Slide 1: Q4 2025 Earnings
Q4 2025 Earnings February 5, 2026
Slide 2: Forward-looking statements
Forward-looking statements These 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 this presentation that ar
Slide 3: Highlights | Q4'25
Highlights | Q4'25 Revenue Highlights $672.9M • Revenue and adjusted net income per diluted share exceeded the top end of +5.7% year-over-year guidance ranges • Growth acceleration driven by Benefits and Corporate Payments segments Adjusted Net Income Per Diluted Share1 • Changes in fuel prices and
Slide 4: Highlights | FY'25
Highlights | FY'25 Revenue Highlights $2.66B • Delivered record full year revenue despite decline in fuel prices causing a headwind of +1.2% year-over-year 0.8% year-over-year • Strong adjusted free cash flow2 generation Adjusted Net Income of $638 million Per Diluted Share1 • Significant capital re
Slide 5: Customer-centric strategy supported by core competencies to deliver profitable growth
Customer-centric strategy supported by core competencies to deliver profitable growth Strategic Pillars 1 2 3 Amplify Our Core Expand Our Reach Accelerate Innovation through targeted investments, by extending into adjacent workflows to get more productivity out of our best-in-class execution, and an
Slide 6: Q4 and FY 2025 Financial Results
Q4 and FY 2025 Financial Results 6
Slide 7: Consolidated results | Q4'25
Consolidated results | Q4'25 ($M except per share data) Q4 25 Q4 24 $ ∆ Yr/Yr % ∆ Yr/Yr Total Revenue $672.9 $636.5 $36.3 5.7 % GAAP Net Income $84.3 $63.9 $20.3 31.8 % GAAP Net Income per Diluted Share $2.41 $1.60 $0.81 50.6 % Adjusted Net Income1 $143.7 $142.9 $0.8 0.5 % Adjusted Net Income per Di
Slide 8: Consolidated results | FY'25
Consolidated results | FY'25 ($M except per share data) 2025 2024 $ ∆ Yr/Yr % ∆ Yr/Yr Total Revenue $2,660.8 $2,628.1 $32.6 1.2 % GAAP Net Income $304.1 $309.6 $(5.5) (1.8) % GAAP Net Income per Diluted Share $8.47 $7.50 $0.97 12.9 % Adjusted Net Income1 $578.0 $631.0 $(53.0) (8.4) % Adjusted Net In
Slide 9: Segment results ($M) | Q4'25
Segment results1 ($M) | Q4'25 Mobility Corporate Payments Benefits WEX Consolidated ~50% of annual revenue ~20% of annual revenue ~30% of annual revenue $672.9 $636.5 $345.2 $345.1 5.7% 0.0% $204.9 $186.9 $122.9 9.6% $104.3 17.8% 42.3% 37.3% 43.9% 48.4% 41.7% 40.6% 37.9% 36.7% Q4 2024 Q4 2025 Q4 202
Slide 10: Segment results ($M) - FY'25
Segment results1 ($M) - FY'25 Mobility Corporate Payments Benefits WEX Consolidated ~50% of 2025 revenue ~20% of 2025 revenue ~30% of 2025 revenue $2,628.1 $2,660.8 $1,400.8 $1,386.0 1.2% (1.1)% $797.4 $739.5 7.8% $487.8 $477.4 (2.1)% 42.7% 39.0% 52.5% 44.7% 41.5% 42.8% 40.3% 37.5% 2024 2025 2024 20
Slide 11: Balance sheet and adjusted free cash flow
Balance sheet and adjusted free cash flow Trailing 12 Months Adjusted Free Cash Leverage Ratio by Quarter Flow1 ($M) Q4 2025 adjusted free cash flow1 of $261 million $638.0 $562.0 $587.4 $569.5 3.5x 3.4x $546.2 3.25x 3.1x 2.6x 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 12/31/24 03/31/25 06/30/25 09/3
Slide 12: Capital allocation
Capital allocation Capital Allocated1 Capital Allocation Priorities Strong Target leverage 2.5-3.5x; free cash 2024 2025 Balance Sheet flow for 2026 allocated towards deleveraging until below 3.0x 16% 13% Reinvestment Prioritize disciplined investments in technology, product, and customer 14% experi
Slide 13: Financial guidance and assumptions
Financial guidance and assumptions % % Q1 Full Year Full Year Fuel Change at Change at 2026 2026 Price Impact Midpoint Midpoint Revenue ($M) $650 to $670 4% $2,700 - $2,760 3% (2)% Adj. Net Income $3.80 to $4.00 11% $17.25 - $17.85 9% (5)% per Diluted Share1 Assumptions Note: See the Q4 2025 earning
Slide 14: Appendix
Appendix Wex .
Slide 15: Historical revenue growth
Historical revenue growth 1 $3,000 2.0% $2,628 $2,661 G R 1 $2,548 $2,500 nu e CA $2,351 reve ear $16.10 10-y $14.81 $15.28 $2,000 $1,851 $13.53 $1,724 $1,560 ANI EPS $1,492 $1,500 $1,249 $9.20 $9.14 $1,012 $8.28 $1,000 $6.06 $5.32 $500 $3.78 $— 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Mobi
Slide 16: Key performance indicators
Key performance indicators ($M unless otherwise noted) 4Q25 4Q24 $ ∆ Yr/Yr % ∆ Yr/Yr Mobility Segment Total Volume ($)* 18,637 18,610 27 0.1 % Payment Processing Transactions 132.5 138.5 (6.0) (4.3)% Payment Processing $ of Fuel 11,859 12,003 (144) (1.2)% Net Payment Processing Rate (%) 1.33 % 1.36
Slide 17: Corporate Payments segment revenue, margin, volume, and net interchange rate
Corporate Payments segment revenue, margin, volume, and net interchange rate Corporate Payments Revenue and Segment Adjusted Operating Income Margin $160.0 $132.8 Key takeaways Revenue, Net Basis Operating Margin for All Periods ($M) $118.3 $122.9 $104.3 $103.5 60.0% Adjusted $80.0 40.0% • Segment a
Slide 18: Non-GAAP reconciliation
Non-GAAP reconciliation Reconciliation of GAAP Operating Income to Non-GAAP Total Segment Adjusted Operating Income and Adjusted Operating Income Three Months Ended December 31, Year Ended December 31, ($M) 2024 (margin)4 2025 (margin) 2024 (margin)4 2025 (margin)4 Operating income $ 157.3 24.7% $ 1
Slide 19: 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 December 31, Year Ended December 31, 2024 2025 2024 2025 per per per per diluted diluted diluted diluted ($M except per share data) share share share share N
Slide 20: 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 21: 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 22: 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