| Stage | V | % of rev | WEX | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $11.6B | 100.00% | $780M | 100.00% | V ×14.91 |
| Gross profit | $9.2B | 78.87% | $493M | 63.16% | V +15.7pp |
| Operating income | $6.9B | 59.12% | $239M | 30.61% | V +28.5pp |
| Pre-tax income | $6.8B | 58.74% | $186M | 23.78% | V +35.0pp |
| Net income | $5.6B | 48.38% | $134M | 17.19% | V +31.2pp |
| Stage | V | WEX | Gap · A − B |
|---|---|---|---|
| Revenue | $11.6B100.00% | $780M100.00% | V ×14.91 |
| Gross profit | 78.87%$9.2B | 63.16%$493M | V +15.7pp |
| Operating income | 59.12%$6.9B | 30.61%$239M | V +28.5pp |
| Pre-tax income | 58.74%$6.8B | 23.78%$186M | V +35.0pp |
| Net income |
| 48.38%$5.6B |
| 17.19%$134M |
| V +31.2pp |
V · BILL 10-KAug 20 '26
“We are required to comply with the Mastercard, American Express, and Visa payment card network operating rules applicable to our card products.”
WEX · BILL 10-KAug 20 '26
“The extensions of credit facilitated through our BILL Spend and Expense offering and certain of our accounts payable offerings are originated through our Issuing Banks, which currently include Cross River Bank, WEX Bank and WebBank.”