Tearsheet

Corpay (CPAY)


Market Price (7/8/2026): $357.46 | Market Cap: $24.1 BilInvestor Relations Sector: Financials | Industry: Transaction & Payment Processing Services

Corpay (CPAY)


Market Price (7/8/2026): $357.46
Market Cap: $24.1 Bil
Sector: Financials
Industry: Transaction & Payment Processing Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 43%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%

Attractive yield
FCF Yield is 5.4%

Stock buyback support
Stock Buyback 3Y Total is 3.5 Bil

Low stock price volatility
Vol 12M is 37%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, AI in Financial Services, and Automation & Robotics. Themes include Digital Payments, Show more.

Trading close to highs
Dist 52W High is -1.9%

Weak multi-year price returns
2Y Excs Rtn is -2.9%, 3Y Excs Rtn is -27%

Key risks
CPAY key risks include [1] heightened vulnerability to cybersecurity threats due to its heavy reliance on technology for payments and [2] an ongoing investigation into its corporate governance for potential breaches of fiduciary duties.

0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 43%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%
2 Attractive yield
FCF Yield is 5.4%
3 Stock buyback support
Stock Buyback 3Y Total is 3.5 Bil
4 Low stock price volatility
Vol 12M is 37%
5 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, AI in Financial Services, and Automation & Robotics. Themes include Digital Payments, Show more.
6 Trading close to highs
Dist 52W High is -1.9%
7 Weak multi-year price returns
2Y Excs Rtn is -2.9%, 3Y Excs Rtn is -27%
8 Key risks
CPAY key risks include [1] heightened vulnerability to cybersecurity threats due to its heavy reliance on technology for payments and [2] an ongoing investigation into its corporate governance for potential breaches of fiduciary duties.

CPAY in ETFs

Weight = CPAY's share of each fund

SPY0.04%
VOO0.04%
IVV0.03%
VTI0.03%
ITOT0.03%
IWB0.03%
VTV0.09%
VO0.24%
+27 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/6/2026

Corpay (CPAY) stock has gained about 25% since 3/31/2026 because of the following key factors:

1. Exceptional Fiscal Q1 2026 Performance and Upgraded Outlook.

Corpay reported strong fiscal Q1 2026 results on May 7, 2026, with revenue increasing 25% year-over-year and adjusted earnings per share (EPS) growing 29%, significantly surpassing analyst expectations. The company further bolstered investor confidence by raising its full-year fiscal 2026 guidance, projecting total revenues between $5.250 billion and $5.330 billion and adjusted EPS between $26.30 and $27.10.

2. Robust Growth in Corporate Payments and Strategic Focus.

The Corporate Payments segment was a primary growth driver, achieving 16% organic revenue growth in fiscal Q1 2026 and constituting 40% of Corpay's overall revenues. Corpay strategically enhanced its global B2B payments and expense management capabilities, including the launch of new AI-powered spend management features on April 28, 2026, and the integration of blockchain settlement with JP Morgan and BVNK for cross-border payments on May 5, 2026. This strategic pivot was also evident with the sale of its PayByPhone business, directing proceeds towards core business investments and share repurchases.

Show more
Updated on 7/6/2026

Corpay (CPAY) stock has gained about 25% since 3/31/2026 because of the following key factors:

1. Exceptional Fiscal Q1 2026 Performance and Upgraded Outlook.

Corpay reported strong fiscal Q1 2026 results on May 7, 2026, with revenue increasing 25% year-over-year and adjusted earnings per share (EPS) growing 29%, significantly surpassing analyst expectations. The company further bolstered investor confidence by raising its full-year fiscal 2026 guidance, projecting total revenues between $5.250 billion and $5.330 billion and adjusted EPS between $26.30 and $27.10.

