Corpay Inc. (CPAY) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$6.58	$7	+6.4%	—	$1.3B	—
Q1 26	$5.47	$5.8	+6.0%	—	$1.3B	—
Q4 25	$5.94	$6.04	+1.7%	—	$1.2B	—
Q3 25	$5.64	$5.7	+1.1%	—	$1.2B	—
Q2 25	$5.12	$5.13	+0.2%	—	$1.1B	—
Q1 25	$4.51	$4.51	0.0%	—	$1B	—
Q4 24	$5.35	$5.36	+0.2%	—	$1B	—
Q3 24	$4.97	$5	+0.6%	—	$1B	—
Q2 24	$4.51	$4.55	+0.9%	—	$975.7M	—
Q1 24	$4.09	$4.1	+0.2%	—	$935.3M	—
Q4 23	$4.48	$4.44	-0.9%	—	$937.3M	—
Q3 23	$4.5	$4.49	-0.2%	—	$970.9M	—
Q2 23	$4.18	$4.19	+0.2%	—	$948.2M	—
Q1 23	$3.69	$3.8	+3.0%	—	$901.3M	—
Q4 22	$3.93	$4.04	+2.8%	—	$883.6M	—
Q3 22	$4.19	$4.24	+1.2%	—	$893M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$15.2	—	—	$4.5B	—
FY24	—	$14.3	—	—	$4B	—
FY23	—	$13.4	—	—	$3.8B	—
FY22	—	$12.6	—	—	$3.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.8B	$2.2B	$2.4B	$2.6B	$2.4B	$2.8B	$3.4B	$3.8B	$4B	$4.5B
YoY change	+7.56%	+22.8%	+8.18%	+8.85%	-9.82%	+18.6%	+20.9%	+9.65%	+5.77%	+13.9%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.8B	2.2B	2.4B	2.6B	2.4B	2.8B	3.4B	3.8B	4B	4.5B
Cost of revenue	355.4M	429.6M	487.7M	530.7M	596.4M	559.8M	764.7M	819.9M	869.1M	969.2M
Gross profit	1.5B	1.8B	1.9B	2.1B	1.8B	2.3B	2.7B	2.9B	3.1B	3.6B
Gross margin	80.6%	80.9%	80%	80%	75%	80.2%	77.7%	78.2%	78.1%	78.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	519.4M	671.5M	571.8M	612M	567.4M	747.9M	893.2M	943.6M	997.8M	1.2B
Operating expenses	518.7M	671.6M	580.5M	612.5M	565.4M	747.2M	893.5M	944.3M	998.6M	1.2B
Operating income	754.2M	883.8M	1.1B	1.2B	972.3M	1.2B	1.4B	1.7B	1.8B	2B
Operating margin	41.2%	39.3%	44.8%	46.5%	40.7%	43.8%	42.2%	44.1%	44.2%	43.1%
Non-operating income, net	-39.3M	117M	142.9M	-3.6M	40.1M	-20M	-6.3M	16.7M	12.3M	-6.3M
Pretax income	642.9M	893.6M	1.1B	1.1B	882.5M	1.1B	1.3B	1.3B	1.4B	1.5B
Income tax	190.5M	153.4M	283.6M	182.7M	178.3M	269.3M	321.3M	343.1M	381.4M	469.7M
Net income	452.4M	740.2M	811.5M	895.1M	704.2M	839.5M	954.3M	981.9M	1B	1.1B
Net margin	24.7%	32.9%	33.3%	33.8%	29.5%	29.6%	27.8%	26.1%	25.3%	23.7%
EBITDA	954.4M	1.3B	1.5B	1.5B	1.2B	1.5B	1.8B	2B	2.1B	2.3B
EPS	4.89	8.12	9.14	10.4	8.38	10.2	12.6	13.4	14.3	15.2
Diluted EPS	4.75	7.91	8.81	9.94	8.12	9.99	12.4	13.2	14	15

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	970.9M	937.3M	935.3M	975.7M	1B	1B	1B	1.1B	1.2B	1.2B	1.3B	1.3B
Cost of revenue	208.2M	201.5M	207.4M	209.2M	223.7M	228.8M	221.8M	238.5M	248.8M	260.1M	272.1M	275.2M
Gross profit	762.7M	735.9M	727.8M	766.5M	805.5M	805.7M	783.8M	863.5M	923.7M	988.2M	988.9M	1.1B
Gross margin	78.6%	78.5%	77.8%	78.6%	78.3%	77.9%	77.9%	78.4%	78.8%	79.2%	78.4%	79.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	233.8M	227.7M	245.4M	248.8M	247.8M	255.7M	264.5M	292.8M	296.2M	358.5M	352M	374.3M
