Filing Flows › WEX (WEX) › Q3 2025
WEX (WEX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
WEX (WEX) reported revenue of $692M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +5% from the quarter before. Operating margin was 26.5%, net earnings $80.2M (11.6% of revenue).
WEX, Q3 2025: revenue $692M (+4% year over year), operating margin 26.5%, net earnings $80.2M, operating cash flow $377M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $692M | +5% | +4% |
| Operating profit | $184M | +17% | -7% |
| Net earnings | $80.2M | +18% | -22% |
| Operating cash flow | $377M | +42% | 114× |
| Free cash flow | $342M | +49% | — |
What changed
Revenue was $691.8M in Q3 2025, up 4% year over year and up 5% from the previous quarter. Mobility was the largest line at 52% of revenue. Benefits added $16.6M year over year (up 9%), 63% of the total change.
Operating profit was $183.6M, a 26.5% margin (down 3.0 points year over year). Operating profit fell $12.8M even though revenue rose $26.3M versus a year earlier, so costs grew faster than sales. Total costs grew 8% against revenue growth of 4%. The fastest-growing cost line was Sales & marketing (+20%). Net earnings were $80.3M, down 22% year over year. The effective tax rate was 31.1%.
Operating cash flow was $376.6M (up 11312% year over year), 470% of net earnings. Non-cash charges added back $83.7M of depreciation and amortization and $33.5M of share-based compensation. Working capital and other items added $179.2M. Capital expenditures of $35.0M left free cash flow of $341.6M.
Questions
What was WEX's revenue in the third quarter 2025?
WEX (WEX) reported revenue of $692M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +5% from the quarter before.
Was WEX profitable in the third quarter 2025?
Operating profit was $184M (26.5% of revenue) and net earnings $80.2M.
Source: WEX 10-Q on SEC EDGAR.