How WEX makes money

Period

FY2025

How does WEX make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

WEX Inc. · FY2025 · year ended 2025-12-31

Revenue$2.7BGross profit$1.6B · 59%Cost of revenue$1.1B · 41%Operating income$664M · 25%Operating expenses$896M · 34%SG&A$330M · 12%Selling & marketing$387M · 15%Other opex$179M · 7%Pre-tax income$420M · 16%Other expense$244M · 9%Net income$304M · 11%Income tax$116M · 4%Payment Processing Revenue$1.1B · 43%Account Servicing Revenue$726M · 27%Product & Service Other$471M · 18%Finance Fee Revenue$321M · 12%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.