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Corpay (CPAY) stock

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NYSE: CPAY NYSE Transaction & Payment Processing Services Next results ~November 4, 2026

B Fundamentals grade

Corpay, Inc. is a global corporate payments business that helps companies and consumers manage and settle their expenses. Its offerings include accounts payable automation, cross-border payments (foreign exchange spot, forward and option contracts), commercial cards such as purchasing, business and virtual cards, vehicle payment products including fuel cards and toll services, and lodging payment solutions covering hotels and extended-stay housing.

Most of its revenue comes from business customers, although it also serves consumers, with recurring income that is driven by transaction volumes. It additionally earns from card rebates, interest on prepaid balances and breakage on unused gift cards. Sales run through digital channels, direct sales teams and partners, including white-label arrangements.

The company is organised into four reportable segments: Corporate Payments, Vehicle Payments, Lodging Payments and Other (gift and payroll cards). Its cross-border network can reach close to 200 countries and 145 currencies, while gift programmes operate in 66 countries. Incorporated in 2000, Corpay has belonged to the S&P 500 since 2018 and trades on the NYSE under CPAY.

Based on Corpay's 10-K filed February 27, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($1,045.58) is 2.56x the share price ($407.95) and 3.82x the median of our other models ($273.45); the other models don't support a gap this wide.

Price vs value

Under review: our cash-flow value ($1,045.58) is 2.56x the share price ($407.95) and 3.82x the median of our other models ($273.45); the other models don't support a gap this wide. We'll show the comparison once resolved.

Corpay valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Corpay files

Where Corpay stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $5.02bn, up 20.4% on a year earlier, faster than 18.3% a quarter earlier. Free-cash-flow margin fell to 32.6% from 46.2% a year earlier. The diluted share count is down 3.3% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 6 financial-health checks.

Our model value for Corpay is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Corpay's trailing-twelve-month revenue grew 20.4% year on year, with a free-cash-flow margin of 32.6%. Where it stands out: operating margin of 43.7% ranks 3 of 29 transaction & payment processing services companies we cover. Where it lags: days sales outstanding of 193 days ranks 17 of 18 transaction & payment processing services companies we cover.

Our discounted-cash-flow model values the business at ~$1000 per share in the base case (~$760–$1400 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 15.0% while net income grew 8.7%: a 24pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 20.4% over the last 12 months, against a median of 9.7% for transaction & payment processing services companies we cover.
  • High operating margin. 43.7% of revenue is left as operating profit, against a median of 9.8% for transaction & payment processing services companies we cover.
  • Strong cash generation. 32.6% of revenue turned into free cash flow, against a median of 18.4% for transaction & payment processing services companies we cover.
  • Shrinking share count. Diluted shares fell 3.3% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Below peers: days sales outstanding. Days sales outstanding of 193 days ranks 17 of 18 transaction & payment processing services companies we cover (median 53 days).

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
$7.00 against an average estimate of $6.58: beat by 6.3%
Revenue
$1.34bn, up 21.5% on a year earlier
Share reaction
+0.4% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
total revenues $5.29bn to $5.33bn (fiscal year 2026); net income $1.29bn to $1.33bn (fiscal year 2026)
Next report
November 4, 2026; average EPS estimate $7.20

Corpay's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.1%
  • 1 week+2.4%
  • 1 month+3.7%
  • This year+36.0%
  • 1 year+57.2%
  • 5 years+69.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5B
Operating margin
43.7%
Net margin
22.7%
EPS (TTM, diluted)
$16.53

Growth

Revenue growth
+20.4%
Change in growth rate
+2.1 pts
Share count change
−3.3%

Cash

Free cash flow (TTM)
$1.6B
FCF margin
32.6%
Stock pay % of revenue
2.3%

Earnings

Last results
August 5, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Insider trade
  4. Insider trade
  5. Results
  6. Guidance
  7. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Corpay valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($1,045.58) is 2.56x the share price ($407.95) and 3.82x the median of our other models ($273.45); the other models don't support a gap this wide.

