# EDGAR Filing Document

**Accession Number:** 0001309108
**File Stem:** 0001309108-25-000187
**Filing Date:** 2025-10
**Character Count:** 188368
**Document Hash:** d4f6a6fa3f2af78f88b19bb98142bad7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001309108-25-000187.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001309108-25-000187

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20251026

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WEX Inc.
- **CENTRAL INDEX KEY:** 0001309108
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 010526993
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32426
- **FILM NUMBER:** 251430552

**BUSINESS ADDRESS:**
- **STREET 1:** 1 HANCOCK STREET
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101
- **BUSINESS PHONE:** (207) 773-8171

**MAIL ADDRESS:**
- **STREET 1:** 1 HANCOCK STREET
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Wright Express CORP
- **DATE OF NAME CHANGE:** 20041118

?xml version='1.0' encoding='ASCII'? wex-20251026

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) <u>October 26, 2025</u>

![Image_0.jpg](wex-20251026_g1.jpg)

---

| |
|:---|
| **WEX Inc.** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-32426** | **01-0526993** |
| (State or other jurisdiction of<br>incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **<u>1 Hancock Street</u>** | **<u>,</u>** | **<u>Portland</u>** | **<u>,</u>** | **<u>Maine</u>** | **<u>04101</u>** |
| Address of principal executive offices | Address of principal executive offices | Address of principal executive offices | Address of principal executive offices | Address of principal executive offices | Address of principal executive offices | Zip Code |

---

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| | | |
|:---|:---|:---|
| Registrant's telephone number, including area code | **(207)** | **733-8171** |

---

 <br> (Former name or former address if changes since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 par value | WEX | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On October 29, 2025, WEX Inc. (the "Company") issued a news release announcing its third-quarter 2025 results and posted its earnings supplement to the investor section of the Company's website at www.wexinc.com. A copy of the release and supplement are attached as Exhibits 99.1 and 99.2 and are incorporated by reference herein in their entirety.

The information in this item, including Exhibits 99.1 and 99.2, is being furnished, not filed. Accordingly, the information in this item will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified as being incorporated into it by reference.

**Item 5.02&nbsp;&nbsp;&nbsp;&nbsp;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

On October 26, 2025, the Company's Board of Directors (the "Board") increased the size of the Board from 11 to 12 members and appointed David Foss as a director to fill the resulting vacancy, effective November 3, 2025, with a term expiring at the Company's 2026 Annual Meeting of Stockholders. The Board determined that Mr. Foss is an independent director under applicable NYSE requirements and the Company's Corporate Governance Guidelines. The Board has not yet determined committee assignments for Mr. Foss.

Mr. Foss is currently the board chair of Jack Henry & Associates, Inc. ("Jack Henry"), a leading financial services technology company, and a member of the board of directors at CNO Financial Group, a nationwide life and health insurer and financial services provider. Mr. Foss served as President of Jack Henry from 2014 to 2022 and as Chief Executive Officer from 2016 until his retirement from that role in 2024. Earlier in his career, Mr. Foss held several key roles in the financial services sector at BancTec, Advanced Computer Systems and NCR.

There is no arrangement or understanding between Mr. Foss and any other person pursuant to which he was selected to become a member of the Board. Additionally, there are no related person transactions involving Mr. Foss and the Company or any subsidiary of the Company that would require disclosure under Item 404(a) of Regulation S-K.

Mr. Foss will receive compensation for his service as a non-employee director consistent with the compensation provided to other non-employee directors. Mr. Foss will enter into the Company's standard form of director and officer indemnification agreement. The form of indemnification agreement is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

A copy of the press release announcing the appointment of Mr. Foss to the Board is attached as Exhibit 99.3 to this Current Report on Form 8-K and is incorporated herein by reference.

**Item 9.01 &nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibit Index.

**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | <u>[WEX Inc. Form of Director and Officer Indemnification Agreement](wexincformofdirectorandoff.htm)</u> |
| 99.1 | <u>[Press release of WEX Inc. dated October 29, 2025 with respect to Earnings](wexq32025earningsrelease.htm)</u> |
| 99.2 | <u>[Earnings Supplement of WEX Inc. dated October 29, 2025](wexq32025earningssupplement.htm)</u> |
| 99.3 | <u>[Press release of WEX Inc. dated October 29, 2025 with respect to the appointment of David Foss](a102925-fosspressrelease.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934 the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **WEX INC.** | **WEX INC.** |
| Date: October 29, 2025 | By: | /s/ Jagtar Narula |
|  |  | Jagtar Narula |
|  |  | *Chief Financial Officer* |

---

## Exhibit 10.1

**Exhibit 10.1**

**WEX INC.**

**INDEMNIFICATION AGREEMENT** 

This Agreement is made by and between WEX Inc., a Delaware corporation (the "Corporation), and <u>[</u>**<u>DIRECTOR/OFFICER'S NAME</u>**<u>]</u> (the "Indemnitee"), a director or officer of the Corporation.

WHEREAS, it is essential to the Corporation to retain and attract as directors and officers the most capable persons available, and

WHEREAS, the increase in corporate litigation subjects directors and officers to expensive litigation risks, and

WHEREAS, it is policy of the Corporation to indemnify its directors and officers, and

WHEREAS, the Corporation desires the Indemnitee to serve, or continue to serve, as a director or officer of the Corporation.

NOW THEREFORE, the Corporation and the Indemnitee do hereby agree as follows:

1. <u>Definitions</u>. As used in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The term "Board" shall mean the Board of Directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The term "Change in Control" shall mean the occurrence of any one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) individuals who, on the date of this Agreement, constitute the Board (the "Incumbent Directors") cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the date of this Agreement whose election or nomination for election was approved by a vote of at least a majority of the Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Corporation in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Corporation as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any "person" (as such term is defined in the Securities Exchange Act of 1934, as amended (the "Exchange Act") and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Corporation representing 50% or more of the combined voting power of the Corporation's then outstanding securities eligible to vote for the election of the Board (the "Corporation Voting Securities"); provided, however, that the event described in this paragraph (ii) shall not be deemed to be a Change in Control by virtue of any of the following acquisitions: (A) by the Corporation or any subsidiary, (B) by any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any subsidiary, (C) by any underwriter temporarily holding securities pursuant to an offering of such securities, (D) pursuant to a Non-Qualifying Transaction, as defined in paragraph (iii), or (E) by any person of Voting Securities from the Corporation, if a majority of the Incumbent Board approves in advance the acquisition of beneficial ownership of 50% or more of Corporation Voting Securities by such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the consummation of a merger, consolidation, statutory share exchange, reorganization or similar form of corporate transaction involving the Corporation or any of its subsidiaries that requires the approval of the Corporation's stockholders, whether for such transaction or the issuance of securities in the transaction (a "Business Combination"), unless immediately following such Business Combination: (A) more than 50% of the total voting power of (x) the corporation resulting from such Business Combination (the "Surviving Corporation"), or (y) if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership of 100% of the voting securities eligible to elect directors of the Surviving Corporation (the "Parent Corporation"), is represented by Corporation Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which such Corporation Voting Securities were converted pursuant to such

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Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting power of such Corporation Voting Securities among the holders thereof immediately prior to the Business Combination, (B) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation), is or becomes the beneficial owner, directly or indirectly, of 35% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) and (C) at least half of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Business Combination were Incumbent Directors at the time of the Board's approval of the execution of the initial agreement providing for such Business Combination (any Business Combination which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a "Non-Qualifying Transaction");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the stockholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the consummation of a sale of all or substantially all of the Corporation's assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the occurrence of any other event that the Board determines by a duly approved resolution constitutes a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The term "Corporate Status" shall mean the status of a person who is or was, or has agreed to become, a director or officer of the Corporation, or is or was serving, or has agreed to serve, at the request of the Corporation, as a director of, or in a similar capacity with, another corporation, partnership, joint venture, trust, limited liability company or other enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The term "Expenses" shall include, without limitation, attorneys' fees, retainers, court costs, transcript costs, fees and expenses of experts, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and other disbursements or expenses of the types customarily incurred in connection with investigations, judicial or administrative proceedings or appeals, but shall not include the amount of judgments, fines or penalties against Indemnitee or amounts paid in settlement in connection with such matters.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The term "Independent Counsel" shall mean a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither currently is, nor in the past five years has been, retained to represent: (i) the Corporation or the Indemnitee in any matter material to either such party or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Corporation or the Indemnitee in an action to determine the Indemnitee's rights under this Agreement. The Corporation agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;(f) References to "other enterprise" shall include employee benefit plans; references to "fines" shall include any excise tax assessed with respect to any employee benefit plan; references to "serving at the request of the Corporation" shall include any service as a director, officer, employee or agent of the Corporation which imposes duties on, or involves services by, such director, officer, employee, or agent with respect to an employee benefit plan, its participants, or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to be in the interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the Corporation" as referred to in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The term "Proceeding" shall include any threatened, pending or completed action, suit, arbitration, alternative dispute resolution proceeding, administrative hearing or other proceeding, whether brought by or in the right of the Corporation or otherwise and whether of a civil, criminal, administrative or investigative nature, and any appeal therefrom.

2. <u>Indemnity of Indemnitee</u>. The Corporation shall indemnify the Indemnitee in connection with any Proceeding as to which the Indemnitee is, was or is threatened to be made a party (or is otherwise involved) by reason of the

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Indemnitee's Corporate Status, to the fullest extent permitted by law (as such may be amended from time to time). In furtherance of the foregoing and without limiting the generality thereof:

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Indemnification in Third-Party Proceedings</u>. The Corporation shall indemnify the Indemnitee in accordance with the provisions of this Section 2(a) if the Indemnitee was or is a party to or threatened to be made a party to or otherwise involved in any Proceeding (other than a Proceeding by or in the right of the Corporation to procure a judgment in its favor or a Proceeding referred to in Section 5 below) by reason of the Indemnitee's Corporate Status or by reason of any action alleged to have been taken or omitted in connection therewith, against all Expenses, judgments, fines, penalties and amounts paid in settlement actually and reasonably incurred by or on behalf of the Indemnitee in connection with such Proceeding, if the Indemnitee acted in good faith and in a manner which the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Corporation and, with respect to any criminal Proceeding, had no reasonable cause to believe that his or her conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification in Proceedings by or in the Right of the Corporation</u>. The Corporation shall indemnify the Indemnitee in accordance with the provisions of this Section 2(b) if the Indemnitee was or is a party to or threatened to be made a party to or otherwise involved in any Proceeding by or in the right of the Corporation to procure a judgment in its favor by reason of the Indemnitee's Corporate Status or by reason of any action alleged to have been taken or omitted in connection therewith, against all Expenses and, to the extent permitted by law, amounts paid in settlement actually and reasonably incurred by or on behalf of the Indemnitee in connection with such Proceeding, if the Indemnitee acted in good faith and in a manner which the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Corporation, except that, if applicable law so requires, no indemnification shall be made under this Section 2(b) in respect of any claim, issue or matter as to which the Indemnitee shall have been adjudged to be liable to the Corporation, unless, and only to the extent, that the Court of Chancery of Delaware or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of such liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such Expenses as the Court of Chancery or such other court shall deem proper.

3. <u>Indemnification of Expenses of Successful or Partly Successful Party</u>. Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee has been successful, on the merits or otherwise, in defense of any Proceeding or in defense of any claim, issue or matter therein (other than a Proceeding referred to in Section 5), the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by or on behalf of the Indemnitee in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues, or matters in such Proceeding, the Corporation shall indemnify Indemnitee against Expenses actually and reasonably incurred by or on behalf of the Indemnitee in connection with each successfully resolved claim, issue or matter. In the event any attorneys' fees, costs or expenses are awarded to the Indemnitee in the successful or partly successful defense of any Proceeding or in defense of any claim, issue or matter, the Indemnitee will promptly reimburse the Corporation for such fees, costs or expenses as awarded.

4. <u>Indemnification for Expenses of a Witness</u>. To the extent that the Indemnitee is, by reason of the Indemnitee's Corporate Status, a witness in any Proceeding to which the Indemnitee is not a party, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by or on behalf of the Indemnitee in connection therewith.

5. <u>Exceptions to Right of Indemnification</u>. Notwithstanding anything to the contrary to this Agreement, except as set forth in Section 9,

&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation shall not indemnify the Indemnitee under this Agreement in connection with a Proceeding (or part thereof) initiated by the Indemnitee unless (i) the initiation thereof was approved by the Board or (ii) the Proceeding was commenced following a Change in Control; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) the Corporation shall not indemnify the Indemnitee to the extent the Indemnitee is reimbursed from the proceeds of insurance, and in the event the Corporation makes any indemnification payments to the Indemnitee and the Indemnitee is subsequently reimbursed from the proceeds of insurance, the Indemnitee shall promptly refund such indemnification payments to the Corporation to the extent of such insurance reimbursement.

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6. <u>Notification and Defense of Claim</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indemnitee shall notify the Corporation in writing as soon as practicable of any Proceeding for which indemnity will or could be sought and provide the Corporation with a copy of any summons, citation, subpoena, complaint, indictment, information or other document relating to such Proceeding with which Indemnitee is served. The failure to so notify the Corporation will not relieve the Corporation from any liability that it may have to Indemnitee (i) except to the extent the failure adversely affects the Corporation's rights, legal position, ability to defend or ability to obtain insurance coverage with respect to such proceeding or (ii) otherwise than under the Corporation's Amended and Restated Certificate of Incorporation, as amended from time to time. With respect to any Proceeding of which the Corporation is so notified, the Corporation will be entitled to participate therein at its own expense and/or to assume the defense thereof at its own expense, with legal counsel reasonably acceptable to the Indemnitee (which may be regular outside counsel to the Corporation). After notice from the Corporation to the Indemnitee of its election so to assume such defense, the Corporation shall not be liable to the Indemnitee for any legal or other expenses subsequently incurred by the Indemnitee in connection with such Proceeding, other than as provided below in this Section 6. The Indemnitee shall have the right to employ his or her own counsel in connection with such Proceeding, but the fees and expenses of such counsel incurred after notice from the Corporation of its assumption of the defense thereof shall be at the expense of the Indemnitee unless (i) the employment of counsel by the Indemnitee has been authorized by the Corporation, (ii) counsel to the Indemnitee shall have reasonably determined that there may be a conflict of interest or position on any significant issue between the Corporation and the Indemnitee in the conduct of the defense of such Proceeding or (iii) the Corporation shall not in fact have employed counsel to assume the defense of such Proceeding, in each of which cases the fees and expenses of counsel for the Indemnitee shall be at the expense of the Corporation, except as otherwise expressly provided by this Agreement, and provided that Indemnitee's counsel shall cooperate reasonably with the Corporation's counsel to minimize the cost of defending claims against the Corporation and the Indemnitee. The Corporation shall not be entitled, without the consent of the Indemnitee, to assume the defense of any claim brought by or in the right of the Corporation or as to which counsel for the Indemnitee shall have reasonably made the determination provided for in clause (ii) above.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation shall not be required to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding effected without its written consent. The Corporation shall not settle any Proceeding in any manner that would impose any penalty or limitation on the Indemnitee without the Indemnitee's written consent. Neither the Corporation nor the Indemnitee will unreasonably withhold or delay their consent to any proposed settlement.

7. <u>Advancement of Expenses</u>. Subject to the provisions of Section 8, in the event that (a) the Corporation does not assume the defense pursuant to Section 6 of any Proceeding of which the Corporation receives notice under this Agreement or (b) the Corporation assumes such defense but Indemnitee is, pursuant to Section 6, entitled to have the fees and costs of Indemnitee's own counsel paid for by the Corporation, any Expenses actually and reasonably incurred by or on behalf of the Indemnitee in connection with a Proceeding for which indemnity will or could be sought under this Agreement shall be paid by the Corporation in advance of the final disposition of such Proceeding; <u>provided</u>, <u>however</u>, that the payment of such Expenses incurred by or on behalf of the Indemnitee in advance of the final disposition of such Proceeding shall be made only upon receipt of an undertaking by or on behalf of the Indemnitee to repay all amounts so advanced in the event that it shall ultimately be determined, after the conclusion of such Proceeding, that the Indemnitee is not entitled to be indemnified by the Corporation as authorized in this Agreement. Such undertaking shall be accepted without reference to the financial ability of the Indemnitee to make repayment. Any advances and undertakings to repay pursuant to this Section 7 shall be unsecured and interest-free.

