Financial Analysis

15. Commitments and Contingencies Litigation and Regulatory Matters From time to time, the Company is subject to legal proceedings, claims and regulatory matters in the ordinary course of business, including but not limited to: commercial disputes; contract disputes; employment litigation; disputes regarding our intellectual property rights; alleged infringement or misappropriation by us of intellectual property rights of others, and, matters relating to our compliance with applicable laws and regulations. As of the date of this filing, the current estimate of a reasonably possible loss contingency from all legal or regulatory proceedings is not material to the Companys consolidated financial position, results of operations, cash flows or liquidity. Commitments Significant commitments and contingencies as of June 30, 2026, are generally consistent with those discussed in Note 19, Commitments and Contingencies, to the consolidated financial statements in the Companys Annual Report on Form 10K for the year ended December 31, 2025. …

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10. Financing and Other Debt The following tables summarize the Companys total outstanding debt as of June 30, 2026 and December 31, 2025. As of June 30, 2026 As of December 31, 2025 (in millions) Balance Outstanding Interest Rate Balance Outstanding Interest Rate Short term debt: Securitized debt (VIEs) $ 97.8 5.20 % $ 101.4 4.68 % Participation debt 49.6 5.91 % 65.2 5.94 % FHLB advances 1,532.0 3.84 % 1,105.0 3.87 % Borrowed federal funds 100.0 3.75 % % Current portion of long-term debt (5) 54.7 ** 54.7 ** Total short term debt, net $ 1,834.2 $ 1,326.4 ** Provided for the total Credit Agreement borrowings below. Balance Outstanding at: (in millions) June 30, 2026 December 31, 2025 Long-term debt: Credit Agreement: Term A-1 Loans (1) $ 798.8 $ 821.3 Term B-2 Loans due April 1, 2028 (2) 1,367.5 1,374.4 Term B-3 Loans due March 6, 2032 (2) 444.4 446.6 Borrowings on Revolving Credit Facility (1) 446.8 428.4 Total borrowings under the Credit Agreement (3) 3,057.4 3,070.7 Senior Notes due March 15, 2033 550.0 550.0 Total long-term debt (4) 3,607.4 3,620.7 Less total unamortized debt issuance costs/discounts (29.6) (33.9) Less current portion of long-term debt (5) (54.7) (54.7) Long-term debt, net $ 3,523.0 $ 3,532.0 (1) Bears interest at variable rates, at the Companys option, plus an applicable margin determined based on the Companys consolidated leverage ratio. Outstanding borrowings under the Revolving Credit Facility are classified as long-term given they can be rolled forwar …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables disaggregate the Companys consolidated revenues, substantially all of which relate to services transferred to the customer over time: Three Months Ended June 30, 2026 (in millions) Mobility Benefits Corporate Payments Total Topic 606 revenues Payment processing revenue $ 210.8 $ 29.5 $ 104.1 $ 344.5 Account servicing revenue 11.3 107.4 16.6 135.3 Other revenue 23.0 10.5 0.1 33.6 Total Topic 606 revenues $ 245.1 $ 147.4 $ 120.8 $ 513.3 Non-Topic 606 revenues 177.3 58.6 4.3 240.2 Total revenues $ 422.4 $ 206.0 $ 125.1 $ 753.5 Three Months Ended June 30, 2025 (in millions) Mobility Benefits Corporate Payments Total Topic 606 revenues Payment processing revenue $ 160.4 $ 27.2 $ 97.7 $ 285.2 Account servicing revenue 10.5 110.4 15.4 136.4 Other revenue 24.5 8.2 32.8 Total Topic 606 revenues $ 195.4 $ 145.9 $ 113.1 $ 454.4 Non-Topic 606 revenues 150.8 49.1 5.2 205.1 Total revenues $ 346.2 $ 195.1 $ 118.3 $ 659.6 Six Months Ended June 30, 2026 (In millions) Mobility Benefits Corporate Payments Total Topic 606 revenues Payment processing revenue $ 367.6 $ 62.5 $ 198.5 $ 628.6 Account servicing revenue 23.0 221.9 31.4 276.2 Other revenue 47.3 23.3 0.2 70.7 Total Topic 606 revenues $ 437.9 $ 307.6 $ 230.1 $ 975.6 Non-Topic 606 revenues 329.2 114.5 8.1 451.8 Total revenues $ 767.0 $ 422.1 $ 238.2 $ 1,427.4 Six Months Ended June 30, 2025 (In millions) Mobility Benefits Corporate Payments Total Topic 606 revenues Payment processing revenue $ 316.7 $ 56.9 $ 183.4 $ 557 …