Our value per share comes from a discounted-cash-flow model of Corpay's free cash flow after stock-based pay ( $2.3B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Corpay as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.04 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$1000 ~$760–$1400 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$270 ~$200–$600 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$460 ~$330–$660 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$230 ~$200–$270 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Corpay with Transaction & Payment Processing Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$142.93$141.52$192.43$185.72$287.72$272.83$223.84$183.68$282.61$338.42$300.93$409.29
Market value$13.5bn$13.5bn$18.0bn$17.1bn$25.9bn$23.7bn$18.8bn$14.1bn$21.0bn$24.3bn$21.4bn$28.2bn
+ Net debt (− = net cash)$2.5bn$3.4bn$3.6bn$3.8bn$3.8bn$3.4bn$4.5bn$5.6bn$5.3bn$6.4bn$7.6bn$7.5bn
Enterprise value$15.9bn$16.9bn$21.6bn$20.9bn$29.7bn$27.0bn$23.3bn$19.7bn$26.4bn$30.8bn$29.0bn$35.7bn
Multiples
Price / sales 7.9x7.4x8.0x7.0x9.8x9.9x6.6x4.1x5.6x6.1x4.7x5.6x
Price / earnings 37.1x29.8x24.3x21.1x29.0x33.6x22.4x14.8x21.4x24.2x20.0x24.8x
Price / free cash flow 18.9x20.8x29.5x20.8x23.8x17.0x17.3x23.4x10.8x13.8x16.5x17.2x
EV / EBITDA 18.5x17.6x18.8x15.3x19.7x22.0x15.2x11.1x13.2x14.4x12.1x13.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

80 /100

Strong moat

How hard Corpay's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 9 / 20

    Net income has been a median 6.2% of total assets over 10 years.

  • Durability 20 / 20

    Operating margin has been a median 43.2%; its worst year was 39.7%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 40.7% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 19.6% over five years; stock-based pay has been a median 2.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (84 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $1.4bn and EPS of $7.20 (range $7.12 to $7.49) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $27.42 +28% $5.3bn +18%
Next $31.55 +15% $5.8bn +9%

Next year's EPS estimate has moved +3.1% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.4% on 90 days ago. In the last 30 days, 2 analysts raised Corpay's forecast and 0 cut it.

Consensus EPS forecast Corpay, last 90 days
$26.00 $28.00 $30.00 $32.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $26.78 Current fiscal year, 60 days ago: $27.36 Current fiscal year, 30 days ago: $27.39 Current fiscal year, 7 days ago: $27.41 Current fiscal year, Now: $27.42 $27.42 Next fiscal year, 90 days ago: $30.59 Next fiscal year, 60 days ago: $31.24 Next fiscal year, 30 days ago: $31.45 Next fiscal year, 7 days ago: $31.51 Next fiscal year, Now: $31.55 $31.55

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $26.78$30.59
60 days ago $27.36$31.24
30 days ago $27.39$31.45
7 days ago $27.41$31.51
Now $27.42$31.55

