4th Quarter: 21% revenue growth, 11% organic revenue growth, and 13% adjusted EPS growth
ATLANTA--(BUSINESS WIRE)--February 04, 2026--
Corpay, Inc. $(CPAY)$, the corporate payments company, today reported financial results for its fourth quarter and year ended December 31, 2025.
"We had a strong finish to 2025, with fourth quarter revenue, organic revenue and adjusted net income per share finishing ahead of expectations," said Ron Clarke, chairman and chief executive officer, Corpay, Inc. "We were an active corporate development shop, closing the second largest acquisition in the Company's history, as well as two significant strategic investments. Our 2025 exit rate and accretive deals create a strong set-up for 2026, as we accelerate our rotation to more corporate payments," concluded Clarke.
Financial Results for Fourth Quarter of 2025:
GAAP Results
-- Revenues increased 21% to $1,248.2 million in the fourth quarter of
2025, compared with $1,034.4 million in the fourth quarter of 2024.
-- Net income2 increased 8% to $264.5 million in the fourth quarter of
2025, compared with $246.0 million in the fourth quarter of 2024.
-- Net income per diluted share2 increased 9% to $3.75 in the fourth
quarter of 2025, compared with $3.44 per diluted share in the fourth
quarter of 2024.
Non-GAAP Results(1)
-- Organic revenue growth1 was 11% in the fourth quarter of 2025.
-- Adjusted EBITDA1 increased 18% to $712.4 million in the fourth quarter
of 2025, compared to $605.3 million in the fourth quarter of 2024.
-- Adjusted net income1,2 increased 11% to $423.6 million in the fourth
quarter of 2025, compared with $383.2 million in the fourth quarter of
2024.
-- Adjusted net income per diluted share1,2 increased 13% to $6.04 in the
fourth quarter of 2025, compared with $5.36 per diluted share in the
fourth quarter of 2024.
"Organic revenue growth was 11% for the third consecutive quarter, driven by our two largest segments delivering double digit organic growth," said Peter Walker, chief financial officer, Corpay, Inc. "Our corporate payments segment delivered 16% organic revenue growth, inclusive of a 200 basis point headwind from float revenue compression due to lower interest rates. We also repurchased 1.7 million shares for $500 million in the fourth quarter," concluded Walker.
Financial Results for Full Year 2025:
GAAP Results
-- Revenues increased 14% to $4.5 billion in 2025, compared with $4.0
billion in 2024.
-- Net income increased 7% to $1.1 billion in 2025, compared with $1.0
billion in 2024.
-- Net income per diluted share increased 8% to $15.03 in 2025, compared
with $13.97 per diluted share in 2024.
Non-GAAP Results(1)
-- Adjusted EBITDA1 increased 13% to $2.6 billion in 2025, compared with
$2.3 billion in 2024.
-- Adjusted net income increased 11% to $1.5 billion in 2025, compared
with $1.4 billion in 2024.
-- Adjusted net income per diluted share increased 12% to $21.38 in 2025,
compared with $19.01 in 2024.
"2025 was a very successful year for Corpay. We delivered 10% organic revenue growth along with $21.38 of earnings per share," said Ron Clarke. "We deployed over $4.3 billion in capital, expanding our position in Corporate Payments with our largest cross border acquisition to date, while repurchasing $782 million of Corpay stock," concluded Clarke.
Fiscal Year 2026 Outlook:
"Our 2026 outlook calls for 16% revenue and 22% adjusted earnings per share growth at the midpoint. Our earnings outlook is driven by strong business fundamentals, accretive acquisitions and a favorable macro," said Peter Walker. "We expect full year 2026 organic revenue growth of 10%, continued tight expense management and our fourth quarter share repurchases to drive meaningful 2026 adjusted earnings per share growth."
For fiscal year 2026, Corpay, Inc.'s financial guidance(1) is as follows:
-- Total revenues between $5,215 million and $5,315 million; -- Net income between $1,344 million and $1,438 million; -- Net income per diluted share between $19.49 and $20.49; -- Adjusted net income between $1,762 million and $1,856 million; and -- Adjusted net income per diluted share between $25.50 and $26.50.