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16. StockBased Compensation Under the A&R 2019 Plan, the Company has regularly granted equity awards to certain employees and directors in the form of stock options, restricted stock, RSUs and certain performance-based stock awards. In addition, the A&R 2019 Plan allows the Company to grant shares of WEX common stock to employees in lieu of bonus or other compensation earned by such employees. In lieu of cash compensation that would otherwise have been payable to certain employees under our 2025 short-term incentive plan (STIP), during the first quarter of 2026 the Company awarded shares of WEX stock in an amount equal to the amount that would have been payable under the 2025 STIP to each respective employee, divided by the closing price of WEX common stock on the date of grant. The expense associated with such awards was accrued over the 2025 plan year and included within stock-based compensation expense. As of December 31, 2025, the stock-based compensation associated with these awards was recorded as liability-classified equity awards within current liabilities on the condensed consolidated balance sheet. During the first quarter of 2026, these awards were issued and the associated liability existing as of December 31, 2025 was reclassified from current liabilities to additional paid-in capital on the condensed consolidated balance sheet. The Company has not issued any additional liability-classified equity awards during 2026. Stock-based compensation expense was $ …

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13. Financial Instruments - Fair Value and Concentrations of Credit Risk Financial Instruments Measured at Fair Value on a Recurring Basis The following table presents the Companys financial instruments that are measured at fair value on a recurring basis, as classified within the three-level fair value hierarchy: (in millions) Fair Value Hierarchy June 30, 2026 December 31, 2025 Assets: Money market mutual funds (1) 1 $ 58.4 $ 64.3 U.S. Treasury bills (1) 2 99.9 Investment securities, current: Available-for-sale debt securities: U.S. treasury notes 2 $ 406.4 $ 397.5 Corporate and sovereign debt securities 2 1,710.9 1,349.6 Municipal bonds 2 65.9 66.6 Asset-backed securities 2 1,021.8 868.2 Mortgage-backed securities 2 1,735.2 1,651.0 Total $ 4,940.1 $ 4,332.9 Investment securities, non-current: Available-for-sale debt securities 2 $ 66.2 $ 53.7 Equity securities: Mutual fund 1 27.8 27.6 Pooled investment fund measured at NAV (2) 12.9 12.9 Total $ 106.8 $ 94.2 Executive deferred compensation plan trust (3) 1 $ 18.5 $ 18.4 Liabilities: Contingent consideration (4) 2 $ 18.6 $ 68.9 (1) The fair value is recorded in cash and cash equivalents. (2) The fair value of this security is measured at NAV as a practical expedient and has not been classified within the fair value hierarchy. The amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated balance sheets. (3) The fair value is recorde …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

14. Income Taxes The Companys effective tax rate was 27.9 percent and 28.1 percent for the three and six months ended June 30, 2026, respectively, and 27.0 percent and 27.9 percent for the three and six months ended June 30, 2025, respectively. Income tax expense is based on an estimated annual effective rate, which requires the Company to make its best estimate of annual pretax income or loss. The Companys effective income tax rates differ from the U.S. federal statutory rates primarily due to jurisdictional earnings mix and permanent book to tax differences arising from stock-based compensation. Undistributed earnings of certain foreign subsidiaries of the Company amounted to $381.4 million and $351.0 million at June 30, 2026 and December 31, 2025, respectively. The Company continues to maintain its indefinite reinvestment assertion for its investments in foreign subsidiaries, except for any historical undistributed earnings and future earnings for WEX Australia and WEX Brazil. Upon distribution of these earnings, the Company would be subject to withholding taxes payable to foreign countries, where applicable, but would generally have no further federal income tax liability. It is not practicable to estimate the unrecognized deferred tax liability associated with these undistributed earnings; however, it is not expected to be material. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