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $6.58 $7.00 +6.3%
Mar 2026 $5.47 $5.80 +6.0%
Dec 2025 $5.94 $6.04 +1.7%
Sept 2025 $5.64 $5.70 +1.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • Total revenues fiscal year 2026 $5.29bn to $5.33bn Raised
    “Total revenues between $5.290 billion and $5.330 billion, growing 17% at the midpoint year over year;” source
  • Revenue third quarter of 2026 about $1.355bn
    “"Revenue for the third quarter of 2026 is expected to be approximately $1.355 billion at the midpoint, growing 16% year over year, and adjusted net income per diluted share is expected to be $7.15 at the midpoint, growing 26% year over year," said Peter Walker.” source
  • Net income per diluted share fiscal year 2026 $19.50 to $19.90 GAAP Raised
    “Net income per diluted share between $19.50 and $19.90;” source
  • Adjusted net income per diluted share fiscal year 2026 $27.15 to $27.55 Non-GAAP Raised
    “Adjusted net income per diluted share between $27.15 and $27.55, growing 28% at the midpoint year over year.” source
  • Adjusted net income per diluted share third quarter of 2026 about $7.15 Non-GAAP
    “"Revenue for the third quarter of 2026 is expected to be approximately $1.355 billion at the midpoint, growing 16% year over year, and adjusted net income per diluted share is expected to be $7.15 at the midpoint, growing 26% year over year," said Peter Walker.” source
  • Net income per diluted share Q3 2026 $5.26 to $5.46 GAAP
    “Net income per diluted share $ 5.26 $ 5.46” source
Show 5 more items
  • Adjusted net income per diluted share Q3 2026 $7.05 to $7.25 Non-GAAP
    “Adjusted net income per diluted share $ 7.05 $ 7.25” source
  • Net income fiscal year 2026 $1.285bn to $1.325bn GAAP Raised
    “Net income between $1.285 billion and $1.325 billion;” source
  • Adjusted net income fiscal year 2026 $1.79bn to $1.83bn Non-GAAP Raised
    “Adjusted net income between $1.790 billion and $1.830 billion; and” source
  • Adjusted effective tax rate fiscal year 2026 25% to 27% Non-GAAP
    “An adjusted effective tax rate of approximately 25% to 27%; and” source
  • Net income attributable to Corpay Q3 2026 $343m to $363m GAAP
    “Net income attributable to Corpay $ 343 $ 363” source

How earlier guidance turned out

  • Net income per diluted share, second quarter of 2026 guided $4.59 to $4.79 Below range: $3.70
  • Net income, second quarter of 2026 guided $301m to $321m Below range: $248m
  • Revenue, second quarter of 2026 guided about $1.295bn Above range: $1.338809bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Corpay's revenue by +11.8% next year and +13.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.5%, weight 56%) , management guidance (+10.3%, weight 19%) and the company's own record (+15.9%, weight 25%) . How the weights are set.

Analyst recommendations

16 analysts, Oct 2026
Buy1381%
Hold319%
Sell00%

Monthly trend

  1. Oct 202658316
  2. Sep 202658316
  3. Aug 202648315
  4. Jul 202648315

Counts of recommendations published by analysts covering Corpay, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.5%
of tradable shares
Days to cover
6.73
at average volume
Short interest, 1 month
+12%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
3.8%
of shares
Employees
11,800
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +57.2%

$260.35 on October 31, 2025 to $409.29

ThenNowEffect
Revenue (last 12 months) $4.2bn $5.0bn +20.4%
Net margin 25.2% 22.7% −9.7%
P/E multiple 17.7x 24.8x +39.9%
Share count 71m 69m +3.4%

Biggest factor: p/e multiple.

Last 3 years +72.9%

$236.66 on November 3, 2023 to $409.29

ThenNowEffect
Revenue (last 12 months) $3.6bn $5.0bn +38.5%
Net margin 25.6% 22.7% −11.3%
P/E multiple 19.1x 24.8x +29.8%
Share count 75m 69m +8.5%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CPAY−18%−18%+54%+20%−11%+36%
Industry peers (median)−19%−35%+6%+9%−26%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CPAY42%50%67%50%42%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CPAY−32%−37%−19%−21%−35%−20%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 50% from February 6, 2020 to October 20, 2022. Getting back needed a 101% gain, reached on October 4, 2024, 715 days after the low.

