Private company

Wright Express

Logo: WEX Inc., Public domain, via Wikimedia Commons⁴

Payment processing & information management service company

WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry.² From Wikipedia, CC BY-SA 4.0

Last updated Oct 19, 2026.

Overview

1983Founded¹

Tickeron NYSE¹
HeadquartersSouth Portland¹
Websitewww.wexinc.com
Legal formDelaware corporation¹
Listed onNew York Stock Exchange (WEX)¹
LEIT9M5IGROL1TL1G5OV478³
StatusActive³
LEI statusIssued and current³
Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States³
Registered withDivision of Corporations, Department of State, 3058125³

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WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. The company is headquartered in Portland, Maine and provides services in the United States, Canada, South America, Europe, Asia, and Australia.²

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

36.0%Operating margin⁶

16.5%Net margin⁶

-1.2%Revenue growth, 2025⁶

24.6%Return on equity⁶

2.86×Debt to equity⁶

$313.7MFree cash flow⁶

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Payment Processing Revenue brought in 53% of the revenue Wright Express broke down this way in fiscal 2025.

Payment Processing Revenue$1.1B⁶53%down 5% from 2024
Account Servicing Revenue$560.1M⁶26%up 5% from 2024
Finance Fee Revenue$321.3M⁶15%up 8% from 2024
Product and Service, Other$142.5M⁶7%up 8% from 2024

Products and services by year

Products and services	2023	2024	2025
Payment Processing Revenue	$1.2B	$1.2B	$1.1B
Account Servicing Revenue	$500.0M	$534.3M	$560.1M
Finance Fee Revenue	$314.2M	$298.2M	$321.3M
Product and Service, Other	$124.7M	$132.5M	$142.5M

Business segments

Mobility brought in 43% of the revenue Wright Express broke down this way in fiscal 2025.

Mobility$785.2M⁶43%down 6% from 2024
Benefits$601.0M⁶33%up 5% from 2024
Corporate Payments$459.2M⁶25%down 0% from 2024

Business segments by year

Business segments	2023	2024	2025
Mobility	$809.3M	$834.5M	$785.2M
Benefits	$559.0M	$572.9M	$601.0M
Corporate Payments	$470.1M	$459.9M	$459.2M

Regions

United States brought in 88% of the revenue Wright Express broke down this way in fiscal 2025.

United States$2.3B⁶88%up 2% from 2024
Outside the United States$325.0M⁶12%down 4% from 2024

Regions by year

Regions	2023	2024	2025
United States	$2.2B	$2.3B	$2.3B
Outside the United States	$354.2M	$338.7M	$325.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueOther costsProfit

Cost of revenue60¢$1.1B
Other costs18¢$324.6M
Income tax6¢$116.1M
Profit16¢$304.1M

Out of $1.8B in revenue.⁶

Where each dollar of operating cash went, fiscal 2025

Capital spendingShare buybacks

Capital spending15¢$140.6M
Share buybacks85¢$799.8M

Out of $454.3M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.⁶

Financial statements

Revenue⁷⁸⁹¹⁰⁶$1.8B in 2025+53% since 2019

Operating income⁷⁸⁹¹⁰⁶$663.9M in 2025+72% since 2019

Net income⁷⁸⁹¹⁰⁶$304.1M in 2025+95% since 2019

Every line of the income statement as filed: the last 3 fiscal years, latest first.⁶

