olivLaw · US equity research
CPAY CPAY
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
Corpay, Inc. (CPAY) is a global corporate payments and expense management company with revenues, net of 4528.4 million USD in fiscal 2025. In the second quarter of 2026, revenue rose 21% and the company raised its fiscal 2026 guidance. Organic revenue growth was 10% in that quarter.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, CPAY (CPAY) stock was 418.60 USD (+2.96% on the day), with market capitalisation 27.5 bn USD, P/E 25.4 on diluted EPS of 16.45 USD over the last 12 months, beta 1.25, 52-week range 261.69–425.24 USD. Latest reported quarter (Q2 2026): revenue of 1.3 bn USD (+21.5% YoY), net income of 248.3 m USD (−12.6% YoY), diluted EPS 3.70 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 62.0
- strong (55–70)
- Bollinger (20, 2)
- 390.26 – 416.12
- above the upper band · %B 1.10 · band width 6.4%
- SMA 50 / 200
- 403.10 / 356.83
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.08 / 0.91
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.2% | −1.1% | +5.3 pp | — |
| 3 months | +6.1% | −0.5% | +6.6 pp | — |
| 6 months | +37.1% | +4.4% | +32.7 pp | — |
| Year to date | +39.1% | +12.3% | +26.8 pp | — |
| 1 year | +60.3% | +13.5% | +46.7 pp | −1.1% |
| 3 years | +76.9% | +76.4% | +0.5 pp | +5.9% |
| 5 years | +71.0% | +63.7% | +7.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.0 bn | 1.0 bn | 1.0 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.3 bn |
| Operating income | 468.1 m | 488.3 m | 427.1 m | 479.4 m | 523.1 m | 564.5 m | 636.2 m | 472.3 m |
| Depreciation & amortisation | 89.5 m | 92.4 m | 92.2 m | 91.4 m | 93.2 m | 116.6 m | 114.8 m | 118.3 m |
| Interest expense | 104.4 m | 94.8 m | 93.9 m | 96.9 m | 100.0 m | 113.0 m | 110.1 m | 114.7 m |
| Pre-tax income | 358.3 m | 387.3 m | 327.5 m | 393.1 m | 421.7 m | 399.4 m | 505.0 m | 344.7 m |
| Income tax | 82.0 m | 141.3 m | 83.6 m | 109.0 m | 143.3 m | 133.8 m | 151.3 m | 92.9 m |
| Net income | 276.4 m | 246.0 m | 243.2 m | 284.2 m | 277.9 m | 264.5 m | 350.1 m | 248.3 m |
| Diluted EPS | 3.90 | 3.44 ≈ | 3.40 | 3.98 | 3.91 | 3.77 ≈ | 5.07 | 3.70 |
| Operating cash flow | 400.8 m ≈ | 648.7 m | -74.2 m | 1.1 bn ≈ | -378.9 m ≈ | 812.7 m | -56.6 m | 1.5 bn ≈ |
| Capex | 45.8 m ≈ | 44.1 m | 44.8 m | 52.6 m ≈ | 50.9 m ≈ | 52.4 m | 51.1 m | 54.4 m ≈ |
| Share repurchases | 92.2 m ≈ | 248.8 m | 58.7 m | 32.2 m ≈ | 191.7 m ≈ | 500.2 m | 786.0 m | 326.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 56 percentile of its own 43-quarter history (min 14.5, median 24.2, max 40.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.4 bn | 2.6 bn | 2.4 bn | 2.8 bn | 3.4 bn | 3.8 bn | 4.0 bn | 4.5 bn |
| Revenue YoY | +8.2% | +8.8% | −9.8% | +18.6% | +20.9% | +9.6% | +5.8% | +13.9% |
| Net income | 811.5 m | 895.1 m | 704.2 m | 839.5 m | 954.3 m | 981.9 m | 1.0 bn | 1.1 bn |
| Net income YoY | +9.6% | +10.3% | −21.3% | +19.2% | +13.7% | +2.9% | +2.2% | +6.6% |
| Diluted EPS | 8.81 | 9.94 | 8.12 | 9.99 | 12.42 | 13.20 | 13.97 | 15.03 |
| Diluted EPS YoY | +11.4% | +12.8% | −18.3% | +23.0% | +24.3% | +6.3% | +5.8% | +7.6% |
| net % | 33.3% | 33.8% | 29.5% | 29.6% | 27.8% | 26.1% | 25.3% | 23.6% |
| Free cash flow | 822.0 m | 1.1 bn | 1.4 bn | 1.1 bn | 603.4 m | 1.9 bn | 1.8 bn | 1.3 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.4 bn USD
- Financial debt
- 13.3 bn USD
- Net debt
- 10.9 bn USD
- Equity
- 3.9 bn USD
- Total assets
- 26.4 bn USD
- Debt / equity
- 3.40x
- Current ratio
- 0.98x
- ROE
- 30.3%
- ROA
- 4.8%
- FCF margin
- 28.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.4 bn | 2.8 bn | 3.4 bn | 3.8 bn | 4.0 bn | 4.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 972.3 m | 1.2 bn | 1.4 bn | 1.7 bn | 1.8 bn | 2.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 254.8 m | 284.2 m | 322.3 m | 336.6 m | 351.1 m | 393.3 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 1.2 bn ≈ | 1.5 bn ≈ | 1.8 bn ≈ | 2.0 bn ≈ | 2.1 bn ≈ | 2.4 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | — | — | 164.7 m | 348.6 m | 383.0 m | 403.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 882.5 m | 1.1 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 178.3 m | 269.3 m | 321.3 m | 343.1 m | 381.4 m | 469.