Price behaviour

52-week range
$261.17 – $425.24
From 52-week high
−3.8%
vs 50-day average
+1.5%
vs 200-day average
+15.0%
Volatility (1 year)
36%
Beta vs S&P 500
0.74

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±5.8%
After a week
7 up, 5 down
typical move ±6.7%
After a month
9 up, 3 down
typical move ±8.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +0.4% −0.4% +3.3% +5.8%
May 7, 2026 +12.6% +0.5% +7.8% +14.3%
February 4, 2026 +14.6% −1.7% +18.6% +7.6%
November 5, 2025 +6.4% −0.7% +9.8% +18.9%
August 6, 2025 −4.4% +0.7% −0.6% −0.6%
May 6, 2025 −0.7% −0.4% +8.1% +0.9%
February 5, 2025 +2.6% +0.8% −3.2% −11.6%
November 7, 2024 +4.9% +1.2% +6.1% +3.7%
October 28, 2024 −2.6% +0.5% −3.2% +12.2%
August 7, 2024 +5.7% +1.6% +6.3% +11.8%
May 8, 2024 −7.1% +0.6% −8.4% −15.0%
February 7, 2024 −7.6% +0.9% −5.1% +2.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Corpay in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Corpay
$3.5B $4B $4.5B $5B $5.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $3.7B Revenue (TTM), FY23 Q4: $3.8B Revenue (TTM), FY24 Q1: $3.8B Revenue (TTM), FY24 Q2: $3.8B Revenue (TTM), FY24 Q3: $3.9B Revenue (TTM), FY24 Q4: $4B Revenue (TTM), FY25 Q1: $4B Revenue (TTM), FY25 Q2: $4.2B Revenue (TTM), FY25 Q3: $4.3B Revenue (TTM), FY25 Q4: $4.5B Revenue (TTM), FY26 Q1: $4.8B Revenue (TTM), FY26 Q2: $5B $5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $3.7B
FY23 Q4 $3.8B
FY24 Q1 $3.8B
FY24 Q2 $3.8B
FY24 Q3 $3.9B
FY24 Q4 $4B
FY25 Q1 $4B
FY25 Q2 $4.2B
FY25 Q3 $4.3B
FY25 Q4 $4.5B
FY26 Q1 $4.8B
FY26 Q2 $5B
Revenue growth, TTM YoY Corpay
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 10.7% Revenue growth, TTM YoY, FY23 Q4: 9.6% Revenue growth, TTM YoY, FY24 Q1: 7.1% Revenue growth, TTM YoY, FY24 Q2: 5.3% Revenue growth, TTM YoY, FY24 Q3: 4.7% Revenue growth, TTM YoY, FY24 Q4: 5.8% Revenue growth, TTM YoY, FY25 Q1: 6.7% Revenue growth, TTM YoY, FY25 Q2: 9.2% Revenue growth, TTM YoY, FY25 Q3: 11.3% Revenue growth, TTM YoY, FY25 Q4: 13.9% Revenue growth, TTM YoY, FY26 Q1: 18.3% Revenue growth, TTM YoY, FY26 Q2: 20.4% 20.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 10.7%