The Company evaluates all ASUs recently issued by the FASB for consideration of their applicability. Any recently issued ASUs not listed in the following table were assessed and determined to either not be applicable, or have not had, or are not expected to have, a material impact on our condensed consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial InstrumentsCredit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for estimating expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under Topic 606. The expedient allows an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendments are effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods. The Company has evaluated the provisions of this ASU and has determined not to elect the practical expedient. The Company did not adopt any accounting standards during the six months ended June 30, 2026. Standard Description Date/Method of Adoption Effect on financial statements or other significant matters Not Yet Adopted as of June 30, 2026 ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses Requires disclosure in th …

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3. Revenues In accordance with Topic 606, revenue is recognized when, or as, performance obligations are satisfied as defined by the terms of the contract, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services provided. Income recognized that is not derived from a contract with a customer within the scope of Topic 606 is included within Non-Topic 606 revenues. The following tables disaggregate the Companys consolidated revenues, substantially all of which relate to services transferred to the customer over time: Three Months Ended June 30, 2026 (in millions) Mobility Benefits Corporate Payments Total Topic 606 revenues Payment processing revenue $ 210.8 $ 29.5 $ 104.1 $ 344.5 Account servicing revenue 11.3 107.4 16.6 135.3 Other revenue 23.0 10.5 0.1 33.6 Total Topic 606 revenues $ 245.1 $ 147.4 $ 120.8 $ 513.3 Non-Topic 606 revenues 177.3 58.6 4.3 240.2 Total revenues $ 422.4 $ 206.0 $ 125.1 $ 753.5 Three Months Ended June 30, 2025 (in millions) Mobility Benefits Corporate Payments Total Topic 606 revenues Payment processing revenue $ 160.4 $ 27.2 $ 97.7 $ 285.2 Account servicing revenue 10.5 110.4 15.4 136.4 Other revenue 24.5 8.2 32.8 Total Topic 606 revenues $ 195.4 $ 145.9 $ 113.1 $ 454.4 Non-Topic 606 revenues 150.8 49.1 5.2 205.1 Total revenues $ 346.2 $ 195.1 $ 118.3 $ 659.6 Six Months Ended June 30, 2026 (In millions) Mobility Benefits Corporate Payments Total Topic 606 revenues Payment processing r …

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17. Segment Information The Company determines its operating segments and reports segment information in accordance with how our Chief Executive Officer, the Companys CODM, allocates resources and assesses performance. The Company has both three operating segments and three reportable segments, as described below. Mobility provides payment solutions, transaction processing, and information management, serving diverse fleet needs globally. Beyond fuel payments, our portfolio includes SaaS solutions for field service management, telematics, reporting and analytics, cash flow management, and mixed-energy fleets. Benefits simplifies employee benefit plan administration through SaaS software integrated with payment solutions. We deliver diverse product offerings including benefit administration, HSAs, FSAs, HRAs, COBRA and direct billing, and compliance administration. WEX Inc. also serves as an IRS-designated non-bank custodian, while WEX Bank provides HSA depository services. Corporate Payments delivers global B2B payment solutions, including our Direct Accounts Payable solution that integrates with ERPs and accounting workflows to maximize virtual payment usage, and our Embedded Payments solution that integrates virtual payment capabilities into existing workflows for a broad range of industries, including the travel industry. We also offer white-label partnerships with financial institutions . The CODM uses segment adjusted operating income to evaluate the financial performanc …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing