Filing Flows › WEX (WEX) › Q4 2025
WEX (WEX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 13, 2026
WEX (WEX) reported revenue of $673M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and -3% from the quarter before. Operating margin was 24.7%, net earnings $84.3M (12.5% of revenue).
WEX, Q4 2025: revenue $673M (+6% year over year), operating margin 24.7%, net earnings $84.3M, operating cash flow $295M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $673M | -3% | +6% |
| Operating profit | $166M | -9% | +6% |
| Net earnings | $84.3M | +5% | +32% |
| Operating cash flow | $295M | -22% | -54% |
| Free cash flow | $236M | -31% | -61% |
What changed
Revenue was $672.9M in Q4 2025, up 6% year over year and down 3% from the previous quarter. Mobility was the largest line at 51% of revenue.
Operating profit was $166.3M, a 24.7% margin (unchanged year over year). Of the extra revenue versus a year earlier, 25% reached operating profit, above the 25% margin then. Total costs grew 6% against revenue growth of 6%. The fastest-growing cost line was Sales & marketing (+25%). Net earnings were $84.3M, up 32% year over year. The effective tax rate was 23.5%.
Operating cash flow was $294.7M (down 54% year over year), 350% of net earnings. Non-cash charges added back $81.9M of depreciation and amortization and $22.5M of share-based compensation. Working capital and other items added $106.0M. Capital expenditures of $58.6M left free cash flow of $236.1M.
Questions
What was WEX's revenue in the fourth quarter 2025?
WEX (WEX) reported revenue of $673M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and -3% from the quarter before.
Was WEX profitable in the fourth quarter 2025?
Operating profit was $166M (24.7% of revenue) and net earnings $84.3M.
Source: WEX 10-K on SEC EDGAR.