18% revenue growth, 11% organic revenue growth, and 32% adjusted EPS growth(1)
ATLANTA--(BUSINESS WIRE)--November 04, 2026--
Corpay, Inc. $(CPAY)$, the Global Spend Management Company, today reported financial results for its third quarter ended September 30, 2026.
"Our third quarter results were excellent, with revenue growth of 18% and adjusted net income per diluted share growth of 32%, both ahead of our expectations," said Ron Clarke, chairman and chief executive officer, Corpay, Inc. "Organic revenue growth for the quarter was 11%. We've delivered 11% organic growth for five of the last six quarters," concluded Clarke.
Financial Results for Third Quarter of 2026:
GAAP Results
-- Revenues increased 18% to $1,381.9 million in the third quarter of
2026, compared with $1,172.5 million in the third quarter of 2025.
-- Net income2 increased 36% to $378.4 million in the third quarter of
2026, compared with $277.9 million in the third quarter of 2025.
-- Net income per diluted share2 increased 45% to $5.66 in the third
quarter of 2026, compared with $3.91 per diluted share in the third
quarter of 2025.
Non-GAAP Results(1)
-- Organic revenue growth1 of 11% in the third quarter of 2026.
-- Adjusted EBITDA1 increased 17% to $793.8 million in the third quarter
of 2026, compared to $676.7 million in the third quarter of 2025.
-- Adjusted net income1,2 increased 24% to $500.7 million in the third
quarter of 2026, compared with $405.2 million in the third quarter of
2025.
-- Adjusted net income per diluted share1,2 increased 32% to $7.54 per
diluted share in the third quarter of 2026, compared with $5.70 per
diluted share in the third quarter of 2025.
"Corporate Payments delivered 18% organic revenue growth driven by strong performance in both spend management and cross-border, and we delivered 57.4% EBITDA margins due to the high flow through rate on revenue," said Peter Walker, chief financial officer, Corpay, Inc. "Through the end of the quarter we've repurchased 5.25 million shares for $1.85 billion, inclusive of the 1.9 million shares repurchased for $747 million in the third quarter," concluded Walker.
Fiscal Year 2026 Outlook:
"We are raising our full-year 2026 outlook to reflect our strong third quarter results and improved expectations for the fourth quarter," said Peter Walker. "At the midpoint, our updated guidance calls for full-year revenue of $5.35 billion and adjusted net income per diluted share of $28.00, representing growth of 18% and 31%, respectively."
For fiscal year 2026, Corpay, Inc.'s financial guidance(1) is revised as follows:
-- Total revenues between $5.340 billion and $5.360 billion, growing 18%
at the midpoint year over year;
-- Net income between $1.337 billion and $1.357 billion;
-- Net income per diluted share between $20.03 and $20.23;
-- Adjusted net income between $1.847 billion and $1.867 billion; and
-- Adjusted net income per diluted share between $27.90 and $28.10,
growing 31% at the midpoint year over year.
Corpay's guidance assumptions are as follows:
-- Foreign exchange rates for the rest of the year based on Bloomberg
consensus forecasts as of October 26, 2026, except Brazilian Real based
on October 26, 2026 to October 28, 2026 average;
-- Weighted average U.S. fuel prices equal to $4.90 per gallon for the
rest of the year, based on the October 2026 EIA short-term energy
outlook;
-- Fuel price spreads for the rest of the year approximately flat with the
2025 full year average;
-- Interest expense between $435 million and $455 million for the full
year, based on the SOFR forward curve as of October 27, 2026;
-- Free cash flow is used to pay down debt;
-- Proceeds from the sale of the maintenance business are used to
delever;
-- Approximately 66 million fully diluted shares outstanding for the full
year;
-- A full year adjusted effective tax rate of approximately 24% to 26%;
and
-- No impact related to material acquisitions or divestitures not
disclosed.
Fourth Quarter of 2026 Outlook:
"For the fourth quarter, we expect revenue of approximately $1.37 billion and adjusted net income per diluted share of $7.65 at the midpoint," concluded Walker.
As always, guidance may change in the future based on new information and therefore may not reflect actual results.
Conference Call:
The Company will host a conference call to discuss third quarter 2026 financial results today at 5:30 pm ET. Hosting the call will be Ron Clarke, chief executive officer, Peter Walker, chief financial officer and Jim Eglseder, investor relations. The conference call will be webcast live from the Company's investor relations website at http://investor.corpay.com. The conference call can also be accessed live over the phone by dialing 1-(800)-445-7795 or 1-(785)-424-1699; the Conference ID is CORPAY. A replay will be available one hour after the call and can be accessed by dialing (844)-512-2921 or (412)-317-6671 for international callers; the replay conference ID is 11162812. The replay will be available through Wednesday, November 18, 2026. Prior to the conference call, the Company will post supplemental financial information that will be discussed during the call and live webcast.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about Corpay's beliefs, assumptions, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project," "expect," "may," "will," "would," "could" or "should, " the negative of these terms or other comparable terminology and similar expressions.