Period ending	2025-12-31	2024-12-31	2023-12-31
Total revenues	$2.7B	$2.6B	$2.5B
Processing costs	$665.2M	$647.7M	$621.6M
Service fees	$95.9M	$83.7M	$73.3M
Provision for credit losses	$78.4M	$68.2M	$89.8M
Operating interest	$109.0M	$104.1M	$84.2M
Depreciation and amortization	$152.1M	$134.0M	$104.4M
Total cost of services	$1.1B	$1.0B	$973.3M
General and administrative	$330.2M	$375.8M	$428.0M
Sales and marketing	$387.0M	$341.0M	$327.8M
Depreciation and amortization	$179.0M	$187.3M	$171.8M
Operating income	$663.9M	$686.3M	$647.1M
Financing interest expense, net of financial instruments	-$240.6M	-$235.9M	-$204.6M
Net foreign currency (loss) gain	-$200.0K	-$26.1M	$4.9M
Change in fair value of contingent consideration	-$2.9M	-$6.5M	-$8.5M
Loss on extinguishment of Convertible Notes	$0	$0	-$70.1M
Income before income taxes	$420.2M	$417.8M	$368.8M
Income tax provision	$116.1M	$108.2M	$102.2M
Net income attributable to shareholders	$304.1M	$309.6M	$266.6M
Basic (in dollars per share)	$8.57	$7.59	$6.23
Diluted (in dollars per share)	$8.47	$7.50	$6.16
Basic (in shares)	35.5M shares	40.8M shares	42.8M shares
Diluted (in shares)	35.9M shares	41.3M shares	43.3M shares

Total assets¹³⁷⁸⁹¹⁰⁶$14.4B in 2025+74% since 2019

Total liabilities¹³⁷⁸⁹¹⁰⁶$13.2B in 2025+112% since 2019

Shareholders’ equity¹³⁷⁸⁶$1.2B in 2025−36% since 2019

Cash⁸⁹¹⁰⁶$905.8M in 2025+12% since 2019

Long-term debt¹³⁷⁸⁹¹⁰⁶$3.5B in 2025+31% since 2019

Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.⁶

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Cash and cash equivalents	$905.8M	$595.8M
Restricted cash	$772.7M	$837.8M
Accounts receivable, net	$3.4B	$3.0B
Investment securities	$4.3B	$3.8B
Securitized accounts receivable, restricted	$123.7M	$109.6M
Prepaid expenses and other current assets	$215.4M	$199.0M
Total current assets	$9.7B	$8.5B
Property, equipment and capitalized software	$253.7M	$261.2M	$242.9M
Goodwill	$3.0B	$3.0B	$3.0B
Other intangible assets	$1.1B	$1.3B
Investment securities	$94.2M	$80.5M
Deferred income taxes, net	$16.9M	$18.3M
Other assets	$218.2M	$202.8M
Total assets	$14.4B	$13.3B
Accounts payable	$1.1B	$1.1B
Accrued expenses and other current liabilities	$695.2M	$653.6M
Restricted cash payable	$771.5M	$837.0M
Short-term deposits	$5.4B	$4.5B
Short-term debt, net	$1.3B	$1.3B
Total current liabilities	$9.3B	$8.3B
Long-term debt, net	$3.5B	$3.1B
Deferred income taxes, net	$187.3M	$145.6M
Other liabilities	$159.1M	$277.7M
Total liabilities	$13.2B	$11.8B
Common stock $0.01 par value; 175.0 shares authorized; 50.7 shares issued in 2025 and 50.3 in 2024; 34.3 shares outstanding in 2025 and 39.0 in 2024	$500.0K	$500.0K
Additional paid-in capital	$1.2B	$1.1B
Retained earnings	$2.4B	$2.1B
Accumulated other comprehensive loss	-$128.1M	-$312.3M
Treasury stock at cost; 16.4 and 11.3 shares in 2025 and 2024, respectively	-$2.2B	-$1.4B
Total stockholders equity	$1.2B	$1.5B	$1.8B	$1.6B
Total liabilities and stockholders equity	$14.4B	$13.3B
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	175.0M shares	175.0M shares
Common stock, shares issued (in shares)	50.7M shares	50.3M shares
Common stock, shares outstanding (in shares)	34.3M shares	39.0M shares
Treasury stock, shares (in shares)	16.4M shares	11.3M shares