Corpay's guidance assumptions are as follows for the full year:
-- Weighted average U.S. fuel prices equal to $2.90 per gallon; -- Fuel price spreads flat with the 2025 average; and -- Foreign exchange rates equal to the January 2026, 60 day average; -- Interest expense between $370 million and $400 million; -- Free cashflow is used to pay down debt; -- Approximately 70 million fully diluted shares outstanding; -- An adjusted effective tax rate of approximately 25% to 27%; and -- No impact related to material acquisitions or divestitures not closed.
First Quarter of 2026 Outlook:
"First quarter organic revenue growth is expected to be 9% at the midpoint and adjusted EPS is expected to grow over 20%. Revenue and adjusted EPS are expected to build significantly over the year as organic revenue grows and we realize deal synergies," said Peter Walker.
Conference Call:
The Company will host a conference call to discuss fourth quarter and full year 2025 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 (800)-343-4136 or (203)-518-9843; 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 11160871. The replay will be available through Wednesday, February 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 retail fuel prices, fuel price spreads, fuel transaction patterns, electric vehicle adoption, retail lodging prices, foreign exchange rates and interest rates 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 manage 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 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; 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; 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; our ability to remediate material weaknesses and the ongoing effectiveness of internal control over financial reporting, as well as the other risks and uncertainties identified under the caption "Risk Factors" in the 2024 Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 27, 2025 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 non-controlling 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 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, inclusive of 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, income taxes, interest expense, net, 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 Corporate Payments Company, is a global S&P 500 provider of commercial cards (e.g, business cards, fleet cards, virtual cards) and AP modernization solutions (e.g., invoice and payments automation, cross border payments) to businesses worldwide. Our solutions "keep business moving" and result in our customers better controlling purchases, mitigating fraud, and ultimately spending less. To learn more visit www.corpay.com.
(1) Reconciliations of GAAP results to non-GAAP results are provided in
Exhibit 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 is amount attributable to Corpay.
Corpay, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(In thousands, except per share amounts and percentages)
Three Months Ended December 31, Year Ended December 31,
--------------------------------------- ------------------------------------
2025 2024 % Change 2025 2024 % Change
--------- --------- ---------- --------- --------- ----------
(Unaudited) (Unaudited) (Unaudited)
Revenues, net $1,248,226 $1,034,431 21% $4,528,403 $3,974,589 14%
Expenses:
Processing 260,055 228,780 14% 969,177 869,085 12%
Selling 138,026 97,514 42% 478,988 380,906 26%
General and
administrative 220,464 158,176 39% 733,028 616,874 19%
Depreciation and
amortization 116,602 92,440 26% 393,303 351,088 12%
Goodwill
impairment -- 90,000 NM -- 90,000 NM
Gain on
disposition,
net (53,433) (121,310) NM (42,261) (121,310) NM
Other operating,
net 2,038 483 NM 2,060 789 161%
--------- --------- --------- ---------
Total operating
expenses 683,752 546,083 25% 2,534,295 2,187,432 16%
--------- --------- --------- ---------
Operating income 564,474 488,348 16% 1,994,108 1,787,157 12%
--------- --------- --------- ---------
Other expenses:
Other expense,
net 52,079 6,173 NM 46,985 13,961 NM
Interest
expense, net 113,019 94,837 19% 403,848 383,043 5%
Loss on
extinguishment
of debt -- -- --% 1,596 5,040 (68)%
