Press release·08/10/2026 12:21:46

Executive Overview

Corpay is a global corporate payments and spend management company that helps businesses simplify, automate and control their payments and spending. Corpay provides a range of solutions including accounts payable automation, cross-border payments, commercial card programs, vehicle payments, and lodging payments. The company estimates that businesses spend around $145 trillion annually on transactions with other businesses, often relying on fragmented systems and manual processes that can lead to inefficiencies and higher costs.

Corpay’s integrated payment and spend management solutions aim to provide advantages over traditional payment methods like cash, checks, and general purpose credit cards. The company has been a member of the S&P 500 since 2018 and trades on the New York Stock Exchange under the ticker CPAY.

Impact of Economic Environment

Corpay operates in countries that have undergone significant political, economic and social changes in recent periods. Adverse global conditions like recessions, inflation, changing interest rates, currency fluctuations, economic sanctions, and regional conflicts could have a material impact on Corpay’s business. The company is actively monitoring these factors and assessing the potential effects.

Financial Performance

In the first half of 2026, Corpay reported strong financial results:

• Revenues, net were $2,599.8 million, up 23.3% year-over-year. This was driven by 10% organic growth and 7% growth from acquisitions, partially offset by a 2% impact from divestitures.
• Net income attributable to Corpay was $598.4 million, up 13.5% year-over-year.
• Adjusted EBITDA, a non-GAAP measure, was $1,455.8 million with an adjusted EBITDA margin of 56.0%.

The company’s three reportable segments performed as follows:

Corporate Payments

• Revenues, net were $1,052.6 million, up 43.7% year-over-year, driven by 16% organic growth and acquisitions.
• Operating income was $378.7 million, up 32.1% year-over-year.

Vehicle Payments

• Revenues, net were $1,144.1 million, up 16.0% year-over-year, driven by 9% organic growth, acquisitions, and favorable macroeconomic factors.
• Operating income was $572.9 million, up 23.4% year-over-year, despite a $100 million contingent legal loss.

Lodging Payments

• Revenues, net were $234.2 million, up 1.8% year-over-year.
• Operating income was $92.3 million, down 0.1% year-over-year.

Sources of Revenue

Corpay generates revenue from a variety of payment solutions across its three reportable segments:

• Corporate Payments: Revenue primarily comes from the difference between what Corpay charges customers and what it pays third parties for transactions, as well as foreign exchange services and float income.
• Vehicle Payments: Revenue is generated through program fees, transaction fees, interchange, and float income.
• Lodging Payments: Revenue is primarily derived from the difference between what Corpay charges customers and what it pays hotels, as well as fees for network access and ancillary services.

The company also has a segment called “Other” which includes its Gift, Outsourced Card Processing, and Payroll Card businesses.

Acquisitions, Investments and Dispositions

In 2026, Corpay:

• Sold its PayByPhone mobile parking payments business for $421.7 million, recording a $122.9 million pre-tax gain.
• Signed an agreement to sell its Maintenance business for approximately $800 million, with an expected gain of $460-$515 million.

In 2025, Corpay:

• Acquired Gringo, a Brazil-based vehicle registration and compliance company, for $153.7 million.
• Invested $578 million for a 35% stake in a limited partnership that acquired AvidXchange, an accounts payable automation provider.
• Acquired Alpha Group, a U.K. cross-border foreign exchange solutions provider, for $2.4 billion.
• Divested its BP private label fuel card portfolio for $60 million.

Liquidity and Capital Resources

As of June 30, 2026, Corpay had $4.8 billion in total liquidity, consisting of $1.6 billion available under its credit facility and $3.2 billion in unrestricted cash. The company also utilizes a $2.3 billion receivables securitization facility.

Corpay has a $9.95 billion credit facility and was in compliance with all financial covenants as of June 30, 2026. The company also has interest rate swaps and cross-currency swaps to manage its exposure to interest rate and foreign exchange risks.

Corpay has an active $11.1 billion stock repurchase program, of which $1.4 billion remained available as of June 30, 2026.

Outlook and Risks

Corpay faces several risks that could impact its business, including:

• Adverse macroeconomic conditions like recessions, inflation, and currency fluctuations
• Inability to attract and retain key partners, merchants, and providers
• Challenges managing its derivative financial instruments used in cross-border payments
• Integration risks from mergers, acquisitions, and divestitures
• Higher borrowing costs and reduced credit availability
• Operational and cybersecurity risks
• Regulatory and legal risks, including a lawsuit filed by the Federal Trade Commission

Overall, Corpay delivered strong financial results in the first half of 2026, driven by organic growth, acquisitions, and favorable macroeconomic factors. However, the company remains vigilant about potential headwinds from the evolving economic environment. Corpay’s diversified payment solutions, global footprint, and active capital management provide a foundation for continued growth, though risks and uncertainties persist.