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Cash and cash equivalents	$905.8M	$595.8M
Restricted cash	$772.7M	$837.8M
Accounts receivable, net	$3.4B	$3.0B
Investment securities	$4.3B	$3.8B
Securitized accounts receivable, restricted	$123.7M	$109.6M
Prepaid expenses and other current assets	$215.4M	$199.0M
Total current assets	$9.7B	$8.5B
Property, equipment and capitalized software	$253.7M	$261.2M	$242.9M
Goodwill	$3.0B	$3.0B	$3.0B
Other intangible assets	$1.1B	$1.3B
Investment securities	$94.2M	$80.5M
Deferred income taxes, net	$16.9M	$18.3M
Other assets	$218.2M	$202.8M
Total assets	$14.4B	$13.3B
Accounts payable	$1.1B	$1.1B
Accrued expenses and other current liabilities	$695.2M	$653.6M
Restricted cash payable	$771.5M	$837.0M
Short-term deposits	$5.4B	$4.5B
Short-term debt, net	$1.3B	$1.3B
Total current liabilities	$9.3B	$8.3B
Long-term debt, net	$3.5B	$3.1B
Deferred income taxes, net	$187.3M	$145.6M
Other liabilities	$159.1M	$277.7M
Total liabilities	$13.2B	$11.8B
Common stock $0.01 par value; 175.0 shares authorized; 50.7 shares issued in 2025 and 50.3 in 2024; 34.3 shares outstanding in 2025 and 39.0 in 2024	$500.0K	$500.0K
Additional paid-in capital	$1.2B	$1.1B
Retained earnings	$2.4B	$2.1B
Accumulated other comprehensive loss	-$128.1M	-$312.3M
Treasury stock at cost; 16.4 and 11.3 shares in 2025 and 2024, respectively	-$2.2B	-$1.4B
Total stockholders equity	$1.2B	$1.5B	$1.8B	$1.6B
Total liabilities and stockholders equity	$14.4B	$13.3B
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	175.0M shares	175.0M shares
Common stock, shares issued (in shares)	50.7M shares	50.3M shares
Common stock, shares outstanding (in shares)	34.3M shares	39.0M shares
Treasury stock, shares (in shares)	16.4M shares	11.3M shares

