NYSE$WEX
WEX Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
WEX reported strong Q1 2023 results with revenue and adjusted net income exceeding expectations, driven by strength across its ecosystem of solutions.
WEX Inc. reported an 18% year-over-year increase in revenue, reaching a record $612 million for Q1 2023. GAAP net income was $1.56 per diluted share, while adjusted net income attributable to shareholders increased by 15% year-over-year to $3.31 per diluted share. The company is raising its full-year 2023 financial guidance.
- Total net revenue for the first quarter of 2023 increased 18% to $612.0 million.
- Net income attributable to shareholders was $68.0 million, or $1.56 per diluted share for the first quarter of 2023.
- Adjusted net income attributable to shareholders was $145.8 million for the first quarter of 2023, or $3.31 per diluted share.
- Total volume across all segments was $52.3 billion, an increase of 17% from the first quarter of 2022.
Headline financials
Revenue & EPS history
WEX · Revenue · Quarterly
$612M
Revenue by segment
WEX · $612M total across 3 segments · Q1 2023
- Mobility$342M—55.9%
- Benefits$165M—26.9%
- Corporate Payments$105M—17.1%
Forward guidance
The Company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis. For the second quarter of 2023, the Company expects revenue in the range of $613 million to $623 million and adjusted net income attributable to shareholders in the range of $3.45 to $3.55 per diluted share. For the full year 2023, the Company now expects revenue in the range of $2.45 billion to $2.49 billion, up from the prior guidance range of $2.43 billion to $2.47 billion. Adjusted net income attributable to shareholders is now expected to be in the range of $13.85 to $14.25 per diluted share, an increase from the prior guidance range of $13.55 to $14.05 per diluted share.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
-1.8%
Avg return
Earnings day
-3.3%
Avg return
5 days after
-2.2%
Avg return
30 days after
39%
27 / 69 earnings
Positive
+10.0%
Q3 2022
Best reaction
-18.7%
Q3 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.0% | -17.6% | -18.7% | |
| Q4 2025 | -0.2% | +11.5% | +12.2% | |
| Q3 2025 | -1.6% | -3.9% | -3.7% | |
| Q2 2025 | -0.4% | -3.5% | -3.1% | |
| Q1 2025 | -6.8% | -6.2% | +2.0% | |
| Q4 2024 | -18.7% | -17.1% | -15.0% | |
| Q3 2024 | -16.0% | -18.7% | -13.0% | |
| Q2 2024 | +0.9% | +3.0% | +3.8% | |
| Q1 2024 | -7.2% | -9.5% | -19.5% | |
| Q4 2023 | +4.8% | +4.2% | +13.1% | |
| Q3 2023 | -9.5% | -7.7% | -2.8% | |
| Q2 2023 | -4.3% | -2.5% | -4.5% | |
| Q1 2023 | +1.7% | -4.0% | -2.9% | |
| Q4 2022 | +7.9% | +6.6% | -3.5% | |
| Q3 2022 | +10.0% | +11.9% | +10.8% | |
| Q2 2022 | -2.4% | -1.6% | -5.8% | |
| Q1 2022 | +1.3% | +1.3% | +3.1% | |
| Q4 2021 | +2.9% | +4.7% | -2.7% | |
| Q3 2021 | -18.7% | -21.9% | -28.4% | |
| Q2 2021 | -6.5% | -10.1% | -9.2% | |
| Q1 2021 | -9.5% | -9.9% | -13.6% | |
| Q4 2020 | -5.2% | -6.9% | -4.4% | |
| Q3 2020 | -5.3% | +0.1% | +35.9% | |
| Q2 2020 | -7.0% | -5.4% | -3.7% | |
| Q1 2020 | +2.7% | -3.2% | +35.4% | |
| Q4 2019 | +5.4% | +4.6% | -38.4% | |
| Q3 2019 | -5.5% | -4.4% | -1.3% | |
| Q2 2019 | -7.3% | -11.4% | -6.2% | |
| Q1 2019 | +0.1% | -2.9% | -9.2% | |
| Q4 2018 | +2.6% | -0.2% | +8.7% | |
| Q3 2018 | +4.1% | +0.8% | -7.6% | |
| Q2 2018 | -1.7% | -0.9% | -0.3% | |
| Q1 2018 | +4.5% | +5.5% | +10.2% | |
| Q4 2017 | +8.8% | +8.5% | +6.9% | |
| Q3 2017 | -0.5% | -0.9% | +2.7% | |
| Q2 2017 | -2.1% | -5.4% | -6.3% | |
| Q1 2017 | -5.0% | -7.1% | -3.2% | |
| Q4 2016 | -6.6% | -6.9% | -10.7% | |
| Q3 2016 | +6.6% | +0.1% | +3.0% | |
| Q2 2016 | -1.4% | -4.6% | +2.9% | |
| Q1 2016 | +4.1% | — | — | |
| Q4 2015 | -11.9% | — | — | |
| Q3 2015 | -3.4% | — | — | |
| Q2 2015 | -4.9% | — | — | |
| Q1 2015 | -0.4% | — | — | |
| Q4 2014 | +0.7% | — | — | |
| Q3 2014 | +3.0% | — | — | |
| Q2 2014 | +2.7% | — | — | |
| Q1 2014 | +0.6% | — | — | |
| Q4 2013 | +5.3% | — | — | |
| Q3 2013 | +6.9% | — | — | |
| Q2 2013 | +4.6% | — | — | |
| Q1 2013 | -9.3% | — | — | |
| Q4 2011 | -0.1% | — | — | |
| Q4 2012 | -5.9% | — | — | |
| Q3 2012 | +2.8% | — | — | |
| Q2 2012 | +2.7% | — | — | |
| Q1 2012 | +0.7% | — | — | |
| Q3 2011 | -1.5% | — | — | |
| Q2 2011 | -4.1% | — | — | |
| Q1 2010 | -1.8% | — | — | |
| Q1 2011 | +1.5% | — | — | |
| Q4 2008 | -2.4% | — | — | |
| Q4 2010 | -2.4% | — | — | |
| Q3 2009 | -2.6% | — | — | |
| Q3 2010 | -2.6% | — | — | |
| Q2 2009 | -5.0% | — | — | |
| Q4 2009 | -5.0% | — | — | |
| Q2 2010 | -5.0% | — | — |
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