--------- --------- --------- ---------
Total other
expenses, net 165,098 101,010 63% 452,429 402,044 13%
--------- --------- --------- ---------
Income before income
taxes 399,376 387,338 3% 1,541,679 1,385,113 11%
Provision for income
taxes 133,760 141,334 (5)% 469,731 381,381 23%
--------- --------- --------- ---------
Net income 265,616 246,004 8% 1,071,948 1,003,732 7%
--------- --------- --------- ---------
Less: Net income
(loss) attributable
to noncontrolling
interests 1,132 49 NM 2,122 (14) NM
--------- --------- --------- ---------
Net income
attributable to
Corpay $ 264,484 $ 245,955 8% $1,069,826 $1,003,746 7%
========= ========= ========= =========
Basic earnings
per share* $ 3.79 $ 3.52 8% $ 15.23 $ 14.27 7%
Diluted earnings
per share* $ 3.75 $ 3.44 9% $ 15.03 $ 13.97 8%
Weighted average
shares
outstanding:
Basic shares 69,377 69,946 70,137 70,331
Diluted shares 70,123 71,463 71,058 71,848
*For 2025, 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)
December 31, 2025 December 31, 2024
------------------- ---------------------
(Unaudited)
Assets
Current assets:
Cash and cash
equivalents $ 2,496,920 $ 1,553,642
Restricted cash 6,495,020 2,902,703
Accounts and other
receivables (less
allowance) 2,156,553 2,090,500
Securitized accounts
receivable --
restricted for
securitization
investors 1,823,000 1,323,000
Prepaid expenses and
other current assets 1,002,621 806,024
-------------- --------------
Total current assets 13,974,114 8,675,869
-------------- --------------
Property and equipment, net 472,310 377,705
Goodwill and other
intangibles, net 10,802,551 8,395,109
Other assets 1,170,034 508,348
-------------- --------------
Total assets $ 26,419,009 $ 17,957,031
============== ==============
Liabilities, Redeemable
Noncontrolling Interest and
Equity
Current liabilities:
Customer deposits 8,125,075 3,266,126
Accounts payable,
accrued expenses and
other current
liabilities 2,836,946 2,671,781
Securitization facility 1,823,000 1,323,000
Current portion of notes
payable and lines of
credit 1,522,530 1,446,974
-------------- --------------
Total current liabilities 14,307,551 8,707,881
-------------- --------------
Notes payable and other
obligations, less current
portion 6,656,157 5,226,106
Deferred income taxes 614,345 439,176
Other noncurrent liabilities 612,279 437,879
-------------- --------------
Total noncurrent liabilities 7,882,781 6,103,161
-------------- --------------
Commitments and
contingencies
Redeemable noncontrolling
interest 302,000 --
Stockholders' equity:
Common stock 132 131
Additional paid-in
capital 3,970,077 3,811,131
Retained earnings 10,264,751 9,196,405
Accumulated other
comprehensive loss (1,392,154) (1,713,996)
Treasury stock (8,958,942) (8,171,329)
-------------- --------------
Total Corpay stockholders'
equity 3,883,864 3,122,342
Noncontrolling interest 42,813 23,647
-------------- --------------
Total equity 3,926,677 3,145,989
-------------- --------------
Total liabilities,
redeemable noncontrolling
interest and equity $ 26,419,009 $ 17,957,031
============== ==============
Corpay, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (In thousands)
Year Ended December 31,
-----------------------------
2025 2024
----------- ----------
(Unaudited)
Operating activities
Net income $ 1,071,948 $ 1,003,732
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation 131,164 120,106
Stock-based compensation 102,637 116,724
Provision for credit losses on
accounts and other receivables 122,642 103,133
Amortization of deferred financing
costs and discounts 21,065 7,994
Amortization of intangible assets
and premium on receivables 262,139 230,982
Loss on extinguishment of debt 1,596 5,040
Deferred income taxes (27,904) (64,718)
Goodwill impairment -- 90,000
Gain on disposition of business (42,261) (121,310)
Other non-cash operating expense,
net 19,296 1,028
Changes in operating assets and
liabilities (net of
acquisitions/disposition) (162,421) 447,854
----------- ----------
Net cash provided by operating
activities 1,499,901 1,940,565
----------- ----------
Investing activities
Acquisitions, net of cash acquired* 1,933,783 (821,924)