These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements on preliminary information, internal estimates and management's assumptions, expectations and plans about future conditions, events and results. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as risks related to our ability to successfully execute our strategic plan, manage our growth and achieve our performance targets; the impact of macroeconomic conditions, including any recession or economic downturn that has occurred or may occur in the future, and whether expected trends, including oil prices, retail fuel prices, fuel price spreads, fuel transaction patterns, electric vehicle adoption, retail lodging prices, foreign exchange rates and interest rate trends develop as anticipated, and whether we are able to develop and implement successful strategies in light of these trends; our ability to attract new and retain existing partners, fuel merchants, and lodging providers, their promotion and support of our products, and their financial performance; our ability to successfully manage the derivative financial instruments that we use in our Cross-Border solutions to limit our exposure to various market risks, including changes in foreign exchange rates; the failure of management assumptions and estimates, as well as differences in, and changes to, economic, market, interest rate, interchange fees, foreign exchange rates, and credit conditions, including changes in borrowers' credit risks and payment behaviors; the risks of mergers, acquisitions and divestitures, such as our recent acquisition of a partnership interest in AvidXchange and the acquisition of Alpha, including, without limitation, the time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; the risk of higher borrowing costs and adverse financial market conditions impacting our funding and liquidity, and any reduction in our credit ratings; our ability to successfully manage our credit risks and the sufficiency of our allowance for expected credit losses; our ability to securitize our trade receivables; the occurrence of fraudulent activity, data breaches or failures of information security controls, or other technology or cybersecurity-related incidents that may compromise our systems or customers' information; any disruptions in the operations of our computer systems and data centers; the operational and political risks and compliance and regulatory risks and costs associated with international operations; the impact of international conflicts, including between Russia and Ukraine, as well as within the Middle East, on the global economy or our business and operations; the impact of changes in global tariff and trade policies and potential retaliatory actions by affected countries; our ability to develop and implement new technology, products, and services; any alleged infringement of intellectual property rights of others and our ability to protect our intellectual property; the regulation, supervision, and examination of our business by foreign and domestic governmental authorities, as well as litigation and regulatory actions, including the lawsuit filed by the Federal Trade Commission (FTC); the impact of regulations and related requirements relating to privacy, information security and data protection; derivative and hedging activities and the related regulations and regulatory environment; use of third-party vendors and other third-party business relationships; and failure to comply with anti-money laundering (AML) and anti-terrorism financing laws; changes in our senior management team and our ability to attract, motivate and retain qualified personnel consistent with our strategic plan; tax
legislation initiatives or challenges to our tax positions and/or interpretations, and state sales tax rules and regulations, as well as the other risks and uncertainties identified under the caption "Risk Factors" in the 2025 Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 27, 2026 and subsequent filings with the SEC made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement made herein. The forward-looking statements included in this press release are made only as of the date hereof and we do not undertake, and specifically disclaim, any obligation to update any such statements as a result of new information, future events or developments, except as required by law. You may access Corpay's SEC filings for free by visiting the SEC web site at www.sec.gov.
About Non-GAAP Financial Measures:
This press release includes non-GAAP financial measures, which are used by the Company as supplemental measures to evaluate its overall operating performance. The Company's definitions of the non-GAAP financial measures used herein may differ from similarly titled measures used by others, including within our industry. By providing these non-GAAP financial measures, together with reconciliations to the most directly comparable GAAP financial measures, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives. See the appendix for additional information regarding these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure.
The Company refers to free cash flow, cash net income and adjusted net income attributable to Corpay interchangeably, a non-GAAP financial measure. Adjusted net income attributable to Corpay is calculated as net income attributable to Corpay, adjusted to eliminate (a) non-cash stock-based compensation expense related to stock-based compensation awards, (b) amortization of deferred financing costs, discounts, intangible assets, amortization of the premium recognized on the purchase of receivables and amortization attributable to the Company's noncontrolling interest, (c) integration and deal related costs, and (d) other non-recurring items, including unusual credit losses, certain discrete tax items, the impact of business dispositions, impairment losses, asset write-offs, restructuring costs, loss on extinguishment of debt, taxes associated with stock-based compensation programs, losses and gains on foreign currency transactions, redemption value adjustment for a noncontrolling interest and legal settlements and related legal fees. We adjust net income for the tax effect of adjustments using our effective income tax rate, exclusive of certain discrete tax items. We calculate adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay to eliminate the effect of items that we do not consider indicative of our core operating performance.
Adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay are supplemental measures of operating performance that do not represent and should not be considered as an alternative to net income, net income per diluted share or cash flow from operations, as determined by U.S. generally accepted accounting principles, or U.S. GAAP. We believe it is useful to exclude non-cash stock-based compensation expense from adjusted net income because non-cash equity grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time and stock-based compensation expense is not a key measure of our core operating performance. We also believe that amortization expense can vary substantially from company to company and from period to period depending upon their financing and accounting methods, the fair value and average expected life of their acquired intangible assets, their capital structures and the method by which their assets were acquired; therefore, we have excluded amortization expense from our adjusted net income. Integration and deal related costs represent business acquisition transaction costs, professional services fees, short-term retention bonuses and system migration costs, etc., that are not indicative of the performance of the underlying business. We also believe that certain expenses, discrete tax items, gains and losses on business disposition, recoveries (e.g. legal settlements, write-off of customer receivable, etc.), gains and losses on investments, taxes related to stock-based compensation programs and impairment losses do not necessarily reflect how our investments and business are performing. We adjust net income for the tax effect of each of these adjustments using the effective tax rate during the period, exclusive of discrete tax items.
Organic revenue growth is calculated as revenue growth in the current period adjusted for the impact of changes in the macroeconomic environment (to include fuel price, fuel price spreads and changes in foreign exchange rates) over revenue in the comparable prior period adjusted to include or remove the impact of acquisitions and/or divestitures, including businesses held for sale, changes in operational and capital structure, and non-recurring items that have occurred subsequent to that period. We believe that organic revenue growth on a macro-neutral, one-time item, and consistent acquisition/divestiture/non-recurring item basis is useful to investors for understanding the performance of Corpay.
EBITDA is defined as earnings before interest expense, net, income taxes, other expense (income), depreciation and amortization, loss on extinguishment of debt, goodwill impairment, investment loss/gain and other operating, net. Adjusted EBITDA is defined as EBITDA further adjusted for stock-based compensation expense and other one-time items including certain legal expenses, restructuring costs and integration and deal related costs and other items as listed above for adjusted net income. EBITDA and adjusted EBITDA margin are defined as EBITDA and adjusted EBITDA as a percentage of revenue.
Management uses adjusted net income attributable to Corpay, adjusted net income per diluted share attributable to Corpay, organic revenue growth, EBITDA and adjusted EBITDA:
-- as measurements of operating performance because they assist us in
comparing our operating performance on a consistent basis;
-- for planning purposes, including the preparation of our internal annual
operating budget;
-- to allocate resources to enhance the financial performance of our
business; and
-- to evaluate the performance and effectiveness of our operational
strategies.
About Corpay
Corpay (NYSE: CPAY), the Global Spend Management Company, is an S&P 500 company with three primary B2B solution sets. Spend Management, provides corporate and virtual card programs and AP automation solutions. Cross-Border, helps businesses manage foreign-currency exposure and provides global multi-currency account solutions. Vehicle Solutions, controls fuel, tolls, parking and related vehicle spend. With Corpay, control more, spend less. To learn more, visit corpay.com.
(1) Reconciliations of GAAP results to non-GAAP results are provided in Exhibits 1, 5 and 6 attached. Additional supplemental data is provided in Exhibits 2-4. A reconciliation of GAAP guidance to non-GAAP guidance is provided in Exhibit 7.
(2) Net income, net income per diluted share, adjusted net income and adjusted net income per diluted share are amounts attributable to Corpay.
