WEX: Beat-and-Raise; Underlying Trends Mixed

研报英文原文证据摘录

WEX: Beat-and-Raise; Underlying Trends Mixed

Payments, Processors, & IT Services

FLASH

FLASH: WEX, INC. (WEX) July 22, 2026

WEX: Beat-and-Raise; Underlying Trends Mixed Rating:

Peer Perform ●2Q Results: Revenue of $754mn (+14% Y/Y reported) came in above the Price:

Street’s $741mn estimate and our $746mn forecast. At the segment level, $155.68

Mobility outperformed on late fees, while Benefits and Corporate Payments Price Target:

NA were modestly below expectations. Adjusted EPS of $5.35 was above our

$5.10 estimate and the Street’s $5.08, driven primarily by the benefit from Source: FactSet, Wolfe Research

higher fuel prices and share repurchases. Priced as of 07/22/26

●Shares are trading up ~2.5% after hours following a beat-and-raise quarter.

We believe the reaction reflects stronger-than-expected revenue, particularly

Mobility late-fee performance (despite prior indications that late fees may

be depressed and despite lower-than-expected credit losses), solid operating Darrin Peller dpeller@wolferesearch.com

margins, and higher EPS. Guidance was also raised. That said, we note that (646) 582-9310

underlying Mobility trends ex-late fees, decelerated during the quarter. On the View Darrin’s Research

View WEX Model call, we will be focused on any commentary around the shape of 2H26 and View Comp Table

puts-and-take to 2Q.

Josefina Ruggieri

jruggieri@wolferesearch.com

(646) 582-9309

●Activist Involvement: We will also be listening for management’s commentary

on the evolving relationship between WEX and Impactive following the recent Scottswurtzel@wolferesearch.comWurtzel

board additions, including LTW, and the separation of the Chair and CEO roles. (646) 582-9313

Cameron Dyer

cdyer@wolferesearch.com

●2026 Guidance: Revenues of $2,862-2,902mn & adj. EPS $19.68-20.08 vs.