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CPAY

Corpay, Inc.

CPAY

Corpay, Inc. • NYSE
$295.80 ▲ 0.84% (+2.46)
Market Cap $20.79 B
52w High $400.81
52w Low $252.84
Dividend Yield 0%
P/E 20.08
Volume 370.54K
Outstanding Shares 70.28M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.172B ▲ $307.436M ▼ $277.941M ▼ 23.705% ▼ $3.95 ▼ $614.9M ▲
Q2-2025 $1.102B ▲ $384.123M ▲ $284.168M ▲ 25.786% ▲ $4.03 ▲ $581.312M ▲
Q1-2025 $1.006B ▼ $356.699M ▲ $243.233M ▼ 24.186% ▲ $3.46 ▼ $513.621M ▼
Q4-2024 $1.034B ▲ $317.303M ▼ $245.955M ▼ 23.777% ▼ $3.52 ▼ $574.615M ▲
Q3-2024 $1.029B $337.37M $276.397M 26.856% $3.98 $552.27M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.006B ▼ $19.745B ▼ $15.626B ▼ $4.076B ▲
Q2-2025 $2.193B ▲ $20.435B ▲ $16.468B ▲ $3.929B ▲
Q1-2025 $1.555B ▲ $18.548B ▲ $15.054B ▲ $3.454B ▲
Q4-2024 $1.554B ▲ $17.957B ▲ $14.811B ▲ $3.122B ▲
Q3-2024 $1.303B $17.638B $14.524B $3.087B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $278.379M ▼ $-378.933M ▼ $-60.282M ▼ $-180.64M ▼ $-616.965M ▼ $-429.841M ▼
Q2-2025 $284.078M ▲ $1.14B ▲ $-38.722M ▲ $-63.942M ▼ $1.148B ▲ $1.088B ▲
Q1-2025 $243.875M ▼ $-74.151M ▼ $-183.918M ▲ $142.297M ▼ $-72.922M ▼ $-118.922M ▼
Q4-2024 $246.004M ▼ $648.672M ▲ $-429.238M ▼ $228.753M ▼ $301.334M ▼ $604.563M ▲
Q3-2024 $276.262M $400.788M $-231.626M $415.474M $607.715M $355.01M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Corporate Payments
Corporate Payments
 $320.00M ▲$610.00M ▲$350.00M ▼$390.00M ▲
Lodging
Lodging
 $0 ▲$0 ▲$110.00M ▲$120.00M ▲
Payments
Payments
 $0 ▲$0 ▲$490.00M ▲$530.00M ▲
Other Operating Segments
Other Operating Segments
 $70.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Corpay’s income statement shows a mature, highly profitable growth story. Revenue has climbed steadily each year, and profits have risen alongside it, which suggests the business scales well as it grows. Operating and EBITDA margins look strong and relatively stable, indicating good pricing power and cost control in its core payment and software platforms. Net income and per‑share earnings have increased consistently, though the pace of improvement has moderated a bit recently, which is common as companies get larger. Overall, the earnings profile looks resilient and more like an established payments platform than an early‑stage tech company.

Balance Sheet

Balance Sheet The balance sheet reflects a scale‑up strategy financed partly with debt. Total assets have grown meaningfully over time, likely driven by acquisitions and investments in the platform. Debt has increased faster than shareholders’ equity, so the company is clearly using leverage as a tool to expand, which boosts returns in good times but raises financial risk if conditions tighten. Cash on hand is solid but not oversized, implying an active use of capital rather than a large idle cash buffer. Equity has been fairly stable, suggesting that buybacks, acquisitions, or accounting for intangibles are shaping book value as much as retained profits.

Cash Flow

Cash Flow Cash flow is a key strength. Corpay consistently converts its accounting profits into cash, with operating cash flow generally tracking or exceeding net income over time. Free cash flow has been positive in every year shown and has grown strongly, helped by relatively modest capital spending requirements, which is typical for software and payments businesses. This means the company has internal cash to service debt, fund acquisitions, and invest in new products without relying entirely on fresh financing. One year of softer operating cash flow stands out but looks more like temporary working capital swings than a structural issue.

Competitive Edge

Competitive Edge Corpay occupies a strong position in corporate payments and spend management, supported by scale, diversification, and a broad product suite. It acts as a one‑stop shop for many business payment needs—fuel and fleet, corporate cards, accounts payable automation, and cross‑border payments—which tends to make customer relationships sticky. Its large payment volumes and global network relationships, including leadership in commercial card issuing, give it negotiating leverage with partners and help defend margins. A long track record of bolt‑on acquisitions has expanded its reach and capabilities, though it does introduce ongoing integration and execution risk. The main competitive threats come from other large payment networks, banks, and fast‑moving fintechs aiming to chip away at niches like cross‑border, AP automation, and EV fleet solutions.

Innovation and R&D

Innovation and R&D Innovation is a clear focus, even if it may not always appear as a large explicit R&D line item. Corpay is leaning heavily into AI and automation across customer service, fraud and risk management, and payments workflows to cut friction and improve decision‑making for clients. The Corpay Complete platform, which integrates cards, expense management, supplier payments, and AP automation in one place, is a key strategic asset and differentiator versus more fragmented solutions. The company is also building specialized offerings—such as tools for immigration law firms, construction companies, and fleets managing both fuel and EV charging—which deepen its moat in targeted verticals. Looking ahead, its push into EV charging, real‑time cross‑border payments, and deeper AP automation in Europe and the UK are important test cases for its ability to keep innovating at scale and turning technology investments into profitable growth.

Summary

Overall, Corpay looks like a scaled, profitable payments and software platform with solid growth, strong margins, and robust cash generation. The business model appears efficient and asset‑light, with earnings quality generally supported by cash flow. On the risk side, the company has leaned increasingly on debt and acquisitions, which amplifies both upside and downside in a changing interest rate or economic environment and requires consistent integration discipline. Strategically, its breadth of services, global reach, and focused innovation in AI, EV solutions, and AP automation give it meaningful competitive advantages, but it still operates in a fiercely competitive and fast‑evolving industry. The key things to watch are how well it manages leverage, integrates acquisitions, and continues to convert technological and product innovations into durable, high‑quality earnings.

NEWS

November 24, 2025 · 8:30 AM UTC

Corpay Cross-Border Launches USCIS Navigator

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November 12, 2025 · 8:30 AM UTC

Corpay Cross-Border Named the Official FX Partner for BLAST

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November 6, 2025 · 4:05 PM UTC

Corpay to Participate in Upcoming Investor Conferences

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November 5, 2025 · 4:06 PM UTC

Corpay Reports Third Quarter Financial Results

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November 5, 2025 · 4:01 PM UTC

Corpay Completes $2.4 Billion Cross Border Payments Acquisition

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