8. <u>Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) In order to obtain indemnification or advancement of Expenses pursuant to this Agreement, the Indemnitee shall submit to the Corporation a written request, including in such request such documentation and information as is reasonably available to the Indemnitee and is reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification or advancement of Expenses. Any such indemnification or advancement of Expenses shall be made promptly, and in any event within (i) in the case of advancement of Expenses under Section 7, 30 calendar days after receipt by the Corporation of the written request of the Indemnitee, or (ii) in the case of all

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other indemnification, 60 calendar days after receipt by the Corporation of the written request of the Indemnitee, subject to the provisions of Sections 8(b) and (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to requests for indemnification under Section 2, indemnification shall be made unless the Corporation determines that Indemnitee has not met the applicable standard of conduct set forth in Section 2. Any determination as to whether Indemnitee has met the applicable standard of conduct set forth in Section 2, and any determination that advanced Expenses must be subsequently repaid to the Corporation, shall be made, in the discretion of the Board, (1) by a majority vote of the directors of the Corporation consisting of persons who are not at that time parties to the Proceeding ("disinterested directors"), whether or not a quorum, (2) by a committee of disinterested directors designated by a majority vote of disinterested directors, whether or not a quorum, (3) if there are no disinterested directors, or if the disinterested directors so direct, by Independent Counsel in a written opinion to the Board, or (4) by the stockholders of the Corporation. Any such determination with respect to requests under Section 2 shall be made within the 60-day period referred to in clause (ii) of Section 8(a) (unless extended by mutual agreement by the Corporation and Indemnitee). For the purpose of the foregoing determination with respect to requests under Section 2 or repayment of advanced Expenses, the Indemnitee shall be entitled to a presumption that he or she has met the applicable standard of conduct set forth in Section 2 and is entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary set forth in this Agreement, if a request for indemnification is made after a Change in Control, at the election of the Indemnitee made in writing to the Corporation, any determination required to be made pursuant to Section 8(b) above as to whether the Indemnitee has met the applicable standard of conduct or is required to repay advanced Expenses shall be made by Independent Counsel selected as provided in this Section 8(c). The Independent Counsel shall be selected by the Indemnitee, unless the Indemnitee shall request that such selection be made by the Board. The party making the determination shall give written notice to the other party advising it of the identity of the Independent Counsel so selected. The party receiving such notice may, within seven days after such written notice of selection shall have been given, deliver to the other party a written objection to such selection. Such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "Independent Counsel" as defined in Section 1, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made, the Independent Counsel so selected may not serve as Independent Counsel unless and until a court has determined that such objection is without merit. If, within 20 days after submission by the Indemnitee of a written request for indemnification, no Independent Counsel shall have been selected or if selected, shall have been objected to, in accordance with this paragraph either the Corporation or the Indemnitee may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution of any objection which shall have been made by the Corporation or the Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom an objection is favorably resolved or the person so appointed shall act as Independent Counsel. The Corporation shall pay the reasonable fees and expenses of Independent Counsel incurred in connection with its acting in such capacity. The Corporation shall pay any and all reasonable and necessary fees and expenses incident to the procedures of this paragraph, regardless of the manner in which such Independent Counsel was selected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The termination of any Proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the Indemnitee did not act in good faith and in a manner that the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Corporation, and, with respect to any criminal Proceeding, had reasonable cause to believe that his or her conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is based on the records or books of account of the Corporation or its affiliates, including financial statements, or on information supplied to Indemnitee by the officers of the Corporation or its affiliates in the course of their duties, or on the advice of legal counsel for the Corporation or its affiliates or on information or records given or reports made to the Corporation or its affiliates by an independent certified public accountant or by an appraiser or other expert selected with the reasonable care by the Corporation or its affiliates. The provisions of this Section 8(e) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;(f) The knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Corporation or its affiliates shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Indemnitee shall cooperate with the person, persons or entity making such determination with respect to the Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to the Indemnitee and reasonably necessary to such determination. Any Expenses actually and reasonably incurred by the Indemnitee in so cooperating shall be borne by the Corporation (irrespective of the determination as to the Indemnitee's entitlement to indemnification) and the Corporation hereby indemnifies the Indemnitee therefrom.

9. <u>Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The right to indemnification and advancement of Expenses as provided by this Agreement shall be enforceable by Indemnitee in any court of competent jurisdiction or, at Indemnitee's option, by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. If Indemnitee elects arbitration, the arbitration shall take place in Portland, Maine. Any such judicial proceeding or arbitration shall be conducted in all respects as a de novo trial or arbitration on the merits.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with any determination as to whether the Indemnitee is entitled to be indemnified under this Agreement, the court or arbitrator shall presume that the Indemnitee has met the applicable standard of conduct and is entitled to indemnification, and, unless otherwise required by law, the burden of proof shall be on the Corporation to establish by clear and convincing evidence that the Indemnitee is not so entitled. Neither the failure of the Board (or other person or body appointed pursuant to Section 8) to have made a determination that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination pursuant to Section 8 that Indemnitee has not met such applicable standard of conduct, shall be a defense to an action brought to enforce this Agreement or create a presumption that Indemnitee has not met the applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Corporation shall indemnify Indemnitee against any and all Expenses that are incurred by Indemnitee in connection with any action brought by Indemnitee for (i) indemnification or advancement of Expenses by the Corporation under this Agreement or under applicable law or the Corporation's Amended and Restated Certificate of Incorporation, as amended from time to time or Bylaws now or hereafter in effect relating to indemnification, and/or (ii) recovery under directors' and officers' liability insurance policies maintained by the Corporation, but only in the event that Indemnitee ultimately is determined to be entitled to such indemnification or insurance recovery, as the case may be. The Corporation shall, if so requested by Indemnitee, advance the foregoing Expenses to Indemnitee, subject to and in accordance with Section 7.

10. <u>Partial Indemnification</u>. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Corporation for some or a portion of the Expenses, judgments, fines, penalties or amounts paid in settlement actually and reasonably incurred by or on behalf of the Indemnitee in connection with any Proceeding but not, however, for the total amount thereof, the Corporation shall nevertheless indemnify the Indemnitee for the portion of such Expenses, judgments, fines, penalties or amounts paid in settlement to which the Indemnitee is entitled.

11. <u>Subrogation</u>. In the event of any payment under this Agreement, the Corporation shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Corporation to bring suit to enforce such rights.

12. <u>Term of Agreement</u>. This Agreement shall continue until and terminate upon the later of (a) ten years after the date that the Indemnitee shall have ceased to serve as a director or officer of the Corporation or, at the request of the Corporation, as a director or officer of, or in a similar capacity with, another corporation, partnership, joint venture, trust, limited liability company or other enterprise or (b) the final termination of all Proceedings pending on the date set forth in clause (a) in respect of which the Indemnitee is granted rights of indemnification or advancement of

------

Expenses hereunder and of any proceeding commenced by the Indemnitee pursuant to Section 9 of this Agreement relating thereto.

13. <u>Indemnification Hereunder Not Exclusive</u>. The indemnification and advancement of Expenses provided by this Agreement shall not be deemed exclusive of any other rights to which the Indemnitee may be entitled under the Amended and Restated Certification of Incorporation, as amended from time to time, the Amended and Restated By-Laws, as amended from time to time, any other agreement, any vote of stockholders or disinterested directors, the General Corporation Law of Delaware, any other law (common or statutory), or otherwise, both as to action in the Indemnitee's official capacity and as to action in another capacity while holding office for the Corporation. Nothing contained in this Agreement shall be deemed to prohibit the Corporation from purchasing and maintaining insurance, at its expense, to protect itself or the Indemnitee against any expense, liability or loss incurred by it or the Indemnitee in any such capacity, or arising out of the Indemnitee's status as such, whether or not the Indemnitee would be indemnified against such expense, liability or loss under this Agreement.

14. <u>No Special Rights</u>. Nothing herein shall confer upon the Indemnitee any right to continue to serve as an officer or director of the Corporation for any period of time or at any particular rate of compensation.

15. <u>Savings Clause</u>. If this Agreement or any portion thereof shall be invalidated on any ground by any court of competent jurisdiction, then the Corporation shall nevertheless indemnify the Indemnitee as to Expenses, judgments, fines, penalties and amounts paid in settlement with respect to any Proceeding to the full extent permitted by any applicable portion of this Agreement that shall not have been invalidated and to the fullest extent permitted by applicable law.

16. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall constitute the original.

17. <u>Successors and Assigns</u>. This Agreement shall be binding upon the Corporation and its successors and assigns and shall inure to the benefit of the estate, heirs, executors, administrators and personal representatives of the Indemnitee.

18. <u>Headings</u>. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

19. <u>Modification and Waiver</u>. This Agreement may be amended from time to time to reflect changes in Delaware law or for other reasons. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof nor shall any such waiver constitute a continuing waiver.

20. <u>Notices</u>. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been given (i) when delivered by hand, (ii) if mailed by certified or registered mail with postage prepaid, on the third day after the date on which it is so mailed, or (iii) if sent by telecopy, on the next business day after electronic confirmation of delivery: :

&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Indemnitee, to: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[NAME OF DIRECTOR/OFFICER]

c/o WEX Inc.

1 Hancock Street

Portland, Maine 04104

&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Corporation, to: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEX Inc.

1 Hancock Street

Portland, Maine 04104

Attention: Chief Legal Officer

or to such other address as may have been furnished to the Indemnitee by the Corporation or to the Corporation by the Indemnitee, as the case may be.

------

21. <u>Applicable Law</u>. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Indemnitee may elect to have the right to indemnification or reimbursement or advancement of Expenses interpreted on the basis of the applicable law in effect at the time of the occurrence of the event or events giving rise to the applicable Proceeding, to the extent permitted by law, or on the basis of the applicable law in effect at the time such indemnification or reimbursement or advancement of Expenses is sought. Such election shall be made, by a notice in writing to the Corporation, at the time indemnification or reimbursement or advancement of Expenses is sought; <u>provided</u>, <u>however</u>, that if no such notice is given, and if the General Corporation Law of Delaware is amended, or other Delaware law is enacted, to permit further indemnification of directors and officers, then the Indemnitee shall be indemnified to the fullest extent permitted under the General Corporation Law, as so amended, or by such other Delaware law, as so enacted.

22. <u>Enforcement</u>. The Corporation expressly confirms and agrees that it has entered into this Agreement in order to induce the Indemnitee to continue to serve as an officer or director of the Corporation, and acknowledges that the Indemnitee is relying upon this Agreement in continuing in such capacity.

23. <u>Entire Agreement</u>. This Agreement sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supercedes all prior agreements, whether oral or written, by any officer, employee or representative of any party hereto in respect of the subject matter contained herein; and any prior agreement of the parties hereto in respect of the subject matter contained herein is hereby terminated and cancelled. For avoidance of doubt, the parties confirm that the foregoing does not apply to or limit the Indemnitee's rights under Delaware law or the Corporation's Amended and Restated Certificate of Incorporation, as amended from time to time or Amended and Restated By-Laws, as amended from time to time.

24. <u>Consent to Suit</u>. In the case of any dispute under or in connection with this Agreement, the Indemnitee may only bring suit against the Corporation in the Court of Chancery of the State of Delaware. The Indemnitee hereby consents to the exclusive jurisdiction and venue of the courts of the State of Delaware, and the Indemnitee hereby waives any claim the Indemnitee may have at any time as to forum non conveniens with respect to such venue. The Corporation shall have the right to institute any legal action arising out of or relating to this Agreement in any court of competent jurisdiction. Any judgment entered against either of the parties in any proceeding hereunder may be entered and enforced by any court of competent jurisdiction.

25. <u>Contribution</u>. To the fullest extent permissible by applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Corporation, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Corporation and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Corporation (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

WEX INC.

By: ________________________ Date: ________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:

INDEMNITEE:

By: ________________________ Date: ________________________

## Exhibit 99.1

**Exhibit 99.1**

**WEX Inc. Reports Third Quarter 2025 Financial Results**

*Revenue of $692 million increased 3.9% compared to the prior year*

 *GAAP net income of $2.30 per diluted share and adjusted net income of $4.59 per diluted share*

*GAAP operating income margin of 26.5% and adjusted operating income margin of 39.5%*

*Raises full year 2025 revenue guidance to $2.63 billion to $2.65 billion and adjusted net income guidance to $15.76 to $15.96 per diluted share*

*Separately, announced the appointment of David Foss to Board of Directors effective November 3, 2025*

PORTLAND, Maine - October 29, 2025 - WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today reported financial results for the three months ended September 30, 2025.

"Our strategy to return to revenue growth was demonstrated in the third quarter with both revenue and earnings exceeding the high end of our guidance ranges," said Melissa Smith, WEX's Chair, Chief Executive Officer, and President. "We are focused on driving continued momentum by executing on our three strategic pillars: amplifying our core business, expanding our reach, and accelerating innovation. The third quarter marked a turning point with acceleration in revenue growth, and we are confident in our ability to deliver sustainable growth, attractive margins, and robust cash flow for our shareholders. Thank you to our more than 6,500 WEXers for their continued innovation, execution, and passion in support of our valued customers' success around the world."

**Third Quarter 2025 Financial Results** 

(Results are compared to the prior year period unless otherwise noted)

Total revenue for the third quarter of 2025 of $691.8 million increased 3.9%, driven by strength across the Benefits and Corporate Payments segments. The revenue increase in the quarter includes a $6.0 million unfavorable impact from fuel prices and spreads and a $2.7 million favorable impact from foreign exchange rates.

Net income was $80.3 million, or $2.30 per diluted share, a decrease of 8.7%. Adjusted net income was $159.7 million, or $4.59 per diluted share, up 5.5%. Operating income margin was 26.5% compared to 29.5%. Total adjusted operating income margin was 39.5% compared to 44.0%<sup>1</sup>.

**Third Quarter 2025 Performance Metrics and Segment Results**

(Results are compared to the prior year period unless otherwise noted)

**Consolidated**

• Total volume across all segments was $66.2 billion, an increase of 6.3%.

**Mobility Segment**

Delivers fleet payment solutions, transaction processing, and data-driven insights to more than 600,000 fleet customers globally.

• Revenue of $360.8 million increased 1.0%.

• Operating income margin of 30.9% and adjusted operating income margin of 40.7%.

• Payment processing transactions of 140.0 million decreased 4.5%.

**Benefits Segment**

Simplifies the complex world of employee benefits administration and offers a comprehensive platform that spans HSAs, FSAs, HRAs, COBRA, and Benefit Enrollment and administration.

• Revenue of $198.1 million increased 9.2%.

• Operating income margin of 28.7% and adjusted operating income margin of 43.8%.

• Average number of Software-as-a-Service (SaaS) accounts of 21.5 million grew 6.0%.

• Average HSA custodial cash assets were $4.8 billion, an increase of 11.4%.

<sup>1</sup> See Exhibit 1 of this press release for a full explanation and reconciliation of the non-GAAP financial measures, adjusted net income, adjusted net income per diluted share, total segment adjusted operating income, and adjusted operating income to the most directly comparable GAAP financial measures. See Exhibit 5 of this press release for information on the calculation of adjusted operating income margin.

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**Corporate Payments Segment**

Provides automated payment solutions for businesses and government agencies through simplifying the business-to-business (B2B) payments process by digitizing accounts payable (AP) and enabling more efficient and secure transactions.

• Revenue of $132.8 million increased 4.7%.

• Operating income margin of 39.1% and adjusted operating income margin of 48.0%.

• Purchase volume of $23.2 billion decreased 0.9%.

• Total volume processed, including where WEX does not earn interchange revenue, was $43.3 billion, an increase of 10.8%.

**Balance Sheet and Cash Flow**

(Results are compared to the prior year period unless otherwise noted)

• Cash flow from operating activities in the third quarter of 2025 totaled $376.6 million compared to $3.3 million.

• Adjusted free cash flow totaled $166.2 million compared to $189.5 million<sup>2</sup>.

• The Company's leverage ratio, as defined in its Credit Agreement, was 3.25x as of September 30, 2025, down from 3.4x as of June 30, 2025, and down from 3.5x at the end of Q1 2025.

"Our third-quarter results highlight the resiliency of our business," said Jagtar Narula, WEX's Chief Financial Officer. "Even amid a challenged macro environment, we're executing effectively, with sequential improvements and new business wins driving momentum. We remain focused on disciplined investment in our core and maintaining financial flexibility, positioning WEX to capture growth and operating leverage as market conditions improve."

**Financial Guidance and Assumptions**

The Company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis, due to the uncertainty and the indeterminate amount of certain elements that are included in reported GAAP earnings.

• For the fourth quarter of 2025, the Company expects revenue in the range of $646 million to $666 million and adjusted net income in the range of $3.76 to $3.96 per diluted share.

• For the full year 2025, the Company now expects revenue in the range of $2.63 billion to $2.65 billion compared with the prior guidance of $2.61 billion to $2.65 billion issued in connection with our second quarter 2025 financial results. Adjusted net income is now expected to be in the range of $15.76 to $15.96 per diluted share, up from the prior range of $15.37 to $15.77.

The company's guidance is based on the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. retail fuel prices of $3.09 and $3.27 per gallon, respectively, for the fourth quarter and full year 2025 based on the applicable NYMEX futures price from the week of October 20, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net income tax rate of 25.0% for both the fourth quarter and full year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mobility credit losses will range from 14 to 19 basis points for the fourth quarter and 13 to 14 basis points for the full year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weighted average diluted shares outstanding of 34.9 million and 35.9 million for the fourth quarter and the full year, respectively.

The Company's adjusted net income guidance, which is a non-GAAP measure, 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, debt restructuring costs and debt issuance cost amortization, tax related items and certain other non-operating items and non-recurring or non-cash operating charges that are not core to our operations, as applicable depending on the period presented. We are unable to reconcile our adjusted net income guidance to the comparable GAAP measure without unreasonable effort because of the difficulty in predicting the amounts to be adjusted, including, but not limited to, foreign currency exchange rates, unrealized gains and losses on financial instruments, and acquisition and divestiture-related items, which may have a significant impact on our financial results.

**Additional Information**

Management uses the non-GAAP measures presented within this earnings release to evaluate the Company's performance on a comparable basis. Management believes that investors may find these measures useful for the same purposes, but cautions that they should not be considered a substitute for, or superior to, disclosure in accordance with GAAP.

Beginning in fiscal year 2024, the Company began utilizing a fixed annual projected long-term non-GAAP tax rate in order to provide better consistency across reporting periods. The fixed annual projected long-term non-GAAP tax rate could be subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant

<sup>2</sup> Please see the reconciliation of this non-GAAP measure to operating cash flow in Exhibit 1.

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changes in our geographic earnings mix including due to acquisition activity, or other changes to our strategy or business operations. The Company will re-evaluate our long-term rate as appropriate.

To provide investors with additional insight into its operational performance, WEX has included in this earnings release in Exhibit 1, reconciliations of non-GAAP measures referenced in this earnings release; in Exhibit 2, tables illustrating the impact of foreign currency rates and fuel prices for each of our reportable segments for the three and nine months ended September 30, 2025; and in Exhibit 3, a table of selected other metrics for the quarter ended September 30, 2025 and the four preceding quarters. See segment revenue for the three and nine months ended September 30, 2025 and 2024 in Exhibit 4, and information regarding segment adjusted operating income margin and adjusted operating income margin in Exhibit 5.