Purchases of property and equipment (200,756) (175,176)
Investment in equity method investment (578,446) --
Proceeds from disposition, net of cash 58,209 185,506
Other 14,572 4,117
----------- ----------
Net cash provided by (used in)
investing activities 1,227,362 (807,477)
----------- ----------
Financing activities
Proceeds from issuance of common stock 67,770 428,224
Repurchase of common stock (782,818) (1,287,998)
Contribution from redeemable
noncontrolling interest 300,000 --
Borrowings on securitization facility,
net 500,000 16,000
Deferred financing costs (38,825) (8,493)
Proceeds from notes payable 1,650,000 825,000
Principal payments on notes payable (197,140) (140,050)
Borrowings from revolver 12,134,000 9,989,000
Payments on revolver (12,071,000) (9,278,000)
Borrowings (payments) on swing line of
credit, net 692 (140,713)
Other (928) 2,019
----------- ----------
Net cash provided by financing
activities 1,561,751 404,989
----------- ----------
Effect of foreign currency exchange
rates on cash 246,581 (223,267)
----------- ----------
Net increase in cash and cash
equivalents and restricted cash 4,535,595 1,314,810
Cash and cash equivalents and
restricted cash, beginning of period 4,456,345 3,141,535
----------- ----------
Cash and cash equivalents and
restricted cash, end of period $ 8,991,940 $ 4,456,345
=========== ==========
Supplemental cash flow information
Cash paid for interest, net $ 491,373 $ 496,098
=========== ==========
Cash paid for income taxes, net $ 510,441 $ 374,039
=========== ==========
*With the acquisition of Alpha Group, the purchase price included
approximately $4.5B in cash and cash equivalents and restricted cash,
for which there were corresponding customer deposit liabilities
assumed.
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
December 31, Year Ended December 31,
--------------------- --------------------------
2025 2024 2025 2024
------- -------- --------- ---------
Net income
attributable to
Corpay $264,484 $ 245,955 $1,069,826 $1,003,746
Stock-based
compensation 27,811 36,131 102,637 116,724
Amortization(1) 82,242 63,354 283,204 238,976
Loss on
extinguishment
of debt -- -- 1,596 5,040
Integration and
deal related
costs 66,481 17,262 108,021 33,696
Restructuring and
related costs 8,862 874 18,419 9,318
Gain on
disposition,
net (53,432) (121,310) (42,261) (121,310)
Goodwill
impairment -- 90,000 -- 90,000
Adjustments at
equity method
investment, net
of tax 28,496 -- 28,496 --
Other(2) 12,391 11,425 15,029 19,071
------- -------- --------- ---------
Total adjustments 172,851 97,736 515,141 391,515
Income tax impact
of pre-tax
adjustments at
the effective
tax rate(3) (37,471) (27,985) (127,666) (98,667)
Discrete tax
items(4) 23,712 67,518 60,844 67,518
------- -------- --------- ---------
Adjusted net
income
attributable to
Corpay $423,576 $ 383,224 $1,518,145 $1,364,112
======= ======== ========= =========
Adjusted net
income per
diluted share
attributable to
Corpay(5) $ 6.04 $ 5.36 $ 21.38 $ 19.01
Diluted shares 70.1 71.5 71.1 71.8
(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, certain legal
expenses, amortization expense attributable to the Company's noncontrolling
interest, taxes associated with stock-based compensation programs, a loss on
an economic hedge of a foreign-denominated purchase price of an acquisition
and a gain on sale of a cost method investment.
(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 2025, represents discrete tax provision recognized in the third
quarter of 2025 as a result of legal entity and tax restructuring actions
taken by the Company to facilitate cross-border transactions, discrete
non-cash tax provision recognized related to the remeasurement of deferred tax
assets and liabilities as a result of a tax law changes in California and
Brazil and the impact on taxes of certain non recurring tax impacting items
resulting from acquisitions. For 2024, represents discrete non-cash tax
provision recognized in the fourth quarter of 2024 related to a prior tax
planning strategy and taxes on net gain realized upon disposition of our
merchant solutions business within US Vehicle Payments of $47.8 million.
