returns available from buying back WEX shares.
- Margin Expansion ContinuedThird-quarter adjusted operating margin expanded approximately 310 basis points, primarily due to higher fuel prices. On a macro-neutral basis, adjusted margins expanded 90 basis points year over year. Management remained on track to deliver more than 100 basis points of margin expansion in the second half of the year.
- Credit Performance Remained HealthyCredit losses decreased from 12.1 basis points to 11.7 basis points, in line with the prior guidance range. Management said the portfolio remained healthy and that AI, analytics, new data, and risk-adjusted credit strategies helped support stable credit performance despite significantly higher fuel prices.
- Mobility Organic Growth AcceleratedMobility organic growth increased to 4.4% year over year, up from 3.1% in the first half of the year. The improvement was attributed to pricing initiatives and new business wins. Mobility revenue increased 20.6%, including the impact of fuel prices and foreign exchange.
- Mobility Outlook RaisedMobility is exceeding the full-year organic revenue growth expectation of 1% to 3% established at the beginning of the year. Even without a demand-side recovery, management now expects mobility organic revenue growth to be in the 3% to 5% range.
- Mobility Pricing and Margin ProgressPricing actions remained on track, with additional benefits expected in the fourth quarter. Mobility delivered approximately 260 basis points of organic margin expansion year over year, and management said further pricing and margin opportunities remain as the company enters 2027.
- Major Mobility Customer RenewalWEX renewed its largest direct over-the-road customer by gallons processed, a global leader in parcel delivery and logistics. Management attributed the renewal to WEX's technology, service, and understanding of the customer's operations.
- Benefits Segment Delivered Growth and HSA MomentumBenefits revenue increased 4.8% to $207.6 million. SaaS account growth was 2.8% for the quarter, while HSA accounts grew 7.7%, average HSA custodial cash assets increased 11.2%, and custodial investment revenue rose 7.7%.
- Strong Position in the HSA EcosystemAccording to the 2026 Devenir mid-year report, WEX remained the nation's fifth-largest HSA custodian, and its technology powered 8 of the top 10 custodians listed. Management said it continues to see opportunities to increase HSA awareness and adoption.
- Corporate Payments Profitability ImprovedCorporate payments adjusted operating income grew 7.4%, with margin expansion of 190 basis points. Segment revenue increased 3.5% to $137.4 million, and total travel volume rose 13.1%.
- Direct AP Outperformed ExpectationsDirect AP volume increased 24%, ahead of the company's prior expectation for mid-teens growth. Direct AP now contributes approximately 20% of corporate payments revenue, and management said investments in sales capabilities and product functionality have supported the momentum.
- Virtual Card Portfolio Continued to ExpandWEX added new names to its OTA portfolio and continued expanding its virtual card offering outside travel. Management highlighted the breadth of its virtual card solutions across geographies and use cases and said it is exploring agentic commerce opportunities through its technology, OTA partners, and payment-rail relationships.
- AI and Product Innovation Investments AdvancedWEX is deploying AI across its products and operations, including fleet intelligence tools, AI-driven account management for smaller fleets, AI-assisted software development, AI-powered claims adjudication, and real-time credit decisioning. The company has built an in-house solution intended to shorten development time and maximize team capacity and is preparing to scale these efforts.
- Expanded Credit Access for CustomersUsing AI together with proprietary credit tools, WEX dynamically increased credit lines for more than 215,000 customers year to date, helping them manage higher fuel prices while monitoring portfolio risk.
- Fourth-Quarter and Full-Year Guidance IncreasedFourth-quarter revenue guidance is $760 million to $780 million, with adjusted EPS guidance of $5.67 to $5.87. Full-year revenue guidance is now $2.97 billion to $2.99 billion, with adjusted EPS guidance of $21.28 to $21.48. Versus the midpoints of the prior ranges, the updated outlook represents increases of $96 million in revenue and $1.50 in EPS.
- Underlying Growth and EPS LeverageAt the midpoint of fourth-quarter guidance, management expects 5% organic revenue growth. Management also stated that fourth-quarter EPS growth is expected to be 18% excluding macro effects, reflecting the ability to scale organic growth through the organization and compound it with share repurchases.
- Interest Rate and Funding AdvantagesWEX Bank provides low-cost funding through deposits and Federal Home Loan Bank lines and supports higher yields on HSA assets through its investment portfolio. Management said a 100-basis-point increase in interest rates would be approximately a $30 million benefit to revenue, with roughly half of that benefit in the Benefits segment.
WEX Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 11, 2027 | 2026 (Q4) | 5.68- | 4.11 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 5.686.13 | 4.59 | 33.55% (+1.54) | |
| Jul 22, 2026 | 2026 (Q2) | 5.085.35 | 3.95 | 35.44% (+1.40) | |
| Apr 22, 2026 | 2026 (Q1) | 4.084.15 | 3.51 | 18.23% (+0.64) | |
| Feb 04, 2026 | 2025 (Q4) | 3.924.11 | 3.57 | 15.13% (+0.54) | |
| Oct 29, 2025 | 2025 (Q3) | 4.444.59 | 4.35 | 5.52% (+0.24) | |
| Jul 24, 2025 | 2025 (Q2) | 3.713.95 | 3.91 | 1.02% (+0.04) | |
| Apr 30, 2025 | 2025 (Q1) | 3.403.51 | 3.46 | 1.45% (+0.05) | |
| Feb 05, 2025 | 2024 (Q4) | 3.563.57 | 3.82 | -6.54% (-0.25) | |
| Oct 24, 2024 | 2024 (Q3) | 4.414.35 | 4.05 | 7.41% (+0.30) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.