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 704.2 m | 839.5 m | 954.3 m | 981.9 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 8.12 | 9.99 | 12.42 | 13.20 | 13.97 | 15.03 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 86.7 m | 84.1 m | 76.9 m | 74.4 m | 71.8 m | 71.1 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 934.9 m | 1.5 bn | 1.4 bn | 1.4 bn | 1.6 bn | 2.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 1.4 bn | 1.8 bn | 2.1 bn | 2.2 bn | 2.1 bn | 2.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 4.0 bn | 5.5 bn | 6.1 bn | 7.1 bn | 8.7 bn | 14.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 202.5 m | 236.3 m | 294.7 m | 343.2 m | 377.7 m | 472.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 4.7 bn | 5.1 bn | 5.2 bn | 5.6 bn | 6.0 bn | 7.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 2.1 bn | 2.3 bn | 2.1 bn | 2.1 bn | 2.4 bn | 3.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 11.2 bn | 13.4 bn | 14.1 bn | 15.5 bn | 18.0 bn | 26.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 1.1 bn | 1.4 bn | 1.6 bn | 1.6 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 1.2 bn | 1.5 bn | 2.3 bn | 2.1 bn | 2.8 bn | 3.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | — | 6.0 bn | 7.0 bn | 6.7 bn | 8.0 bn | 10.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 4.0 bn | 5.3 bn | 6.0 bn | 6.8 bn | 8.7 bn | 14.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 3.4 bn † | 2.9 bn | 2.5 bn | 3.3 bn | 3.1 bn | 3.9 bn | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.5 bn | 1.2 bn | 754.8 m | 2.1 bn | 1.9 bn | 1.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 78.4 m | 111.5 m | 151.4 m | 153.8 m | 175.2 m | 200.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 1.4 bn ≈ | 1.1 bn ≈ | 603.4 m ≈ | 1.9 bn ≈ | 1.8 bn ≈ | 1.3 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -106.2 m | -715.9 m | -368.3 m | -380.7 m | -807.5 m | 1.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -1.4 bn | 343.9 m | -311.2 m | -898.2 m | 405.0 m | 1.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 849.9 m | 1.4 bn | 1.4 bn | 686.9 m | 1.3 bn | 782.8 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 56 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 27.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation66
- Returns94
- Quality60
- Balance sheet23
- Growth62
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 294.43 – 832.12 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)378.00 – 832.12 (Mid 536.68)WACC 7.5% · starting FCFF 1.9 bn USD · terminal value share of EV 80%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 1.9%
- Peers: EV/EBITDA294.43 – 549.06 (Mid 474.49)9 companies used · median multiple 16.3x · quartiles 11.9x – 18.2xBR, EBAY, FICO, FIS, GPN, MELI, PYPL, RBA, UBER
- Peers: P/E326.90 – 621.54 (Mid 446.99)11 companies used · median multiple 27.2x · quartiles 19.9x – 37.8xACN, BR, EBAY, FICO, FIS, MA, MELI, MSCI, PYPL, RBA, UBER
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 56/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.9% | 33 (vs peers) | 11% |
| Net margin · Quality | 22.7% | 64 (vs peers) | 7% |
| FCF conversion · Quality | 143.6% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 9.7% | 81 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 6.6% | 44 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 4.5x | 8 (vs peers) | 11% |
| Interest coverage · Balance sheet | 5.0x | 54 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.0x | 14 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 25.4x | 55 (vs peers) | 11% |
| EV/EBITDA · Valuation | 15.0x | 70 (vs peers) | 11% |
| FCF yield · Valuation | 6.0% | 75 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 6.6% | 94 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet23/100 · 3/3 factors with a value
- Growth62/100 · 2/2 factors with a value
- Quality60/100 · 3/3 factors with a value
- Returns· partial94/100 · 1/2 factors with a value
- Valuation66/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Corpay, Inc (CPAY). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 4.5 bn USD in 2025; YoY growth 13.9%; net margin 22.7%; ROE 30.5%; net debt/EBITDA 4.5x.
