J P M O R G A N North America Equity Research 22 July 2026 WEX Inc. 2Q First Look: Beat & Raise on Fuel, Strong CP Margins, But Macro Still Sluggish; Buybacks Activated Quick Take: Higher fuel prices drove the beat and raise, while organic growth metrics remain muted. Questions ahead of the call at 10am ET could include Corporate Payments margin drivers and Mobility Finance Fee upside as underlying volume/transaction trends underwhelm. Expected stock reaction pre- call: mixed, as core growth metrics remain ...