Corpay, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(In thousands, except per share amounts and percentages)
Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------------- --------------------------------------
2026 2025 % Change 2026 2025 % Change
------------- ----------- ---------- ------------- ----------- ----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues, net $ 1,381,931 $1,172,480 18% $ 3,981,727 $3,280,177 21%
Expenses:
Processing 298,105 248,761 20% 845,332 709,122 19%
Selling 145,429 117,628 24% 444,243 340,962 30%
General and
administrative 204,164 178,611 14% 631,637 512,564 23%
Depreciation and
amortization 115,674 93,163 24% 348,797 276,701 26%
Other operating,
net 310 26 NM 107,552 23 NM
Gain (loss) on
disposition, net 3,012 (11,171) NM 125,534 (11,171) NM
--------- --------- --------- ---------
Operating income 621,261 523,120 19% 1,729,700 1,429,634 21%
--------- --------- --------- ---------
Other expenses:
Other expense
(income), net 10,195 1,383 NM 37,521 (5,094) NM
Interest
expense, net 108,761 100,035 9% 333,580 290,829 15%
Loss on
extinguishment
of debt -- -- --% 6,557 1,596 311%
--------- --------- --------- ---------
Total other expenses,
net 118,956 101,418 17% 377,658 287,331 31%
--------- --------- --------- ---------
Income before income
taxes 502,305 421,702 19% 1,352,042 1,142,303 18%
Provision for income
taxes 120,025 143,323 (16)% 364,260 335,971 8%
--------- --------- --------- ---------
Net income 382,280 278,379 37% 987,782 806,332 23%
--------- --------- --------- ---------
Less: Net income
attributable to
noncontrolling
interests 3,858 438 NM 10,987 990 NM
--------- --------- --------- ---------
Net income
attributable to
Corpay $ 378,422 $ 277,941 36% $ 976,795 $ 805,342 21%
========= ========= ========= =========
Basic earnings
per share* $ 5.73 $ 3.95 45% $ 14.62 $ 11.44 28%
Diluted earnings
per share* $ 5.66 $ 3.91 45% $ 14.44 $ 11.28 28%
Weighted average
shares outstanding:
Basic shares 65,592 70,318 66,218 70,393
Diluted shares 66,385 71,131 67,044 71,373
*For 2026, Basic and Diluted earnings per share amounts are determined under the two-class method
NM - Not Meaningful
Corpay, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
September 30, 2026 December 31, 2025
-------------------- ---------------------
(Unaudited)
Assets
Current assets:
Cash and cash
equivalents $ 3,072,988 $ 2,408,097
Restricted cash 6,339,902 6,583,843
Accounts and other
receivables (less
allowance) 2,967,826 2,145,679
Securitized accounts
receivable --
restricted for
securitization
investors 2,300,000 1,823,000
Prepaid expenses and
other current assets 1,563,507 1,002,621
--------------- --------------
Total current assets 16,244,223 13,963,240
--------------- --------------
Property and equipment, net 483,915 472,310
Goodwill and other
intangibles, net 10,018,381 10,802,551
Other assets 1,340,714 1,170,034
--------------- --------------
Total assets $ 28,087,233 $ 26,408,135
=============== ==============
Liabilities, Redeemable
Noncontrolling Interest
and Equity
Current liabilities:
Customer deposits 8,070,388 8,118,566
Accounts payable,
accrued expenses and
other current
liabilities 3,784,680 2,832,581
Securitization
facility 2,300,000 1,823,000
Current portion of
notes payable and
lines of credit 2,861,372 1,522,530
--------------- --------------
Total current liabilities 17,016,440 14,296,677
--------------- --------------
Notes payable and other
obligations, less current
portion 6,071,735 6,656,157
Deferred income taxes 557,375 614,345
Other noncurrent
liabilities 778,152 612,279
--------------- --------------
Total noncurrent
liabilities 7,407,262 7,882,781
--------------- --------------
Commitments and
contingencies
Redeemable noncontrolling
interest 320,000 302,000
Stockholders' equity:
Common stock 133 132
Additional paid-in
capital 4,252,024 3,970,077
Retained earnings 11,232,857 10,264,751
Accumulated other
comprehensive loss (1,361,644) (1,392,154)
Treasury stock (10,826,489) (8,958,942)
--------------- --------------
Total Corpay stockholders'
equity 3,296,881 3,883,864
Noncontrolling interest 46,650 42,813
--------------- --------------
Total equity 3,343,531 3,926,677
--------------- --------------
Total liabilities,
redeemable noncontrolling
interest and equity $ 28,087,233 $ 26,408,135
=============== ==============
Corpay, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
Nine Months Ended September
30,
-----------------------------
2026 2025
------------- --------------
(Unaudited) (Unaudited)
Operating activities
Net income $ 987,782 $ 806,332
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation 109,203 90,944
Stock-based compensation 92,928 74,826
Provision for credit losses on
accounts and other receivables 141,644 89,841
Provision for legal settlement 100,000 --
Amortization of deferred financing
