Slide 1: Supplemental Material
Exhibit 99.2 Wext Supplemental Material October 29, 2025
Slide 2: Forward-Looking Statements
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 the
Slide 3: Forward-Looking Statements (continued) and Non-GAAP Information
• the impact of increased leverage on the Company’s operations, results, or borrowing capacity generally; • our ability to achieve our capital allocation priorities; • changes in interest rates, including those which we must pay for our deposits, those which we earn on our investment securities, and
Slide 4: Financial Results
Financial Results • Total revenue for Q3 2025 increased $26.3 million, or 3.9%, compared to Q3 2024, including a net $6.0 million unfavorable impact from fuel prices and spreads and a $2.7 million favorable impact from foreign exchange rates. Q3 GAAP net income was $2.30 per diluted share, a decreas
Slide 5: Financial results by segment
The following table summarizes our financial results by segment for the most recent quarter and for the twelve months ended December 31, 2024, in millions except for margin: (Unaudited) For the three months ended 9/30/25 For the twelve months ended 12/31/24 Corporate Corporate Mobility Benefits Paym
Slide 6: Mobility Segment
Mobility Segment Within our Mobility segment, operating through North American, Over-the-Road, and International business units, WEX is a leader in fleet payment solutions, transaction processing, and information management. We serve diverse fleet needs globally, from Over-the-Road to locally operat
Slide 7: Mobility segment results and select metrics
The following table reflects segment results and select other metrics within Mobility. All amounts are in millions, except for per transaction and per gallon data: For the twelve months (Unaudited) For the three months ended ended 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/3
Slide 8: Benefits Segment
Benefits Segment WEX's Benefits segment simplifies employee benefit plan administration through SaaS software integrated with payment solutions. We deliver diverse product offerings including Benefit Administration, Health Savings Accounts, Flexible Spending Accounts, Health Reimbursement Arrangemen
Slide 9: Benefits segment results and select metrics
The following table reflects segment results and select other metrics within Benefits. All amounts are in millions, except for yields: For the twelve months (Unaudited) For the three months ended ended 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/23 12/31/24 Revenu
Slide 10: Investment Balances ($M)
The following chart shows the maturity profile of the investment securities and deposits as of September 30, 2025. The blended portfolio yield shown is the return earned on the balances maturing each year as of September 30, 2025. HSA Investments Vintages by Maturity and Yield $3,200 8% $2,338 $2,40
Slide 11: Corporate Payments Segment
Corporate Payments Segment WEX's Corporate Payments segment delivers global B2B payment solutions, powered by payment intelligence and workflow optimization, that enhance security, simplify processes, and drive revenue. Our Direct to Corporate solution automates Accounts Payable (AP) by integrating
Slide 12: Corporate Payments segment results and select metrics
The following table reflects segment results and select other metrics within Corporate Payments. All amounts are in millions: For the twelve months For the three months ended ended 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/23 12/31/24 Revenues Total Revenues $ 1
Slide 13: Net Interchange
The following charts present Corporate Payments segment revenue, adjusted operating income margin, volume, and net interchange rate: Corporate Payments Revenue and Adjusted Operating Income Margin $160.0 Adjusted Operating $126.9 $132.8 $118.3 60.0% Revenue ($M) $104.3 $103.5 Margin $80.0 40.0% $— 2
Slide 14: Balance Sheet and Debt
Balance Sheet and Debt The following table includes a further condensed version of our balance sheet as well as key operating metrics relevant to our balance sheet: (in millions, except for leverage ratio) 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Cash and Cash Equiva
Slide 15: Cash Flow
Cash Flow The following table18 presents our operating cash flow and adjusted free cash flow metric: (Unaudited) For the three months ended (In millions) 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Operating Cash Flow, as reported $ 46.5 $ 761.9 $ (153.3) $ (7.0) $ 3.3
Slide 16: Capital Allocation
Capital Allocation The following table presents our uses of cash over the preceding quarters: For the three months ended (In millions) 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 19 12/31/24 3/31/25 6/30/25 9/30/25 Capital Expenditures $ 36.4 $ 41.9 $ 34.0 $ 39.6 $ 35.0 $ 38.7 $ 32.6 $ 34.6 $ 35.0 Acqu
Slide 17: Financial Guidance
Financial Guidance The following table presents our expectations for the fourth quarter and full year 2025: Financial Guidance Q4'25 Full Year 2025 Current Guidance Current Guidance Changes from Prior Guide at Midpoint Low High Low High $ Change % Change Fuel Price Impact Net Revenue, in millions $
Slide 18: Full Year 2025 Revenue and ANI per Share Guidance Walk
The following tables include estimated revenue and ANI per share sensitivities to changes in PPG and interest rates as of the date of this supplement. As a reminder, the impacts of these macro factors can and will change based upon various factors, including the composition of our balance sheet. We
Slide 19: Enterprise Strategy
Enterprise Strategy The following image presents the three pillars of our customer-centric strategy, which is supported by our core competencies to deliver profitable growth: 19
Slide 20: Revenue Growth Across 10 Years
Revenue Growth Across 10 Years23 The following chart presents our 10-year revenue growth, representing a 13.3% compound annual growth rate over the past 10 years: $3,000 $2,628 $2,548 $2,500 $2,351 $15.28 $14.81 $13.53 $2,000 $1,851 $1,724 $1,560 ANI EPS $1,492 $1,500 $9.20 $9.14 $1,249 $8.28 $1,012
Slide 21: Acronyms and Abbreviations
Acronyms and Abbreviations The acronyms and abbreviations identified below are used in these supplemental materials. A non-GAAP measure calculated as cash flows from operating activities, adjusted for net purchases of current investment Adjusted free cash flow securities, capital expenditures, net F
Slide 22: Acronyms and Abbreviations (continued)
Purchase volume in the Corporate Payments segment represents the total dollar value of all WEX-issued transactions that use Purchase volume WEX corporate card products and virtual card products. Purchase volume in the Benefits segment represents the total dollar value of all transactions where inter
Slide 23: Reconciliation of Non-GAAP Measures: Net Income to Adjusted Net Income
Exhibit 1 Reconciliation of Non-GAAP Measures (in millions, except per share data) (unaudited) Reconciliation of GAAP Net Income Attributable to Shareholders to Adjusted Net Income Attributable to Shareholders For the twelve months (Unaudited) For the three months ended ended 9/30/23 12/31/23 3/31/2
Slide 24: Reconciliation of GAAP Net Income per Diluted Share to Adjusted
Reconciliation of GAAP Net Income Attributable to Shareholders per Diluted Share to Adjusted Net Income Attributable to Shareholders per Diluted Share (Unaudited) Year Ended December 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Net income (loss) attributable to shareholders per diluted shar
Slide 25: Reconciliation of GAAP Operating Income to Adjusted Operating Income
Reconciliation of GAAP Operating Income to Total Segment Adjusted Operating Income and Adjusted Operating Income For the twelve months (Unaudited) For the three months ended ended 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/23 12/31/24 Operating income $ 174.9 $ 1
Slide 26: Non-GAAP adjustment explanations
• The change in fair value of contingent consideration, which is related to the acquisition of certain contractual rights to serve as custodian or sub-custodian to HSAs, is dependent upon changes in future interest rate assumptions and has no significant impact on the ongoing operations of the Compa
Slide 27: Reconciliation of GAAP Operating Cash Flow to Adjusted Free Cash Flow
Reconciliation of GAAP Operating Cash Flow to Adjusted Free Cash Flow The Company’s non-GAAP adjusted free cash flow is calculated as cash flows from operating activities, adjusted for net purchases of current investment securities, capital expenditures, net funding activity including the change in