**Conference Call Details and Availability of Supplemental Materials**

In conjunction with this announcement, WEX will host a conference call tomorrow, October 30, 2025, at 10:00 a.m. (ET). As previously announced, the conference call will be webcast live on the Internet, and can be accessed at the Investor Relations section of the WEX website, www.wexinc.com. The live conference call may also be accessed by dialing +1 (888) 596-4144 or +1 (646) 968-2525. The conference ID number is 2902800. The live webcast will be accompanied by presentation slides, which will be made available through the investor relations section of the WEX website on the morning of October 30 prior to the beginning of the webcast.

A replay of the live webcast and the accompanying slides will be available on the Company's website through at least Thursday, November 6, 2025. Concurrent with this release, WEX has posted supplemental materials to the Investor Relations section of its website to assist investors with understanding our results and performance.

**About WEX**

WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com.

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**Forward-Looking Statements**

This earnings release contains 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 earnings release that are not statements of historical facts are forward-looking statements. When used in this earnings release, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "project," "will," "positions," "confidence," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future plans, objectives, expectations, and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements. The following factors, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this earnings release and in oral statements made by our authorized officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the impact of fluctuations in the amount of fuel purchased and sold by our customers and retail partners, respectively, fuel price volatility, and the actual price of fuel, including fuel spreads in the Company's international markets, and the resulting impact on the Company's results, including margins, revenues, and net income;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the effects of general economic conditions and the amount of business activity in the economies in which we operate, particularly in the U.S., Europe, and the United Kingdom, including, but not limited to, conditions resulting from market volatility, an economic recession, the impact of tariffs or international trade wars, increasing unemployment, and declining consumer confidence, which may lead to, among other things, a decline or stagnation in demand for fuel, corporate payment services, travel-related services, or employee benefits-related products and services;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the failure to comply with the applicable requirements of Mastercard or Visa contracts and rules;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the extent to which unpredictable events in the locations in which the Company or the Company's customers operate or elsewhere may adversely affect the Company's employees, ability to conduct business, results of operations, and financial condition;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the impact and size of credit losses, including fraud losses, and other adverse effects if the Company fails to adequately assess and monitor credit risk or fraudulent use of our payment cards or systems;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the impact of changes to the Company's credit standards;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• limitations on, or compression of, interchange fees;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the effect of adverse financial conditions affecting the banking system;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the impact of the U.S. federal government shutdown;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the impact of increasing scrutiny with respect to our environmental, social, and governance practices;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• failure to implement new technologies and products;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the failure to realize or sustain the expected benefits from our cost and organizational operational efficiencies initiatives;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the failure to compete effectively in order to maintain or renew key customer and partner agreements and relationships, or to maintain volumes under such agreements;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the ability to attract and retain employees;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the ability to execute the Company's business expansion and acquisition efforts and realize the benefits of acquisitions we have completed;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the failure to achieve commercial and financial benefits as a result of our strategic minority equity investments;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the impact of foreign currency exchange rates on the Company's operations, revenue, and income and other risks associated with our operations outside the United States;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the failure to adequately safeguard custodial HSA assets;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the incurrence of impairment charges if the Company's assessment of the fair value of certain of its reporting units changes;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the uncertainties of investigations and litigation;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the ability of the Company to protect its intellectual property and other proprietary rights;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the impact of regulatory capital requirements and other regulatory requirements on the operations of WEX Bank or its ability to make payments to WEX Inc.;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the impact of the Company's debt instruments on the Company's operations;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the impact of increased leverage on the Company's operations, results, or borrowing capacity generally;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• our ability to achieve our capital allocation priorities;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• changes in interest rates, including those which we must pay for our deposits, those which we earn on our investment securities, and the resultant potential impacts to our debt securities subject to early call provisions;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the ability to refinance certain indebtedness or obtain additional financing;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the actions of regulatory bodies, including tax, banking, and securities regulators, or possible changes in tax, banking, or financial regulations impacting the Company's industrial bank, the Company as the corporate parent, or other subsidiaries or affiliates;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the failure to comply with the Treasury Regulations applicable to non-bank custodians;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the impact from breaches of, or other issues with, the Company's technology systems or those of its third-party service providers and any resulting negative impact on the Company's reputation, liabilities, or relationships with customers or merchants;* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the impact of regulatory developments with respect to privacy and data protection;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the impact of any disruption to the technology and electronic communications networks we rely on;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the ability to adopt, implement, and use artificial intelligence technologies across our business successfully and ethically;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the ability to maintain effective systems of internal controls;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the failure to repurchase shares at favorable prices, if at all;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the impact of provisions in our charter documents, Delaware law, and applicable banking laws that may delay or prevent our acquisition by a third party; as well as*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• other risks and uncertainties identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 20, 2025, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the Securities and Exchange Commission on May 1, 2025 and subsequent filings with the Securities and Exchange Commission.* 

The forward-looking statements speak only as of the date of the initial filing of this earnings release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events, or otherwise.

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**WEX INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

(in millions, except per share data)

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payment processing revenue | $**301.7** | $309.9 | $**858.8** | $930.3 |
| &nbsp;&nbsp;&nbsp;Account servicing revenue | **185.3** | 174.6 | **542.3** | 516.5 |
| &nbsp;&nbsp;&nbsp;Finance fee revenue | **83.2** | 70.5 | **239.3** | 218.6 |
| &nbsp;&nbsp;&nbsp;Other revenue | **121.5** | 110.5 | **347.6** | 326.3 |
| Total revenues | **691.8** | 665.5 | **1987.9** | 1991.6 |
| Cost of services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Processing costs | **163.1** | 156.0 | **491.9** | 489.0 |
| &nbsp;&nbsp;&nbsp;Service fees | **22.6** | 20.7 | **71.5** | 62.4 |
| &nbsp;&nbsp;&nbsp;Provision for credit losses | **20.4** | 9.7 | **57.9** | 52.6 |
| &nbsp;&nbsp;&nbsp;Operating interest | **29.2** | 28.3 | **82.0** | 77.6 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **39.0** | 34.6 | **113.7** | 98.6 |
| Total cost of services | **274.3** | 249.2 | **817.0** | 780.2 |
| General and administrative | **92.0** | 92.1 | **251.9** | 281.6 |
| Sales and marketing | **97.3** | 80.9 | **285.9** | 259.9 |
| Depreciation and amortization | **44.7** | 46.9 | **135.5** | 140.9 |
| Operating income | **183.6** | 196.4 | **497.6** | 529.0 |
| Financing interest expense, net of financial instruments | **(63.8)** | (58.4) | **(181.8)** | (178.5) |
| Change in fair value of contingent consideration | **(0.7)** | (0.1) | **(2.3)** | (3.5) |
| Net foreign currency (loss) gain | **(2.6)** | 3.2 | **(3.3)** | (9.7) |
| Income before income taxes | **116.4** | 141.1 | **310.2** | 337.2 |
| Income tax expense | **36.2** | 38.2 | **90.3** | 91.6 |
| **Net income** | $**80.3** | $102.9 | $**219.8** | $245.7 |
| Net income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $**2.34** | $2.56 | $**6.13** | $5.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**2.30** | $2.52 | $**6.07** | $5.89 |
| Weighted average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | **34.4** | 40.3 | **35.8** | 41.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | **34.8** | 40.8 | **36.2** | 41.7 |

---

------

**WEX INC. CONDENSED CONSOLIDATED BALANCE SHEETS**

(in millions)

(unaudited)

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | December 31,<br>2024 |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**812.9** | $595.8 |
| &nbsp;&nbsp;&nbsp;Restricted cash | **668.6** | 837.8 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | **3816.1** | 3008.6 |
| &nbsp;&nbsp;&nbsp;Investment securities | **4129.2** | 3764.7 |
| &nbsp;&nbsp;&nbsp;Securitized accounts receivable, restricted | **138.9** | 109.6 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | **149.7** | 199.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **9715.5** | 8515.5 |
| &nbsp;&nbsp;&nbsp;Property, equipment and capitalized software | **258.5** | 261.2 |
| &nbsp;&nbsp;&nbsp;Goodwill and other intangible assets | **4146.8** | 4243.3 |
| &nbsp;&nbsp;&nbsp;Investment securities | **81.0** | 80.5 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes, net | **16.8** | 18.3 |
| &nbsp;&nbsp;&nbsp;Other assets | **214.7** | 202.8 |
| **Total assets** | $**14433.3** | $13321.6 |
| **Liabilities and Stockholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $**1460.4** | $1090.9 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | **665.9** | 653.6 |
| &nbsp;&nbsp;&nbsp;Restricted cash payable | **667.4** | 837.0 |
| &nbsp;&nbsp;&nbsp;Short-term deposits | **5152.9** | 4452.7 |
| &nbsp;&nbsp;Short-term debt, net | **1306.8** | 1293.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | **9253.4** | 8327.3 |
| &nbsp;&nbsp;&nbsp;Long-term debt, net | **3719.1** | 3082.1 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes, net | **174.6** | 145.6 |
| &nbsp;&nbsp;&nbsp;Other liabilities | **167.8** | 277.7 |
| **Total liabilities** | **13314.9** | 11832.8 |
| **Total stockholders' equity** | **1118.4** | 1488.8 |
| **Total liabilities and stockholders' equity** | $**14433.3** | $13321.6 |

---

------

**WEX INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** 

(in millions)

(unaudited)

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | 2024 |
| **Cash flows from operating activities** | $**159.6** | $(157.0) |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, equipment and capitalized software | **(102.2)** | (108.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of other investments | **(11.7)** | (18.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of available-for-sale debt securities | **(923.6)** | (900.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and maturities of available-for-sale debt securities | **653.4** | 309.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of intangible assets | **(14.5)** | (5.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing activities | **4.4** | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used for investing activities | **(394.3)** | (724.0) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | **(799.8)** | (543.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in deposits | **697.6** | 388.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in restricted cash payable | **(215.6)** | (480.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of deferred and contingent consideration | **(76.7)** | (93.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities | **(39.3)** | (23.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net debt activity <sup>1</sup> | **650.7** | 711.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | **216.8** | (41.1) |
| Effect of exchange rates on cash, cash equivalents and restricted cash | **62.3** | 3.9 |
| Net change in cash, cash equivalents and restricted cash | **44.4** | (918.2) |
| Cash, cash equivalents and restricted cash, beginning of period | **1437.0** | 2230.0 |
| Cash, cash equivalents and restricted cash, end of period | $**1481.5** | $1311.8 |

---

<sup>1</sup> Net debt activity includes: borrowings and repayments on revolving credit facility; borrowings and repayments on term loans; proceeds from issuance of Senior Notes; borrowings and repayments on Bank Term Funding Program (BTFP); advances from and repayments to Federal Home Loan Bank (FHLB); net change in borrowed federal funds; and net borrowings on or repayments of other debt.

------

---

| |
|:---|
| **Exhibit 1<br>Reconciliation of Non-GAAP Measures** |
| (in millions, except per share data) <br>(unaudited) |

---

**Reconciliation of GAAP Net Income Attributable to Shareholders to Non-GAAP Adjusted Net Income Attributable to Shareholders**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2025** | 2024 | 2024 |
| | | **per diluted share** | | per diluted share |
| **Net income** | $**80.3** | $**2.30** | $102.9 | $2.52 |
| Unrealized gain on financial instruments | **(0.3)** | **(0.01)** | (0.9) | (0.02) |
| Net foreign currency loss (gain) | **2.6** | **0.07** | (3.2) | (0.08) |
| Change in fair value of contingent consideration | **0.7** | **0.02** | 0.1 |  |
| Acquisition-related intangible amortization | **47.9** | **1.38** | 50.4 | 1.24 |
| Other acquisition and divestiture related items | **5.0** | **0.14** | 2.4 | 0.06 |
| Stock-based compensation | **34.7** | **1.00** | 29.8 | 0.73 |
| Other costs | **3.6** | **0.10** | 12.6 | 0.31 |
| Debt restructuring and debt issuance cost amortization | **2.3** | **0.07** | 4.3 | 0.11 |
| Tax related items | **(17.1)** | **(0.49)** | (20.9) | (0.51) |
| **Adjusted net income** | $**159.7** | $**4.59** | $177.5 | $4.35 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** | 2024 | 2024 |
| | | **per diluted share** | | per diluted share |
| Net income | $**219.8** | $**6.07** | $245.7 | $5.89 |
| Unrealized gain on financial instruments | **(0.7)** | **(0.02)** | (0.6) | (0.01) |
| Net foreign currency loss | **3.3** | **0.09** | 9.7 | 0.23 |
| Change in fair value of contingent consideration | **2.3** | **0.06** | 3.5 | 0.08 |
| Acquisition-related intangible amortization | **145.1** | **4.01** | 151.9 | 3.64 |
| Other acquisition and divestiture related items | **9.4** | **0.26** | 9.3 | 0.22 |
| Stock-based compensation | **80.4** | **2.22** | 89.8 | 2.15 |
| Other costs | **22.9** | **0.63** | 37.8 | 0.91 |
| Debt restructuring and debt issuance cost amortization | **6.3** | **0.17** | 12.0 | 0.29 |
| Tax related items | **(54.4)** | **(1.50)** | (71.1) | (1.70) |
| Adjusted net income | $**434.3** | $**11.99** | $488.1 | $11.70 |

---

------

**Reconciliation of GAAP Operating Income to Non-GAAP Total Segment Adjusted Operating Income and Adjusted Operating Income**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **(margin)**<sup>1</sup> | 2024 | (margin)<sup>1</sup> | **2025** | **(margin)**<sup>1</sup> | 2024 | (margin)<sup>1</sup> |
| **Operating income** | $**183.6** | **26.5%** | $196.4 | 29.5% | $**497.6** | **25.0%** | $529.0 | 26.6% |
| Unallocated corporate expenses | **23.7** |  | 24.1 |  | **74.1** |  | 73.8 |  |
| Acquisition-related intangible amortization | **47.9** |  | 50.4 |  | **145.1** |  | 151.9 |  |
| Other acquisition and divestiture related items | **3.8** |  | 1.6 |  | **5.0** |  | 5.4 |  |
| Stock-based compensation | **34.7** |  | 29.8 |  | **80.4** |  | 89.8 |  |
| Other costs | **3.6** |  | 14.8 |  | **22.3** |  | 42.0 |  |
| **Total segment adjusted operating income** | $**297.2** | **43.0%** | $317.1 | 47.6% | $**824.4** | **41.5%** | $891.9 | 44.8% |
| Unallocated corporate expenses | **(23.7)** |  | (24.1) |  | **(74.1)** |  | (73.8) |  |
| **Adjusted operating income** | $**273.5** | **39.5%** | $293.0 | 44.0% | $**750.3** | **37.7%** | $818.1 | 41.1% |

---

<sup>1</sup> Margins are derived by dividing the applicable measures by total net revenue for the Company.

The Company's non-GAAP adjusted operating income excludes acquisition-related intangible amortization, other acquisition and divestiture related items, debt restructuring costs, stock-based compensation, other costs and certain non-recurring or non-cash operating charges that are not core to our operations, as applicable depending on the period presented. Total segment adjusted operating income incorporates these same adjustments and further excludes unallocated corporate expenses.

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, debt restructuring costs and debt issuance cost amortization, tax related items and certain other non-operating items and non-recurring or non-cash operating charges that are not core to our operations, as applicable depending on the period presented.

Although adjusted net income, adjusted operating income, and total segment adjusted operating income are not calculated in accordance with GAAP, our management team believes these non-GAAP measures are integral to our reporting and planning processes and uses them to assess operating performance because they generally exclude financial results that are outside the normal course of our business operations or management's control. These measures are also used to allocate resources among our operating segments and for internal budgeting and forecasting purposes for both short- and long-term operating plans.

For the periods presented herein, the following items have been excluded in determining one or more non-GAAP measures for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exclusion of the non-cash, mark-to-market adjustments on financial instruments, including interest rate swap agreements and investment securities, helps management identify and assess trends in the Company's underlying business that might otherwise be obscured due to quarterly non-cash earnings fluctuations associated with these financial instruments. Additionally, the non-cash, mark-to-market adjustments on financial instruments are difficult to forecast accurately, making comparisons across historical and future periods difficult to evaluate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net foreign currency gains and losses primarily result from the remeasurement to functional currency of cash, accounts receivable and accounts payable balances, certain intercompany transactions denominated in foreign currencies and any gain or loss on foreign currency economic hedges relating to these items. The exclusion of these items helps management compare changes in operating results between periods that might otherwise be obscured due to currency fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The change in fair value of contingent consideration, which is related to the acquisition of certain contractual rights to serve as custodian or sub-custodian to HSAs, is dependent upon changes in future interest rate assumptions and has no significant impact on the ongoing operations of the Company. Additionally, the non-cash, mark-to-market adjustments on financial instruments are difficult to forecast accurately, making comparisons across historical and future periods difficult to evaluate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company considers certain acquisition-related costs, including certain financing costs, investment banking fees, warranty and indemnity insurance, certain integration-related expenses and amortization of acquired intangibles, as well as gains and losses from divestitures to be unpredictable, dependent on factors that may be outside of our control and unrelated to the continuing operations of the acquired or divested business or the Company. In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition-related costs, may not be indicative of such future costs. The Company believes that excluding acquisition-related costs and gains or losses on divestitures facilitates the comparison of our financial results to the Company's historical operating results and to other companies in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock-based compensation is different from other forms of compensation as it is a non-cash expense. For example, a cash salary generally has a fixed and unvarying cash cost. In contrast, the expense associated with an equity-based award is generally unrelated to the amount of cash ultimately received by the employee, and the cost to the Company is based on a stock-based compensation valuation methodology and underlying assumptions that may vary over time;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other costs are not consistently occurring and do not reflect expected future operating expense, nor do they provide insight into the fundamentals of current or past operations of our business. This also includes non-recurring professional service costs, costs related to certain identified initiatives, including restructuring and technology initiatives, to further streamline the business, improve the Company's efficiency, create synergies and globalize the Company's operations, all with an objective to improve scale and efficiency and increase profitability going forward.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impairment charges represent non-cash asset write-offs, which do not reflect recurring costs that would be relevant to the Company's continuing operations. The Company believes that excluding these nonrecurring expenses facilitates the comparison of our financial results to the Company's historical operating results and to other companies in its industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debt restructuring and debt issuance cost amortization are unrelated to the continuing operations of the Company. Debt restructuring costs are not consistently occurring and do not reflect expected future operating expense, nor do they provide insight into the fundamentals of current or past operations of our business. In addition, since debt issuance cost amortization is dependent upon the financing method, which can vary widely company to company, we believe that excluding these costs helps to facilitate comparison to historical results as well as to other companies within our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The tax related items are the difference between the Company's GAAP tax provision and a non-GAAP tax provision. The Company utilizes a fixed annual projected long-term non-GAAP tax rate in order to provide better consistency across reporting periods. To determine this long-term projected tax rate, the Company performs a pro forma tax provision based upon the Company's projected adjusted net income before taxes. The fixed annual projected long-term non-GAAP tax rate could be subject to change in future periods for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix including due to acquisition activity, or other changes to our strategy or business operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company does not allocate certain corporate expenses to our operating segments, as these items are centrally controlled and are not directly attributable to any reportable segment.