Operating expenses	232.9M	227.9M	245.7M	248.8M	247.8M	256.2M	264.5M	292.8M	307.4M	349.4M	359.4M	474.2M
Operating income	445M	424.1M	397.3M	433.3M	468.1M	457M	427.1M	479.4M	523.1M	522.2M	514.7M	471.2M
Operating margin	45.8%	45.2%	42.5%	44.4%	45.5%	44.2%	42.5%	43.5%	44.6%	41.8%	40.8%	35.2%
Non-operating income, net	13.4M	1.5M	-3M	-4.5M	-5.4M	25.1M	-5.7M	10.6M	-1.4M	-9.8M	100.4M	-11.7M
Pretax income	370.1M	333.5M	305.3M	334.2M	358.3M	387.3M	327.5M	393.1M	421.7M	399.4M	505M	344.7M
Income tax	98.6M	77.6M	75.5M	82.5M	82M	141.3M	83.6M	109M	143.3M	133.8M	151.3M	92.9M
Net income	271.5M	255.9M	229.8M	251.7M	276.3M	246M	243.9M	284.1M	278.4M	265.6M	353.7M	251.8M
Net margin	28%	27.3%	24.6%	25.8%	26.8%	23.8%	24.3%	25.8%	23.7%	21.3%	28.1%	18.8%
EBITDA	543.2M	509.5M	479M	513.2M	557.8M	543.3M	515.2M	581.3M	614.9M	586.7M	608.5M	583.2M
EPS	3.71	3.55	3.2	3.59	3.98	3.52	3.46	4.03	3.95	3.79	5.14	3.75
Diluted EPS	3.64	3.48	3.12	3.52	3.9	3.44	3.4	3.98	3.91	3.75	5.07	3.7

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	—	—	—	23.8B	21.1B	26B
Enterprise value	—	—	—	—	—	—	—	—	30.2B	28.7B	34.1B
Shares outstanding	92.6M	91.1M	88.8M	86.4M	84M	82.1M	75.6M	73.2M	70.3M	70.1M	70.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	23.7	19.7	24.2
P/S	—	—	—	—	—	—	—	—	5.99	4.66	5.21
P/B	—	—	—	—	—	—	—	—	7.57	4.99	7.38
EV/EBITDA	—	—	—	—	—	—	—	—	14.4	12.5	12.2
EV/Sales	—	—	—	—	—	—	—	—	7.61	6.34	6.78
Earnings yield	—	—	—	—	—	—	—	—	4.22%	5.08%	4.13%
FCF yield	—	—	—	—	—	—	—	—	7.42%	6.16%	7.48%
PEG	—	—	—	—	—	—	—	—	—	—	-3.49

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	80.6%	80.9%	80%	80%	75%	80.2%	77.7%	78.2%	78.1%	78.6%	79.4%
Operating margin	41.2%	39.3%	44.8%	46.5%	40.7%	43.8%	42.2%	44.1%	44.2%	43.1%	46.9%
Net margin	24.7%	32.9%	33.3%	33.8%	29.5%	29.6%	27.8%	26.1%	25.3%	23.7%	22.7%
ROE	14.7%	20.1%	24.3%	24.1%	21%	29.3%	37.5%	29.9%	31.9%	25.3%	29.2%
ROA	4.7%	6.54%	7.24%	7.31%	6.29%	6.26%	6.77%	6.34%	5.59%	4.06%	6.32%
ROIC	8.21%	10.1%	11.3%	13.7%	11.5%	12.8%	13.3%	14.3%	13.3%	11.5%	12.3%
Return on tangible assets	-11.1%	-20.8%	-30.1%	-42.6%	-28.4%	-59%	-165.8%	6.5K%	86%	22.3%	14.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.77	0.87	0.86	1.03	1	1.04	1.01	1.04	1	0.98	0.97
Quick ratio	0.77	0.87	0.86	1.03	1	1.04	1.01	1.04	1	0.98	0.97
Debt / equity	1.25	1.23	1.44	1.36	1.28	2.09	2.77	2.05	2.54	2.37	2.75
Debt / assets	0.4	0.4	0.43	0.41	0.38	0.45	0.5	0.43	0.45	0.38	0.38
Net debt / EBITDA	3.54	2.73	2.5	2.5	2.72	2.93	3.17	2.65	3.08	3.3	3.12
Interest coverage	9.94	9.34	8.91	8.18	7.8	10.8	8.75	4.8	4.62	4.82	4.82
Effective tax rate	29.6%	17.2%	25.9%	17%	20.2%	24.3%	25.2%	25.9%	27.5%	30.5%	31.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	19.8	24.7	27.4	30.7	28.4	34.5	45.3	51.4	56.5	64.6	73.6
