WEX Inc.
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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FY2025 · Filed Feb 13, 2026
WEX$180.51-1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Acronyms and Abbreviations
The acronyms and abbreviations identified below are used in this Annual Report including the accompanying consolidated financial statements and the notes thereto. The following is provided to aid the reader and provide a reference point when reviewing the Annual Report:
| 2017 Tax Act | Tax Cuts and Jobs Act of 2017 |
|---|---|
| A&R 2019 Plan | The Company’s Amended and Restated 2019 Equity and Incentive Plan, as amended on May 15, 2025. |
| Adjusted free cash flow | A non-GAAP measure calculated as cash flows from operating activities, adjusted for net purchases of current investment securities, capital expenditures, net Funding Activity, changes in WEX Bank cash balances, and certain other adjustments. |
| Adjusted net income or ANI | A non-GAAP measure that adjusts net income (loss) attributable to shareholders to exclude all items excluded in segment adjusted operating income except unallocated corporate expenses, further excluding unrealized gains and losses on financial instruments, net foreign currency gains and losses, debt issuance cost amortization, tax related items and certain other non-operating items, as applicable depending on the period presented. |
| Ascensus Acquisition | The acquisition from Ascensus, LLC of certain entities, which comprised the health and benefits business of Ascensus. |
| ASC | Accounting Standards Codification |
| ASR | Accelerated Share Repurchase |
| ASU | Accounting Standards Update |
| Average number of SaaS accounts | Represents the average number of active consumer-directed health, COBRA, and billing accounts on our SaaS platforms. HSA accounts for which WEX Inc. serves as the non-bank custodian under designation by the U.S. Department of Treasury are included in this average. |
| B2B | Business-to-Business |
| BTFP | The Federal Reserve Bank Term Funding Program, which provides liquidity to U.S. depository institutions. |
| CDH | Consumer-directed healthcare |
| CFPB | Consumer Financial Protection Bureau |
| Closed-loop | Refers to proprietary, private payment networks, and transactions processed thereon, in which the card issuer, payment processor and merchant network are all part of the same system. |
| CODM | Chief Operating Decision Maker |
| Company | WEX Inc. and all entities included in the consolidated financial statements. |
| Consolidated EBITDA | A non-GAAP measure calculated in accordance with the terms of the Company’s Credit Agreement. |
| Convertible Notes | Convertible senior unsecured notes due on July 15, 2027 in an aggregate principal amount of $310.0 million with a 6.5 percent interest rate, issued July 1, 2020, which were repurchased by the Company and canceled by the trustee at the instruction of the Company on August 11, 2023. |
| Corporate Cash | Calculated in accordance with the terms of our consolidated leverage ratio in the Company’s Credit Agreement. |
| Credit Agreement | Amended and Restated Credit Agreement entered into on April 1, 2021 (as amended from time to time) by and among the Company and certain of its subsidiaries, as borrowers, and Bank of America, N.A., as administrative agent on behalf of the lenders. |
| DCFM | Discounted Cash Flow Method of valuation |
| Table of Contents | ACRONYMS AND ABBREVIATIONS |
|---|
| Discovery Benefits | Discovery Benefits, LLC, which was subsequently merged with and into WEX Health as of March 31, 2021. |
|---|---|
| DSUs | Deferred Stock Units held by non-employee directors. |
| eNett | eNett International (Jersey) Limited |
| EVs | Electric vehicles |
| FASB | Financial Accounting Standards Board |
| FCPA | U.S. Foreign Corrupt Practices Act |
| FDIC | Federal Deposit Insurance Corporation |
| Federal Reserve Bank Discount Window | Monetary policy that allows WEX Bank to borrow funds on a short-term basis to meet temporary shortages of liquidity caused by internal or external disruptions. |
| FHLB | Federal Home Loan Bank |
| FinCEN | Financial Crimes Enforcement Network of the U.S. Department of the Treasury |
| FRA | Federal Reserve Act |
| FSA | Flexible Spending Accounts |
| Funding Activity | Includes the change in net deposits, net advances from the FHLB, changes in participation debt, and changes in borrowings under the BTFP and borrowed federal funds, which are all used as part of WEX Bank’s accounts receivable funding strategy. |
| GAAP | Generally Accepted Accounting Principles in the United States |
| GILTI | Global Intangible Low Taxed Income |
| GPCM | Guideline Public Company Method of valuation |
| GPCs | Guideline Public Companies |
| HRA | Health Reimbursement Arrangements |
| HSA | Health Savings Account |
| HSA Yield | HSA Yield is calculated by dividing total custodial investment revenue by average HSA custodial cash assets. |
| ICE | Internal Combustion Engine |
| Indenture | The indenture dated as of March 6, 2025, among the Company, the subsidiary guarantors party thereto and Citibank, N.A., as trustee, which governs the Senior Notes. |
| MSUs | Market share units |
| NAV | Net Asset Value |