The estimated value range is 326.90–621.54 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 474.49 USD, the price of 418.60 USD leaves a potential of 13.4% (value / price − 1) and a margin of safety of 11.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 56/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 143.6%
- Revenue CAGR 3Y: 9.7%
- EV/EBITDA: 15.0x
- FCF yield: 6.0%
- Shareholder yield (distributions): 6.6%
What contradicts it
- Net debt / EBITDA: 4.5x
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 14 companies
Only companies with a capitalisation between 3.4 bn and 218.0 bn (within 8× of the company's); 85 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| UBERUber Technologies, Inc. | 142.7 bn | 41.3 | 12.4% | 6.1% | +18.3% | −20% / +24% |
| MELIMercadoLibre, Inc. | 88.2 bn | 47.3 | 27.5% | 5.3% | +39.1% | −16% / +7% |
| EBAYeBay Inc. | 54.9 bn | 27.2 | 46.6% | 16.9% | +7.9% | +51% / +205% |
| PYPLPayPal Holdings, Inc. | 50.0 bn | 11.5 | 23.8% | 13.8% | +4.3% | −4% / +4% |
| MSCIMsci Inc. | 48.2 bn | 35.7 | — | 40.3% | +9.7% | +20% / +29% |
| FISVFiserv, Inc. | 33.0 bn | — | -17.0% | -18.9% | +3.6% | +1% / −52% |
| CPAYCorpay, Inc | 27.5 bn | 25.4 | 30.5% | 22.7% | +13.9% | +60% / +77% |
| GPNGlobal Payments Inc. | 25.4 bn | — | -4.1% | -9.1% | −0.4% | +27% / −17% |
| BRBroadridge Financial Solutions, Inc. | 21.4 bn | 20.9 | 40.2% | 13.9% | +8.5% | −17% / −2% |
| RBARB Global, Inc | 17.6 bn | 39.9 | 8.8% | 10.0% | +7.2% | −3% / +49% |
| FISFidelity National Information Services, Inc. | 15.3 bn | 4.4 | 23.0% | 26.8% | +5.4% | −55% / −49% |
| FICOFair Isaac Corp | 15.1 bn | 20.3 | — | 34.1% | +15.9% | −61% / −36% |
| VVisa Inc. | — | — | 60.3% | 51.7% | +11.3% | +31% / +70% |
| ACNAccenture plc | — | 19.5 | 26.7% | 11.3% | +6.5% | +6% / −21% |
| MAMastercard Incorporated | — | 35.2 | 231.4% | 46.7% | +16.4% | +22% / +63% |
1- and 3-year price returns: for CPAY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 275.05 Total return -34% · Per year -34% | 485.11 Total return 16% · Per year 16% | 729.12 Total return 74% · Per year 74% |
| 3 years | 295.76 Total return -29% · Per year -11% | 584.14 Total return 40% · Per year 12% | 959.79 Total return 129% · Per year 32% |
| 5 years | 318.03 Total return -24% · Per year -5% | 703.38 Total return 68% · Per year 11% | 1,263.44 Total return 202% · Per year 25% |
- Exit P/E± 146.03
- Net margin± 102.22
- Annual revenue growth± 79.90
- Annual dilution± 8.59
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
Corpay, Inc. (CPAY) is a global corporate payments and expense management company with revenues, net of 4528.4 million USD in fiscal 2025 1. In the second quarter of 2026, revenue rose 21% and the company raised its fiscal 2026 guidance 3. Organic revenue growth was 10% in that quarter 3.
SWOT
Strengths
- The company has a volume-driven recurring revenue model and a strong position in B2B payments and vehicle payments 1.
- Proprietary acceptance networks and specialized technology platforms are described as important competitive advantages 1.
- The balance sheet was strengthened through debt refinancing and a larger revolving credit facility, providing financial flexibility 3.
Weaknesses
- Results depend heavily on macroeconomic conditions, fuel prices and exchange rates, which can introduce volatility 12.
- The company recorded a charge for a preliminary settlement with the Federal Trade Commission in one quarter, which reduced reported net income 3.
- Dependence on complex computer systems and third-party providers creates operational risk if disruptions occur 1.
Opportunities
- Digitization of B2B payments could open new customers and increase volumes, especially in the corporate segment 1.
- Expansion into electric vehicle solutions and integrated payments could raise revenue per transaction if adoption continues 1.
- The raised 2026 guidance suggests organic growth opportunities could continue if conditions remain favorable 3.
Risks
- Information system outageshigh
A failure of data centers or processing systems could delay transactions and create financial and reputational losses 1.
- Cybersecurityhigh
Cyberattacks and theft of personal data could lead to legal liability and loss of customer trust 1.
- Litigation and regulationmedium
Proceedings with the Federal Trade Commission could lead to fines or additional compliance measures 3.
- Macroeconomic conditionsmedium
Recession, inflation and higher interest rates could reduce payment volumes and increase the cost of debt 2.
- Exchange rate risklow
Cross-border activity exposes the company to currency fluctuations, and hedging instruments may not fully offset this exposure 12.
Investment thesis
What would need to be true (bull case)
- Revenue and adjusted profit growth in the second quarter of 2026, together with raised guidance, show that the corporate payments strategy may be gaining traction 3.
- The recurring volume-driven revenue model and proprietary networks could support high margins if volumes keep growing 1.
- A strengthened balance sheet and share repurchases could support shareholder value if results remain solid 3.
What would break the thesis
- Reported net income fell in the second quarter of 2026, partly due to a settlement charge, which shows adjusted and reported results can diverge 3.
- The business depends on macroeconomic conditions and fuel prices, which could weaken if demand slows 12.
- Competition from AI-enabled and specialized providers could slow growth if the company does not adapt its offering quickly 1.
What to watch
- Third-quarter 2026 results and revised guidanceQ3 2026
- Progress of the settlement with the Federal Trade Commission2026
- Organic growth of the Corporate Payments segmentQ3 2026
- Information in the next annual report on Form 10-Knext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
Corpay provides a broad range of payment and spend management solutions for businesses and consumers, including accounts payable automation, cross-border payments, commercial cards, vehicle payments and lodging payments 1. The business model relies largely on business customers with relatively predictable volumes, and revenue is volume-driven 1. The company estimates businesses spend about 145 trillion USD annually with each other, a market it seeks to digitize 1.
Corpay operates in more than 200 countries, and it reported that about 79% of its business in 2025 came from the U.S., Brazil and the U.K. 1. It has been a member of the S&P 500 since 2018 and trades on the NYSE under CPAY 1. In 2026 the company increasingly describes itself as a corporate payments and spend management company 2.
Because activity is concentrated in three geographies, results can depend on local economic conditions, exchange rates and fuel prices, which may affect revenue differently from quarter to quarter 12.
Segments
Market context
Growth also depends on macroeconomic trends such as interest rates, tariffs and regional conflicts, which could reduce consumer spending and transaction volumes if they worsen 2.
Trends
- Digitization of B2B paymentstailwind
The shift from checks and manual processes to digital payments could support volume growth for automation platforms if adoption continues 1.
- Artificial intelligencemixed
Rapid adoption of AI in payments could increase competitive pressure and reduce demand for some solutions if the company does not adapt its products in time 1.
- Fuel price volatilitymixed
Vehicle payment revenue depends on fuel prices and fuel price spreads, so changes in these can have positive or negative effects on results 13.
- Regulation and cybersecurityheadwind
Stricter requirements on data security and incident reporting could raise compliance costs and exposure to fines 12.
Competitive position
The company faces competition from financial institutions offering general purpose commercial cards, accounts payable and cross-border payment products, as well as specialized providers with more targeted solutions 1. It also competes with traditional methods such as cash, checks and manual processes 1.
Declared competitive advantages include proprietary payment acceptance networks and specialized technology platforms, which may create barriers to entry, but competitive pressure could increase if other players quickly develop AI-enabled solutions 1.
- Financial institutions offering commercial card products
Financial institutions offering general purpose commercial cards, accounts payable and cross-border products are named as direct competitors 1.
- Specialized B2B payment providers
Specialized providers with more targeted solutions compete in the payment automation segment 1.
- Traditional payment methods
Cash, checks and manual processes are treated in the source as competing alternatives 1.
- AI platforms and technology partners
AI-enabled products offered by competitors or third parties could replace some aspects of the Corpay offering 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Corpay (CPAY) Simplifies Its Business As Profits Take A HitYahoo Finance — News · 02 Sept 2026 · EN
- Corpay Stock: Analyst Estimates & RatingsYahoo Finance — News · 26 Aug 2026 · EN
The latest news item in our archive is from 02 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report24 Jul 2026Departure or appointment of officers
- Current report22 May 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report12 May 2026Regulation FD disclosure
- Current report12 May 2026Shareholder vote
- Quarterly report08 May 2026
- Current report07 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report27 Apr 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CPAY · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CPAY · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / CPAY · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.