Slide 1: Q1 2026 Earnings
Q1 2026 Earnings April 23, 2026 To learn more about WEX’s strategy, Board, and path to value creation, please visit www.VotewithWEX.com
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: Every day, businesses manage payments and workflows that are complex, regulated, and mission-critical
Every day, businesses manage payments and workflows that are complex, regulated, and mission-critical Our technology is deeply embedded into customers’ operations to simplify payments, enrich data, and ensure compliance – at scale We transform data into intelligence to deliver tailored control over
Slide 4: Highlights
Highlights Revenue Highlights $673.8M • Revenue and adjusted net income per diluted share exceeded the top end of +5.8% year-over-year guidance ranges • Strong growth contributions from each of Adjusted Net Income our segments as we deliver against our Per Diluted Share1 strategic pillars • Accelera
Slide 5: Delivering On Growth
Delivering On Growth Total Revenue Adjusted Net Income Per Diluted Share1 Year-Over-Year Growth Year-Over-Year Growth 18.2% 5.7% 5.8% 15.1% 3.9% 5.5% (2.1)% 1.4% 1.0% (2.5)% 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 1 See appendix for a reconciliation of GAAP net income per diluted share to
Slide 6: We Are Executing A Customer-Centric Strategy To Deliver Sustainable, Profitable Growth
We Are Executing A Customer-Centric Strategy To Deliver Sustainable, Profitable Growth STRATEGIC PILLARS 1 2 3 Amplify Our Core Expand Our Reach Accelerate Innovation We leverage our deep customer We extend into new markets where AI enables us to deliver better and channel relationships, we have a c
Slide 7: Technology and AI are foundational to how we amplify and expand our platform
Technology and AI are foundational to how we amplify and expand our platform WEX operates at the infrastructure layer of complex and regulated payment and workflow ecosystems Over the past two years, we’ve reorganized our technology & product organizations around leaner, upskilled teams AI is accele
Slide 8: AI Enhances Our Value Proposition
AI Enhances Our Value Proposition Strengthening Driving Our Early Results Our Moats Economic Engine • Enables proprietary data • Drives automation and • Claims reimbursement modeling to deliver insights efficiency, lowering our times reduced 98% and automate decision structural costs and making for
Slide 9: Q1 2026 Financial Results
Q12026 Financial Results wex .
Slide 10: Consolidated Results
Consolidated Results ($M except per share data) Q1 26 Q1 25 $ ∆ Yr/Yr % ∆ Yr/Yr Total Revenue $673.8 $636.6 $37.2 5.8 % GAAP Net Income $77.7 $71.5 $6.2 8.6 % GAAP Net Income per Diluted Share $2.22 $1.81 $0.41 22.7 % Adjusted Net Income1 $145.3 $138.4 $6.9 5.0 % Adjusted Net Income per Diluted Shar
Slide 11: Segment Results ($M)
Segment Results1 ($M) Mobility Corporate Payments Benefits WEX Consolidated ~50% of annual revenue ~20% of annual revenue ~30% of annual revenue 5.8% $673.8 $636.6 3.2% $333.8 $344.6 8.5% $216.2 $199.3 9.3% $113.0 $103.5 39.4% 36.1% 39.1% 39.0% 43.6% 46.4% 36.7% 36.2% Q1 25 Q1 26 Q1 25 Q1 26 Q1 25 Q
Slide 12: Balance Sheet And Adjusted Free Cash Flow
Balance Sheet And Adjusted Free Cash Flow Trailing 12 Months Adjusted Free Cash Leverage Ratio by Quarter Flow1 ($M) Q1 2026 adjusted free cash flow1 of $49 million $671.3 $638.0 $587.4 $569.5 3.5x 3.4x $546.2 3.25x 3.1x 3.1x 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 03/31/25 06/30/25 09/30/25 12/31/
Slide 13: Capital Allocation
Capital Allocation Uses of Capital1 Capital Allocation Priorities Strong Target leverage 2.5-3.5x; free cash flow for remainder of 2026 allocated 1% Balance Sheet towards deleveraging until below 11% 14% 3.0x 28% 16% 13% 50% Prioritize disciplined investments in Reinvestment technology, product, and
Slide 14: We Generate Strong Returns On Invested Capital
We Generate Strong Returns On Invested Capital Return on Invested Capital Based on Net Operating Profit After Tax (NOPAT)1 Key takeaways • Return on invested capital has been 12.9% 13.4% steadily increasing as a result of strong execution and thoughtful 10.9% capital deployment • We take a returns-d
Slide 15: Financial Guidance and Assumptions
Financial Guidance and Assumptions Financial Guidance Q2'26 Full Year 2026 Current Guidance Current Guidance Changes from Prior Guide at Midpoint Low High Low High $ Change % Change Fuel Price Impact Net Revenue, in millions $ 727 $ 747 $ 2,820 $ 2,880 $ 120 4% $106 Adjusted Net Income per Diluted S
Slide 16: Financial Guidance and Assumptions (Cont.)
Financial Guidance and Assumptions (Cont.) The following tables include estimated revenue and ANI per share sensitivities to changes in PPG and interest rates as of the date of this earnings presentation. As a reminder, the impacts of these macro factors can and will change based upon various factor
Slide 17: Appendix
Appendix Wex .
Slide 18: Our Strategy Has Driven Long-Term Growth
Our Strategy Has Driven Long-Term Growth Total Revenue ($B) Adjusted Net Income per Diluted Share1 11% CAGR 17% CAGR 1 See appendix for a reconciliation of GAAP Net Income Attributable to Shareholders per Diluted Share to Adjusted Net Income Attributable to Q1'26 Shareholders per Diluted Share. 18
Slide 19: Key Performance Indicators
Key Performance Indicators ($M unless otherwise noted) Q1 26 Q1 25 $ Δ Yr/Yr % Δ Yr/Yr Mobility Segment Total Volume ($)* 19,891 18,751 1,140 6.1 % Payment Processing Transactions 130.4 134.5 (4.1) (3.0)% Payment Processing $ of Fuel 12,707 12,018 689 5.7 % Net Payment Processing Rate (%) 1.23 % 1.3
Slide 20: 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 March 31, ($M) 2026 (margin)1 2025 (margin)1 Operating income $ 158.2 23.5 % $ 157.3 24.7 % Unallocated corporate expenses 24.6 24.9 Ac
Slide 21: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of GAAP Net Income and Net Income per Share to Non-GAAP Adjusted Net Income and Adjusted Net Income per Share Three Months Ended March 31, 2026 2025 ($M except per share data) per diluted share per diluted share Net income attributable to shareholders $ 77.7 $
Slide 22: 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 23: 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 24: 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, 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net income (loss) attributable to share
Slide 25: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of Consolidated Net Income to ROIC Measurement (Unaudited) ($M) 2023 2024 2025 Consolidated net income $ 266.6 309.6 304.1 Operating and finance interest 288.8 340.0 349.5 Foreign exchange (gain)/loss (4.9) 26.2 0.2 Net operating profit after tax (NOPAT) $ 550.