WEX believes that adjusted net income, adjusted operating income, and total segment adjusted operating income may also be useful to investors when evaluating the Company's performance. However, because adjusted net income, adjusted operating income, and total segment adjusted operating income are non-GAAP measures, they should not be considered as a substitute for, or superior to, net income or operating income, as determined in accordance with GAAP. In addition, adjusted net income, adjusted operating income, and total segment adjusted operating income as used by WEX may not be comparable to similarly titled measures employed by other companies.

**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 Bank cash balances and certain other adjustments.

Although non-GAAP adjusted free cash flow is not calculated in accordance with GAAP, WEX believes that adjusted free cash flow is a useful measure for investors to further evaluate our results of operations because (i) adjusted free cash flow indicates the level of cash generated by the operations of the business, which excludes consideration paid on acquisitions, after appropriate reinvestment for recurring investments in property, equipment and capitalized software that are required to operate the business; (ii) net Funding Activity includes fluctuations in deposits and other borrowings primarily used as part of our accounts receivable funding strategy; (iii) purchases of current investment securities are made as a result of deposits gathered operationally; and (iv) WEX Bank cash balances may be increased or decreased for reasons other than matching operating activity. However, because adjusted free cash flow is a non-GAAP measure, it should not be considered as a substitute for, or superior to, operating cash flow as determined in accordance with GAAP. In addition, adjusted free cash flow as used by WEX may not be comparable to similarly titled measures employed by other companies.

The following table reconciles GAAP operating cash flow to adjusted free cash flow:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| **Operating cash flow** | $**376.6** | $3.3 | $**159.6** | $(157.0) |
| Adjustments to operating cash flow, as reported: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in WEX Bank cash balances | **(47.5)** | 125.3 | **(162.3)** | 383.8 |
| &nbsp;&nbsp;Other adjustments<sup>1</sup> | **1.5** |  | **61.9** | 67.1 |
| &nbsp;&nbsp;Net Funding Activity<sup>2</sup> | **(178.1)** | 372.2 | **693.0** | 792.0 |
| &nbsp;&nbsp;Net sales and maturities (purchases) of current investment securities | **48.7** | (276.3) | **(273.3)** | (584.8) |
| &nbsp;&nbsp;Capital expenditures | **(35.0)** | (35.0) | **(102.2)** | (108.6) |
| Adjusted free cash flow | $**166.2** | $189.5 | $**376.7** | $392.5 |

---

<sup>1</sup> For the nine months ended September 30, 2025 and 2024, other adjustments is substantially comprised of contingent and deferred consideration paid to sellers in excess of acquisition-date fair value.

<sup>2</sup> Net Funding Activity includes the change in net deposits, net advances from the FHLB, changes in participation debt, and changes in borrowings under the BTFP and borrowed federal funds.

------

**Exhibit 2**<br>**Impact of Certain Macro Factors on Reported Revenue and Adjusted Net Income**<br>(in millions, except per share data) <br>(unaudited)<br>

The tables below show the impact of certain macro factors on reported revenue:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Segment Revenue Results** | **Segment Revenue Results** | **Segment Revenue Results** | **Segment Revenue Results** | **Segment Revenue Results** | **Segment Revenue Results** | **Segment Revenue Results** | **Segment Revenue Results** |
| | **Mobility** | **Mobility** | **Benefits** | **Benefits** | **Corporate Payments** | **Corporate Payments** | **Total WEX Inc.** | **Total WEX Inc.** |
| | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| Reported revenue | $**360.8** | $357.2 | $**198.1** | $181.5 | $**132.8** | $126.9 | $**691.8** | $665.5 |
| FX impact (favorable) / unfavorable | $**(0.9)** |  | $**—** |  | $**(1.9)** |  | $**(2.7)** |  |
| PPG impact (favorable) / unfavorable | $**6.0** |  | $**—** |  | $**—** |  | $**6.0** |  |
|  | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
|  | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| Reported revenue | $**1040.8** | $1055.6 | $**592.5** | $552.5 | $**354.5** | $383.5 | $**1987.9** | $1991.6 |
| FX impact (favorable) / unfavorable | $**(0.4)** |  | $**—** |  | $**(1.7)** |  | $**(2.1)** |  |
| PPG impact (favorable) / unfavorable | $**30.4** |  | $**—** |  | $**—** |  | $**30.4** |  |

---

To determine the impact of foreign exchange translation ("FX") on revenue, revenue from entities whose functional currency is not denominated in U.S. dollars, as well as revenue from purchase volume transacted in non-U.S. denominated currencies, were translated using the weighted average exchange rates for the same period in the prior year, exclusive of revenue derived from acquisitions for one year following the acquisition dates.

To determine the impact of price per gallon of fuel ("PPG") on revenue, revenue subject to changes in fuel prices was calculated based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, exclusive of revenue derived from acquisitions for one year following the acquisition dates. For the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year.

The table below shows the impact of certain macro factors on adjusted net income by segment:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Segment Estimated Adjusted Net Income Attributable to Shareholders Impact** | **Segment Estimated Adjusted Net Income Attributable to Shareholders Impact** | **Segment Estimated Adjusted Net Income Attributable to Shareholders Impact** | **Segment Estimated Adjusted Net Income Attributable to Shareholders Impact** | **Segment Estimated Adjusted Net Income Attributable to Shareholders Impact** | **Segment Estimated Adjusted Net Income Attributable to Shareholders Impact** |
| | **Mobility** | **Mobility** | **Benefits** | **Benefits** | **Corporate Payments** | **Corporate Payments** |
| | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| FX impact (favorable) / unfavorable | $**—** | $— | $**—** | $— | $**(1.2)** | $— |
| PPG impact (favorable) / unfavorable | $**3.7** | $— | $**—** | $— | $**—** | $— |
|  | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
|  | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| FX impact (favorable) / unfavorable | $**(0.6)** | $— | $**(0.3)** | $— | $**(1.6)** | $— |
| PPG impact (favorable) / unfavorable | $**19.0** | $— | $**—** | $— | $**—** | $— |

---

To determine the estimated adjusted net income impact of FX on revenue and expenses from entities whose functional currency is not denominated in U.S. dollars, as well as revenue and variable expenses from purchase volume transacted in non-U.S. denominated currencies, amounts were translated using the weighted average exchange rates for the same period in the prior year, net of tax, exclusive of revenue and expenses derived from acquisitions for one year following the acquisition dates.

To determine the estimated adjusted net income impact of PPG, revenue and certain variable expenses impacted by changes in fuel prices were adjusted based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, net of applicable taxes, exclusive of revenue and expenses derived from acquisitions for one year following the acquisition dates. For the portions of our business that earn revenue based on margin spreads, revenue was adjusted to the comparable margin from the prior year, net of applicable taxes.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit 3** <br>**Selected Other Metrics**<br>(in millions, except rate statistics) <br>(unaudited) | **Exhibit 3** <br>**Selected Other Metrics**<br>(in millions, except rate statistics) <br>(unaudited) | **Exhibit 3** <br>**Selected Other Metrics**<br>(in millions, except rate statistics) <br>(unaudited) | **Exhibit 3** <br>**Selected Other Metrics**<br>(in millions, except rate statistics) <br>(unaudited) | **Exhibit 3** <br>**Selected Other Metrics**<br>(in millions, except rate statistics) <br>(unaudited) | **Exhibit 3** <br>**Selected Other Metrics**<br>(in millions, except rate statistics) <br>(unaudited) |
| | **Q3 2025** | **Q2 2025** | **Q1 2025** | **Q4 2024** | **Q3 2024** |
| **Mobility:** | | | | | |
| &nbsp;&nbsp;Payment processing transactions <sup>(1)</sup> | **140.0** | 139.2 | 134.5 | 138.5 | 146.5 |
| &nbsp;&nbsp;Payment processing gallons of fuel <sup>(2)</sup> | **3639.8** | 3625.4 | 3527.7 | 3600.7 | 3730.5 |
| &nbsp;&nbsp;&nbsp;Average US fuel price (US$ / gallon) | $**3.38** | $3.28 | $3.32 | $3.25 | $3.45 |
| &nbsp;&nbsp;Payment processing $ of fuel <sup>(3)</sup> | $**12641.4** | $12216.2 | $12017.9 | $12003.4 | $13227.5 |
| &nbsp;&nbsp;Net payment processing rate <sup>(4)</sup> | **1.33%** | 1.31% | 1.30% | 1.36% | 1.38% |
| &nbsp;&nbsp;&nbsp;Payment processing revenue | $**168.2** | $160.4 | $156.4 | $163.4 | $183.2 |
| &nbsp;&nbsp;Net late fee rate <sup>(5)</sup> | **0.53%** | 0.54% | 0.53% | 0.57% | 0.45% |
| &nbsp;&nbsp;Late fee revenue <sup>(6)</sup> | $**67.2** | $65.9 | $63.7 | $68.4 | $59.0 |
| **Corporate Payments:** |  |  |  |  |  |
| &nbsp;&nbsp;Purchase volume <sup>(7)</sup> | $**23176.6** | $20496.8 | $17285.2 | $16541.3 | $23394.4 |
| &nbsp;&nbsp;Net interchange rate <sup>(8)</sup> | **0.47%** | 0.48% | 0.50% | 0.52% | 0.45% |
| &nbsp;&nbsp;&nbsp;Payment solutions processing revenue | $**109.7** | $97.7 | $85.7 | $85.5 | $104.8 |
| **Benefits:** |  |  |  |  |  |
| &nbsp;&nbsp;Average number of SaaS accounts <sup>(9)</sup> | **21.5** | 21.2 | 21.5 | 20.4 | 20.3 |
| &nbsp;&nbsp;Purchase volume <sup>(10)</sup> | $**1770.5** | $2002.6 | $2329.9 | $1617.1 | $1645.7 |
| &nbsp;&nbsp;&nbsp;Average HSA custodial cash assets | $**4808.5** | $4705.4 | $4608.9 | $4366.0 | $4315.0 |

---

**Definitions and explanations:**

<sup>(1)</sup> Payment processing transactions represents the total number of purchases made by fleets that have a payment processing relationship with WEX.

<sup>(2)</sup> Payment processing gallons of fuel represents the total number of gallons of fuel purchased by fleets that have a payment processing relationship with WEX.

<sup>(3)</sup> Payment processing dollars of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX.

<sup>(4)</sup> Net payment processing rate represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants, less certain discounts given to customers and network fees.

<sup>(5)</sup> Net late fee rate represents late fee revenue as a percentage of fuel purchased by fleets that have a payment processing relationship with WEX.

<sup>(6)</sup> Late fee revenue represents fees charged for payments not made within the terms of the customer agreement based upon the outstanding customer receivable balance.

<sup>(7)</sup> Purchase volume represents the total dollar value of all WEX issued transactions that use WEX corporate card products and virtual card products.

<sup>(8)</sup> Net interchange rate represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants, less certain discounts given to customers and network fees.

<sup>(9)</sup> Average number of SaaS accounts represents the number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms.

<sup>(10)</sup> Purchase volume represents the total dollar value of all transactions where interchange is earned by WEX.

------

**Exhibit 4** <br>**Segment Revenue Information** <br>(in millions)<br>(unaudited)<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Increase (decrease)** | **Increase (decrease)** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Increase (decrease)** | **Increase (decrease)** |
| **Mobility** | **2025** | 2024 | Amount | Percent | **2025** | 2024 | Amount | Percent |
| Revenues |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payment processing revenue | $**168.2** | $183.2 | $(15.0) | (8.2)% | $**484.9** | $531.1 | $(46.2) | (8.7)% |
| &nbsp;&nbsp;&nbsp;Account servicing revenue | **53.7** | 49.0 | 4.7 | 9.6% | **155.6** | 145.2 | 10.4 | 7.2% |
| &nbsp;&nbsp;&nbsp;Finance fee revenue | **82.9** | 70.2 | 12.7 | 18.1% | **238.1** | 217.9 | 20.2 | 9.3% |
| &nbsp;&nbsp;&nbsp;Other revenue | **56.0** | 54.7 | 1.3 | 2.4% | **162.2** | 161.4 | 0.8 | 0.5% |
| Total revenues | $**360.8** | $357.2 | $3.7 | 1.0% | $**1040.8** | $1055.6 | $(14.8) | (1.4)% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Increase (decrease)** | **Increase (decrease)** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Increase (decrease)** | **Increase (decrease)** |
| **Corporate Payments** | **2025** | 2024 | Amount | Percent | **2025** | 2024 | Amount | Percent |
| Revenues |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payment processing revenue | $**109.7** | $104.8 | $4.9 | 4.7% | $**293.1** | $324.2 | $(31.1) | (9.6)% |
| &nbsp;&nbsp;&nbsp;Account servicing revenue | **18.3** | 15.5 | 2.8 | 18.2% | **47.0** | 35.8 | 11.2 | 31.3% |
| &nbsp;&nbsp;&nbsp;Finance fee revenue | **0.3** | 0.2 |  | NM | **1.0** | 0.4 | 0.7 | NM |
| &nbsp;&nbsp;&nbsp;Other revenue | **4.5** | 6.4 | (1.9) | (29.2)% | **13.4** | 23.1 | (9.7) | (42.1)% |
| Total revenues | $**132.8** | $126.9 | $5.9 | 4.7% | $**354.5** | $383.5 | $(29.0) | (7.6)% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Increase (decrease)** | **Increase (decrease)** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Increase (decrease)** | **Increase (decrease)** |
| **Benefits** | **2025** | 2024 | Amount | Percent | **2025** | 2024 | Amount | Percent |
| Revenues |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payment processing revenue | $**23.8** | $21.9 | $1.9 | 8.7% | $**80.8** | $75.0 | $5.8 | 7.7% |
| &nbsp;&nbsp;&nbsp;Account servicing revenue | **113.3** | 110.0 | 3.2 | 2.9% | **339.7** | 335.5 | 4.2 | 1.3% |
| &nbsp;&nbsp;&nbsp;Finance fee revenue | **—** | 0.1 |  | NM | **0.1** | 0.3 | (0.1) | NM |
| &nbsp;&nbsp;&nbsp;Other revenue | **61.0** | 49.4 | 11.6 | 23.4% | **172.0** | 141.8 | 30.2 | 21.3% |
| Total revenues | $**198.1** | $181.5 | $16.7 | 9.2% | $**592.5** | $552.5 | $40.0 | 7.2% |

---

NM - Not meaningful

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Exhibit 5**<br>**Segment Adjusted Operating Income and Adjusted Operating Income Margin Information**<br>(in millions)<br>(unaudited) | **Exhibit 5**<br>**Segment Adjusted Operating Income and Adjusted Operating Income Margin Information**<br>(in millions)<br>(unaudited) | **Exhibit 5**<br>**Segment Adjusted Operating Income and Adjusted Operating Income Margin Information**<br>(in millions)<br>(unaudited) | **Exhibit 5**<br>**Segment Adjusted Operating Income and Adjusted Operating Income Margin Information**<br>(in millions)<br>(unaudited) | **Exhibit 5**<br>**Segment Adjusted Operating Income and Adjusted Operating Income Margin Information**<br>(in millions)<br>(unaudited) |
| | **Segment Adjusted Operating Income** | **Segment Adjusted Operating Income** | **Segment Adjusted Operating Income Margin** <sup>(1)</sup> | **Segment Adjusted Operating Income Margin** <sup>(1)</sup> |
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
| **Mobility** | $**146.7** | $167.1 | **40.7%** | 46.8% |
| **Corporate Payments** | **63.8** | 71.5 | **48.0%** | 56.4% |
| **Benefits** | **86.7** | 78.4 | **43.8%** | 43.2% |
| **Total segment adjusted operating income** | $**297.2** | $317.1 | **43.0%** | 47.6% |
|  | **Segment Adjusted Operating Income** | **Segment Adjusted Operating Income** | **Segment Adjusted Operating Income Margin**<sup>(1)</sup> | **Segment Adjusted Operating Income Margin**<sup>(1)</sup> |
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
| Mobility | $**412.2** | $452.4 | **39.6%** | 42.9% |
| Corporate Payments | **153.7** | 210.5 | **43.4%** | 54.9% |
| Benefits | **258.5** | 229.0 | **43.6%** | 41.4% |
| Total segment adjusted operating income | $**824.4** | $891.9 | **41.5%** | 44.8% |

---

<sup>1</sup> Segment adjusted operating income margin is derived by dividing segment adjusted operating income by the revenue of the corresponding segment (or the entire Company in the case of total segment adjusted operating income). See Exhibit 1 for a reconciliation of GAAP operating income and related margin to total segment adjusted operating income and related margin.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| Adjusted operating income | $**273.5** | $293.0 | $**750.3** | $818.1 |
| Adjusted operating income margin <sup>(1)</sup> | **39.5%** | 44.0% | **37.7%** | 41.1% |

---

<sup>1</sup> Adjusted operating income margin is derived by dividing adjusted operating income by total revenues of the entire Company as shown on the Condensed Consolidated Statement of Operations. See Exhibit 1 for a reconciliation of GAAP operating income and related margin to adjusted operating income and related margin.

**News Media Contact:**

WEX

Megan Zaroda, 610-379-6211

<u>Megan.Zaroda@wexinc.com</u>

**Investor Contact:**<br> WEX <br>Steve Elder, 207-523-7769<br><u>Steve.Elder@wexinc.com</u>

## Exhibit 99.2

Exhibit 99.2 ____

![q32025suppcoverslidea.jpg](q32025suppcoverslidea.jpg).

------

**Forward-Looking Statements**

These earnings supplemental 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 these supplemental materials that are not statements of historical facts are forward-looking statements. When used in these supplemental materials, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "project," "will," "positions," "confidence," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future plans, objectives, expectations, and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements. The following factors, among others, could cause actual results to differ materially from those contained in forward-looking statements made in these supplemental materials and in oral statements made by our authorized officers:

**•** the impact of fluctuations in the amount of fuel purchased and sold by our customers and retail partners, respectively, fuel price volatility, and the actual price of fuel, including fuel spreads in the Company's international markets, and the resulting impact on the Company's results, including margins, revenues, and net income;

**•** the effects of general economic conditions and the amount of business activity in the economies in which we operate, particularly in the U.S., Europe, and the United Kingdom, including, but not limited to, conditions resulting from market volatility, an economic recession, the impact of tariffs or international trade wars, increasing unemployment, and declining consumer confidence, which may lead to, among other things, a decline or stagnation in demand for fuel, corporate payment services, travel-related services, or employee benefits-related products and services;

**•** the failure to comply with the applicable requirements of Mastercard or Visa contracts and rules;

**•** the extent to which unpredictable events in the locations in which the Company or the Company's customers operate or elsewhere may adversely affect the Company's employees, ability to conduct business, results of operations, and financial condition;

**•** the impact and size of credit losses, including fraud losses, and other adverse effects if the Company fails to adequately assess and monitor credit risk or fraudulent use of our payment cards or systems;

**•** the impact of changes to the Company's credit standards;

**•** limitations on, or compression of, interchange fees;

**•** the effect of adverse financial conditions affecting the banking system;

**•** the impact of the U.S. federal government shutdown;

**•** the impact of increasing scrutiny with respect to our environmental, social, and governance practices;

**•** failure to implement new technologies and products;

**•** the failure to realize or sustain the expected benefits from our cost and organizational operational efficiencies initiatives;

**•** the failure to compete effectively in order to maintain or renew key customer and partner agreements and relationships, or to maintain volumes under such agreements;

**•** the ability to attract and retain employees;

**•** the ability to execute the Company's business expansion and acquisition efforts and realize the benefits of acquisitions we have completed;

**•** the failure to achieve commercial and financial benefits as a result of our strategic minority equity investments;

**•** the impact of foreign currency exchange rates on the Company's operations, revenue, and income and other risks associated with our operations outside the United States;

**•** the failure to adequately safeguard custodial HSA assets;

**•** the incurrence of impairment charges if the Company's assessment of the fair value of certain of its reporting units changes;

**•** the uncertainties of investigations and litigation;

**•** the ability of the Company to protect its intellectual property and other proprietary rights;

**•** the impact of regulatory capital requirements and other regulatory requirements on the operations of WEX Bank or its ability to make payments to WEX Inc.;

**•** the impact of the Company's debt instruments on the Company's operations;

------

**•** the impact of increased leverage on the Company's operations, results, or borrowing capacity generally;

**•** our ability to achieve our capital allocation priorities;

**•** changes in interest rates, including those which we must pay for our deposits, those which we earn on our investment securities, and the resultant potential impacts to our debt securities subject to early call provisions;

**•** the ability to refinance certain indebtedness or obtain additional financing;

**•** the actions of regulatory bodies, including tax, banking, and securities regulators, or possible changes in tax, banking, or financial regulations impacting the Company's industrial bank, the Company as the corporate parent, or other subsidiaries or affiliates;

**•** the failure to comply with the Treasury Regulations applicable to non-bank custodians;

**•** the impact from breaches of, or other issues with, the Company's technology systems or those of its third-party service providers and any resulting negative impact on the Company's reputation, liabilities, or relationships with customers or merchants;

**•** the impact of regulatory developments with respect to privacy and data protection;

**•** the impact of any disruption to the technology and electronic communications networks we rely on;

**•** the ability to adopt, implement, and use artificial intelligence technologies across our business successfully and ethically;

**•** the ability to maintain effective systems of internal controls;

**•** the failure to repurchase shares at favorable prices, if at all;

**•** the impact of provisions in our charter documents, Delaware law, and applicable banking laws that may delay or prevent our acquisition by a third party; as well as

**•** other risks and uncertainties identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 20, 2025, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the SEC on May 1, 2025, and subsequent filings with the Securities and Exchange Commission.

The forward-looking statements speak only as of the date of the initial filing of these earnings supplemental materials and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events, or otherwise.

**Non-GAAP Information:**

For additional important information and disclosure regarding our use of non-GAAP metrics, specifically, adjusted net income, adjusted net income per diluted share, total segment adjusted operating income and margin, and adjusted free cash flow, please see our most recent earnings release issued on October 29, 2025. In addition, see Exhibit 1 to this earnings supplement for an explanation and reconciliation of (i) GAAP operating income to non-GAAP total segment adjusted operating income and adjusted operating income, (ii) GAAP net income to non-GAAP adjusted net income, (iii) GAAP net income per diluted share to non-GAAP adjusted net income per diluted share, and (iv) GAAP operating cash flow to non-GAAP adjusted free cash flow.

**Note:** 

The Company rounds amounts to millions within tables and text (unless otherwise specified), and calculates all percentages and per-share data from underlying whole-dollar amounts. As a result, certain amounts may not foot, crossfoot, or recalculate based on reported numbers due to rounding. Within the tables following, we present the impact of FX and PPG changes on various financial metrics. To determine the estimated earnings impact of FX on revenue and expenses from entities whose functional currency is not denominated in U.S. dollars, as well as revenue and variable expenses from purchase volume transacted in non-U.S. denominated currencies, amounts were translated using the weighted average exchange rates for the same period in the prior year, net of tax, exclusive of revenue and expenses derived from acquisitions for one year following the acquisition dates. To determine the estimated earnings impact of PPG, revenue and certain variable expenses impacted by changes in fuel prices were adjusted based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, net of applicable taxes, exclusive of revenue and expenses derived from acquisitions for one year following the acquisition dates. For the portions of our business that earn revenue based on margin spreads, revenue was adjusted to the comparable margin from the prior year, net of non-controlling interests and applicable taxes.

------

**Financial Results**

**•** Total revenue for Q3 2025 increased $26.3 million, or 3.9%, compared to Q3 2024, including a net $6.0 million unfavorable impact from fuel prices and spreads and a $2.7 million favorable impact from foreign exchange rates. Q3 GAAP net income was $2.30 per diluted share, a decrease of 8.7% compared to the prior year. Q3 adjusted net income was $4.59 per diluted share, an increase of 5.5% compared to the prior year.

• Q3 2025 results were largely in line with quarterly guidance, with the exception of higher-than-anticipated fuel prices and additional expense savings recognized during the quarter. Fuel prices trended slightly higher than the guidance assumption, which increased revenue above the top end of the guidance range. In addition to the expense savings, the higher fuel prices pushed adjusted EPS above the guidance range. When adjusted for fuel prices and FX noted in the table below, revenue growth was up 4.4% during the quarter compared with the prior year, while adjusted earnings per share grew 7.2% on the same basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the twelve months ended** | **For the twelve months ended** |
| **(Unaudited)**<br>***(in millions except per share amounts)*** | **9/30/23** | **12/31/23** | **3/31/24** | **6/30/24** | **9/30/24** | **12/31/24** | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/23** | **12/31/24** |
| **Revenues** | $651.4 | $663.3 | $652.7 | $673.5 | $665.5 | $636.5 | $636.6 | $659.6 | $**691.8** | $2548 | $2628.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | 5.7% | 7.2% | 6.7% | 8.4% | 2.2% | (4.0)% | (2.5)% | (2.1)% | **3.9%** | 8.4% | 3.1% |
| FX Impact vs Prior Year<sup>1</sup> | $(5.3) | $(0.3) | $(0.7) | $0.8 | $(2.2) | $1.3 | $2.5 | $(1.9) | $**(2.7)** | $(1.7) | $(0.8) |
| PPG Impact vs Prior Year<sup>1</sup> | $31.9 | $24.9 | $20.5 | $5.4 | $21.2 | $26.6 | $8.5 | $15.9 | $**6.0** | $108.4 | $73.8 |
| PPG and FX % Impact on Revenue vs Prior Year | (4.3)% | (4.0)% | (3.2)% | (1.0)% | (2.9)% | (4.2)% | (1.7)% | (2.1)% | **(0.5)%** | (4.5)% | (2.9)% |
| **GAAP Income per Diluted Share**<sup>2</sup> | $0.42 | $1.98 | $1.55 | $1.83 | $2.52 | $1.60 | $1.81 | $1.98 | $**2.30** | $6.16 | $7.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change<sup>3</sup> | NM | (2.0)% | (0.6)% | (16.8)% | NM | (19.2)% | 16.8% | 8.2% | **(8.7)%** | 36.9% | 21.8% |
| **ANI per Diluted Share**<sup>2</sup> | $4.05 | $3.82 | $3.46 | $3.91 | $4.35 | $3.57 | $3.51 | $3.95 | $**4.59** | $14.81 | $15.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | 15.4% | 11.0% | 4.5% | 7.7% | 7.4% | (6.5)% | 1.4% | 1.0% | **5.5%** | 9.5% | 3.2% |
| FX Impact per Share vs Prior Year<sup>1</sup> | $(0.06) | $0.04 | $— | $— | $(0.05) | $0.01 | $— | $(0.03) | $**(0.03)** | $— | $(0.04) |
| PPG Impact per Share vs Prior Year<sup>1</sup> | $0.49 | $0.39 | $0.33 | $0.09 | $0.33 | $0.44 | $0.13 | $0.29 | $**0.11** | $1.62 | $1.19 |
| PPG and FX % Impact on Adjusted Earnings Per Share vs Prior Year | (12.3)% | (12.5)% | (10.0)% | (2.5)% | (6.9)% | (11.8)% | (3.7)% | (6.7)% | **(1.6)%** | (12.0)% | (7.8)% |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Favorable impacts are shown as negatives, while unfavorable impacts are shown as positive figures.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per share includes the impact of convertible securities under the "if-converted" method if the effect of such securities would be dilutive and includes the assumed exercise of dilutive options, the assumed issuance of unvested RSUs, performance-based awards for which the performance condition has been met as of the date of determination, and contingently issuable shares that would be issuable if the end of the reporting period was the end of the contingency period, using the treasury stock method unless the effect is anti-dilutive. On August 11, 2023, the Company repurchased all of the outstanding Convertible Notes.

<sup>(3)</sup> Due to the relative volatility in our GAAP net income per share, many of the changes are not meaningful to the reader and have been marked "NM".

------

The following table summarizes our financial results by segment for the most recent quarter and for the twelve months ended December 31, 2024, in millions except for margin:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the three months ended 9/30/25** | **For the three months ended 9/30/25** | **For the three months ended 9/30/25** | **For the three months ended 9/30/25** | **For the twelve months ended 12/31/24** | **For the twelve months ended 12/31/24** | **For the twelve months ended 12/31/24** | **For the twelve months ended 12/31/24** |
| **(Unaudited)** | **Mobility** | **Benefits** | **Corporate<br>Payments** | **Total** | **Mobility** | **Benefits** | **Corporate Payments** | **Total** |
| Revenues | $360.8 | $198.1 | $132.8 | $**691.8** | $1400.8 | $739.5 | $487.8 | $2628.1 |
| Segment Revenue % of Total | 52.2% | 28.6% | 19.2% |  | 53.3% | 28.1% | 18.6% |  |
| Y/Y Change | 1.0% | 9.2% | 4.7% | **3.9%** | 1.3% | 10.6% | -1.8% | 3.1% |
| GAAP Operating Income | $111.5 | $56.9 | $52 | $**183.6** | $469.1 | $173.3 | $203.5 | $686.3 |
| GAAP Operating Income Margin | 30.9% | 28.7% | 39.2% | **26.5%** | 33.5% | 23.4% | 41.7% | 26.1% |
| Adjusted Operating Income | $146.7 | $86.7 | $63.8 | $**273.5** | $598.5 | $307 | $256.2 | $1059.7 |
| Adjusted Operating Income Margin<sup>4</sup> | 40.7% | 43.8% | 48.0% | **39.5%** | 42.7% | 41.5% | 52.5% | 40.3% |

---

<sup>(4)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Each segment's adjusted operating income margin is derived by dividing the segment's adjusted operating income by the revenue of the corresponding segment. Adjusted operating income margin for total WEX is derived by dividing WEX adjusted operating income by WEX total revenues.

------

---

| | |
|:---|:---|
| ![a02_wexx-earningssupplemend.jpg](a02_wexx-earningssupplemend.jpg) | **Mobility Segment** |

---

Revenue in this segment is derived primarily from payment processing, based on transaction volume or fixed fees, as well as account servicing fees, finance charges, and other ancillary services.

**•** Mobility segment revenue for the quarter increased 1.0% compared to the same period a year ago, including a 1.4% drag due to lower fuel prices and foreign exchange rates. The Q3 average domestic fuel price of $3.38 was 15 cents higher than our prior guidance, increasing revenue by approximately $7.5 million relative to guidance. Compared to the same period in 2024, the $0.07 decline in fuel prices reduced revenue by approximately $6.0 million, which also includes a small impact from European fuel price spreads.

**•** Payment processing transactions were down 4.5% in Q3 2025 compared to Q3 2024. Local fleets in North America were down 4.8%, while Over-the-Road truck fleets were up 0.3%.

**•** Same-store sales<sup>5</sup>, which is a measure of the gallons purchased, for local fleets in the U.S. declined in line with Q2 results, while Over-the-Road customers saw a modest softening compared with Q2. The Company believes that this metric is a reflection of the economic demand environment and the long-term trend of better vehicle fuel efficiency.

**•** The net interchange rate in the Mobility segment was 1.33%, an increase of 2 basis points sequentially. The sequential increase in the net interchange rate is due primarily to merchant pricing and mix.

**•** The net late fee rate increased by 9 basis points year-over-year, while finance fee revenue increased 18.1% to $82.9 million. The increase in the net late fee rate was due primarily to an unfavorable impact from an operational issue in the prior year. In addition, there were smaller positive impacts from past pricing actions, which were partially offset by a 1.3% decline in the number of late fee instances charged as well as the decline in fuel prices.

**•** Credit losses increased by $7.3 million versus the same period last year, coming in at 12.1 basis points of spend volume, which was better than our guidance range of 13-18 basis points and compares to 5.8 basis points for the same quarter last year. We remain very pleased with our efforts to minimize credit losses to date and will continue to watch this closely.

**•** GAAP operating income margin for the segment was 30.9%, compared to 38.2% in the prior-year period. The Mobility segment's adjusted operating income margin for the quarter was 40.7%, which is down 6.1% compared to last year. This decrease was primarily driven by lower fuel prices and the impact of expense increases for sales and marketing and product development.

<sup>(5)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Same-store sales for the Mobility segment are calculated by comparing fuel gallons purchased by customers who joined the Company in 2023 or earlier, adjusted for the number of business days in the period.

