WEX posts 3Q earnings decrease, raises full-year guidance

File Photo / Renee Cordes WEX Inc. is a global financial technology company headquartered in Portland.

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WEX Inc. (NYSE: WEX), the Portland-based financial technology service provider, on Wednesday posted a decrease in third-quarter income.

Net income for the three months ended Sept. 30 was $80.3 million, or $2.30 per diluted share, a decrease from $102.9 million, or $2.52, in the same period last year.

Revenue totaled $692 million, up from $665.5 million a year ago.

“Our strategy to return to revenue growth was demonstrated in the third quarter with both revenue and earnings exceeding the high end of our guidance ranges,” said Melissa Smith, WEX’s chair, CEO and president.

She said the company remained focused building what she called the three strategic pillars: the core business, the company's reach and continued innovation.

"The third quarter marked a turning point with acceleration in revenue growth, and we are confident in our ability to deliver sustainable growth, attractive margins and robust cash flow for our shareholders," Smith added.

Guidance

Looking ahead, WEX raised its full-year revenue guidance to $2.63 billion to $2.65 billion and its adjusted net income guidance to $15.76 to $15.96 per diluted share.

For the fourth quarter, the company expects revenue in the range of $646 million to $666 million and adjusted net income in the range of $3.76 to $3.96 per diluted share.

WEX is a financial technology services provider to businesses in the areas of fleet mobility and fueling, corporate payments, travel industry payments and employee and member benefits.

Based on revenue in 2023, WEX was ranked Maine's second-largest publicly traded company after IDEXX Laboratories Inc. in the 2025 Mainebiz Book of Lists.