Core Insights - WEX Inc. is experiencing a shift in growth momentum, with the corporate payments segment becoming a key driver as mobility markets remain uneven [2][4] - The company reported a 5.7% year-over-year revenue increase in the fourth quarter, reaching $672.9 million, primarily due to a rebound in travel-related payments [3][4] - Management anticipates faster growth in 2026, particularly in the corporate payments segment, despite ongoing challenges in the mobility sector [1][11] Corporate Payments Segment - The corporate payments segment saw a 16.9% year-over-year increase in purchase volume, largely driven by travel customers, with travel-related revenue rising over 30% [7] - Revenues from the corporate payments segment reached $122.9 million, reflecting a 17.9% year-on-year growth [7] - The launch of a global funding engine for virtual cards is expected to enhance customer reach and support broader enterprise workflows [8] Mobility Segment - The mobility segment, WEX's largest, reported flat revenue year-over-year due to a slight decline in transaction volumes amid a cyclical downturn in the trucking market [5] - WEX is increasing investments in sales and marketing for small fleets, resulting in a 13% year-over-year increase in new small business customers [5][6] - Management does not expect improvement in freight conditions in its 2026 outlook, treating any recovery as potential upside [6] Benefits Segment - The benefits segment achieved a revenue growth of 9.6% in the quarter, supported by steady SaaS account expansion and custodial balances [10] - WEX ended the year with over 9.4 million HSA accounts, with growth outpacing industry trends [10] - Automation in claims processing and brokerage tools contributed to lower servicing costs and improved customer experience [10] Financial Guidance - WEX's total revenue exceeded guidance, driven by strength in the benefits segment and higher fuel prices [11] - For full-year 2026, WEX guided revenue between $2.7 billion and $2.76 billion, implying approximately 5% revenue growth and 13% earnings growth [11] - First-quarter revenue is expected to range from $650 million to $670 million, with plans to pair cost savings with reinvestment in product development [11]