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Sep 30, 2023
WEX Q3 2023 Earnings Report
WEX's Q3 2023 financial performance was reported, marked by record revenue and adjusted net income per diluted share, despite fuel price headwinds.
Key Takeaways
WEX Inc. reported a 6% year-over-year increase in revenue, reaching a record $651 million in Q3 2023. The growth was driven by a 34% increase in the Benefits segment and a 19% increase in the Corporate Payments segment. GAAP net income was $0.42 per diluted share, while adjusted net income was $4.05 per diluted share. The company also raised its full-year 2023 financial guidance.
Total revenue increased by 6% year-over-year to $651.4 million.
GAAP net income reached $0.42 per diluted share, and adjusted net income was $4.05 per diluted share.
Benefits segment grew by 34%, and Corporate Payments segment grew by 19%.
The company entered into an agreement to acquire Payzer to expand its service offerings.
WEX
WEX
WEX Revenue by Segment
Revenue by Segment
Mobility Revenue
CapyFin.comCorporate Payments Revenue
CapyFin.comBenefits Revenue
CapyFin.comPayment Processing Revenue
CapyFin.comAccount Servicing Revenue
CapyFin.comFinance Fee Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
For the fourth quarter of 2023, WEX expects revenue in the range of $650 million to $660 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 $2.53 billion to $2.54 billion and adjusted net income attributable to shareholders is now expected to be in the range of $14.64 to $14.74 per diluted share.
Revenue & Expenses
Visualization of income flow from segment revenue to net income