(5) Excludes the impact on earnings per share of the adjustment of a
non-controlling interest to its maximum redemption value of $1.5 million.
* 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 December 31, Three Months Ended December 31,
------------------------------------------------- -------------------------------------------------
% %
2025 2024 Change Change 2025 2024 Change Change
------- ------- ----------- -------- ------- ------- ----------- --------
VEHICLE PAYMENTS
- Revenues, net $ 572.8 $ 497.7 $ 75.2 15% $ 545.4 $ 496.9 $ 48.5 10%
- Transactions 221.9 207.0 14.8 7% 221.1 206.5 14.6 7%
- Revenues, net
per transaction $ 2.58 $ 2.40 $ 0.18 7% $ 2.47 $ 2.41 $ 0.06 3%
- Tag
transactions(2) 23.4 22.1 1.3 6% 23.4 22.1 1.3 6%
- Parking
transactions 65.6 63.3 2.3 4% 65.6 63.3 2.3 4%
- Fleet
transactions 117.5 110.7 6.9 6% 116.7 110.1 6.6 6%
- Other
transactions 15.4 11.0 4.4 40% 15.4 11.0 4.4 40%
CORPORATE
PAYMENTS(3)
- Revenues, net $ 480.8 $ 346.2 $ 134.6 39% $ 472.9 $ 408.6 $ 64.3 16%
- Spend volume $ 81,426 $ 48,795 $32,631 67% $ 81,426 $ 56,709 $24,717 44%
- Revenues, net
per spend $ 0.59% 0.71% (0.12)% (17)% 0.58% 0.72% (0.14)% (19)%
LODGING PAYMENTS
- Revenues, net $ 112.5 $ 120.9 $ (8.4) (7)% $ 111.9 $ 120.9 $ (9.0) (7)%
- Room nights 7.9 10.6 (2.7) (25)% 7.9 10.6 (2.7) (25)%
- Revenues, net
per room night $ 14.18 $ 11.37 $ 2.81 25% $ 14.11 $ 11.37 $ 2.74 24%
OTHER(4)
- Revenues, net $ 82.1 $ 69.7 $ 12.4 18% $ 81.2 $ 69.7 $ 11.6 17%
- Transactions 507.4 488.9 18.5 4% 507.4 488.9 18.5 4%
- Revenues, net
per transaction $ 0.16 $ 0.14 $ 0.02 13% $ 0.16 $ 0.14 $ 0.02 12%
------------------- ------- ------- ------ ---- ------- ------- ------ ----
CORPAY CONSOLIDATED
REVENUES
- Revenues, net $1,248.2 $1,034.4 $ 213.8 21% $1,211.4 $1,096.1 $ 115.4 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 fourth quarter of 2025 was 7.8 million.
(3) Corporate payments revenue per spend dollar decreased over the prior year
due to new payables and cross-border enterprise clients.
(4) Other includes Gift and Payroll Card operating segments.
* Columns may not calculate due to rounding.
Exhibit 3
Revenues by Geography and Segment
(In millions, except percentages)
(Unaudited)
Revenues, net
by
Geography* Three Months Ended December 31, Year Ended December 31,
-------------------------------- --------------------------------
2025 % 2024 % 2025 % 2024 %
------ ------- ------ ------- ------ ------- ------ -------
US $ 581 47% $ 547 53% $2,205 49% $2,079 52%
Brazil 198 16% 151 15% 713 16% 594 15%
UK 189 15% 137 13% 642 14% 542 14%
Other 280 22% 199 19% 968 21% 760 19%
----- --- ----- --- ----- --- ----- ---
Consolidated
Revenues,
net $1,248 100% $1,034 100% $4,528 100% $3,975 100%
===== === ===== === ===== === ===== ===
*Columns may not calculate due to rounding.