Cash from operations⁷⁸⁹¹⁰⁶$454.3M in 2025−31% since 2019

Capital spending⁷⁸⁹¹⁰⁶$140.6M in 2025+37% since 2019

Free cash flow⁷⁸⁹¹⁰⁶$313.7M in 2025−44% since 2019

Share buybacks⁸⁹¹⁰⁶$799.8M in 2025

Every line of the cash flow as filed: the last 3 fiscal years, latest first.⁶

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income	$304.1M	$309.6M	$266.6M
Stock-based compensation	$100.3M	$112.2M	$127.0M
Depreciation and amortization	$331.1M	$321.3M	$276.2M
Debt restructuring and debt issuance cost amortization and accretion expense	$8.9M	$11.0M	$18.7M
Deferred tax provision (benefit)	$43.6M	$11.1M	-$21.3M
Provision for credit losses	$78.4M	$68.2M	$89.8M
Loss on extinguishment of Convertible Notes	$0	$0	$70.1M
Unrealized loss on interest rate swaps	$0	$0	$80.8M
Other non-cash adjustments	$1.8M	$19.4M	$5.4M
Accounts receivable and securitized accounts receivable	-$400.6M	$325.2M	-$195.1M
Prepaid expenses and other current and other long-term assets	$5.2M	-$44.1M	$44.3M
Accounts payable	-$20.1M	-$396.3M	$115.4M
Accrued expenses and other current and long-term liabilities	-$28.5M	-$224.8M	$38.2M
Income taxes	$30.0M	-$31.3M	-$8.2M
Net cash provided by operating activities	$454.3M	$481.4M	$907.9M
Purchases of property, equipment and capitalized software	-$140.6M	-$147.3M	-$143.6M
Purchases of equity securities and other investments	-$12.4M	-$54.2M	-$17.8M
Purchases of available-for-sale debt securities	-$1.7B	-$1.3B	-$1.8B
Sales and maturities of available-for-sale debt securities	$1.2B	$506.4M	$193.6M
Acquisition of intangible assets	-$73.1M	-$5.1M	-$4.5M
Acquisitions, net of cash and restricted cash acquired	$0	-$900.0K	-$402.0M
Other investing activities	$4.7M	$0	$4.1M
Net cash used for investing activities	-$696.9M	-$960.6M	-$2.1B
Repurchases of common stock	-$799.8M	-$652.0M	-$303.4M
Net change in restricted cash payable	-$112.3M	-$387.7M	$276.2M
Net change in deposits	$967.8M	$382.6M	$593.1M
Advances from the FHLB	$18.4B	$3.2B	$0
Repayments to the FHLB	-$18.4B	-$2.1B	$0
Net activity on other short-term debt	$21.9M	-$67.4M	$58.9M
Borrowings on revolving credit facility	$10.1B	$8.7B	$3.4B
Repayments on revolving credit facility	-$10.6B	-$8.4B	-$2.8B
Borrowings on term loans	$447.8M	$68.3M	$0
Repayments on term loans	-$62.3M	-$60.0M	-$63.3M
Proceeds from issuance of Senior Notes	$550.0M	$0	$0
Borrowings on BTFP	$0	$1.6B	$6.0B
Repayments on BTFP	$0	-$2.3B	-$5.2B
Repurchase of Convertible Notes	$0	$0	-$368.9M
Payments of deferred and contingent consideration	-$76.7M	-$93.7M	-$52.2M
Other financing activities	-$40.4M	-$24.1M	-$4.1M
Net cash provided by (used for) financing activities	$418.9M	-$260.3M	$1.6B
Effect of exchange rates on cash, cash equivalents and restricted cash	$65.1M	-$53.5M	$27.4M
Net change in cash, cash equivalents and restricted cash	$241.4M	-$793.0M	$370.3M
Interest paid	$333.6M	$328.5M	$247.9M
Capital expenditures incurred but not paid	$8.8M	$6.5M	$9.6M
Accrued excise tax on stock repurchases	$7.3M	$0	$0
Purchases of available-for-sale debt securities, unsettled as of period-end	$0	$24.5M	$0
Contingent/deferred consideration resulting from a business combination or asset acquisition	$0	$0	$8.6M
Proceeds from sale of interest rate swap			$50.0M

Compare Wright Express with another company

The story

The company traces its origins to A.R. Wright, a coal and later heating oil business in South Portland, Maine. In the 1980s, A.R. Wright began allowing trucks to fuel up without having to pay an attendant by using a post-paid fuel card, leading to the creation of Wright Express Corporation in 1983.

SafeCard purchased Wright Express Corp. in 1994. On February 20, 1996, CUC International acquired SafeCard (now renamed to Ideon) for $375 million. Following CUC's merger with HFS, Wright Express became part of Cendant.

Wright Express went public in 2005. In 2012, it adopted the name WEX, signaling a shift away from focusing on fuel cards and expanding into other payment solutions.

In 2019, WEX opened a new 100,000-square-foot headquarters across from the Ocean Gateway International Marine Passenger Terminal in Portland, Maine. The company continues to have a significant presence in South Portland. WEX is one of 10 founding corporate partners of the Roux Institute at Northeastern University, which leases a portion of the WEX headquarters for its campus.

From Wikipedia’s article on WEX Inc., shared under CC BY-SA 4.0.⁵

Products and brands

fuel card

Listed on Wikidata.¹

WEX Fleet provides vehicle fleet customers with fuel cards and data and telematics offerings for drivers. In 2012, WEX Fleet acquired Fleet One to provide fleet cards to drivers. WEX Fleet also partners with GasBuddy, OnDeck Capital, and Chevron, among other companies, to provide services to customers. In 2017, WEX Fleet launched a new telematics platform, ClearView Advanced.

The travel segment, WEX Virtual, helps online travel agencies facilitate cross-border payments through virtual cards, allowing online travel agencies to automate back-end accounting practices. WEX Virtual launched in 2000 in support of customers including HitchHiker, HotelTonight, Expedia, and Priceline.

In 2014, WEX acquired Evolution1, a cloud-based health industry payments provider, later renaming it to WEX Health. WEX Health Cloud helps to administer defined-contribution, wellness, and transit plans, among others. Its partners include Fifth Third Bancorp, Paychex, HSA Bank, and Discovery Benefits.

In January 2020, the company announced it would acquire travel payments companies eNett and Optal from Travelport for $577.5 million.