FY23 Q4 9.6%
FY24 Q1 7.1%
FY24 Q2 5.3%
FY24 Q3 4.7%
FY24 Q4 5.8%
FY25 Q1 6.7%
FY25 Q2 9.2%
FY25 Q3 11.3%
FY25 Q4 13.9%
FY26 Q1 18.3%
FY26 Q2 20.4%
Operating margin (TTM) Corpay
43% 44% 45% 46% 47% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 43.3% Operating margin (TTM), FY23 Q4: 44.1% Operating margin (TTM), FY24 Q1: 44.3% Operating margin (TTM), FY24 Q2: 44.5% Operating margin (TTM), FY24 Q3: 44.4% Operating margin (TTM), FY24 Q4: 45.0% Operating margin (TTM), FY25 Q1: 44.9% Operating margin (TTM), FY25 Q2: 44.7% Operating margin (TTM), FY25 Q3: 44.5% Operating margin (TTM), FY25 Q4: 44.0% Operating margin (TTM), FY26 Q1: 46.1% Operating margin (TTM), FY26 Q2: 43.7% 43.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 43.3%
FY23 Q4 44.1%
FY24 Q1 44.3%
FY24 Q2 44.5%
FY24 Q3 44.4%
FY24 Q4 45.0%
FY25 Q1 44.9%
FY25 Q2 44.7%
FY25 Q3 44.5%
FY25 Q4 44.0%
FY26 Q1 46.1%
FY26 Q2 43.7%
FCF margin (TTM) Corpay
20% 30% 40% 50% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 41.6% FCF margin (TTM), FY23 Q4: 51.8% FCF margin (TTM), FY24 Q1: 37.3% FCF margin (TTM), FY24 Q2: 45.4% FCF margin (TTM), FY24 Q3: 47.5% FCF margin (TTM), FY24 Q4: 44.4% FCF margin (TTM), FY25 Q1: 33.1% FCF margin (TTM), FY25 Q2: 46.2% FCF margin (TTM), FY25 Q3: 26.5% FCF margin (TTM), FY25 Q4: 28.7% FCF margin (TTM), FY26 Q1: 27.4% FCF margin (TTM), FY26 Q2: 32.6% 32.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 41.6%
FY23 Q4 51.8%
FY24 Q1 37.3%
FY24 Q2 45.4%
FY24 Q3 47.5%
FY24 Q4 44.4%
FY25 Q1 33.1%
FY25 Q2 46.2%
FY25 Q3 26.5%
FY25 Q4 28.7%
FY26 Q1 27.4%
FY26 Q2 32.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Corpay took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $4.5B
  2. Selling, general and admin $733M · 16.2%
  3. Other operating costs $1.8B · 39.8%
  4. Operating income $2B · 44.0%
  5. Income tax $470M · 10.4%
  6. Interest and other $455M · 10.0%
  7. Net income $1.1B · 23.6%