Revenues, net
by Segment* Three Months Ended December 31, Year Ended December 31,
-------------------------------- --------------------------------
2025 % 2024 % 2025 % 2024 %
------ ------- ------ ------- ------ ------- ------ -------
Vehicle
Payments $ 573 46% $ 498 48% $2,139 47% $2,009 51%
Corporate
Payments 481 39% 346 33% 1,635 36% 1,222 31%
Lodging
Payments 113 9% 121 12% 470 10% 489 12%
Other 82 7% 70 7% 285 6% 255 6%
----- --- ----- --- ----- --- ----- ---
Consolidated
Revenues,
net $1,248 100% $1,034 100% $4,528 100% $3,975 100%
===== === ===== === ===== === ===== ===
*Columns may not calculate due to rounding.
Exhibit 4
Segment Results*
(In thousands, except percentages)
(Unaudited)
Three Months Ended December 31, Year Ended December 31,
----------------------------------- -----------------------------------
2025(1) 2024 % Change 2025(1) 2024(2) % Change
---------- --------- ---------- ---------- --------- ----------
Revenues, net:
Vehicle
Payments(2) $ 572,848 $ 497,657 15% $2,138,675 $2,008,799 6%
Corporate
Payments 480,792 346,189 39% 1,635,065 1,221,915 34%
Lodging
Payments 112,513 120,894 (7)% 469,540 488,589 (4)%
Other(3) 82,073 69,691 18% 285,123 255,286 12%
--------- --------- --------- ---------
$1,248,226 $1,034,431 21% $4,528,403 $3,974,589 14%
========= ========= ========= =========
Operating
income:
Vehicle
Payments(2) $ 328,609 $ 364,840 (10)% $1,074,706 $1,076,870 --%
Corporate
Payments 165,226 136,256 21% 639,793 498,397 28%
Lodging
Payments 44,732 54,219 (17)% 194,697 223,388 (13)%
Other(3) 25,907 (66,967) (139)% 84,912 (11,498) (838)%
--------- --------- --------- ---------
$ 564,474 $ 488,348 16% $1,994,108 $1,787,157 12%
========= ========= ========= =========
Depreciation and
amortization:
Vehicle
Payments(2) $ 52,520 $ 49,444 6% $ 194,057 $ 200,167 (3)%
Corporate
Payments 50,784 27,969 82% 141,981 93,316 52%
Lodging
Payments 11,223 12,775 (12)% 49,607 48,698 2%
Other(3) 2,075 2,252 (8)% 7,658 8,907 (14)%
--------- --------- --------- ---------
$ 116,602 $ 92,440 26% $ 393,303 $ 351,088 12%
========= ========= ========= =========
(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) The results of our merchant solutions business disposed of in December
2024 are included in our Vehicle Payments segment for all periods prior to
disposition.
(3) Other includes Gift and Payroll Card operating segments.
NM - Not Meaningful
*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
December 31, December 31,
------------------- --------------------
2025* 2024* 2025* 2024*
-------- --------- ------- -----------
VEHICLE PAYMENTS -
TRANSACTIONS
Pro forma and macro adjusted $ 545.4 $ 496.9 221.1 206.5
Impact of
acquisitions/dispositions 1.1 0.8 0.8 0.6
Impact of fuel prices/spread 1.7 -- -- --
Impact of foreign exchange
rates 24.7 -- -- --
------- ------- ------ ------
As reported $ 572.8 $ 497.7 221.9 207.0
======= ======= ====== ======
CORPORATE PAYMENTS - SPEND
Pro forma and macro adjusted $ 472.9 $ 408.6 $81,426 $56,709
Impact of
acquisitions/dispositions(2) -- (62.4) -- (7,913)
Impact of fuel prices/spread -- -- -- --
Impact of foreign exchange
rates 7.9 -- -- --
------- ------- ------ ------
As reported $ 480.8 $ 346.2 $81,426 $48,795
======= ======= ====== ======
LODGING PAYMENTS - ROOM
NIGHTS
Pro forma and macro adjusted $ 111.9 $ 120.9 7.9 10.6
Impact of
acquisitions/dispositions -- -- -- --
Impact of fuel prices/spread -- -- -- --
Impact of foreign exchange
rates 0.6 -- -- --
------- ------- ------ ------
As reported $ 112.5 $ 120.9 7.9 10.6
======= ======= ====== ======
OTHER(1) - TRANSACTIONS
Pro forma and macro adjusted $ 81.2 $ 69.7 507.4 488.9
Impact of
acquisitions/dispositions -- -- -- --
Impact of fuel prices/spread -- -- -- --
Impact of foreign exchange
rates 0.8 -- -- --
------- ------- ------ ------
As reported $ 82.1 $ 69.7 507.4 488.9
======= ======= ====== ======
CORPAY CONSOLIDATED REVENUES
------- -----------
Intentionally Left
Pro forma and macro adjusted $1,211.4 $1,096.1 Blank
--------------------
Impact of
acquisitions/dispositions 1.1 (61.6)
------ ------
Impact of fuel
prices/spread(3) 1.7 --
Impact of foreign exchange
rates(3) 34.0 --
------- -------
As reported $1,248.2 $1,034.4
======= ======= ------ ------
(1) Other includes Gift and Payroll Card operating segments.
