WEX Inc. has recently released its 10-Q report, providing a detailed look into its recent financial performance. The company operates a commerce platform that offers fleet vehicle payment solutions, payment processing, and information management services, serving businesses and government agencies with commercial vehicle fleets. Additionally, it provides payment solutions, accounts payable automation, and spend management solutions to customers in various verticals, and offers software-as-a-service (SaaS) platform for consumer-directed healthcare benefits.
In the 10-Q report, WEX's Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) provides insights into the company's financial statements, changes in key items, and the primary factors affecting those changes. The report also delves into the financial results of the company's three segments – Mobility, Benefits, and Corporate Payments, providing a comprehensive understanding of their impact on WEX's overall financial condition and operations.
The report highlights key financial metrics for the three months ended March 31, 2025, compared to the prior year period. WEX reported total revenues of $636.6 million, a decrease from $652.7 million in the same period in 2024. The net income for the first quarter of 2025 was $71.5 million, up from $65.8 million in the first quarter of 2024. Notably, the company's adjusted net income for the first quarter of 2025 was $138.4 million, compared to $146.7 million in the same period in 2024. The adjusted net income per diluted share was $3.51 in 2025, slightly up from $3.46 in 2024. However, the company reported net cash used for operating activities of $481.6 million in the first quarter of 2025, a significant increase from $153.3 million in the first quarter of 2024.
The report also provides a detailed breakdown of the financial performance of each business segment. In the Mobility segment, WEX reported a decrease in total revenues to $333.8 million for the first quarter of 2025, compared to $339.0 million in the same period in 2024. The Benefits segment saw an increase in total revenues to $199.3 million for the first quarter of 2025, up from $191.2 million in the first quarter of 2024. The Corporate Payments segment reported total revenues of $103.5 million for the first quarter of 2025, a decrease from $122.5 million in the first quarter of 2024.
Following these announcements, the company's shares moved -5.9%, and are now trading at a price of $122.65. Check out the company's full 10-Q submission here.