Shares of revenue. Source: Corpay's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0.4 0.4 0.5 0.7 0.9 1.2 1.7 1.8 2.2 2.4 2.6 2.4 2.8 3.4 3.8 4.0 4.5 5.0
EBITDA 0.2 0.2 0.3 0.4 0.5 0.7 0.9 1.0 1.1 1.4 1.5 1.2 1.5 1.8 2.0 2.1 2.4 2.6
Operating income 0.1 0.2 0.2 0.3 0.4 0.6 0.7 0.8 0.9 1.1 1.2 1.0 1.2 1.4 1.7 1.8 2.0 2.2
Net income 0.1 0.1 0.1 0.2 0.3 0.4 0.4 0.5 0.7 0.8 0.9 0.7 0.8 1.0 1.0 1.0 1.1 1.1
Diluted EPS $1.13 $1.34 $1.76 $2.52 $3.36 $4.24 $3.85 $4.75 $7.91 $8.81 $9.94 $8.12 $9.99 $12.42 $13.20 $13.97 $15.03 $16.53
Growth (year on year)
Revenue — +22.5% +19.8% +36.2% +26.5% +34.0% +42.0% +7.6% +22.8% +8.2% +8.8% −9.8% +18.6% +20.9% +9.6% +5.8% +13.9% +20.4%
EBITDA — +17.1% +28.5% +43.6% +30.9% +37.4% +27.0% +11.2% +19.9% +18.9% +10.3% −18.5% +24.4% +15.9% +12.7% +7.3% +11.7% +18.4%
Operating income — +16.7% +32.8% +43.6% +29.5% +34.4% +18.1% +13.0% +17.2% +23.4% +12.9% −21.0% +27.8% +16.4% +14.5% +7.9% +11.6% +17.9%
Net income — +21.2% +36.6% +46.7% +31.6% +29.6% −1.7% +24.8% +63.6% +9.6% +10.3% −21.3% +19.2% +13.7% +2.9% +2.2% +6.6% +8.7%
Diluted EPS — +18.6% +31.3% +43.2% +33.3% +26.2% −9.2% +23.4% +66.5% +11.4% +12.8% −18.3% +23.0% +24.3% +6.3% +5.8% +7.6% +12.3%
Margins
EBITDA margin 49.3% 47.1% 50.5% 53.3% 55.1% 56.5% 50.6% 52.3% 51.0% 56.1% 56.8% 51.4% 53.9% 51.6% 53.1% 53.8% 52.7% 52.6%
Operating margin 41.2% 39.3% 43.6% 45.9% 47.0% 47.1% 39.2% 41.2% 39.3% 44.8% 46.5% 40.7% 43.8% 42.2% 44.1% 45.0% 44.0% 43.7%
Net margin 25.2% 24.9% 28.4% 30.6% 31.8% 30.7% 21.3% 24.7% 32.9% 33.3% 33.8% 29.5% 29.6% 27.8% 26.1% 25.3% 23.6% 22.7%
Free-cash-flow margin 47.8% 29.6% 51.2% 16.4% 39.6% 48.5% 41.9% 35.4% 27.1% 33.8% 41.0% 58.4% 38.3% 17.6% 51.8% 44.4% 28.7% 32.6%
Cash flow
Cash from operations 0.2 0.1 0.3 0.1 0.4 0.6 0.8 0.7 0.7 0.9 1.2 1.5 1.2 0.8 2.1 1.9 1.5 1.8
Capital spending 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2
Free cash flow 0.2 0.1 0.3 0.1 0.4 0.6 0.7 0.6 0.6 0.8 1.1 1.4 1.1 0.6 1.9 1.8 1.3 1.6
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.2 0.1 0.2 0.1 0.3 0.5 0.6 0.6 0.5 0.8 1.0 1.4 1.0 0.5 1.8 1.6 1.2 1.5
Balance sheet
Cash 0.1 0.1 0.3 0.3 0.3 0.5 0.4 0.5 0.9 1.0 1.3 0.9 1.5 1.4 1.4 1.6 2.4 3.2
Total debt 0.0 0.5 0.8 1.0 1.5 3.6 2.9 3.9 4.5 4.8 5.0 4.3 6.0 7.0 6.7 8.0 10.0 10.6
Net debt (negative = net cash) −0.1 0.4 0.6 0.7 1.1 3.1 2.5 3.4 3.6 3.8 3.8 3.4 4.5 5.6 5.3 6.4 7.6 7.5
Diluted shares — 81m 84m 86m 85m 87m 94m 95m 94m 92m 90m 87m 84m 77m 74m 72m 71m 69m
Returned to shareholders
Buybacks — — 0.0 0.2 — 0.0 0.0 0.2 0.4 1.0 0.7 0.8 1.4 1.4 0.7 1.3 0.8 1.8
Total returned — — 0.0 0.2 — 0.0 0.0 0.2 0.4 1.0 0.7 0.8 1.4 1.4 0.7 1.3 0.8 1.8