------

The following table reflects segment results and select other metrics within Mobility. All amounts are in millions, except for per transaction and per gallon data:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the twelve months ended** | **For the twelve months ended** |
| **(Unaudited)** | **9/30/23** | **12/31/23** | **3/31/24** | **6/30/24** | **9/30/24** | **12/31/24** | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/23** | **12/31/24** |
| **Revenues** | | | | | | | | | | | |
| Total Revenues | $350.1 | $350.1 | $339.0 | $359.6 | $357.2 | $345.2 | $333.8 | $346.2 | $**360.8** | $1382.7 | $1400.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | (7.4)% | (4.7)% | (1.0)% | 5.7% | 2.0% | (1.4)% | (1.5)% | (3.7)% | **1.0%** | (4.2)% | 1.3% |
| FX Impact<sup>6</sup> | $(0.6) | $(0.9) | $0.1 | $0.4 | $(0.5) | $0.1 | $1.3 | $(0.8) | $**(0.9)** | $1.7 | $— |
| PPG Impact<sup>6</sup> | $31.9 | $24.9 | $20.5 | $5.4 | $21.2 | $26.6 | $8.5 | $15.9 | $**6.0** | $108.4 | $73.8 |
| PPG and FX % Impact on Revenue | (8.3)% | (6.5)% | (6.0)% | (1.7)% | (5.9)% | (7.6)% | (2.9)% | (4.2)% | **(1.4)%** | (7.6)% | (5.3)% |
| Operating Income (GAAP) | $125.0 | $117.3 | $99.3 | $119.2 | $136.5 | $114.1 | $99.4 | $101.1 | $**111.5** | $472.8 | $469.1 |
| Operating Income (GAAP) Margin | 35.7% | 33.5% | 29.3% | 33.1% | 38.2% | 33.1% | 29.8% | 29.2% | **30.9%** | 34.2% | 33.5% |
| Adjusted Operating Income | $159.6 | $150.7 | $131.0 | $154.3 | $167.1 | $146.1 | $131.4 | $134.0 | $**146.7** | $599.4 | $598.5 |
| Adjusted Operating Income Margin<sup>7</sup> | 45.6% | 43.0% | 38.6% | 42.9% | 46.8% | 42.3% | 39.4% | 38.7% | **40.7%** | 43.3% | 42.7% |
| **Select Other Metrics** |  |  |  |  |  |  |  |  |  |  |  |
| Total Volume | $22220 | $21057 | $19943 | $20849 | $20137 | $18610 | $18751 | $18833 | $**19684** | $84721 | $79539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | (12.5)% | (12.2)% | (6.0)% | 3.1% | (9.4)% | (11.6)% | (6.0)% | (9.7)% | (2.3)% | (14.3)% | (6.1)% |
| Payment Processing Transactions | 144.6 | 138.1 | 136.9 | 144.9 | 146.5 | 138.5 | 134.5 | 139.2 | **140.0** | 562.6 | 566.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | (0.4)% | (0.8)% | (0.4)% | 1.8% | 1.3% | 0.3% | (1.8)% | (3.9)% | (4.5)% | 0.4% | 0.7% |
| Payment Processing $ of Fuel | $14945 | $13814 | $13061 | $13729 | $13227 | $12003 | $12018 | $12216 | $**12641** | $56684 | $52021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | (13.1)% | (13.3)% | (7.7)% | (0.4)% | (11.5)% | (13.1)% | (8.0)% | (11.0)% | (4.4)% | (14.3)% | (8.2)% |
| Average U.S. Fuel Price | $3.97 | $3.76 | $3.56 | $3.62 | $3.45 | $3.25 | $3.32 | $3.28 | $**3.38** | $3.82 | $3.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | (12.6)% | (13.4)% | (7.8)% | (1.6)% | (13.1)% | (13.6)% | (6.7)% | (9.5)% | (2.1)% | (14.3)% | (9.2)% |
| Payment Processing Gallons | 3687 | 3579 | 3568 | 3694 | 3731 | 3601 | 3528 | 3625 | **3640** | 14507 | 14593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | (1.1)% | (0.9)% | (0.3)% | 0.8% | 1.2% | 0.6% | (1.1)% | (1.9)% | (2.4)% | (0.5)% | 0.6% |
| Payment Processing Revenue | $177.1 | $174.3 | $170.7 | $177.2 | $183.2 | $163.4 | $156.4 | $160.4 | $**168.2** | $695.0 | $694.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | (6.1)% | (1.7)% | (0.5)% | 3.0% | 3.4% | (6.3)% | (8.4)% | (9.5)% | (8.2)% | (3.5)% | (0.1)% |
| Net Payment Processing Rate | 1.18% | 1.26% | 1.31% | 1.29% | 1.38% | 1.36% | 1.30% | 1.31% | **1.33%** | 1.23% | 1.34% |
| Net Late Fee Revenue | $66.4 | $69.0 | $60.4 | $67.3 | $59.0 | $68.4 | $63.7 | $65.9 | **$67.2** | $271.8 | $255.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | (20.2)% | (23.3)% | (14.0)% | 1.5% | (11.1)% | (0.9)% | 5.5% | (2.0)% | 13.9% | (11.5)% | (6.1)% |
| Net Late Fee Rate | 0.44% | 0.50% | 0.46% | 0.49% | 0.45% | 0.57% | 0.53% | 0.54% | **0.53%** | 0.48% | 0.49% |
| Credit Losses, in Basis Points | 7 | 8 | 15 | 14 | 6 | 11 | 12 | 14 | **12** | 15 | 12 |

---

<sup>(6)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Favorable impacts are shown as negatives, while unfavorable impacts are shown as positive figures.

<sup>(7)</sup> Segment adjusted operating income margin is derived by dividing segment adjusted operating income by the revenue of the corresponding segment.

------

---

| | |
|:---|:---|
| ![a02_wexx-earningssupplemene.jpg](a02_wexx-earningssupplemene.jpg) | **Benefits Segment** |

---

WEX's Benefits segment simplifies employee benefit plan administration through SaaS software integrated with payment solutions. We deliver diverse product offerings including Benefit Administration, Health Savings Accounts, Flexible Spending Accounts, Health Reimbursement Arrangements, COBRA & Direct Billing, and compliance administration. These solutions empower administrators, employers, and participants to make optimal benefits decisions. Our platform's flexibility supports multiple plan types and customizable designs, adapting to market changes. Our solutions streamline processes, reduce costs, and empower employees with greater choice and control. WEX combines healthcare expertise with payment intelligence and workflow optimization to deliver secure, customer-centric solutions. This simplifies daily administration, provides personalized tools, and offers proactive support, ultimately driving better business outcomes through healthier, more engaged employees.

Revenue in this segment is derived from per-participant fees, HSA deposit interest, and debit card interchange. Our business experiences annual seasonality, with Q1 peaking for new account sign-ups and transactions. WEX Inc. also serves as an IRS-designated non-bank custodian, while WEX Bank provides HSA depository services.

**•** Benefits revenue in Q3 2025 was $198.1 million, an increase of 9.2% over the prior year, driven by continued strong revenue growth in our HSA accounts.

• Average SaaS accounts for Q3 increased 6.0% year-over-year to 21.5 million. HSA account growth specifically, including partner channel accounts, was 7% compared to market growth of 6% according to the Devenir Research 2025 Midyear HSA Market Statistics & Trends report.

• Benefits purchase volume increased by 7.6% compared to the prior-year quarter. While our interchange revenues in this segment are a relatively small piece of the total, they generate a steady revenue stream and a strong flow-through to operating income.

• Account servicing revenue in Q3 was $113.3 million, an increase of 2.9% versus last year. When excluding income earned on HSA deposits included in this line item, growth was 5.7%. More custodial cash balances were moved onto WEX's balance sheet from third party banks, which shifted the income recognized on this line item to other revenue.

• Average custodial cash assets totaled $4.8 billion, an increase of 11.4% compared to the prior year, and generated $61.7 million in revenue—up from $53.7 million last year—earned at WEX Bank and third-party banks. The interest yield earned on these investments increased 15 basis points year-over-year to 5.13%.

• GAAP operating income margin for the segment was 28.7%, compared to 24.9% in the same prior-year period. The Benefits segment adjusted operating income margin was 43.8% compared to 43.2% in 2024. The increased margin versus last year is driven by the high flow-through of custodial investment income.

------

The following table reflects segment results and select other metrics within Benefits. All amounts are in millions, except for yields:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(Unaudited)** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the twelve months ended** | **For the twelve months ended** |
| | **9/30/23** | **12/31/23** | **3/31/24** | **6/30/24** | **9/30/24** | **12/31/24** | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/23** | **12/31/24** |
| **Revenues** | | | | | | | | | | | |
| Total Revenues | $166.1 | $178.2 | $191.2 | $179.8 | $181.5 | $186.9 | $199.3 | $195.1 | **$198.1** | $668.4 | $739.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | 33.9% | 26.7% | 15.9% | 12.9% | 9.3% | 4.9% | 4.2% | 8.5% | **9.2%** | 32.5% | 10.6% |
| Operating Income (GAAP) | $26.5 | $19.0 | $46.7 | $32.5 | $45.2 | $48.8 | $56.5 | $53.5 | $**56.9** | $114.8 | $173.3 |
| Operating Income (GAAP) Margin | 16.0% | 10.7% | 24.4% | 18.1% | 24.9% | 26.1% | 28.3% | 27.4% | **28.7%** | 17.2% | 23.4% |
| Adjusted Operating Income | $58.8 | $59.2 | $79.4 | $71.1 | $78.4 | $78.0 | $86.9 | $84.9 | $**86.7** | $241.8 | $307.0 |
| Adjusted Operating Income Margin<sup>8</sup> | 35.4% | 33.2% | 41.5% | 39.6% | 43.2% | 41.7% | 43.6% | 43.5% | **43.8%** | 36.2% | 41.5% |
| **Select Other Metrics** |  |  |  |  |  |  |  |  |  |  |  |
| Average SaaS Accounts | 19.9 | 19.9 | 20.3 | 20.0 | 20.3 | 20.4 | 21.5 | 21.2 | **21.5** | 19.9 | 20.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | 9.2% | 7.6% | —% | 2.6% | 2.0% | 2.5% | 6.1% | 6.0% | **6.0%** | 10.6% | 2.0% |
| Total Volume | $2880 | $2823 | $3840 | $3496 | $3129 | $3135 | $4196 | $3729 | **3276** | $12442 | $13600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | 9.3% | 8.7% | 9.7% | 8.0% | 8.6% | 11.1% | 9.3% | 6.7% | **4.7%** | 11.0% | 9.3% |
| Purchase Volume | $1501 | $1510 | $2115 | $1865 | $1646 | $1617 | $2330 | $2003 | $**1771** | $6656 | $7243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | 11.2% | 9.9% | 9.6% | 8.7% | 9.7% | 7.1% | 10.2% | 7.4% | **7.6%** | 13.4% | 8.8% |
| Average HSA Custodial Cash Assets | $3909 | $3925 | $4209 | $4231 | $4315 | $4366 | $4609 | $4705 | $**4808** | 3869 | 4280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | 23.0% | 13.1% | 11.8% | 9.1% | 10.4% | 11.2% | 9.5% | 11.2% | **11.4%** | 21.8% | 10.6% |
| Custodial Investment Revenue - in Other Revenue<sup>9</sup> | $29.7 | $32.2 | $37.5 | $40.0 | $41.2 | $44.3 | $44.6 | $48.2 | $**51.5** | $109.0 | $163.0 |
| Custodial Investment Revenue - in Account Servicing Revenue<sup>10</sup> | $14.3 | $13.1 | $13.0 | $11.9 | $12.5 | $9.1 | $11.3 | $9.6 | $**10.2** | $59.4 | $46.5 |
| Custodial Investment Revenue - Total | $44.0 | $45.3 | $50.5 | $51.9 | $53.7 | $53.4 | $55.8 | $57.8 | $**61.7** | $168.5 | $209.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | 177.0% | 77.0% | 35.8% | 23.6% | 22.0% | 17.9% | 10.6% | 11.4% | **14.9%** | 175.8% | 24.3% |
| HSA Yield<sup>11</sup> | 4.51% | 4.62% | 4.80% | 4.91% | 4.98% | 4.89% | 4.85% | 4.92% | **5.13%** | 4.36% | 4.90% |

---

<sup>(8)</sup> Segment adjusted operating income margin is derived by dividing segment adjusted operating income by the revenue of the corresponding segment.

<sup>(9)</sup> Represents income earned on available-for-sale securities held and managed by WEX Bank. These amounts are recorded within Other Revenue on our consolidated statement of operations.

<sup>(10)</sup> Represents income earned for custodial deposits held at third-party banks. These amounts are recorded within Account Servicing Revenue on our consolidated statement of operations.

<sup>(11)</sup> We calculate HSA yield by dividing Custodial Investment Revenue - Total by Average HSA Custodial Cash Assets.

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The following chart shows the maturity profile of the investment securities and deposits as of September 30, 2025. The blended portfolio yield shown is the return earned on the balances maturing each year as of September 30, 2025.

![chart-5417083318264a8c9aca.jpg](chart-5417083318264a8c9aca.jpg)

Despite benchmark interest rates that have generally trended downward recently, our portfolio management efforts have maintained relatively consistent custodial investment returns.

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---

| | |
|:---|:---|
| ![a02_wexx-earningssupplemenc.jpg](a02_wexx-earningssupplemenc.jpg) | **Corporate Payments Segment** |

---

Revenue in this segment is primarily derived from net interchange, with additional contributions from licensing fees.

**•** Total segment revenue for the quarter increased 4.7% to $132.8 million. The revenue increase was driven primarily by increased yields on purchase volume and a 10.8% increase in the total volume. Foreign exchange rates were also favorable, increasing revenue by $1.9 million compared to the prior year.

**•** Purchase volumes issued by WEX decreased 0.9% compared to the same period last year, a notable sequential improvement. We have largely lapped the headwind we've discussed in recent quarters from a large OTA customer transitioning to a new operating model.

**•** The net interchange rate was flat sequentially. The net interchange rate for travel customers was flat while the non-travel customer rate was up 2 basis points compared with Q2 2025. The increase in the non-travel rate was due primarily to customer mix.

**•** Direct Accounts Payable purchase volume for the quarter increased by more than 20%. While the Direct component of the segment is currently a small portion of volume, it is currently rapidly growing and its higher revenue yield leads to a relatively outsized revenue impact to the segment. Historically, Direct has provided lower quarterly volume volatility due to our direct interaction with the end customer. This book of business currently generates approximately 20% of annual segment revenue.

**•** Because of the strong potential growth opportunity in our Direct Accounts Payable business, we intend to continue to invest in new product capabilities and additional sales and marketing resources.

**•** GAAP operating income margin for the segment was 39.1% compared to 44.2% in the comparable prior-year quarter. The adjusted operating income margin in the segment was 48.0%, which is down from 56.4% in the same quarter last year due primarily to the mix of revenue and increased sales and marketing expenses.

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The following table reflects segment results and select other metrics within Corporate Payments. All amounts are in millions:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the twelve months ended** | **For the twelve months ended** |
| | **9/30/23** | **12/31/23** | **3/31/24** | **6/30/24** | **9/30/24** | **12/31/24** | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/23** | **12/31/24** |
| **Revenues** | | | | | | | | | | | |
| Total Revenues | $135.2 | $135.0 | $122.5 | $134.1 | $126.9 | $104.3 | $103.5 | $118.3 | $**132.8** | $496.9 | $**487.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | 18.6% | 22.0% | 16.9% | 10.0% | (6.1)% | (22.7)% | (15.5)% | (11.8)% | **4.7%** | 23.5% | **(1.8)%** |
| FX Impact<sup>12</sup> | $(4.7) | $0.6 | $(0.9) | $0.5 | $(1.7) | $1.3 | $1.3 | $(1.1) | $**(1.9)** | $(3.3) | $**(0.9)** |
| Operating Income (GAAP) | $69.6 | $60.9 | $51.1 | $61.0 | $56.1 | $35.4 | $27.2 | $38.0 | $**52.0** | $219.1 | $**203.5** |
| Operating Income (GAAP) Margin | 51.5% | 45.1% | 41.7% | 45.5% | 44.2% | 33.9% | 26.3% | 32.1% | **39.1%** | 44.1% | **41.7%** |
| Adjusted Operating Income | $82.9 | $78.8 | $64.6 | $74.4 | $71.5 | $45.7 | $40.5 | $49.5 | $**63.8** | $277.2 | $**256.2** |
| Adjusted Operating Income Margin<sup>13</sup> | 61.3% | 58.4% | 52.7% | 55.5% | 56.4% | 43.9% | 39.1% | 41.9% | **48.0%** | 55.8% | **52.5%** |
| **Select Other Metrics** |  |  |  |  |  |  |  |  |  |  |  |
| Total Volume | $36780 | $31971 | $33026 | $35792 | $39056 | $30833 | $31109 | $36939 | $**43272** | $128168 | $**138707** |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | 24.6% | 22.0% | 19.7% | 12.5% | 6.2% | (3.6)% | (5.8)% | 3.2% | **10.8%** | 26.1% | 8.2% |
| Total Purchase Volume | $27860 | $22801 | $23948 | $25756 | $23394 | $16541 | $17285 | $20497 | $**23177** | $92197 | $**89640** |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | 34.9% | 33.5% | 28.5% | 12.5% | (16.0)% | (27.5)% | (27.8)% | (20.4)% | **(0.9)%** | 38.3% | (2.8)% |
| Net Interchange Rate | 0.42% | 0.52% | 0.43% | 0.45% | 0.45% | 0.52% | 0.50% | 0.48% | **0.47%** | 0.46% | **0.46%** |
| Payment Solutions Processing Revenue | 115.7 | 117.4 | 103.2 | 116.2 | 104.8 | $85.5 | $85.7 | $97.7 | $**109.7** | $428.0 | $**409.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;Y/Y Change | 14.0% | 19.2% | 14.5% | 10.9% | (9.4)% | (27.2)% | (16.9)% | (16.0)% | **4.7%** | 21.0% | (4.3)% |

---

<sup>(12)</sup> Favorable impacts are shown as negatives, while unfavorable impacts are shown as positive figures.

<sup>(13)</sup> Segment adjusted operating income margin is derived by dividing segment adjusted operating income by the revenue of the corresponding segment.

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The following charts present Corporate Payments segment revenue, adjusted operating income margin, volume, and net interchange rate:

![chart-9bdab25148c54222ab0a.jpg](chart-9bdab25148c54222ab0a.jpg)

![chart-afbfe9cdbea64343beda.jpg](chart-afbfe9cdbea64343beda.jpg)

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**Balance Sheet and Debt**

The following table includes a further condensed version of our balance sheet as well as key operating metrics relevant to our balance sheet:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***(in millions, except for leverage ratio)*** | **9/30/23** | **12/31/23** | **3/31/24** | **6/30/24** | **9/30/24** | **12/31/24** | **3/31/25** | **6/30/25** | **9/30/25** |
| Cash and Cash Equivalents | $958 | $976 | $780 | $683 | $535 | $599 | $610 | $773 | $**813** |
| Accounts Receivable | 4054 | 3429 | 3857 | 3966 | 3770 | 3023 | 3768 | 3925 | **3816** |
| Long-Term Debt, Net | 2650 | 2828 | 3082 | 2960 | 3143 | 3082 | 4100 | 3909 | **3719** |
| Corporate Cash | $170 | $172 | $176 | $143 | $123 | $80 | $163 | $134 | $**128** |
| Available Liquidity<sup>14</sup> | $1095 | $903 | $639 | $947 | $729 | $735 | $770 | $916 | $**1082** |
| Leverage Ratio<sup>15</sup> | 2.4x | 2.5x | 2.6x | 2.5x | 2.6x | 2.6x | 3.5x | 3.4x | **3.25x** |
| Investment Securities at Cost<sup>16</sup> | $2830 | $3102 | $3411 | $3438 | $3734 | $3875 | $3891 | $4180 | $**4134** |

---

We currently remain in a healthy financial position and ended the quarter with $1,082 million of available liquidity that includes our available corporate cash and capacity to borrow under our revolving Credit Agreement. Our leverage ratio, as defined in the Credit Agreement, as of September 30, 2025, stands at 3.25 times, and remains within our long-term target of 2.5 times to 3.5 times. The Company expects to use cash flow generated through the remainder of the year to reduce leverage.

