v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information
17.
Segment Information
The Company determines its operating segments and reports segment information in accordance with how our Chief Executive Officer, the Company’s CODM, allocates resources and assesses performance. The Company has three operating segments, each of which is a reportable segment, as described below.
•Mobility provides payment solutions, transaction processing, and information management, serving diverse fleet needs globally. Beyond fuel payments, our portfolio includes SaaS solutions for field service management, telematics, reporting and analytics, cash flow management, and mixed-energy fleets.
•Benefits simplifies employee benefit plan administration through SaaS software integrated with payment solutions. We deliver diverse product offerings including benefit administration, HSAs, FSAs, HRAs, COBRA and direct billing, and compliance administration. WEX Inc. also serves as an IRS-designated non-bank custodian, while WEX Bank provides HSA depository services.
•Corporate Payments delivers global B2B payment solutions, including our Direct Accounts Payable solution that integrates with ERPs and accounting workflows to maximize virtual payment usage, and our Embedded Payments solution that integrates virtual payment capabilities into existing workflows for a broad range of industries, including the travel industry. We also offer white-label partnerships with financial institutions.
The CODM uses segment adjusted operating income to evaluate the financial performance of each segment and make decisions regarding the allocation of capital and resources to each segment. The CODM also uses variance analysis of segment adjusted operating income on a recurring basis to assess the performance of the segment against forecast, prior periods and the annual budget. We do not allocate assets to our operating segments as we do not use assets to assess our segment performance.
Segment revenues, expenses, and adjusted operating income
Segment adjusted operating income, as reported in the following tables, excludes 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. Accordingly, certain significant expenses included below have been marked as “adjusted”, as they do not agree with similarly named expense totals appearing elsewhere within this quarterly report on Form 10-Q, due to these exclusions.
Three Months Ended September 30, 2026
(in millions)MobilityBenefitsCorporate PaymentsTotal
Payment processing revenue$205.4 $25.8 $113.6 $344.8 
Account servicing revenue57.1 110.2 19.4 186.7 
Finance fee revenue115.7 0.1 0.1 115.9 
Other revenue56.9 71.5 4.3 132.7 
Total revenues (revenues from external customers)$435.1 $207.6 $137.4 $780.1 
Less(1):
Processing costs, adjusted73.6 67.9 18.0 
Service fees2.0 19.7 0.5 
Provision for credit losses21.1 0.2 1.9 
Operating interest expense25.1 1.5 6.6 
Sales and marketing expense, adjusted66.5 13.9 21.1 
General and administrative expense, adjusted25.3 5.4 11.2 
Other segment items(2)
17.6 11.5 9.5 
Segment adjusted operating income (3)
$203.9 $87.5 $68.5 $360.0 
Three Months Ended September 30, 2025
(in millions)MobilityBenefitsCorporate PaymentsTotal
Payment processing revenue$168.2 $23.8 $109.7 $301.7 
Account servicing revenue53.7 113.3 18.3 185.3 
Finance fee revenue82.9 — 0.3 83.2 
Other revenue56.0 61.0 4.5 121.5 
Total revenues (revenues from external customers)$360.8 $198.1 $132.8 $691.8 
Less(1):
Processing costs, adjusted73.7 63.4 17.5 
Service fees1.7 17.8 3.0 
Provision for credit losses15.1 0.5 4.8 
Operating interest expense22.2 1.3 5.7 
Sales and marketing expense, adjusted59.5 13.5 18.7 
General and administrative expense, adjusted25.6 5.5 10.1 
Other segment items(2)
16.3 9.4 9.1 
Segment adjusted operating income (3)