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · June 30, 2026
What it owns · $28.2bn
Short-term assets $16.5bnLonger-term assets $11.7bn
What it owes, and who funded it · $20.5bn
Short-term liabilities $17.0bnShareholders' equity $3.5bn
  • Short-term assets cover short-term liabilities $16.5bn of assets due within a year against $17.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $3.2bn of cash against $15.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 428% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 209% to 428% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.8bn of operating cash flow against $15.1bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.2bn against $438m of interest.

From Corpay's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$1.8B
Returned to shareholders
110%
of free cash flow
Buybacks, last 3 fiscal years
$2.8B
Diluted share count
−3.3%
year over year
Total shareholder yield
6.7%
dividends 0.0% + buybacks 6.7% of market value
Days sales outstanding
193 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in transaction & payment processing services
Last 12 months unless stated CPAY FOUR EEFT AFRM WU WEX Median
Revenue, last 12 months $5.0bn $4.8bn $4.4bn $4.3bn $4.0bn $2.9bn $1.6bn
Revenue growth, last 12 months 20.4% 32.4% 5.8% 32.2% −1.6% 9.7% 9.3%
Revenue growth, 3-year average 11.5% 28.2% 7.5% 39.0% −2.7% 4.8% 7.9%
Revenue growth, latest quarter 21.5% 34.1% 3.2% 33.0% −1.3% 12.8% 14.0%
Gross margin — 20.1% 41.4% — 35.1% 60.4% 45.0%
Operating margin 43.7% 8.1% 11.5% 9.8% 15.9% 26.6% 9.8%
Operating margin, 3-year average 44.3% 7.0% 12.2% −6.5% 17.0% 25.8% 11.1%
Net margin 22.7% 2.2% 6.6% 45.3% 9.8% 14.0% 6.1%
Cash from operations / revenue 36.8% 12.4% 9.2% 28.9% 15.1% −4.3% 18.4%
Free-cash-flow margin 32.6% 12.0% 6.1% 23.3% 14.0% −12.8% 16.1%
Free-cash-flow margin, 3-year average 41.4% 13.1% 11.4% 18.2% 12.7% 9.5% 16.3%
Stock pay / revenue 2.3% 1.8% 1.4% 7.2% 1.0% 4.5% 2.2%
Change in share count −3.3% — 1.8% 2.3% −5.6% −6.1% −2.7%

Median of all 30 companies we cover in transaction & payment processing services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

30 transaction & payment processing services companies
Measure Company Peer median Rank
Revenue growth Growth 20.4% 9.7% 10 of 30
Change in growth rate Growth +2.1pp -0.3pp 9 of 30
Operating margin Profitability 43.7% 9.8% 3 of 29
Net margin Profitability 22.7% 6.6% 6 of 30
Free-cash-flow margin Cash generation 32.6% 18.4% 6 of 25
Stock pay as % of revenue Cash generation 2.3% 2.3% 16 of 30
Long-term debt as % of assets Balance sheet 37.6% 25.3% 13 of 19
Change in share count Balance sheet -3.3% -1.7% 11 of 26
Days sales outstanding Balance sheet 193 days 53 days 17 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Vehicle Payments $2.1B 47.2% ▲ 6.5%
Corporate Payments $1.6B 36.1% ▲ 33.8%
Lodging Payments $470M 10.4% ▼ 3.9%
Other $285M 6.3% ▲ 11.7%
Geography
Region Revenue Share YoY
United States $2.2B 48.7% ▲ 6.1%
Other Countries $968M 21.4% ▲ 27.4%
Brazil $713M 15.8% ▲ 20.0%
United Kingdom $642M 14.2% ▲ 18.5%

From Corpay's 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$21.4B
Institutions reporting
730
Shares held vs prior quarter
▲ 0.6%
Positions opened / closed
103 / 54

