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Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information
17.
Segment Information
The Company determines its operating segments and reports segment information in accordance with how our Chief Executive Officer, the Company’s 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 performance of each segment and make decisions regarding the allocation of capital and resources to each segment. The CODM also uses variance analysis of segment adjusted operating income on a recurring basis to assess the performance of the segment against forecast, prior periods and the annual budget. We do not allocate assets to our operating segments as we do not use assets to assess our segment performance.
Segment revenues, expenses, and adjusted operating income
Segment adjusted operating income, as reported in the following tables, excludes 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. Accordingly, certain significant expenses included below have been marked as “adjusted”, as they do not agree with similarly named expense totals appearing elsewhere within this quarterly report on Form 10-Q, due to these exclusions.
Three Months Ended March 31, 2026
(in millions)MobilityBenefitsCorporate PaymentTotal
Payment processing revenue$156.8 $33.0 $94.4 $284.2 
Account servicing revenue53.2 114.5 14.8 182.5 
Finance fee revenue79.8 — 0.2 80.1 
Other revenue54.7 68.6 3.6 127.0 
Total revenues (revenues from external customers)$344.6 $216.2 
$113.0 $673.8 
Less(1):
Processing costs, adjusted71.4 64.5 17.8 
Service fees1.8 19.8 2.5 
Provision for credit losses25.6 (0.6)4.3 
Operating interest expense18.7 1.4 3.6 
Sales and marketing expense, adjusted62.9 13.9 21.3 
General and administrative expense, adjusted24.2 6.5 10.5 
Other segment items(2)
15.5 10.4 8.9 
Segment adjusted operating income (3)
$124.5 $100.2 $44.1 $268.8 
Three Months Ended March 31, 2025
(in millions)MobilityBenefitsCorporate PaymentTotal
Payment processing revenue$156.4 $29.7 $85.7 $271.8 
Account servicing revenue49.9 115.9 13.3 179.1 
Finance fee revenue75.2 — 0.4 75.7 
Other revenue52.3 53.6 4.0 110.0 
Total revenues (revenues from external customers)$333.8 $199.3 
$103.5 $636.6 
Less(1):
Processing costs, adjusted71.1 64.4 17.5 
Service fees1.9 20.9 2.9 
Provision for credit losses13.9 (1.0)3.0 
Operating interest expense18.7 1.2 4.2 
Sales and marketing expense, adjusted56.9 12.6 16.5 
General and administrative expense, adjusted24.9 5.4 10.0 
Other segment items(2)
14.9 9.0 8.8 
Segment adjusted operating income (3)
$131.4 $86.9 $40.5 $258.7 
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(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Given the increase in both provision for credit losses and operating interest expense, it was determined during the third quarter of 2025 that such expenses are deemed significant for all segments, whereas previously were only considered significant for the Mobility segment. Segment information for previous periods has been recast to conform to the current-period presentation.
(2) Other segment items for the Mobility, Benefits and Corporate Payments reportable segments include depreciation expense for each of the periods presented.
(3) See following table for a reconciliation of segment adjusted operating income to income before income taxes.
Segment adjusted operating income reconciliation
The following table reconciles total segment adjusted operating income to income before income taxes:
 Three Months Ended March 31,
(in millions)20262025
​
Segment adjusted operating income
Mobility$124.5 $131.4 
Benefits100.2 86.9 
Corporate Payments44.1 40.5 
Total segment adjusted operating income$268.8 $258.7 
 Three Months Ended March 31,
(in millions)20262025
Reconciliation:
Total segment adjusted operating income$268.8 $258.7 
Less:
Unallocated corporate expenses24.6 24.9 
Acquisition-related intangible amortization45.8 47.8 
Other acquisition and divestiture related items— 0.5 
Stock-based compensation29.6 13.3 
Other costs10.4 14.9 
Add:
Financing interest expense, net of financial instruments(53.6)(53.0)
Net foreign currency gain (loss)4.6 (3.1)
Change in fair value of contingent consideration(0.7)(0.8)
Income before income taxes$108.5 $100.4 
Other segment disclosures
Three Months Ended
(in millions)MobilityBenefitsCorporate Payments
March 31, 2026:
Interest income(1)
$5.0 $55.9 $2.7 
Operating interest expense$18.7 $1.4 $3.6 
Depreciation(2)
$15.5 $10.4 $8.9 
March 31, 2025:
Interest income(1)
$3.1 $44.6 $3.1 
Operating interest expense$18.7 
$1.2 $4.2 
Depreciation(2)
$14.9 $9.0 $8.8 
(1)The amounts of interest income disclosed by reportable segment are included within total revenues in the preceding tables.
(2)The amounts of depreciation disclosed by reportable segment are included within other segment items in the preceding tables. Amounts do not include amortization of intangible assets, as amortization is not included in determining segment adjusted operating income and is not regularly provided to the CODM.