EPS (basic)	4.89	8.12	9.14	10.4	8.38	10.2	12.6	13.4	14.3	15.2	15.2
EPS (diluted)	4.75	7.91	8.81	9.94	8.12	9.99	12.4	13.2	14	15	16.4
Book value per share	33.3	40.3	37.6	43	39.9	34.9	33.6	44.9	44.7	60.3	53.9
FCF per share	7.01	6.69	9.26	12.6	16.6	13.2	7.98	26.6	25.1	18.5	24.7
Cash per share	5.13	10	11.6	14.7	11.1	18.5	19	19	22.1	34.3	48.5
Capex per share	0.64	0.77	0.92	0.87	0.93	1.36	2	2.1	2.49	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.22%	3.12%	3.34%	2.84%	3.28%	3.94%	4.42%	4.09%	4.41%	—	—
Capex / operating cash flow	17.8%	17.5%	8.5%	5.95%	6.4%	11.1%	23.7%	8.01%	9.45%	—	—
Payout ratio	—	—	0%	0%	0%	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$970.9M	$937.3M	$935.3M	$975.7M	$1B	$1B	$1B	$1.1B	$1.2B	$1.2B	$1.3B	$1.3B
YoY change	+8.72%	+6.08%	+3.76%	+2.9%	+6.01%	+10.4%	+7.53%	+12.9%	+13.9%	+20.7%	+25.4%	+21.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	475M	913.6M	1B	1.3B	934.9M	1.5B	1.4B	1.4B	1.6B	2.4B
Receivables	1.2B	1.4B	1.4B	1.6B	1.4B	1.8B	2.1B	2.2B	2.1B	2.1B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	2.5B	3.5B	3.9B	4.6B	4B	5.5B	6.1B	7.1B	8.7B	14B
Property, plant & equipment	128.1M	158.5M	164.3M	170.7M	172M	202.8M	258.9M	301.6M	337.5M	424.2M
Goodwill & intangibles	13.7B	14.9B	13.9B	14.3B	13.7B	14.8B	14.7B	15.5B	16.8B	21.6B
Total assets	9.6B	11.3B	11.2B	12.2B	11.2B	13.4B	14.1B	15.5B	18B	26.4B
Accounts payable	1.2B	1.4B	1.1B	1.2B	1.1B	1.4B	1.6B	1.6B	1.6B	1.6B
Short-term debt	1.3B	1.6B	2.1B	1.7B	1.2B	1.5B	2.3B	2.1B	2.8B	3.3B
Total current liabilities	3.3B	4.1B	4.5B	4.5B	4B	5.3B	6B	6.8B	8.7B	14.3B
Long-term debt	2.5B	2.9B	2.7B	3.3B	3.1B	4.5B	4.7B	4.6B	5.2B	6.7B
Total liabilities	6.5B	7.6B	7.9B	8.5B	7.8B	10.5B	11.5B	12.2B	14.8B	22.2B
Shareholders' equity	3.1B	3.7B	3.3B	3.7B	3.4B	2.9B	2.5B	3.3B	3.1B	4.2B
Total debt	3.9B	4.5B	4.8B	5B	4.3B	6B	7B	6.7B	8B	10B
Net debt	3.4B	3.6B	3.8B	3.8B	3.4B	4.5B	5.6B	5.3B	6.4B	7.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.1B	1.4B	1.3B	1.4B	1.3B	1.6B	1.6B	2.2B	2B	2.4B	2.5B	3.2B
Receivables	2.7B	2.2B	2.4B	2.4B	2.6B	2.1B	4B	4.2B	4.4B	2.1B	2.6B	5B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	6.9B	7.1B	7.4B	8B	8.8B	8.7B	9.1B	10.8B	10.1B	14B	14.6B	16.5B
Property, plant & equipment	—	301.6M	—	—	—	337.5M	—	—	—	424.2M	—	—
Goodwill & intangibles	15.4B	15.5B	15.4B	15B	16.2B	16.8B	17.2B	17.4B	17.3B	21.6B	20.8B	20.1B
Total assets	15.3B	15.5B	15.8B	16.2B	17.6B	18B	18.5B	20.4B	19.7B	26.4B	26.7B	28.2B
Accounts payable	1.9B	1.6B	1.8B	1.9B	1.8B	1.6B	1.8B	2B	2B	1.6B	2.1B	2.3B
Short-term debt	2.3B	2.1B	1.9B	2.5B	2.5B	2.8B	2.3B	2.2B	2.3B	3.3B	3.8B	4.5B
Total current liabilities	6.7B	6.8B	7B	7.8B	8.3B	8.7B	8.2B	9.6B	8.9B	14.3B	15B	17B
