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WEX vs Etsy: WEX and ETSY compared
WEX is the larger company: $780M of revenue in its latest quarter (Q3 2026) against $692M for Etsy (Q3 2026). WEX is growing faster (+13% against +11% a year earlier). WEX is more profitable, with an operating margin of 30.6% against 16.1%.
Where the money goes: WEX and ETSY
WEX (WEX) · Q3 2026
WEX, Q3 2026: revenue $780M (+13% year over year), operating margin 30.6%, net earnings $134M, operating cash flow −$11.2M. The chart follows the revenue to costs, profit and cash.
Etsy (ETSY) · Q3 2026
Etsy, Q3 2026: revenue $692M (+11% year over year), operating margin 16.1%, net earnings $854M, operating cash flow $160M. The chart follows the revenue to costs, profit and cash.
| WEX (WEX) | Etsy (ETSY) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $780M | $692M |
| Revenue growth, Y/Y | +13% | +11% |
| Gross margin | — | 72.7% |
| Operating margin | 30.6% | 16.1% |
| Net earnings | $134M | $854M |
| Net margin | 17.2% | 123.3% |
| Operating cash flow | −$11.2M | $160M |
| Free cash flow | — | $158M |
| Market value | $6.3B | $10.5B |
| P/E | 15.7× | 10.5× |
| Analysts’ mean target | $202.09 | $98.48 |
Where the revenue comes from
WEX
- Payment processing revenue: $345M (44%)
- Account servicing revenue: $187M (24%)
- Other revenue: $133M (17%)
- Finance fee revenue: $116M (15%)
Etsy
- Marketplace revenue: $468M (68%)
- Services revenue: $224M (32%)
Questions
Which is bigger, WEX or Etsy?
WEX is the larger company: $780M of revenue in its latest quarter (Q3 2026) against $692M for Etsy (Q3 2026).
Is WEX or Etsy growing faster?
WEX is growing faster (+13% against +11% a year earlier).
Which is more profitable, WEX or Etsy?
WEX is more profitable, with an operating margin of 30.6% against 16.1%.
More: WEX earnings · how WEX makes money · Etsy earnings · how Etsy makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.