costs and discounts 9,985 15,205
Amortization of intangible assets
and premium on receivables 239,594 185,757
Loss on extinguishment of debt 6,557 1,596
Deferred income taxes (95,898) (38,503)
(Gain) loss on disposition of
business (125,534) 11,171
Other non-cash operating expense
(income), net 39,077 (8,022)
Changes in operating assets and
liabilities (net of
acquisitions/disposition) (789,055) (541,984)
----------- ----------
Net cash provided by operating
activities 716,283 687,163
----------- ----------
Investing activities
Acquisitions, net of cash acquired (46,741) (154,648)
Purchases of property and equipment (143,382) (148,315)
Proceeds from disposition, net of cash 424,724 --
Proceeds from sale of cost method
investment 425 14,843
Other 12,257 5,198
----------- ----------
Net cash provided by (used in) investing
activities 247,283 (282,922)
----------- ----------
Financing activities
Proceeds from issuance of common stock 189,020 63,018
Repurchase of common stock (1,819,060) (282,583)
Borrowings on securitization facility,
net 477,000 432,000
Deferred financing costs (29,905) (10,827)
Proceeds from notes payable 5,350,400 750,000
Principal payments on notes payable (6,017,312) (147,855)
Borrowings from revolver 11,957,000 6,435,000
Payments on revolver (10,527,000) (7,341,000)
Borrowings on subsidiary swingline, net 906 692
Other 2,451 (730)
----------- ----------
Net cash used in financing activities (416,500) (102,285)
----------- ----------
Effect of foreign currency exchange
rates on cash (121,543) 156,092
----------- ----------
Net increase in cash and cash
equivalents and restricted cash 425,523 458,048
Net decrease in cash classified within
current assets held for sale (4,573) --
Cash and cash equivalents and restricted
cash, beginning of period 8,991,940 4,456,345
----------- ----------
Cash and cash equivalents and restricted
cash, end of period $ 9,412,890 $ 4,914,393
=========== ==========
Supplemental cash flow information
Cash paid for interest, net $ 419,966 $ 357,377
=========== ==========
Cash paid for income taxes, net $ 502,857 $ 381,403
=========== ==========
Exhibit 1
RECONCILIATION OF NON-GAAP MEASURES
(In thousands, except per share amounts; shares in millions)
(Unaudited)
-------------------------------------------------------------------------
The following table reconciles net income attributable to Corpay to
adjusted net income attributable to Corpay and adjusted net income per
diluted share attributable to Corpay.*
Three Months Ended Nine Months Ended September
September 30, 30,
----------------------- -----------------------------
2026 2025 2026 2025
------------ --------- -------------- -------------
Net income
attributable to
Corpay $378,422 $277,941 $ 976,795 $ 805,342
Stock-based
compensation 33,419 27,593 92,928 74,826
Amortization(1) 81,310 70,759 249,579 200,962
Legal settlements
and litigation 635 1,970 102,161 2,833
Loss on
extinguishment
of debt -- -- 6,557 1,596
Integration and
deal related
costs 17,200 15,699 72,253 41,540
Restructuring and
related costs 5,686 3,427 12,565 9,557
(Gain) loss on
disposition,
net (3,012) 11,171 (125,534) 11,171
Adjustments at
equity method
investment, net
of tax 19,405 -- 55,116 --
Other(2) 2,489 201 15,511 (195)
------- ------- --------- ---------
Total adjustments 157,132 130,820 481,136 342,290
Income tax impact
of pre-tax
adjustments at
the effective
tax rate(3) (35,843) (34,739) (140,769) (90,195)
Discrete tax
items(4) 993 31,201 45,096 37,132
------- ------- --------- ---------
Adjusted net
income
attributable to
Corpay $500,704 $405,223 $1,362,258 $1,094,569
======= ======= ========= =========
Adjusted net
income per
diluted share
attributable to
Corpay(5) $ 7.54 $ 5.70 $ 20.34 $ 15.34
Diluted shares 66.4 71.1 67.0 71.4
(1) Includes consolidated amortization related to intangible assets, premium
on receivables, deferred financing costs and debt discounts.
(2) Includes losses and gains on foreign currency transactions, amortization
expense attributable to the Company's noncontrolling interests, taxes
associated with stock-based compensation programs and a loss on an economic
hedge of a foreign-denominated purchase price of an acquisition and other
non-recurring items.
(3) Represents provision for income taxes of pre-tax adjustments. Adjustments
related to our equity method investment are tax effected at the effective tax
rate of the investment as stated.
(4) For 2026, represents discrete taxes on net gain realized upon disposition
of our PayByPhone business within Vehicle Payments and taxes related to our
equity method investment.
(5) Excludes the impact on earnings per share of the adjustment of a
noncontrolling interest to its maximum redemption value of $2.9 million and
$8.7 million for the three and nine months ended September 30, 2026,
respectively.
* Columns may not calculate due to rounding.