Read the full text

Melissa D. Smith became CEO of Wex in 2014, with annual revenue nearly tripling during her tenure, as of November 2023. She is known for implementing an aggressive acquisition strategy and investing in early-stage companies. As of 2024, Smith is the highest-paid executive of any public company in Maine.

WEX provides services in the United States, the United Kingdom, Canada, Brazil, New Zealand, and Australia. It also operates the wholly owned banking subsidiary WEX Bank.

From Wikipedia’s article on WEX Inc., shared under CC BY-SA 4.0.⁵

Timeline

1983Founded Founded¹

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
Jupiter Topco LLC	3,967,061	$559.7M	0.2%	New
BlackRock, Inc.	3,167,005	$446.8M	0.0%	+61,564
Par Capital Management Inc	2,254,984	$318.2M	7.9%	No change
Morgan Stanley	1,949,295	$275.0M	0.0%	−150,973
Fmr LLC	1,801,385	$254.2M	0.0%	+576,081
Impactive Capital LP	1,707,253	$240.9M	17.2%	No change
Vanguard Capital Management LLC	1,513,612	$213.6M	0.0%	−28,834
Boston Partners	1,493,028	$210.8M	0.2%	−167,745
Vanguard Portfolio Management LLC	1,430,765	$201.9M	0.0%	−52,838
State Street Corp	1,133,228	$159.9M	0.0%	+41,815
Earnest Partners LLC	857,373	$121.0M	0.4%	−25,632
Bank Of America Corp /de/	815,695	$115.1M	0.0%	−7,986
Geode Capital Management, LLC	671,582	$110.4M	0.0%	+15,745
Lyrical Asset Management LP	770,524	$108.7M	1.4%	+9,588
Dimensional Fund Advisors LP	733,560	$103.5M	0.0%	+47,425
Turtle Creek Asset Management Inc.	728,088	$102.7M	4.0%	+58,753
Citadel Advisors LLC	582,786	$82.2M	0.0%	+307,959
Sei Investments Co	549,632	$77.5M	0.1%	−47,968
Capital World Investors	547,682	$77.3M	0.0%	+336,442
Charles Schwab Investment Management Inc	487,579	$68.8M	0.0%	+9,026
Snyder Capital Management L P	466,244	$65.8M	1.1%	+95,580
New South Capital Management Inc	444,624	$62.7M	2.8%	+195,861
River Road Asset Management, LLC	424,915	$60.0M	0.7%	−51,162
Hotchkis & Wiley Capital Management LLC	386,978	$54.6M	0.2%	+150,380
Jpmorgan Chase & Co	381,242	$52.3M	0.0%	+42,785

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

4 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

Date	Member	Trade	Amount	Vs S&P since	Filing
Jun 4, 2025	Kelly MorrisonDemocratic, House	Sale	$1,001 - $15,000	−1.4%	Report
Jun 4, 2025	Kelly MorrisonDemocratic, House	Sale	$1,001 - $15,000	−1.4%	Report
Jun 4, 2025	Kelly MorrisonDemocratic, House	Sale	$1,001 - $15,000	−1.4%	Report
Jan 6, 2022	Susan M. CollinsRepublican, Senate	Sale	$15,001 - $50,000	+45.5%	Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataWright Express on Wikidata
2
WikipediaWright Express on Wikipedia
3
GLEIFWright Express LEI record (T9M5IGROL1TL1G5OV478)
4
Wikimedia CommonsWright Express logo by WEX Inc., Public domain
5
WikipediaWright Express on Wikipedia (revision used)
6
SEC EDGARWright Express 10-K for fiscal 2025
7
SEC EDGARWright Express 10-K for fiscal 2019
8
SEC EDGARWright Express 10-K for fiscal 2020
9
SEC EDGARWright Express 10-K for fiscal 2021
10
SEC EDGARWright Express 10-K for fiscal 2022
11
SEC EDGARWright Express 10-Q for fiscal 2026
12
SEC EDGARWright Express 10-Q for fiscal 2026
13
SEC EDGARWright Express 10-K for fiscal 2019