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Jun 30, 2023
WEX Q2 2023 Earnings Report
WEX's Q2 2023 earnings were released, revealing record revenue and growth in key segments.
Key Takeaways
WEX reported a strong Q2 2023 with record revenue of $621.3 million, a 4% increase year-over-year. Growth was driven by the Benefits and Corporate Payments segments. GAAP net income was $95.3 million, or $2.20 per diluted share, while adjusted net income was $159.3 million, or $3.63 per diluted share. The company raised its full-year guidance for both revenue and adjusted earnings per share.
Total revenue increased by 4% year-over-year, reaching a record $621 million.
Benefits segment grew by 34% and Corporate Payments segment grew by 21%.
GAAP net income increased to $2.20 per diluted share, while adjusted net income was $3.63 per diluted share.
The company raised its full-year 2023 financial guidance for revenue and adjusted earnings per share.
Revenue by Segment
Forward Guidance
The Company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis. For the third quarter of 2023, the Company expects revenue in the range of $629 million to $639 million and adjusted net income attributable to shareholders in the range of $3.65 to $3.75 per diluted share. For the full year 2023, the Company now expects revenue in the range of $2.50 billion to $2.52 billion. Adjusted net income attributable to shareholders is now expected to be in the range of $14.15 to $14.35 per diluted share.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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