Exhibit 2 Key Performance Indicators, by Segment and Revenue Per Performance Metric on a GAAP
Basis and Pro Forma and Macro Adjusted (In millions except revenues, net per key performance
metric and percentages) (Unaudited)
-----------------------------------------------------------------------------------------------
The following table presents revenues, net and revenues, net per key performance metric by
segment.*
As Reported Pro Forma and Macro Adjusted(1)
------------------------------------ ------------------------------------
Three Months Ended September 30, Three Months Ended September 30,
------------------------------------ ------------------------------------
% %
2026 2025 Change Change 2026 2025 Change Change
CORPORATE PAYMENTS
-------------------
- Revenues, net $571.3 $405.9 $165.4 41% $567.5 $480.5 $87.0 18%
- Spend volume $95,301 $65,592 $29,709 45% $95,301 $76,795 $18,506 24%
- Revenues, net
per spend $ 0.60% 0.62% (0.02)% (3)% 0.60% 0.63% (0.03)% (5)%
VEHICLE PAYMENTS
-------------------
- Revenues, net $579.8 $538.3 $41.5 8% $522.7 $485.7 $37.0 8%
- Transactions 152.4 207.3 (54.9) (26)% 148.2 136.3 11.9 9%
- Revenues, net
per transaction $3.80 $2.60 $1.21 47% $3.53 $3.56 $(0.04) (1)%
- Tag
transactions(2) 23.9 22.9 1.0 4% 23.9 22.9 1.0 4%
- Parking
transactions(3) -- 65.3 (65.3) (100)% -- -- -- --%
- Fleet
transactions 102.6 102.8 (0.2) --% 98.4 96.8 1.6 2%
- Other
transactions 25.9 16.4 9.6 58% 25.9 16.6 9.3 56%
LODGING PAYMENTS
-------------------
- Revenues, net $131.1 $127.0 $4.1 3% $130.8 $127.0 $3.8 3%
- Room nights 7.7 8.9 (1.3) (14)% 7.7 8.9 (1.3) (14)%
- Revenues, net
per room night $17.06 $14.20 $2.86 20% $17.03 $14.20 $2.82 20%
OTHER(4)
-------------------
- Revenues, net $99.7 $101.3 $(1.6) (2)% $99.9 $101.3 $(1.4) (1)%
- Transactions 398.0 384.2 13.8 4% 398.0 384.2 13.8 4%
- Revenues, net
per transaction $0.25 $0.26 $(0.01) (5)% $0.25 $0.26 $(0.01) (5)%
------------------- -------- -------- ------- ------- -------- -------- ------- -------
CORPAY CONSOLIDATED
REVENUES
-------------------
- Revenues, net $1,381.9 $1,172.5 $209.4 18% $1,320.9 $1,194.5 $126.4 11%
------------------- -------- -------- ------- ------- -------- -------- ------- -------
(1) See Exhibit 5 for a reconciliation of Pro forma and Macro Adjusted revenue
by segment and metrics, non-GAAP measures, to the GAAP equivalent.
(2) Represents total tag subscription transactions in the quarter. Average
monthly tag subscriptions for the third quarter of 2026 is 8.0 million.
(3) Parking transactions relates to PayByPhone, a mobile parking payments
business within our Vehicle Payments segment, which we sold to a third party
in March 2026.
(4) Other includes Gift, Outsourced Card Processing and Payroll Card.
* Columns may not calculate due to rounding. Segment results for 2025 have
been recast to conform with current period segment presentation.
Exhibit 3
Revenues by Geography and Segment
(In millions, except percentages)
(Unaudited)
---------------------------------------------------------------------------------
Revenues, net
by
Geography* Three Months Ended September 30, Nine Months Ended September 30,
------------- -------------------------------- --------------------------------
2026 % 2025 % 2026 % 2025 %
------ ------- ------ ------- ------ ------- ------ -------
US $ 624 45% $ 575 49% $1,767 44% $1,624 50%
Brazil 227 16% 183 16% 655 16% 515 16%
UK 208 15% 159 14% 615 15% 453 14%
Other 324 23% 256 22% 944 24% 688 21%
----- --- ----- --- ----- --- ----- ---
Consolidated
Revenues,
net $1,382 100% $1,172 100% $3,982 100% $3,280 100%
===== === ===== === ===== === ===== ===
*Columns may not calculate due to rounding.
---------------------------------------------------------------------------------
Revenues, net
by Segment* Three Months Ended September 30, Nine Months Ended September 30,
------------- -------------------------------- --------------------------------
2026 % 2025 % 2026 % 2025 %
Corporate
Payments $ 571 41% $ 406 35% $1,624 41% $1,138 35%
Vehicle
Payments 580 42% 538 46% 1,724 43% 1,525 46%
Lodging
Payments 131 9% 127 11% 365 9% 357 11%
Other 100 7% 101 9% 269 7% 260 8%
----- --- ----- --- ----- --- ----- ---
Consolidated
Revenues,
net $1,382 100% $1,172 100% $3,982 100% $3,280 100%
===== === ===== === ===== === ===== ===
*Columns may not calculate due to rounding. 2025 recast to conform with current
period segment presentation.