Long-term debt	4.6B	4.6B	4.9B	4.8B	5.3B	5.2B	5.9B	5.9B	5.8B	6.7B	6.6B	6.1B
Total liabilities	12.2B	12.2B	12.5B	13.4B	14.5B	14.8B	15.1B	16.5B	15.6B	22.2B	22.8B	24.3B
Shareholders' equity	3.1B	3.3B	3.3B	2.8B	3.1B	3.1B	3.5B	4B	4.1B	4.2B	3.9B	3.9B
Total debt	7B	6.7B	6.8B	7.3B	7.8B	8B	8.2B	8.1B	8.1B	10B	10.4B	10.6B
Net debt	5.9B	5.3B	5.5B	6B	6.5B	6.4B	6.6B	5.9B	6.1B	7.6B	7.8B	7.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	452.4M	740.2M	811.5M	895.1M	704.2M	839.5M	954.3M	981.9M	1B	1.1B
Depreciation & amortization	198.1M	264.6M	274.6M	274.2M	254.8M	284.2M	322.3M	336.6M	351.1M	393.3M
Stock-based compensation	63.9M	93.3M	69.9M	61M	43.4M	80.1M	121.4M	116.1M	116.7M	102.6M
Change in working capital	-361.4M	-456.3M	-209.9M	-10.9M	201.9M	-218.9M	-735M	524.6M	438.7M	-560.4M
Operating cash flow	331.2M	400.9M	957.3M	1.3B	1.2B	1B	639.3M	1.9B	1.9B	1.5B
Capital expenditure	-59M	-70.1M	-81.4M	-75.2M	-78.4M	-111.5M	-151.4M	-153.8M	-175.2M	—
Investing cash flow	-1.4B	-497.8M	-26.3M	-523.7M	-106.2M	-715.9M	-368.3M	-380.7M	-807.5M	1.4B
Dividends paid	—	—	0	0	0	—	—	—	—	—
Share repurchases	-187.7M	-402.4M	-958.7M	-694.9M	-849.9M	-1.4B	-1.4B	-686.9M	-1.3B	-782.8M
Financing cash flow	754M	471.9M	-577.8M	-310.2M	-1.4B	343.9M	-311.2M	-898.2M	405M	1.6B
Net change in cash	-304.4M	375.1M	353.3M	429M	-298.5M	629.9M	-40.3M	641.5M	1.5B	4.5B
Free cash flow	649.2M	610M	822M	1.1B	1.4B	1.1B	603.4M	1.9B	1.8B	1.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	271.5M	255.9M	229.8M	251.7M	276.3M	246M	243.9M	284.1M	278.4M	265.6M	353.7M	251.8M
Depreciation & amortization	84.8M	83.9M	84.8M	84.3M	89.5M	92.4M	92.2M	91.3M	93.2M	116.6M	114.8M	118.3M
Stock-based compensation	29.1M	26.2M	25M	27.1M	28.5M	36.1M	18.4M	28.9M	27.6M	27.8M	27.5M	32M
Change in working capital	-366.7M	595M	-4.9M	-106.9M	-104.7M	390.6M	-427.8M	-209M	-215.8M	418.6M	-570.9M	-236.7M
Operating cash flow	12.3M	935.2M	337.6M	248.1M	282.5M	722M	-79.1M	1.1B	-378.9M	812.7M	-56.6M	1.5B
Capital expenditure	-38.2M	-36.7M	-41.2M	-44.1M	-45.8M	-44.1M	-44.8M	—	—	—	—	—
Investing cash flow	-144.4M	-35.1M	-102.3M	-44.3M	-231.6M	-429.2M	-183.9M	-929K	-9.4M	1.6B	420.2M	1.5M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-534.9M	-139.9M	-288.8M	-658.2M	-92.2M	-248.8M	-58.7M	-32.2M	-191.7M	-500.2M	-786M	-326.6M
Financing cash flow	-220.6M	-396.8M	-158.6M	-80.7M	313.5M	228.8M	142.3M	82.1M	-613.3M	1.7B	-416.2M	364.2M
Net change in cash	-352.7M	503.3M	76.7M	123.1M	364.4M	521.5M	-120.8M	1.2B	-1B	4.1B	-52.6M	1.8B
Free cash flow	247.4M	1.2B	309M	496.8M	355M	604.6M	-118.9M	1.1B	-429.8M	760.3M	-107.7M	1.4B

Corpay Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement