Corpay, Inc.

CPAY · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Valuation
Market cap	$21,052	$23,592	$20,598	$13,886	$18,368	$22,919	$24,859	$16,483	$17,667	$13,104	$13,455	$12,932	$9,919	–	–	–
Enterprise value	$28,803	$30,058	$25,931	$19,488	$22,826	$26,287	$28,625	$20,271	$21,272	$16,488	$15,943	$16,048	$11,067	–	–	–
P/E (TTM) at period end	19.71×	23.50×	20.98×	14.55×	21.88×	32.55×	27.77×	20.31×	23.87×	28.97×	37.12×	35.07×	34.86×	–	–	–
P/S (TTM) at period end	4.65×	5.94×	5.48×	4.05×	6.48×	9.59×	9.38×	6.77×	7.85×	7.15×	7.90×	10.78×	11.08×	–	–	–
P/B at period end	5.42×	7.56×	6.28×	5.46×	6.41×	6.83×	6.70×	4.93×	4.81×	4.25×	4.75×	4.94×	8.11×	–	–	–
EV / EBITDA (TTM)	13.55×	15.76×	14.68×	12.67×	17.32×	25.34×	22.12×	17.72×	22.86×	20.85×	22.84×	27.36×	25.30×	–	–	–
EV / Sales (TTM)	6.36×	7.56×	6.90×	5.69×	8.06×	11.00×	10.81×	8.33×	9.46×	9.00×	9.36×	13.38×	12.36×	–	–	–
Returns
Return on equity	27.5%	32.1%	29.9%	37.5%	29.3%	21.0%	24.1%	24.3%	20.1%	14.7%	12.8%	14.1%	23.3%	23.7%	18.2%	17.0%
Return on invested capital	11.9%	13.5%	14.3%	13.3%	12.8%	11.5%	13.7%	11.3%	10.1%	8.2%	8.5%	7.1%	12.5%	14.5%	12.9%	12.4%
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.98×	1.00×	1.04×	1.01×	1.04×	1.00×	1.03×	0.86×	0.87×	0.77×	0.87×	0.74×	0.71×	1.05×	1.00×	1.34×
Debt / equity	3.44×	3.45×	2.70×	3.68×	2.61×	1.28×	1.36×	1.44×	1.23×	1.25×	1.04×	1.37×	1.21×	1.01×	0.87×	0.75×
Effective tax rate	30.5%	27.5%	25.9%	25.2%	24.3%	20.2%	17.0%	25.9%	17.2%	29.6%	32.4%	28.1%	29.5%	30.4%	30.1%	28.7%
Share count
Diluted shares outstanding	71	72	74	77	84	87	90	92	94	95	94	87	85	86	84	81