---------------------------------------------------------------------------------
Exhibit 4
Segment Results*
(In thousands, except percentages)
(Unaudited)
----------------------------------------------------------------------------------------
Three Months Ended September 30, Nine Months Ended September 30,
---------------------------------- ----------------------------------
2026(1) 2025(2) % Change 2026(1) 2025(2) % Change
---------- ---------- ---------- ---------- ---------- ----------
Revenues, net:
Corporate
Payments $ 571,299 $ 405,850 41% $1,623,890 $1,138,272 43%
Vehicle
Payments 579,839 538,302 8% 1,723,951 1,524,607 13%
Lodging
Payments 131,109 127,012 3% 365,266 357,026 2%
Other(3) 99,684 101,316 (2)% 268,620 260,272 3%
--------- --------- --------- ---------
$1,381,931 $1,172,480 18% $3,981,727 $3,280,177 21%
========= ========= ========= =========
Operating
income:
Corporate
Payments $ 226,600 $ 173,389 31% $ 605,322 $ 460,149 32%
Vehicle
Payments 297,354 256,464 16% 870,211 720,893 21%
Lodging
Payments 57,836 56,915 2% 150,101 149,253 1%
Other(3) 39,471 36,352 9% 104,066 99,339 5%
--------- --------- --------- ---------
$ 621,261 $ 523,120 19% $1,729,700 $1,429,634 21%
========= ========= ========= =========
Depreciation
and
amortization:
Corporate
Payments $ 57,561 $ 30,182 91% $ 168,090 $ 90,263 86%
Vehicle
Payments 43,392 47,767 (9)% 137,667 140,288 (2)%
Lodging
Payments 11,864 12,600 (6)% 34,827 38,384 (9)%
Other(3) 2,857 2,614 9% 8,213 7,766 6%
--------- --------- --------- ---------
$ 115,674 $ 93,163 24% $ 348,797 $ 276,701 26%
========= ========= ========= =========
(1) Results from Gringo acquired in the first quarter of 2025 are reported in
the Vehicle Payments segment from the date of acquisition. Results from Alpha
acquired in the fourth quarter of 2025 are reported in the Corporate Payments
segment from the date of acquisition.
(2) Segment results for 2025 have been recast to conform to current period
segment presentation.
(3) Other includes Gift, Outsourced Card Processing and Payroll Card.
*Columns may not calculate due to rounding.
Exhibit 5
Reconciliation of Non-GAAP Revenue and Key Performance Metric
by Segment to GAAP
(In millions)
(Unaudited)
-------------------------------------------------------------------------------
Key Performance
Revenues, net Metric
------------------------ ---------------------
Three Months Ended Three Months Ended
September 30, September 30,
------------------------ ---------------------
2026* 2025* 2026* 2025*
------------- --------- ------- ------------
CORPORATE PAYMENTS - SPEND
Pro forma and macro adjusted $ 567.5 $ 480.5 $95,301 $ 76,795
Impact of
acquisitions/dispositions(1) -- (74.6) -- (11,203)
Impact of fuel prices/spread 3.4 -- -- --
Impact of foreign exchange
rates 0.4 -- -- --
------- --- ------- ------ -------
As reported $ 571.3 $ 405.9 $95,301 $ 65,592
======= === ======= ====== =======
VEHICLE PAYMENTS -
TRANSACTIONS
Pro forma and macro adjusted $ 522.7 $ 485.7 148.2 136.3
Impact of
acquisitions/dispositions(2) 28.6 52.6 4.1 71.0
Impact of fuel prices/spread 13.4 -- -- --
Impact of foreign exchange
rates 15.2 -- -- --
------- --- ------- ------ -------
As reported $ 579.8 $ 538.3 152.4 207.3
======= === ======= ====== =======
LODGING PAYMENTS - ROOM
NIGHTS
Pro forma and macro adjusted $ 130.8 $ 127.0 7.7 8.9
Impact of
acquisitions/dispositions -- -- -- --
Impact of fuel prices/spread -- -- -- --
Impact of foreign exchange
rates 0.3 -- -- --
------- --- ------- ------ -------
As reported $ 131.1 $ 127.0 7.7 8.9
======= === ======= ====== =======
OTHER(3) - TRANSACTIONS
Pro forma and macro adjusted $ 99.9 $ 101.3 398.0 384.2
Impact of
acquisitions/dispositions -- -- -- --
Impact of fuel prices/spread -- -- -- --
Impact of foreign exchange
rates (0.2) -- -- --
------- ------- ------ -------
As reported $ 99.7 $ 101.3 398.0 384.2
======= === ======= ====== =======
CORPAY CONSOLIDATED REVENUES
------- ------------
Intentionally Left
Pro forma and macro adjusted $1,320.9 $1,194.5 Blank
---------------------
Impact of
acquisitions/dispositions 28.6 (22.0)
------ -------
Impact of fuel
prices/spread(4) 16.8 --
Impact of foreign exchange
rates(4) 15.6 --
------- --- -------
As reported $1,381.9 $1,172.5
======= === ======= ------ -------
(1) Revenues reflect 2025 proforma impact of acquisition of Alpha Group.