(2) Revenues reflect 2024 proforma impact of acquisitions of Alpha Group
of $45 million and GPS of $17 million.
(3) Revenues reflect the positive impact of movements in foreign exchange
rates of approximately $34 million and fuel price spreads of approximately
$2 million.
* Columns may not calculate due to rounding.
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 from operations.*
Three Months Ended
December 31, Year Ended December 31,
-------------------------- --------------------------
2025 2024 2025 2024
------- ------- ------- -------
Net income from
operations $ 265.6 $ 246.0 $1,071.9 $1,003.7
Provision for
income taxes 133.8 141.3 469.7 381.4
Interest
expense, net 113.0 94.8 403.8 383.0
Other expense,
net 52.1 6.2 47.0 14.0
Depreciation and
amortization 116.6 92.4 393.3 351.1
Goodwill
impairment -- 90.0 -- 90.0
Gain on
disposition,
net (53.4) (121.3) (42.3) (121.3)
Loss on
extinguishment
of debt -- -- 1.6 5.0
Other operating,
net 2.0 0.5 2.1 0.8
------- ------- ------- -------
EBITDA $ 629.7 $ 550.0 $2,347.2 $2,107.7
======= ======= ======= =======
Stock-based
compensation $ 27.8 $ 36.1 $ 102.6 $ 116.7
Other
addbacks(1) 54.9 19.2 115.2 46.4
------- ------- ------- -------
Adjusted EBITDA $ 712.4 $ 605.3 $2,565.1 $2,270.8
======= ======= ======= =======
Revenues, net $1,248.2 $1,034.4 $4,528.4 $3,974.6
Adjusted EBITDA
margin 57.1% 58.5% 56.6% 57.1%
(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 first 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 $ 1,344 $1,438
Net income per diluted share $ 19.49 $20.49
Stock-based compensation 132 132
Amortization 310 310
Other 102 102
------ -----
Total pre-tax adjustments $ 544 $ 544
Income taxes (126) (126)
Adjusted net income $ 1,762 $1,856
====== =====
Adjusted net income per diluted share $ 25.50 $26.50
Diluted shares 70 70
Q1 2026 GUIDANCE
----------------------
Low* High*
Net income $ 263 $ 277
Net income per diluted share $ 3.83 $ 3.97
Stock-based compensation 37 37
Amortization 79 79
Other 27 27
------ -----
Total pre-tax adjustments $ 143 $ 143
Income taxes (35) (35)
------ -----
Adjusted net income $ 371 $ 385
====== =====
Adjusted net income per diluted share $ 5.38 $ 5.52
Diluted shares 69 69
* Columns may not calculate due to rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260204517103/en/
CONTACT: Investor Relations
Jim Eglseder, 770-417-4697
Jim.Eglseder@corpay.com
(END) Dow Jones Newswires
February 04, 2026 16:05 ET (21:05 GMT)