WEX Inc. reported financial results for the third quarter of 2026, with total revenue reaching $780.1 million, an increase of 12.8% compared to the same period in the prior year. Net income for the quarter was $134.1 million, or $3.88 per diluted share, representing a 68.7% increase per share. Adjusted net income was $211.9 million, or $6.13 per diluted share, up 33.6% per share. The company reported an operating income margin of 30.6% and an adjusted operating income margin of 42.6%.
Segment performance varied across the company's three reporting units. The Mobility segment generated $435.1 million in revenue, a 20.6% increase, while the Benefits segment posted $207.6 million in revenue, up 4.8%. The Corporate Payments segment reported $137.4 million in revenue, a 3.5% increase. Total volume across all segments was $78.5 billion, an increase of 18.5%.
In terms of capital allocation, WEX repurchased approximately $200 million of its common stock during the third quarter, with an additional $75 million purchased through October 26. The company also reported an adjusted free cash flow of $234.3 million. As of September 30, 2026, the company's leverage ratio was 2.7x.
Regarding guidance, WEX raised its full-year 2026 revenue outlook to a range of $2.97 billion to $2.99 billion. The company also increased its adjusted net income guidance for the full year to a range of $21.28 to $21.48 per diluted share. For the fourth quarter of 2026, the company expects revenue between $760 million and $780 million and adjusted net income between $193 million and $200 million, or $5.67 to $5.87 per diluted share.