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Revenue and gross profit
Revenue	$5,021	$4,528	$3,975	$3,758	$3,427	$2,834	$2,389	$2,649	$2,433	$2,250	$1,832	$1,703	$1,199	$895	$708	$520	$434
Cost of revenue	($1,338)	($1,362)	($869)	($820)	($765)	($560)	($596)	($531)	($488)	($97)	($92)	($84)	($13)	($7)	($5)	–	–
Gross profit	$3,682	$3,166	$3,106	$2,938	$2,662	$2,274	$1,792	$2,118	$1,946	$2,153	$1,740	$1,619	$1,186	$888	$703	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($827)	($733)	($617)	($603)	($584)	($486)	($375)	($407)	($389)	($388)	($284)	($298)	($206)	($142)	($110)	($85)	($78)
Total operating expenses	($1,486)	($1,172)	($1,318)	($1,281)	($1,216)	($1,031)	($820)	($887)	($855)	($1,269)	($986)	($951)	($621)	($467)	($378)	–	–
Total costs and expenses	($2,824)	($2,534)	($2,187)	($2,101)	($1,980)	($1,591)	($1,417)	($1,417)	($1,343)	($1,366)	($1,077)	($1,035)	($634)	($475)	($383)	($293)	($263)
Operating income	$2,196	$1,994	$1,787	$1,657	$1,447	$1,243	$972	$1,231	$1,091	$884	$754	$668	$565	$421	$325	$226	$170
Earnings
EBITDA	$2,341	$2,125	$1,907	$1,767	$1,539	$1,318	$1,037	$1,294	$1,144	$930	$791	$698	$587	$438	$339	$238	$204
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($438)	($404)	($383)	($349)	($165)	($114)	($130)	($150)	($138)	($107)	($72)	($71)	($29)	($16)	($13)	($13)	($21)
Pre-tax income	$1,671	$1,542	$1,385	$1,325	$1,276	$1,109	$883	$1,078	$1,095	$894	$643	$536	$513	$404	$311	$211	$151
Income tax expense	($521)	($470)	($381)	($343)	($321)	($269)	($178)	($183)	($284)	($153)	($191)	($174)	($144)	($119)	($95)	($64)	($43)
Net income	$1,141	$1,070	$1,004	$982	$954	$839	$704	$895	$811	$740	$452	$362	$369	$285	$216	$147	$108
Per share
Diluted EPS (GAAP)	$16.43	$15.03	$13.97	$13.20	$12.42	$9.99	$8.12	$9.94	$8.81	$7.91	$4.75	$3.85	$4.24	$3.36	$2.52	$1.76	$1.34
Basic EPS (GAAP)	$16.65	$15.23	$14.27	$13.42	$12.62	$10.23	$8.38	$10.36	$9.14	$8.12	$4.89	$3.94	$4.37	$3.48	$2.59	$1.83	$3.00
Basic shares outstanding	68	70	70	73	76	82	84	86	89	91	93	92	84	82	83	81	35
Margins
Gross margin	73.3%	69.9%	78.1%	78.2%	77.7%	80.2%	75.0%	80.0%	80.0%	95.7%	95.0%	95.1%	98.9%	99.2%	99.3%	–	–
Operating margin	43.7%	44.0%	45.0%	44.1%	42.2%	43.8%	40.7%	46.5%	44.8%	39.3%	41.2%	39.2%	47.1%	47.0%	45.9%	43.6%	39.3%
Net margin	22.7%	23.6%	25.3%	26.1%	27.8%	29.6%	29.5%	33.8%	33.3%	32.9%	24.7%	21.3%	30.7%	31.8%	30.6%	28.4%	24.9%

Analyst consensus

Buy18 analysts

Bearish · 0 · Hold · 4 · Bullish · 14

Earnings history

	EPS	Estimate
Q3 2024	$5.00	$4.97	Beat
Q4 2024	$5.36	$5.37	Miss
Q1 2025	$4.51	$4.51	Match
Q2 2025	$5.13	$5.12	Beat
Q3 2025	$5.70	$5.63	Beat
Q4 2025	$6.04	$5.95	Beat
Q1 2026	$5.80	$5.47	Beat
Q2 2026	$7.00	$6.58	Beat

Peers

Company overview

IPO dateDec 15, 2010

CEORonald F. Clarke

Employees11,800

SectorTechnology

IndustrySoftware - Infrastructure

CountryUS

ExchangeNew York Stock Exchange

Websitewww.corpay.com

Corpay, Inc. operates as a global financial technology firm, delivering payment solutions that assist both businesses and individual consumers in efficiently managing a diverse range of expenditures. Its expertise primarily covers vehicle-related costs, corporate financial transactions, and lodging expenses, with operations spanning the United States, Brazil, the United Kingdom, and numerous other international markets. Among its specialized services are comprehensive vehicle payment offerings, which include provisions for fuel, road tolls, parking fees, fleet maintenance, and long-distance transportation. The company also supplies prepaid vouchers and cards for food and transit requirements. For its corporate clientele, Corpay furnishes sophisticated payment instruments such as automated accounts payable systems, virtual payment cards, solutions for international transactions, and dedicated purchasing alongside travel and entertainment card products. Its lodging payment services cater to a broad spectrum of needs, supporting employees on overnight business trips, airline and cruise personnel or stranded passengers, and insurance policyholders displaced from their residences due due to damage or catastrophe. Furthermore, Corpay issues gift cards and payroll cards. Its diverse customer base extends to businesses, merchants, individual consumers, and payment network partners. Established in 1986 and based in Atlanta, Georgia, the company was previously known as FLEETCOR Technologies, Inc., before officially adopting the name Corpay, Inc. in March 2024.

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