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WEX cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$58.2M in Q3 2026 · −$291M over twelve months

Operating cash flow−$11.2M
Capital spending−$47.0M
Free cash flow−$58.2M
Cash / net income-0.1×

Analysis

In Q3 2026, WEX generated −$11.2M of operating cash flow and spent $47.0M on capital projects, leaving free cash flow of −$58.2M. That is $400M less than in Q3 2025 ($342M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$125M; the largest uses were other investing ($868M), buybacks ($267M), capital spending ($166M); besides operations, cash came from other financing ($1.3B); the cash balance fell by $307M.

Operating cash flow was −$11.2M against net income of $134M — -0.1× profit, less cash than reported earnings, worth checking against working capital. The largest differences: other operating capital −$305M, depreciation & amortization +$85.0M, stock-based pay +$43.1M.

Free cash flow

WEX: free cash flow by quarterWEX: free cash flow by quarter$600MQ4 2024−$626MQ1 2025$230MQ2 2025$342MQ3 2025$236MQ4 2025−$368MQ1 2026−$121MQ2 2026−$58.2MQ3 2026
Operating cash flow less capital spending.
WEX: operating cash flow against capital spendingWEX: operating cash flow against capital spendingOperating cash flowCapital spending$638M$38.7MQ4 2024−$482M$144MQ1 2025$265M$34.6MQ2 2025$377M$35.0MQ3 2025$295M$58.6MQ4 2025−$331M$37.5MQ1 2026−$77.6M$43.5MQ2 2026−$11.2M$47.0MQ3 2026
Latest (Q3 2026): Operating cash flow −$11.2M, Capital spending $47.0M.

Capital allocation, year by year

WEX: where the cash came from (up) and went (down), by fiscal yearWEX: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$42.6MFY2021: Net borrowing $122MFY2021: Shares issued $44.2MFY2021: Capital spending −$86.0MFY2021: Acquisitions −$559M$166MFY2021FY2022: Operating cash flow $679MFY2022: Net borrowing −$65.7MFY2022: Shares issued $5.0MFY2022: Capital spending −$113MFY2022: Buybacks −$283M$684MFY2022FY2023: Operating cash flow $908MFY2023: Net borrowing $352MFY2023: Shares issued $16.1MFY2023: Capital spending −$144MFY2023: Acquisitions −$402MFY2023: Buybacks −$303M$1.3BFY2023FY2024: Operating cash flow $481MFY2024: Net borrowing $176MFY2024: Shares issued $17.1MFY2024: Capital spending −$147MFY2024: Acquisitions −$900KFY2024: Buybacks −$652M$675MFY2024FY2025: Operating cash flow $454MFY2025: Net borrowing $94.7MFY2025: Capital spending −$141MFY2025: Buybacks −$800M$549MFY2025
Over these 5 years operating cash flow totalled $2.5B; the largest uses were buybacks ($2.0B) and acquisitions ($962M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.3B
Debt$5.3B
Net debt$54.3M
Due within a year$1.3B
Cash runwaymore than 10 years

WEX is burning cash: its operations consume cash, a free cash flow of −$291M a year at the current rate against $5.3B of cash and investments: a runway of more than ten years at that rate; $1.3B of debt also comes due within a year, which the cash covers before any new financing.

WEX: debt maturities by year (FY2025)WEX: debt maturities by year (FY2025)$1.3BYear 1$63.4MYear 2$1.4BYear 3$1.1BYear 4$4.5MYear 5
Principal due in each year as disclosed in the annual report, against $5.3B of cash and investments now.

Where the cash came from and went

WEX: sources (+) and uses (−) of cash, Q3 2026WEX: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$600MOther financing−$422MBuybacks−$204MOther investing$95.2MCapital spending−$47.0MOperating cash flow−$11.2MNet borrowing (+) / repaid (−)−$10.3MExchange rates−$1.5MNot reconciled$200K
WEX: sources (+) and uses (−) of cash, TTM to Q3 2026WEX: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$1.3BOther investing−$868MCash drawn (+) / kept (−)$307MBuybacks−$267MCapital spending−$166MNet borrowing (+) / repaid (−)−$162MOperating cash flow−$125MExchange rates−$10.8MNot reconciled$100K

From profit to cash

WEX: net income to operating cash flow, Q3 2026WEX: net income to operating cash flow, Q3 2026Net income$134MDepreciation & amortization$85.0MStock-based pay$43.1MOther operating capital−$305MOperating cash flow−$11.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$11.2M−$47.0M−$204M−$10.3M$600M−$58.2M
Q2 2026−$77.6M−$43.5M−$63.8M−$38.5M−$534M−$121M
Q1 2026−$331M−$37.5M—$36.9M$438M−$368M
Q4 2025$295M−$58.6M—−$150M−$197M$236M
Q3 2025$377M−$35.0M−$100K−$198M$50.0M$342M
Q2 2025$265M−$34.6M−$9.7M−$160M−$254M$230M
Q1 2025−$482M−$144M−$790M$602M$160M−$626M
Q4 2024$638M−$38.7M−$108M−$127M−$125M$600M

WEX: income statement and cash flow

WEX, Q3 2026: revenue $780M (+13% year over year), operating margin 30.6%. The chart follows the revenue to costs, profit and cash.

WEX: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.