$146.7 $86.7 $63.8 $297.2 
Nine Months Ended September 30, 2026
(In millions)MobilityBenefitsCorporate PaymentsTotal
Payment processing revenue$573.0 $88.3 $312.1 $973.4 
Account servicing revenue164.2 332.1 50.8 547.0 
Finance fee revenue297.1 0.2 0.7 297.9 
Other revenue167.9 209.2 12.0 389.1 
Total revenues (revenues from external customers)$1,202.1 $629.8 $375.6 $2,207.5 
Less(1):
Processing costs, adjusted216.0 197.6 52.6 
Service fees5.6 60.0 4.5 
Provision for credit losses, adjusted77.2 0.4 6.1 
Operating interest expense69.0 4.3 16.2 
Sales and marketing expense, adjusted197.5 44.3 64.3 
General and administrative expense, adjusted76.1 19.3 33.3 
Other segment items(2)
49.6 32.7 27.5 
Segment adjusted operating income (3)
$511.1 $271.2 $171.1 $953.4 
Nine Months Ended September 30, 2025
(In millions)MobilityBenefitsCorporate PaymentsTotal
Payment processing revenue$484.9 $80.8 $293.1 $858.8 
Account servicing revenue155.6 339.7 47.0 542.3 
Finance fee revenue238.1 0.1 1.0 239.3 
Other revenue162.2 172.0 13.4 347.6 
Total revenues (revenues from external customers)$1,040.8 $592.5 $354.5 $1,987.9 
Less(1):
Processing costs, adjusted217.3 189.1 53.2 
Service fees5.8 57.5 8.2 
Provision for credit losses44.4 (0.8)14.2 
Operating interest expense63.1 3.8 15.1 
Sales and marketing expense, adjusted176.1 40.7 52.9 
General and administrative expense, adjusted75.4 16.1 30.3 
Other segment items(2)
46.5 27.6 26.9 
Segment adjusted operating income (3)
$412.2 $258.5 $153.7 $824.4 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) Other segment items for the Mobility, Benefits and Corporate Payments reportable segments include depreciation expense for each of the periods presented.
(3) See following table for a reconciliation of segment adjusted operating income to income before income taxes.
Segment adjusted operating income reconciliation
The following table reconciles total segment adjusted operating income to income before income taxes:
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions)20262025
2026
2025
Segment adjusted operating income
Mobility$203.9 $146.7 $511.1 $412.2 
Benefits87.5 86.7 271.2 258.5 
Corporate Payments68.5 63.8 171.1 153.7 
Total segment adjusted operating income$360.0 $297.2 $953.4 $824.4 
Reconciliation:
Total segment adjusted operating income$360.0 $297.2 $953.4 $824.4 
Less:
Unallocated corporate expenses27.5 23.7 78.1 74.1 
Acquisition-related intangible amortization45.6 47.9 137.2 145.1 
Other acquisition and divestiture related items— 3.8 1.7 5.0 
Stock-based compensation45.3 34.7 112.4 80.4 
Other costs2.8 3.6 23.8 22.3 
Add:
Financing interest expense, net of financial instruments(53.2)(63.8)(159.0)(181.8)
Net foreign currency (loss) gain(0.1)(2.6)4.0 (3.3)
Change in fair value of contingent consideration— (0.7)(0.7)(2.3)
Income before income taxes$185.5 $116.4 $444.5 $310.2 
Other segment disclosures
Three Months Ended
Nine Months Ended
(in millions)MobilityBenefitsCorporate PaymentsMobilityBenefitsCorporate Payments
September 30, 2026:
Interest income(1)
$4.2 $59.7 $3.0 $15.0 $174.1 $8.8 
Operating interest expense$25.1 $1.5 $6.6 $69.0 $4.3 $16.2 
Depreciation(2)
$17.6 $11.5 $9.5 $49.6 $32.7 $27.5 
September 30, 2025:
Interest income(1)
$3.9 $51.6 $3.4 $12.0 $144.4 $10.1 
Operating interest expense$22.2 $1.3 $5.7 $63.1 $3.8 $15.1 
Depreciation(2)
$16.3 $9.4 $9.1 $46.5 $27.6 $26.9 
(1)The amounts of interest income disclosed by reportable segment are included within other revenues in the preceding tables.
(2)The amounts of depreciation disclosed by reportable segment are included within other segment items in the preceding tables. Amounts do not include amortization of intangible assets, as amortization is not included in determining segment adjusted operating income and is not regularly provided to the CODM.