The following table summarizes the Company's long-term debt maturities<sup>17</sup>, excluding our revolver and nominal scheduled principal payments on our term loans:

![chart-6151d29d6076426da4ca.jpg](chart-6151d29d6076426da4ca.jpg)

We have maintained ample access to debt markets and strategically review our debt composition and maturity schedule to align with our long-term objectives. We currently have a runway of more than two years before our next maturity, which we believe provides us with an appropriate cushion to remain opportunistic in the market.

<sup>(14)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Available liquidity includes corporate cash, plus the portion of our revolving credit facility undrawn as of the specific balance sheet date.

<sup>(15)</sup> &nbsp;&nbsp;&nbsp;&nbsp;As defined in the Credit Agreement.

<sup>(16)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Our available-for-sale debt securities are measured and reported at fair value on the face of the balance sheet. We have additionally included the cost basis of these investments to provide greater clarity on the nature and extent of our investing activities.

<sup>(17)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The maturity date of the Term A debt is the earlier of (i) May 10, 2029 and (ii) the date that is 91 days prior to the maturity of the Term B-2 Loans. We have presented Term A within 2029 in the table above with the expectation that the Term B-2 debt will be refinanced prior to maturity.

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**Cash Flow**

The following table<sup>18</sup> presents our operating cash flow and adjusted free cash flow metric:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** |
| **(Unaudited)**<br>***(In millions)*** | **9/30/23** | **12/31/23** | **3/31/24** | **6/30/24** | **9/30/24** | **12/31/24** | **3/31/25** | **6/30/25** | **9/30/25** |
| **Operating Cash Flow, as reported** | $46.5 | $761.9 | $(153.3) | $(7.0) | $3.3 | $638.4 | $(481.6) | $264.6 | $**376.6** |
| Adjustments to operating cash flow, as reported |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in WEX Bank Cash Balances | $(83.5) | $(23.6) | $188.9 | $69.6 | $125.3 | $(104.7) | $67.7 | $(182.5) | $**(47.5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | $— | $(50.0) | $67.1 | $— | $— | $(33.1) | $58.8 | $1.6 | $**1.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Funding Activity | $294.8 | $(214.4) | $205.0 | $214.8 | $372.2 | $(139.3) | $375.5 | $495.6 | $**(178.1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Purchases of Current Investment Securities, Net of Sales and Maturities | $(56.6) | $(256.8) | $(282.9) | $(25.6) | $(276.3) | $(153.2) | $28.3 | $(350.3) | $**48.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Capital Expenditures | $(36.4) | $(41.9) | $(34.0) | $(39.6) | $(35.0) | $(38.7) | $(32.6) | $(34.6) | $**(35.0)** |
| Adjusted Free Cash Flow | $164.9 | $175.2 | $(9.2) | $212.2 | $189.5 | $169.5 | $16.2 | $194.3 | $**166.2** |
| Trailing Twelve Month Adjusted Free Cash Flow | $601.7 | $510.6 | $605.0 | $543.0 | $567.8 | $562.0 | $587.4 | $569.5 | $**546.2** |

---

WEX generates a significant amount of cash each year although absolute levels can vary based upon macroeconomic factors, operational investments, and overall business performance. We utilize an adjusted free cash flow metric, which is prepared on a non-GAAP basis, to describe the cash flow we consider available for investment. The purpose of the adjusted calculation is to remove impacts of funding accounts receivable in the normal course of business and other cash activity at WEX Bank, which is excluded from and does not impact the amount of cash available at the parent company level. Using our definition, Q3 2025 non-GAAP adjusted free cash flow was $166 million. Over the trailing twelve months ended September 30, 2025, we generated $546 million, converting a substantial portion of our ANI into adjusted free cash flow. We are able to leverage this strong adjusted free cash flow generation to deliver on our disciplined capital allocation strategy, including ongoing investments in our business.

<sup>(18)</sup> See "Reconciliation of GAAP Operating Cash Flow to Adjusted Free Cash Flow" in Exhibit 1 for a more detailed discussion of these metrics.

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**Capital Allocation**

The following table presents our uses of cash over the preceding quarters:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** |
|<br>***(In millions)*** | **9/30/23** | **12/31/23** | **3/31/24** | **6/30/24** | **9/30/24** <sup>19</sup> | **12/31/24** | **3/31/25** | **6/30/25** | **9/30/25** |
| Capital Expenditures | $36.4 | $41.9 | $34.0 | $39.6 | $35.0 | $38.7 | $32.6 | $34.6 | $**35.0** |
| Acquisitions<sup>20</sup> | $180.7 | $246.3 | $86.6 | $5.1 | $7.1 | $— | $91.2 | $— | $**—** |
| Share Repurchases<sup>19</sup> | $50.0 | $150.0 | $73.6 | $100.0 | $370.0 | $106.0 | $790.0 | $— | $**—** |
| Capital Deployed | $267.1 | $438.2 | $194.2 | $144.7 | $412.1 | $144.7 | $913.8 | $34.6 | $**35.0** |

---

WEX strategically allocates capital through a disciplined and rigorous analytical process, prioritizing investments that deliver strong long-term returns. Our primary uses of cash include growth-focused initiatives, such as investments in technology and customer experience, strategic M&A, and returning capital to shareholders via share repurchases. Our capex investments are central to strengthening our competitive edge and delivering greater value to our customers.

The following table presents cash spent on share buybacks and ending undiluted shares outstanding for each of the preceding quarters:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***(In millions)*** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** |
| ***(In millions)*** | **9/30/23** | **12/31/23** | **3/31/24** | **6/30/24** | **9/30/24** <sup>19</sup> | **12/31/2024** | **03/31/25** | **06/30/25** | **09/30/25** |
| **Cash Spent Repurchasing Shares** | $50.0 | $150.0 | $73.6 | $100.0 | $370.0 | $106.0 | $790.0 | $— | $**—** |
| &nbsp;&nbsp;&nbsp;Cumulative Cash Spent | $436.1 | $586.2 | $659.8 | $759.8 | $1129.8 | $1235.8 | $2025.8 | $2025.8 | $**2025.8** |
| &nbsp;&nbsp;&nbsp;Share Repurchased | 0.26 | 0.87 | 0.35 | 0.47 | 1.72 | 0.77 | 5.10 |  | **—** |
| &nbsp;&nbsp;&nbsp;Cumulative Shares Repurchased Since 2022 | 2.71 | 3.58 | 3.93 | 4.39 | 6.12 | 6.89 | 11.99 | 11.99 | **11.99** |

---

On February 26, 2025, the Company commenced a modified "Dutch auction" tender offer to repurchase up to $750.0 million worth of its common stock (the "Tender Offer"). On March 31, 2025, the Company completed the Tender Offer and accepted for purchase a total of approximately 4.9 million shares of its common stock at a purchase price of $154 per share. The Company paid $750.0 million in cash to complete the Tender Offer, excluding related costs and fees. The Company incurred approximately $4.2 million of costs and fees related to the Tender Offer, which are recorded along with the cost of the shares repurchased as treasury stock.

<sup>(19)</sup> During the third quarter of 2024, we entered into an ASR agreement with JPMorgan to repurchase an aggregate of $300.0 million of the Company's outstanding common stock. Under the ASR, the Company made a payment of $300.0 million to JPMorgan for which we received an initial delivery of approximately 1.3 million shares of our common stock. For purposes of this table, we have included the full payment amount and the initial delivery of shares in the quarter ended September 30, 2024. During the fourth quarter of 2024, the ASR was settled, resulting in the receipt of an additional 0.2 million shares of WEX common stock, which is included in the quarter ended December 31, 2024.

<sup>(20)</sup> This line is presented on a cash basis and includes all consideration transferred in the related quarter, including deferred and contingent payments when they are paid as opposed to when the underlying transaction occurred.

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**Financial Guidance** 

The following table presents our expectations for the fourth quarter and full year 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q4'25** | **Q4'25** | **Full Year 2025** | **Full Year 2025** | **Full Year 2025** | **Full Year 2025** | **Full Year 2025** |
| | **Current Guidance** | **Current Guidance** | **Current Guidance** | **Current Guidance** | **Changes from Prior Guide at Midpoint** | **Changes from Prior Guide at Midpoint** | **Changes from Prior Guide at Midpoint** |
| **Financial Guidance**<br> | **Low** | **High** | **Low** | **High** | **$ Change** | **% Change** | **Fuel Price Impact** |
| **Net Revenue, in millions** | $646 | $666 | $2634 | $2654 | $19 | 1% | $12 |
| **Adjusted Net Income per Diluted Share<sup>21</sup>** | $3.76 | $3.96 | $15.76 | $15.96 | $0.29 | 2% | $0.21 |

---

Fourth quarter and full year 2025 guidance is based on a number of assumptions, including:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Q4'25** | **Q4'25** | **Full Year 2025** | **Full Year 2025** | **Full Year 2025** | **Full Year 2025** |
| **Key Guidance Assumptions** | **Current Guidance** | **Current Guidance** | **Current Guidance** | **Current Guidance** | **Change from Prior Guide at Midpoint** | **% Change** |
| **Average U.S. Retail Fuel Prices per Gallon** | $3.09 | $3.09 | $3.27 | $3.27 | $0.06 | 2% |
| **Mobility Credit Losses (bps)** | 14 | 19 | 13 | 14 | -1 | (7)% |
| **Weighted Average Diluted Shares Outstanding, in millions** | 34.9 | 34.9 | 35.9 | 35.9 | 0 | —% |

---

2025 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 September 2025

**•** U.S. retail fuel prices are based on the NYMEX prices from the week of October 20, 2025

**•** Adjusted net income effective tax rate of 25.0% for 2025 (all periods)

**•** No further share repurchases in 2025

<sup>(21)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Company's adjusted net income guidance, which is a non-GAAP measure, excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, changes in fair value of contingent consideration, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, other costs, impairment charges, debt restructuring and debt issuance cost amortization, adjustments attributable to our non-controlling interests, and certain tax related items. We are unable to reconcile our adjusted net income guidance to the comparable GAAP measure without unreasonable effort because of the difficulty in predicting the amounts to be adjusted, including, but not limited to, foreign currency exchange rates, unrealized gains and losses on financial instruments, and acquisition and divestiture related items, which may have a significant impact on our financial results.

------

The following tables include estimated revenue and ANI per share sensitivities to changes in PPG and interest rates as of the date of this supplement. As a reminder, the impacts of these macro factors can and will change based upon various factors, including the composition of our balance sheet. We target maintaining a materially neutral ANI per share impact from 100bps adjustments to interest rates and can adjust our profile through balance sheet strategies and hedging.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Price Per Gallon** | **Price Per Gallon** | **Interest Rates** | **Interest Rates** |
|<br>**Sensitivities** | **+$0.10/Gal** | **-$0.10/Gal** | **+100bps** | **-100bps** |
| **Impact to Net Revenue, in millions (approximate)** | $20 | $(20) | $40 | $(40) |
| **Impact to ANI per Share (approximate)<sup>22</sup>** | $0.35 | $(0.35) | $(0.30) | $0.35 |

---

Note: The ANI per share amounts above have been updated to reflect the share count reduction due to the Tender Offer completed at the end of March.

The following charts represent a walk between our most recent guidance and our revised guidance accounting for the primary drivers that have changed.

![chart-9e2bc9e92f364e1d9b1a.jpg](chart-9e2bc9e92f364e1d9b1a.jpg)

![chart-1ececf3b90e243d09c3a.jpg](chart-1ececf3b90e243d09c3a.jpg)

<sup>(22)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Company's adjusted net income guidance, which is a non-GAAP measure, excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, changes in fair value of contingent consideration, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, other costs, impairment charges, debt restructuring and debt issuance cost amortization, adjustments attributable to our non-controlling interests, and certain tax related items. We are unable to reconcile our adjusted net income guidance to the comparable GAAP measure without unreasonable effort because of the difficulty in predicting the amounts to be adjusted, including, but not limited to, foreign currency exchange rates, unrealized gains and losses on financial instruments, and acquisition and divestiture related items, which may have a significant impact on our financial results.

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**Enterprise Strategy**

The following image presents the three pillars of our customer-centric strategy, which is supported by our core competencies to deliver profitable growth:

![screenshot2025-10x28at2351.jpg](screenshot2025-10x28at2351.jpg)

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**Revenue Growth Across 10 Years**<sup>23</sup>

The following chart presents our 10-year revenue growth, representing a 13.3% compound annual growth rate over the past 10 years:

![chart-cf1aee4a074247afa40a.jpg](chart-cf1aee4a074247afa40a.jpg)

Reported revenue is in millions of dollars (USD).

<sup>(23)</sup> See "Reconciliation of GAAP Net Income Attributable to Shareholders per Diluted Share to Adjusted Net Income Attributable to Shareholders per Diluted Share" in Exhibit 1.

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**Acronyms and Abbreviations**

The acronyms and abbreviations identified below are used in these supplemental materials.

---

| | |
|:---|:---|
| **Adjusted free cash flow** | A non-GAAP measure calculated as cash flows from operating activities, adjusted for net purchases of current investment securities, capital expenditures, net Funding Activity, changes in WEX Bank cash balances, and certain other adjustments. |
| **Adjusted net income or ANI** | A non-GAAP measure that adjusts net income (loss) to exclude all items excluded in segment adjusted operating income except unallocated corporate expenses, further excluding unrealized gains and losses on financial instruments, net foreign currency gains and losses, debt issuance cost amortization, tax related items and certain other non-operating items, as applicable depending on the period presented. |
| **ASR** | Accelerated Share Repurchase |
| **Average number of SaaS accounts** | Represents the average number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms. HSA accounts for which WEX Inc. serves as the non-bank custodian under designation by the U.S. Department of Treasury are included in this average. |
| **BTFP** | The Federal Reserve Bank Term Funding Program, which provides liquidity to U.S. depository institutions. |
| **Company** | WEX Inc. and all entities included in the consolidated financial statements. |
| **Convertible notes** | Convertible senior unsecured notes due on July 15, 2027 in an aggregate principal amount of $310.0 million with a 6.5 percent interest rate, issued July 1, 2020, which were repurchased by the Company and canceled by the trustee at the instruction of the Company on August 11, 2023. |
| **Corporate cash** | Calculated in accordance with the terms of our consolidated leverage ratio in the Company's Amended and Restated Credit Agreement. |
| **Credit Agreement** | Amended and Restated Credit Agreement entered into on April 1, 2021 (as amended from time to time) by and among the Company and certain of its subsidiaries, as borrowers, and Bank of America, N.A., as administrative agent on behalf of the lenders. |
| **FHLB** | Federal Home Loan Bank |
| **Funding activity** | Includes the change in net deposits, net advances from the FHLB, changes in participation debt, and changes in borrowings under the BTFP and borrowed federal funds. |
| **HSA** | Health Savings Account |
| **Net interchange rate** | Represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants, less certain discounts given to customers and network fees. |
| **Net late fee rate** | Net late fee rate represents late fee revenue as a percentage of fuel purchased by fleets that have a payment processing relationship with WEX. |
| **Net payment processing rate** | The percentage of each payment processing $ of fuel that the Company records as revenue from merchants less certain discounts given to customers and network fees. |
| **Operating cash flow** | Net cash provided by (used for) operating activities. |
| **Over-the-Road** | Typically, heavy trucks traveling long distances. |
| **Payment processing $ of fuel** | Total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX. |
| **Payment processing transactions** | Total number of purchases made by fleets that have a payment processing relationship with the Company where the Company maintains the receivable for the total purchase. |

---

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---

| | |
|:---|:---|
| **Purchase volume** | Purchase volume in the Corporate Payments segment represents the total dollar value of all WEX-issued transactions that use WEX corporate card products and virtual card products. Purchase volume in the Benefits segment represents the total dollar value of all transactions where interchange is earned by WEX. |
| **Revolving Credit Facility** | The Company's secured revolving credit facility under the Amended and Restated Credit Agreement. |
| **SaaS** | Software-as-a-Service |
| **Segment adjusted operating income (AOI)** | A non-GAAP measure that adjusts operating income to exclude specified items that the Company's management excludes in evaluating segment performance, including unallocated corporate expenses, acquisition-related intangible amortization, other acquisition and divestiture related items, debt restructuring costs, stock-based compensation, other costs and certain non-recurring or non-cash operating charges that are not core to our operations, as applicable depending on the period presented. |
| **Segment adjusted operating income (AOI) margin** | Segment adjusted operating income margin is calculated by dividing segment adjusted operating income by segment revenue. |
| **Tender Offer** | The Company's modified "Dutch auction" tender offer, that was completed on March 31, 2025, in which the Company purchased for cash $750 million in value of shares of its common stock upon the terms and subject to the conditions described in that certain Schedule TO and the exhibits thereto, that were originally filed by the Company with the SEC on February 26, 2025 and subsequently amended. |
| **Total volume** | Includes purchases on WEX-issued accounts as well as purchases issued by others, but using a WEX platform. |
| **WEX** | WEX Inc., and all of its subsidiaries that are consolidated under accounting principles generally accepted in the United States, unless otherwise indicated or required by the context. |

---

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**Exhibit 1**

**Reconciliation of Non-GAAP Measures**

(in millions, except per share data)

(unaudited)