Top buyers and sellers, Q2 2026: 377 institutions bought and 297 sold ; the biggest buyer was FMR LLC (+647K shares) and the biggest seller T. Rowe Price Investment Management, Inc (−531K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.9B 5.7M 8.9% ▼ 7.5%
Orbis Allan Gray Ltd $1.8B 5.4M 8.4% ▲ 1.2%
Jpmorgan Chase & Co $1.6B 4.8M 7.5% ▼ 1.1%
Vanguard Capital Management LLC $1.4B 4.2M 6.5% ▼ 6.0%
FMR LLC $1.1B 3.3M 5.2% ▲ 24.0%
State Street Corp $944M 2.8M 4.4% ▼ 3.8%
Boston Partners $939M 2.8M 4.4% ▲ 16.1%
Vanguard Portfolio Management LLC $925M 2.8M 4.3% ▼ 7.2%
Price T Rowe Associates Inc $818M 2.5M 3.8% ▲ 9.1%
Tiger Global Management LLC $716M 2.1M 3.3% ▲ 22.7%
Geode Capital Management, LLC $606M 1.8M 2.8% ▼ 8.7%
Invesco Ltd. $321M 963K 1.5% ▲ 7.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Corpay's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $2.5M 1 trade by 1 insider, last 12 months Insider sales History → $148M 45 trades by 7 insiders · 0% under pre-set plans
Net ▼ $146M net selling
Insider Date Trade Shares Price Value
Clarke Ronald CEO & Chairman of BOD August 25, 2026 Sell 193 $415.11 $80,117
Clarke Ronald CEO & Chairman of BOD August 25, 2026 Sell 9,581 $414.57 $4M
Clarke Ronald CEO & Chairman of BOD August 25, 2026 Sell 24,670 $413.42 $10.2M
Clarke Ronald CEO & Chairman of BOD August 25, 2026 Sell 50,504 $412.58 $20.8M
Clarke Ronald CEO & Chairman of BOD August 25, 2026 Sell 15,575 $411.49 $6.4M
Clarke Ronald CEO & Chairman of BOD August 25, 2026 Sell 12,109 $410.56 $5M
Clarke Ronald CEO & Chairman of BOD August 25, 2026 Sell 6,854 $409.56 $2.8M
Clarke Ronald CEO & Chairman of BOD August 24, 2026 Sell 40 $419.62 $16,785
Clarke Ronald CEO & Chairman of BOD August 24, 2026 Sell 4,039 $418.86 $1.7M
Clarke Ronald CEO & Chairman of BOD August 24, 2026 Sell 7,545 $418.08 $3.2M
Clarke Ronald CEO & Chairman of BOD August 24, 2026 Sell 8,409 $417.29 $3.5M
Clarke Ronald CEO & Chairman of BOD August 24, 2026 Sell 16,540 $415.82 $6.9M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 14 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 10 sales of Corpay shares.

  • April McClain Delaney(D-MD 6):Sale (full), $15,001 - $50,000, traded August 7, 2026, filed September 9, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $15,001 - $50,000, traded August 6, 2026, filed September 9, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded August 3, 2026, filed September 9, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 7, 2026
  • February 4, 2026
  • November 5, 2025
  • August 6, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Corpay was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Corpay in brief

What does Corpay do?
Corpay is a US-listed company in the transaction & payment processing services industry. Its financial year ends in December.
What is Corpay's stock ticker?
Corpay trades under the ticker CPAY on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Corpay's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Corpay reported revenue of $5B, 20.4% higher than a year earlier, according to its SEC filings.
What is Corpay's free cash flow?
Corpay's free-cash-flow margin is 32.6% of revenue over the trailing twelve months, ranking 6 of the 25 transaction & payment processing services companies we cover.
Who are Corpay's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Orbis Allan Gray Ltd and Jpmorgan Chase & Co. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Corpay buying back stock, and does it pay a dividend?
Corpay spent $1.8B on share repurchases over the trailing twelve months, and its diluted share count fell 3.3% over the year.
What is Corpay's market cap?
On November 2, 2026, Corpay's market capitalisation was about $28.2B, with a price-to-earnings ratio of 24.8 and net debt of $7.5B. Market figures come from third-party market data and may be delayed.
How much debt does Corpay have?
Corpay's debt-to-equity ratio is 427.7%, from its latest balance sheet (208.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are Corpay's competitors?
In our Transaction & Payment Processing Services peer group, the companies closest to Corpay are Shift4 Payments, Inc., Euronet Worldwide, Inc., Affirm Holdings, Inc., Western Union Co and WEX Inc. The side-by-side comparison below sets their revenue, margins and growth against Corpay's.
Are insiders buying or selling Corpay stock?
Over the last 12 months, Corpay's directors and officers reported 1 open-market purchases and 45 sales on Form 4. The insider trading page charts every trade.
When is Corpay's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Corpay announces its own schedule.