| Net interchange rate | Represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants, less certain discounts given to customers and network fees. |
| Net late fee rate | Represents late fee revenue as a percentage of fuel purchased by fleets that have a payment processing relationship with WEX. |
| Net payment processing rate | The percentage of each payment processing $ of fuel that the Company records as revenue from merchants less certain discounts given to customers and network fees. |
| NYSE | New York Stock Exchange |
| OBBBA | A budget and reconciliation package known as the “One Big Beautiful Bill Act,” signed into law on July 4, 2025. |
| OFAC | The United States Treasury’s Office of Foreign Assets Control |
| OID | Original issue discount |
| Open-loop | Refers to third-party payment networks (i.e., Visa and Mastercard), and transactions processed thereon, where consumers use standard credit/debt cards or digital wallets and multiple intermediaries handle the transaction. |
| Operating cash flow | Net cash provided by (used for) operating activities. |
| Table of Contents | ACRONYMS AND ABBREVIATIONS |
|---|
| Operating interest | Interest expense incurred on the operating debt obtained to provide liquidity for the Company’s short-term receivables or used for investing purposes in fixed income debt securities. |
|---|---|
| Optal | Optal Limited |
| OTA | Online travel agency |
| Over-the-Road | Typically, heavy trucks traveling long distances. |
| Payment processing $ of fuel | Total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX. |
| Payment processing transactions | Total number of purchases made by fleets that have a payment processing relationship with the Company where the Company maintains the receivable for the total purchase. |
| PBRSUs | Performance-based restricted stock units |
| PO Holding | PO Holding, LLC, a wholly owned subsidiary of WEX Inc. and the direct parent of WEX Health. |
| Processing costs | Expenses related to processing transactions, servicing customers and merchants and costs of goods sold related to hardware and other product sales. |
| Purchase volume | Purchase volume in the Corporate Payments segment represents the total dollar value of all WEX-issued transactions that use WEX corporate card products and virtual card products. Purchase volume in the Benefits segment represents the total dollar value of all transactions where interchange is earned by WEX. |
| Revolving Credit Facility | The Company’s secured revolving credit facility under the Credit Agreement. |
| RSUs | Restricted stock units |
| SaaS | Software-as-a-Service |
| Same-store sales | A measure of fuel gallons purchased by Mobility customers who joined the Company prior to the preceding calendar year, adjusted for the number of business days in the period. |
| SBI | SBI Investments, Inc., which is owned by State Bankshares, Inc., and was a minority interest holder in PO Holding, LLC. |
| SEC | Securities and Exchange Commission |
| Senior Notes | $550.0 million in aggregate principal amount of 6.500% senior unsecured notes, issued March 6, 2025 and due March 15, 2033. |
| Service fees | Costs incurred from third-party networks utilized to deliver payment solutions and other third-parties utilized in performing services directly related to generating revenue. |
| SOFR | Secured Overnight Financing Rate |
| SPE | Wholly-owned special purpose entity |
| Topic 310 | Accounting Standards Codification Section 310, Receivables |
| Topic 320 | Accounting Standards Codification Section 320, Debt Securities |
| Topic 606 | Accounting Standards Codification Section 606, Revenue from Contracts with Customers |
| Total segment adjusted operating income | A non-GAAP measure that adjusts operating income to exclude specified items that the Company’s management excludes in evaluating segment performance, including unallocated corporate expenses, acquisition-related intangible amortization, other acquisition and divestiture related items, debt restructuring costs, stock-based compensation, other costs and certain non-recurring or non-cash operating charges that are not core to our operations, as applicable depending on the period presented. |
| Total volume | Includes purchases on WEX-issued accounts as well as purchases issued by others, but using a WEX platform. |
| TSR | Total shareholder return |
| UDFI | Utah Department of Financial Institutions |
| Table of Contents | ACRONYMS AND ABBREVIATIONS |
|---|
| VIE | Variable interest entity |
|---|---|
| VCN | Virtual card number |
| WACC | Weighted Average Cost of Capital |
| WEX | WEX Inc., and all of its subsidiaries that are consolidated under accounting principles generally accepted in the United States, unless otherwise indicated or required by the context. |
| WEX Australia | WEX Card Holdings Australia Pty Ltd and its subsidiaries |
| WEX Bank | An industrial bank organized under the laws of the State of Utah, and wholly owned subsidiary of WEX Inc. |
| WEX Europe Services | WEX Europe Service Limited, a European Mobility business |
| WEX Health | WEX Health, Inc., the Company’s healthcare technology and administration solutions provider/business. |
| WEX Payments | WEX Payments Inc. (formerly known as Noventis, Inc.) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.