Slide 1: Q3 2025 Earnings
Q3 2025 Earnings October 30, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements These materials include 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 this presentation that ar
Slide 3: Highlights - Q3'25
Highlights - Q3'25 Revenue Highlights • Revenue and adjusted net income per diluted $691.8M share exceeded the top end of guidance +3.9% year-over-year ranges • Return to growth driven by increases in all three segments Adjusted Net Income Per Diluted Share1 • Changes in fuel prices and foreign exch
Slide 4: Customer-Centric Strategy Supported by Core Competencies to Deliver Profitable Growth
Customer-Centric Strategy Supported by Core Competencies to Deliver Profitable Growth Strategic Pillars 1 2 3 Amplify the Core Expand Our Reach Accelerate Innovation through targeted investments, by extending into adjacent workflows to get more productivity out of our best-in-class execution, and an
Slide 5: Q3 2025 Financial Results
Q3 2025 Financial Results wex
Slide 6: Consolidated Results
Consolidated Results ($M except per share data) Q3 25 Q3 24 $ Δ Yr/Yr % Δ Yr/Yr Total Revenue $691.8 $665.5 $26.3 3.9 % Net Income $80.3 $102.9 $(22.7) (22.0) % Net Income per Diluted Share $2.30 $2.52 $(0.22) (8.7) % Adj. Net Income1 $159.7 $177.5 $(17.8) (10.0) % Adj. Net Income per Diluted Share1
Slide 7: Segment Results ($M)
Segment Results1 ($M) Mobility Corporate Payments Benefits WEX Consolidated ~50% of Revenue ~20% of Revenue ~30% of Revenue $691.8 $665.5 $357.2 $360.8 3.9% 1.0% $198.1 $181.5 9.2% $126.9 $132.8 4.7% 46.8% 40.7% 56.4% 48.0% 43.2% 43.8% 44.0% 39.5% Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Reve
Slide 8: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow Trailing 12 Months Adjusted Free Cash Leverage Ratio by Quarter Flow1 ($M) Q3 2025 adjusted free cash flow1 of $166 million $562.0 $587.4 $569.5 3.5x 3.4x $546.2 3.25x 2.6x 12/31/24 3/31/25 6/30/25 9/30/25 12/31/24 03/31/25 06/30/25 09/30/25 • Adjusted free cash flow1 of
Slide 9: Capital Allocation
Capital Allocation Capital Allocated1 Capital Allocation Priorities 2024 2025 YTD Target leverage 2.5-3.5x; free cash flow Strong for remainder of 2025 allocated towards Balance Sheet deleveraging 16% 10% Prioritize disciplined investments in 10% Reinvestment technology, product, and customer experi
Slide 10: Financial Guidance and Assumptions
Financial Guidance and Assumptions Change vs Q4 YoY Full Year YoY Prior FY Guidance 2025 Change 2025 Change at Midpoint Revenue ($M) $646 to $666 1% to 5% $2,634 - $2,654 —% to 1% $19 Adj. Net Income $3.76 to $3.96 5% to 11% $15.76 - $15.96 3% to 4% $0.29 per Diluted Share1 Assumptions • No benefits
Slide 11: Appendix
Appendix wex
Slide 12: Revenue Growth Across Years
Revenue Growth Across 10 Years1 $3,000 $2,628 $2,548 $2,500 R 1 3.3% $2,351 $15.28 AG $14.81 nu eC eve $13.53 $2,000 R $1,851 $1,724 $1,560 ANI EPS $1,492 $1,500 $9.20 $9.14 $1,249 $8.28 $1,012 $1,000 $854 $6.06 $5.32 $4.26 $500 $3.78 $— 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Mobility Cor
Slide 13: Key Performance Indicators
Key Performance Indicators ($M unless otherwise noted) Q3 25 Q3 24 $ Δ Yr/Yr % Δ Yr/Yr Mobility Segment Total Volume ($)* 19,684 20,137 (453) (2.3)% Payment Processing Transactions 140.0 146.5 (6.6) (4.5)% Payment Processing $ of Fuel 12,641 13,227 (586) (4.4)% Net Payment Processing Rate (%) 1.33 %
Slide 14: Corporate Payments Segment Revenue, Margin, Volume, and Net Interchange Rate
Corporate Payments Segment Revenue, Margin, Volume, and Net Interchange Rate Corporate Payments Revenue and Adjusted Operating Income Margin $160.0 Adjusted Operating $132.8 Revenue, Net Basis for All Periods ($M) $126.9 $118.3 60.0% $104.3 $103.5 Margin $80.0 40.0% Key Takeaways $— 20.0% • Statisti
Slide 15: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of GAAP Operating Income to Non-GAAP Total Segment Adjusted Operating Income and Adjusted Operating Income Three Months Ended September 30, ($M) 2025 (margin)1 2024 (margin)1 Operating income $ 183.6 26.5 % $ 196.4 29.5 % Unallocated corporate expenses 23.7 24.
Slide 16: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income and Adjusted Net Income per Share Three Months Ended September 30, 2025 2024 ($M except per diluted share data) per diluted share per diluted share Net income $ 80.3 $ 2.30 $ 102.9 $ 2.52 Unrealized gain on fin
Slide 17: Non-GAAP Reconciliation
Non-GAAP Reconciliation The Company's non-GAAP adjusted net income excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, other costs
Slide 18: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow 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, changes in WEX
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation 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 share