WEX Inc. reported its fourth quarter 2024 financial results on February 5, 2025, with Q4 revenue decreasing 4% year-over-year to $636.5 million. Full-year 2024 revenue increased 3% to $2.63 billion.
Q4 GAAP net income was $63.9 million, or $1.60 per diluted share, compared to $84.9 million, or $1.98 per diluted share, in Q4 2023. Adjusted net income for Q4 2024 was $142.9 million, or $3.57 per diluted share, down 7% from the prior year.
WEX updated its long-term organic revenue growth target to 5-10% from 8-12% and adjusted EPS growth to 10-15%. The company anticipates 2025 results to be below these new targets due to strategic investment ramp-up, but expects these initiatives to drive reaccelerated growth in 2026 and beyond.
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