Slide 1: Q2 2025 Earnings
Q2 2025 Earnings July 24, 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: Quarter Highlights
Quarter Highlights $659.6M $3.95 (2)% +1% 1 Revenue Adjusted Net Income Per Diluted Share Percent change from prior year quarter Percent change from prior year quarter Key Takeaways • Q2 revenue at top end of guidance • Adjusted net income per diluted share above the guidance range • Lower fuel pric
Slide 4: Key Takeaways
Key Takeaways Our foundational strengths Our roadmap for growth Operate in robust sectors with strong Increasing Sales & Marketing spend to advantages, benefiting from economic capitalize on market opportunities and tailwinds that drive growth maximize strong sales team returns Strong moats paired w
Slide 5: Q2 2025 Financial Results
Q2 2025 Financial Results wex
Slide 6: Company Results
Company Results (In millions except per share data) Q2 25 Q2 24 $ ∆ Yr/Yr % ∆ Yr/Yr Total Revenue $659.6 $673.5 $(13.9) (2)% GAAP net income $68.1 $77.0 $(8.9) (12) % GAAP net income per diluted share $1.98 $1.83 $0.15 8 % 1 Adjusted net income $136.2 $164.0 $(27.8) (17) % 1 Adjusted net income per
Slide 7: Revenue and Adjusted Operating Income Margin by Segment
Revenue and Adjusted Operating Income Margin by Segment 1 Mobility Corporate Payments Benefits WEX $673.5 (2.1)% $659.6 $359.6 (3.7)% $346.2 8.5% $195.1 $179.8 $134.1 (11.8)% $118.3 42.9% 38.7% 55.5% 41.9% 39.6% 43.5% 40.7% 36.8% Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 Q2 24 Q2 25 Revenue Revenue Revenu
Slide 8: Cash Flow & Balance Sheet
Cash Flow & Balance Sheet Cash Flow, Q2 YTD 1 Adjusted free cash flow of $211 million Adjusted Free ◦ $211 $203 ($ Millions) year to date; Q2 standalone was $194 million ◦ Trailing twelve months' adjusted free cash 1 06/30/25 06/30/24 flow of $570 million $773 ◦ 2 Corporate cash balance was $596 ($
Slide 9: Capital Allocation
Capital Allocation Capital Deployed1 Key Takeaways 2024 2025 YTD ◦ WEX allocates capital through a rigorous analytical process focused on long-term internal rate of return 7% 16% 10% ◦ Prioritize disciplined investments in technology, product, and customer experience through capex 11% $896M $948M ◦
Slide 10: Updated Guidance
Updated Guidance Change vs Prior Q3 2025 % Change FY 2025 % Change FY Guidance at Outlook YoY Outlook YoY Midpoint Revenue (in millions) $669 - $689 1 % - 4% $2,605 - $2,645 (1)% - 1% $27 Adjusted Net Income per 1 $ 4.30 - $4.50 (1)% - 3% $15.37 - $15.77 1 % - 3% $0.55 Diluted Share Assumed Average
Slide 11: Guidance Assumptions
Guidance Assumptions Guidance also includes the following assumptions: • No benefits from future M&A activity • Interest rate decreases included in line with the market Fed Funds projections • Exchange rates are as of the end of June 2025 • Domestic fuel prices estimated at $3.23 per gallon for the
Slide 12: Appendix
Appendix wex
Slide 13: 10-Year Revenue Growth
10-Year Revenue Growth $2,628 $2,548 .4% $2,351 R 12 e CAG nu Reve $1,851 $1,724 $1,560 $1,492 $1,249 $1,012 $818 $854 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Mobility Corporate Payments Benefits Reported revenue is in millions of dollars (USD). 2Q25 13
Slide 14: Key Performance Indicators
Key Performance Indicators (In millions unless otherwise noted) Q2 25 Q2 24 $ ∆ Yr/Yr % ∆ Yr/Yr Mobility segment Total Volume ($)* 18,833 20,849 (2,016) (10)% Payment Processing Transactions 139.2 144.9 (5.7) (4)% Payment Processing $ of Fuel 12,216 13,729 (1,513) (11)% Net Payment Processing Rate (
Slide 15: 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 Key Takeaways $134.1 Adjusted Operating $126.9 for all periods ($M) Revenue, net basis $118.3 60.0% $104.3 $103.5 ◦ Statistics reflect migration of larg
Slide 16: 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 June 30, 1 1 In millions 2025 (margin) 2024 (margin) Operating income $ 156.8 23.8 % $ 168.1 25.0 % Unallocated corporate expenses 25.4
Slide 17: 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 June 30, 2025 2024 In millions except per diluted share data per diluted share per diluted share Net income $ 68.1 $ 1.98 $ 77.0 $ 1.83 Unrealized (gain) los
Slide 18: 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 cost
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow The Company’s non-GAAP adjusted free cash flow has historically been calculated as cash flows from operating activities adjusted for net purchases of current investment securities, capital expendit