**Reconciliation of GAAP Net Income Attributable to Shareholders to Adjusted Net Income Attributable to Shareholders** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the twelve months ended** | **For the twelve months ended** |
| **(Unaudited)** | **9/30/23** | **12/31/23** | **3/31/24** | **6/30/24** | **9/30/24** | **12/31/24** | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/23** | **12/31/24** |
| **Net income attributable to shareholders** | $18.4 | $84.9 | $65.8 | $77.0 | $102.9 | $63.9 | $71.5 | $68.1 | $**80.3** | $266.6 | $309.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on financial instruments | $7.8 | $10.3 | $0.2 | $0.2 | $(0.9) | $0.8 | $(0.4) | $(0.1) | $**(0.3)** | $30.4 | $0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net foreign currency (gain) loss | $7.8 | $(14.3) | $12.5 | $0.4 | $(3.2) | $16.4 | $3.1 | $(2.4) | $**2.6** | $(4.9) | $26.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | $3.2 | $2.3 | $1.7 | $1.7 | $0.1 | $3.0 | $0.8 | $0.8 | $**0.7** | $8.5 | $6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related intangible amortization | $45.2 | $50.4 | $50.9 | $50.5 | $50.4 | $49.9 | $47.8 | $49.3 | $**47.9** | $184.0 | $201.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other acquisition and divestiture related items | $5.1 | $(1.0) | $3.2 | $3.8 | $2.4 | $2.8 | $2.5 | $1.9 | $**5.0** | $6.6 | $12.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | $31.9 | $37.1 | $26.7 | $33.3 | $29.8 | $22.1 | $13.3 | $32.4 | $**34.7** | $131.6 | $111.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other costs | $15.1 | $17.0 | $5.8 | $19.4 | $12.6 | $11.1 | $14.8 | $4.5 | $**3.6** | $45.6 | $48.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt restructuring and debt issuance cost amortization | $74.4 | $5.5 | $4.5 | $3.2 | $4.3 | $3.9 | $2.2 | $1.8 | $**2.3** | $89.4 | $15.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax related items | $(32.1) | $(28.4) | $(24.7) | $(25.5) | $(20.9) | $(31.1) | $(17.2) | $(20.2) | $**(17.1)** | $(112.1) | $(102.2) |
| **Adjusted net income attributable to shareholders** | $176.8 | $163.9 | $146.7 | $164.0 | $177.5 | $142.9 | $138.4 | $136.2 | $**159.7** | $645.8 | $631.0 |
| **ANI per Diluted Share** | $4.05 | $3.82 | $3.46 | $3.91 | $4.35 | $3.57 | $3.51 | $3.95 | $**4.59** | $14.81 | $15.28 |

---

------

**Reconciliation of GAAP Net Income Attributable to Shareholders per Diluted Share to Adjusted Net Income Attributable to Shareholders per Diluted Share**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **(Unaudited)** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** |
| **Net income (loss) attributable to shareholders per diluted share** | $**1.96** | $**0.57** | $**3.71** | $**3.86** | $**2.26** | $**(5.56)** | $**—** | $**4.50** | $**6.16** | $**7.50** |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss (gain) on financial instruments | $0.93 | $(0.19) | $(0.03) | $(0.06) | $0.79 | $0.62 | $(0.86) | $(1.86) | $0.70 | $0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net foreign currency loss (gain) | $0.15 | $0.23 | $(0.73) | $0.89 | $0.02 | $0.59 | $0.27 | $0.51 | $(0.11) | $0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related intangible amortization | $1.23 | $2.39 | $3.57 | $3.17 | $3.64 | $3.90 | $4.01 | $3.81 | $4.25 | $4.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other acquisition and divestiture related items | $0.11 | $1.24 | $0.12 | $0.10 | $0.86 | $1.32 | $0.81 | $0.40 | $0.15 | $0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal settlement | $— | $— | $— | $— | $— | $3.71 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | $0.32 | $0.48 | $0.71 | $0.81 | $1.09 | $1.50 | $1.70 | $2.25 | $3.04 | $2.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other costs | $0.23 | $0.34 | $0.26 | $0.31 | $0.57 | $0.31 | $0.52 | $0.86 | $1.05 | $1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vendor settlement | $— | $0.38 | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of subsidiary | $(0.03) | $— | $(0.49) | $— | $— | $1.06 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges and asset write-offs | $— | $— | $1.02 | $0.13 | $— | $1.22 | $— | $3.05 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt restructuring and debt issuance cost amortization | $0.08 | $0.31 | $0.24 | $0.32 | $0.48 | $0.91 | $0.48 | $0.39 | $2.06 | $0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | $— | $— | $— | $— | $— | $— | $0.88 | $3.11 | $0.20 | $0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory reserve | $0.05 | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash adjustments related to tax receivable agreement | $(0.06) | $0.01 | $(0.35) | $0.02 | $(0.02) | $(0.01) | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;ANI adjustments attributable to non-controlling interests | $0.13 | $(0.06) | $(0.04) | $(0.03) | $1.21 | $(0.98) | $2.91 | $(0.77) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax related items | $(0.83) | $(1.93) | $(2.67) | $(1.24) | $(1.71) | $(2.47) | $(1.58) | $(2.59) | $(2.59) | $(2.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive impact of stock awards | $— | $— | $— | $— | $— | $(0.06) | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive impact of convertible debt | $— | $— | $— | $— | $— | $— | $— | $(0.13) | $(0.10) | $— |
| **Adjusted net income attributable to shareholders per diluted share** | $**4.26** | $**3.78** | $**5.32** | $**8.28** | $**9.20** | $**6.06** | $**9.14** | $**13.53** | $**14.81** | $**15.28** |

---

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**Reconciliation of GAAP Operating Income to Total Segment Adjusted Operating Income and Adjusted Operating Income**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the twelve months ended** | **For the twelve months ended** |
| **(Unaudited)** | **9/30/23** | **12/31/23** | **3/31/24** | **6/30/24** | **9/30/24** | **12/31/24** | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/23** | **12/31/24** |
| **Operating income** | $174.9 | $158.5 | $164.5 | $168.1 | $196.4 | $157.3 | $157.3 | $156.8 | $**183.6** | $647.1 | $686.3 |
| Unallocated corporate expenses | $29.1 | $26.2 | $23.6 | $26.1 | $24.1 | $28.3 | $24.9 | $25.4 | $**23.7** | $103.0 | $102.1 |
| Acquisition-related intangible amortization | $45.2 | $50.4 | $50.9 | $50.5 | $50.4 | $49.9 | $47.8 | $49.3 | $**47.9** | $184.0 | $201.8 |
| Other acquisition and divestiture related items | $5.1 | $(1.0) | $2.4 | $1.4 | $1.6 | $0.3 | $0.5 | $0.7 | $**3.8** | $6.6 | $5.7 |
| Stock-based compensation | $31.9 | $37.1 | $26.7 | $33.3 | $29.8 | $22.1 | $13.3 | $32.4 | $**34.7** | $131.6 | $111.9 |
| Other costs | $15.1 | $17.5 | $6.7 | $20.6 | $14.8 | $11.9 | $14.9 | $3.9 | $**3.6** | $46.1 | $53.9 |
| **Total segment adjusted operating income** | $301.3 | $288.7 | $274.9 | $299.9 | $317.1 | $269.8 | $258.7 | $268.5 | $**297.2** | $1118.4 | $1161.7 |
| Unallocated corporate expenses | $(29.1) | $(26.2) | $(23.6) | $(26.1) | $(24.1) | $(28.3) | $(24.9) | $(25.4) | $**(23.7)** | $(103.0) | $(102.1) |
| **Adjusted operating income** | $272.2 | $262.5 | $251.3 | $273.9 | $293.0 | $241.5 | $233.8 | $243.0 | $**273.5** | $1015.4 | $1059.7 |

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The Company's non-GAAP adjusted operating income excludes acquisition-related intangible amortization, other acquisition and divestiture related items, debt restructuring costs, stock-based compensation, other costs and certain non-recurring or non-cash operating charges that are not core to our operations, as applicable depending on the period presented. Total segment adjusted operating income incorporates these same adjustments and further excludes unallocated corporate expenses.

The Company's non-GAAP adjusted net income, which similarly excludes the impact of all items excluded in adjusted operating income, further excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, debt issuance cost amortization, tax related items, and certain other non-operating items, as applicable depending on the period presented.

Although adjusted net income, adjusted operating income, and total segment adjusted operating income are not calculated in accordance with GAAP, our management team believes these non-GAAP measures are integral to our reporting and planning processes and uses them to assess operating performance because they generally exclude financial results that are outside the normal course of our business operations or management's control. These measures are also used to allocate capital and resources among our operating segments.

For the periods presented herein, the following items have been excluded in determining one or more non-GAAP measures for the following reasons:

**•** Exclusion of the non-cash, mark-to-market adjustments on financial instruments, including interest rate swap agreements and investment securities, helps management identify and assess trends in the Company's underlying business that might otherwise be obscured due to quarterly non-cash earnings fluctuations associated with these financial instruments. Additionally, the non-cash, mark-to-market adjustments on financial instruments are difficult to forecast accurately, making comparisons across historical and future quarters difficult to evaluate;

**•** Net foreign currency gains and losses primarily result from the remeasurement to functional currency of cash, accounts receivable and accounts payable balances, certain intercompany transactions denominated in foreign currencies and any gain or loss on foreign currency hedges relating to these items. The exclusion of these items helps management compare changes in operating results between periods that might otherwise be obscured due to currency fluctuations;

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**•** The change in fair value of contingent consideration, which is related to the acquisition of certain contractual rights to serve as custodian or sub-custodian to HSAs, is dependent upon changes in future interest rate assumptions and has no significant impact on the ongoing operations of the Company. Additionally, the non-cash, mark-to-market adjustments on financial instruments are difficult to forecast accurately, making comparisons across historical and future quarters difficult to evaluate;

**•** The Company considers certain acquisition-related costs, including certain financing costs, investment banking fees, warranty and indemnity insurance, certain integration-related expenses and amortization of acquired intangibles, as well as gains and losses from divestitures to be unpredictable, dependent on factors that may be outside of our control and unrelated to the continuing operations of the acquired or divested business or the Company. In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition-related costs, may not be indicative of such future costs. The Company believes that excluding acquisition-related costs and gains or losses on divestitures facilitates the comparison of our financial results to the Company's historical operating results and to other companies in our industry;

**•** Stock-based compensation is different from other forms of compensation as it is a non-cash expense. For example, a cash salary generally has a fixed and unvarying cash cost. In contrast, the expense associated with an equity-based award is generally unrelated to the amount of cash ultimately received by the employee, and the cost to the Company is based on a stock-based compensation valuation methodology and underlying assumptions that may vary over time;

**•** Other costs are not consistently occurring and do not reflect expected future operating expense, nor do they provide insight into the fundamentals of current or past operations of our business. This also includes non-recurring professional service costs, costs related to certain identified initiatives, including restructuring and technology initiatives, to further streamline the business, improve the Company's efficiency, create synergies and globalize the Company's operations, all with an objective to improve scale and efficiency and increase profitability going forward.

**•** Impairment charges represent non-cash asset write-offs, which do not reflect recurring costs that would be relevant to the Company's continuing operations. The Company believes that excluding these nonrecurring expenses facilitates the comparison of our financial results to the Company's historical operating results and to other companies in its industry;

**•** Debt restructuring and debt issuance cost amortization, which for the year ended December 31, 2023 includes the loss on extinguishment of Convertible Notes, are unrelated to the continuing operations of the Company. Debt restructuring costs are not consistently occurring and do not reflect expected future operating expense, nor do they provide insight into the fundamentals of current or past operations of our business. In addition, since debt issuance cost amortization is dependent upon the financing method, which can vary widely company to company, we believe that excluding these costs helps to facilitate comparison to historical results as well as to other companies within our industry;

**•** The adjustments attributable to non-controlling interests, including adjustments to the redemption value of a non-controlling interest, have no significant impact on the ongoing operations of the business;

**•** The tax related items are the difference between the Company's GAAP tax provision and a non-GAAP tax provision. Beginning in fiscal year 2024, the Company began utilizing a fixed annual projected long-term non-GAAP tax rate in order to provide better consistency across reporting periods. To determine this long-term projected tax rate, the Company performs a pro forma tax provision based upon the Company's projected adjusted net income before taxes. The fixed annual projected long-term non-GAAP tax rate could be subject to change in future periods for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix including due to acquisition activity, or other changes to our strategy or business operations; and

**•** The Company does not allocate certain corporate expenses to our operating segments, as these items are centrally controlled and are not directly attributable to any reportable segment.

Adjusted net income, adjusted operating income, and total segment adjusted operating income may be useful to investors as a means of evaluating our performance. However, because total segment adjusted operating income and adjusted net income are non-GAAP measures, they should not be considered as a substitute for, or superior to, operating income or net income as determined in accordance with GAAP. Total segment adjusted operating income and adjusted net income as used by WEX may not be comparable to similarly titled measures employed by other companies.

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**Reconciliation of GAAP Operating Cash Flow to Adjusted Free Cash Flow**

The Company's non-GAAP 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 including the change in net deposits, net advances from the FHLB, and changes in borrowings under the BTFP and borrowed federal funds, and certain other adjustments. Although non-GAAP adjusted free cash flow is not calculated in accordance with GAAP, WEX believes that adjusted free cash flow is a useful measure for investors to further evaluate our results of operations because (i) adjusted free cash flow indicates the level of cash generated by the operations of the business, which excludes consideration paid on acquisitions, after appropriate reinvestment for recurring investments in property, equipment, and capitalized software that are required to operate the business; (ii) net Funding Activity includes fluctuations in deposits and other borrowings primarily used as part of our accounts receivable funding strategy; (iii) purchases of current investment securities are made as a result of deposits gathered operationally; and (iv) WEX Bank cash balances may be increased or decreased for reasons other than matching operating activity. However, because adjusted free cash flow is a non-GAAP measure, it should not be considered as a substitute for, or superior to, operating cash flow as determined in accordance with GAAP. In addition, adjusted free cash flow as used by WEX may not be comparable to similarly titled measures employed by other companies.

The following table reconciles GAAP operating cash flow to adjusted free cash flow for the three and twelve-month periods presented:

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the twelve months ended** | **For the twelve months ended** |
|<br>***(In millions)*** | **9/30/23** | **12/31/23** | **3/31/24** | **6/30/24** | **9/30/24** | **12/31/24** | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/23** | **12/31/24** |
| **Operating cash flow** | $46.5 | $761.9 | $(153.3) | $(7.0) | $3.3 | $638.4 | $(481.6) | $264.6 | $**376.6** | $907.9 | $481.4 |
| Adjustments to operating cash flow, as reported: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in WEX Bank cash balances | $(83.5) | $(23.6) | $188.9 | $69.6 | $125.3 | $(104.7) | $67.7 | $(182.5) | $**(47.5)** | $(82.4) | $279.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments | $— | $(50.0) | $67.1 | $— | $— | $(33.1) | $58.8 | $1.6 | $**1.5** | $(48.5) | $34.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Funding Activity | $294.8 | $(214.4) | $205.0 | $214.8 | $372.2 | $(139.3) | $375.5 | $495.6 | $**(178.1)** | $1438.2 | $652.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales and maturities (purchases) of current investment securities | $(56.6) | $(256.8) | $(282.9) | $(25.6) | $(276.3) | $(153.2) | $28.3 | $(350.3) | $**48.7** | $(1561.0) | $(738.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | $(36.4) | $(41.9) | $(34.0) | $(39.6) | $(35.0) | $(38.7) | $(32.6) | $(34.6) | $**(35.0)** | $(143.6) | $(147.3) |
| Adjusted free cash flow | $164.9 | $175.2 | $(9.2) | $212.2 | $189.5 | $169.5 | $16.2 | $194.3 | $**166.2** | $510.6 | $562.0 |

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## Exhibit 99.3

**Exhibit 99.3**

**David Foss, Former President and CEO of Jack Henry, Appointed to WEX Board of Directors**

PORTLAND, Maine - October 29, 2025 - WEX Inc. (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today announced that David Foss has been appointed to its Board of Directors, effective November 3, 2025. Mr. Foss's appointment is the result of an extensive search process with the assistance of an independent recruitment firm.

Mr. Foss brings over 30 years of leadership experience in financial services and financial technology to WEX, most recently as Chief Executive Officer of Jack Henry & Associates (NASDAQ: JKHY). He also has relevant public company board experience, currently serving as Chair of Jack Henry and as a Director of CNO Financial Group (NYSE: CNO).

"We are pleased to welcome Dave to the WEX Board," said Melissa Smith, WEX's Chair, CEO, and President. "Dave's experience across financial services and technology, coupled with his tenure as a public company executive and board director, will be invaluable as we enter the next phase of growth and execute on our three strategic pillars: amplifying our core business, expanding our reach, and accelerating innovation. We remain committed to strong corporate governance and believe Dave's expertise and fresh perspective will yield immediate contributions to the Board."

"I've followed WEX for many years and know them as a terrific company that appears to be well-positioned for further growth and success," said Mr. Foss. "I look forward to working with the Board and executive team and applying my experience, as appropriate, to the challenges and opportunities at WEX on behalf of all shareholders."

Mr. Foss is currently Chair of Jack Henry, a leading financial services technology company, and a member of the Board of Directors at CNO Financial Group, a nationwide life and health insurer and financial services provider. Mr. Foss served as President of Jack Henry from 2014 to 2022 and as Chief Executive Officer from 2016 until his retirement from that role in 2024. After orchestrating the sale of BancTec's financial solutions division to Jack Henry in 1999, he served in a variety of leadership positions at Jack Henry and, among many other things, transformed a fragmented group of 17 acquired solutions providers into a single, branded division offering 250 integrated products at ProfitStars and oversaw the development of user-friendly tools to enable small businesses and non-profits to accept online payments. Earlier in his career, Mr. Foss held several key roles in the financial services sector at BancTec, Advanced Computer Systems, and NCR.

The appointment of Mr. Foss increases the size of the Board from 11 to 12 directors, 11 of whom, including Mr. Foss, are independent.

**About WEX**

WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com.

News media:

WEX

Megan Zaroda, 610-379-6211

Megan.Zaroda@wexinc.com

Investor:

WEX

Steve Elder, 207-523-7769

Steve.Elder@wexinc.com

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