(2) Revenues reflect 2025 proforma impact of disposition of PayByPhone and BP
fuel card portfolio, as well as the 2026 and 2025 impact of the maintenance
business classified as held for sale.
(3) Other includes Gift, Outsourced Card Processing and Payroll Card.
(4) Revenues reflect the positive impact of movements in foreign exchange rates
of approximately $16 million, the positive impact from fuel prices of
approximately $22 million and the negative impact of fuel price spreads of
approximately $5 million.
* Columns may not calculate due to rounding. 2025 recast to conform with
current period segment presentation.
Exhibit 6
RECONCILIATION OF NON-GAAP EBITDA AND ADJUSTED EBITDA MEASURES
(In millions, except percentages)
(Unaudited)
-----------------------------------------------------------------------------
The following table reconciles EBITDA, Adjusted EBITDA and Adjusted EBITDA
margin to net income.*
Three Months Ended September Nine Months Ended September
30, 30,
---------------------------- -----------------------------
2026 2025 2026 2025
-------------- ------------ -------------- -------------
Net income $ 382.3 $ 278.4 $ 987.8 $ 806.3
Provision for
income taxes 120.0 143.3 364.3 336.0
Interest
expense, net 108.8 100.0 333.6 290.8
Other expense,
net 10.2 1.4 37.5 (5.1)
Depreciation and
amortization 115.7 93.2 348.8 276.7
(Gain) loss on
disposition,
net (3.0) 11.2 (125.5) 11.2
Loss on
extinguishment
of debt -- -- 6.6 1.6
Other operating,
net 0.3 -- 107.6 --
------- ---- ------- ------- ---- ------- ---
EBITDA $ 734.2 $ 627.5 $2,060.5 $1,717.5
======= ==== ======= ======= ==== ======= ===
Stock-based
compensation $ 33.4 $ 27.6 $ 92.9 $ 74.8
Other
addbacks(1) 26.1 21.6 96.1 60.4
------- ---- ------- ------- ---- ------- ---
Adjusted EBITDA $ 793.8 $ 676.7 $2,249.5 $1,852.7
======= ==== ======= ======= ==== ======= ===
Revenues, net $1,381.9 $1,172.5 $3,981.7 $3,280.2
Adjusted EBITDA
margin 57.4% 57.7% 56.5% 56.5%
(1) Includes certain legal expenses, restructuring costs and integration and
deal related costs
* Columns may not calculate due to rounding.
Exhibit 7
RECONCILIATION OF NON-GAAP GUIDANCE MEASURES
(In millions, except per share amounts)
(Unaudited)
------------------------------------------------------------------------
The following table reconciles full year 2026 and fourth quarter 2026
financial guidance for net income to adjusted net income and adjusted
net income per diluted share, at both ends of the range.
2026 GUIDANCE
-----------------------------
Low* High*
Net income attributable to Corpay $ 1,337 $ 1,357
Net income per diluted share $ 20.03 $ 20.23
Stock-based compensation 134 134
Amortization 340 340
Gain on disposition, net (125) (125)
Other 298 298
-------- -------
Total pre-tax adjustments $ 646 $ 646
Income taxes (136) (136)
-------- -------
Adjusted net income $ 1,847 $ 1,867
======== =======
Adjusted net income per diluted share $ 27.90 $ 28.10
Diluted shares 66 66
Q4 2026 GUIDANCE
-----------------------------
Low* High*
Net income attributable to Corpay $ 361 $ 381
Net income per diluted share $ 5.59 $ 5.79
Stock-based compensation 41 41
Amortization 83 83
Other 37 37
-------- -------
Total pre-tax adjustments $ 161 $ 161
Income taxes (37) (37)
-------- -------
Adjusted net income $ 485 $ 505
======== =======
Adjusted net income per diluted share $ 7.55 $ 7.75
Diluted shares 65 65
* Columns may not calculate due to rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20261104196408/en/
CONTACT: Investor Relations
Jim Eglseder, 770-417-4697
Jim.Eglseder@corpay.com
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