2. Robust Growth in Corporate Payments and Strategic Focus.

The Corporate Payments segment was a primary growth driver, achieving 16% organic revenue growth in fiscal Q1 2026 and constituting 40% of Corpay's overall revenues. Corpay strategically enhanced its global B2B payments and expense management capabilities, including the launch of new AI-powered spend management features on April 28, 2026, and the integration of blockchain settlement with JP Morgan and BVNK for cross-border payments on May 5, 2026. This strategic pivot was also evident with the sale of its PayByPhone business, directing proceeds towards core business investments and share repurchases.

3. Significant Share Repurchases Reinforcing Shareholder Value.

In fiscal Q1 2026, Corpay actively returned capital to shareholders by repurchasing 2.4 million shares for $786 million. This substantial buyback program, partially funded by the divestiture of its PayByPhone business, underscored management's dedication to enhancing shareholder value and confidence in the company's financial health and future prospects.

4. Positive Analyst Endorsement and Increased Price Targets.

Wall Street analysts largely maintained a "Moderate Buy" consensus rating for Corpay, with an average price target of $383.07, indicating substantial upside potential. Several firms, including Wolfe Research and Morgan Stanley, reiterated or initiated "Buy" ratings and increased their price targets in May and June 2026, with some targets reaching as high as $450. This sustained analyst optimism contributed to the positive stock momentum.

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Stock Movement Drivers

Fundamental Drivers

The 22.7% change in CPAY stock from 3/31/2026 to 7/7/2026 was primarily driven by a 8.6% change in the company's P/E Multiple.
(LTM values as of)33120267072026Change
Stock Price ($)290.99357.1022.7%
Change Contribution By: 
Total Revenues ($ Mil)4,5284,7845.6%
Net Income Margin (%)23.6%24.6%4.1%
P/E Multiple18.920.58.6%
Shares Outstanding (Mil)69682.7%
Cumulative Contribution22.7%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/7/2026
ReturnCorrelation
CPAY22.7% 
Market (SPY)15.0%29.2%
Sector (XLF)13.5%40.6%

Fundamental Drivers

The 18.7% change in CPAY stock from 12/31/2025 to 7/7/2026 was primarily driven by a 10.9% change in the company's Total Revenues ($ Mil).
(LTM values as of)123120257072026Change
Stock Price ($)300.93357.1018.7%
Change Contribution By: 
Total Revenues ($ Mil)4,3154,78410.9%
Net Income Margin (%)24.4%24.6%0.9%
P/E Multiple20.120.51.8%
Shares Outstanding (Mil)70684.1%
Cumulative Contribution18.7%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/7/2026
ReturnCorrelation
CPAY18.7% 
Market (SPY)9.9%32.0%
Sector (XLF)2.9%42.5%

Fundamental Drivers

The 7.6% change in CPAY stock from 6/30/2025 to 7/7/2026 was primarily driven by a 18.3% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020257072026Change
Stock Price ($)331.82357.107.6%
Change Contribution By: 
Total Revenues ($ Mil)4,0454,78418.3%
Net Income Margin (%)25.1%24.6%-2.2%
P/E Multiple22.920.5-10.6%
Shares Outstanding (Mil)70684.1%
Cumulative Contribution7.6%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/7/2026
ReturnCorrelation
CPAY7.6% 
Market (SPY)22.0%35.5%
Sector (XLF)8.3%49.2%

Fundamental Drivers

The 42.2% change in CPAY stock from 6/30/2023 to 7/7/2026 was primarily driven by a 35.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020237072026Change
Stock Price ($)251.08357.1042.2%
Change Contribution By: 
Total Revenues ($ Mil)3,5394,78435.2%
Net Income Margin (%)26.9%24.6%-8.5%
P/E Multiple19.420.55.6%
Shares Outstanding (Mil)74688.9%
Cumulative Contribution42.2%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/7/2026
ReturnCorrelation
CPAY42.2% 
Market (SPY)74.6%54.9%
Sector (XLF)73.7%61.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CPAY Return-18%-18%54%20%-11%18%31%
Peers Return-13%-5%28%27%-25%-9%-8%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
CPAY Win Rate42%50%67%50%42%71% 
Peers Win Rate47%50%55%62%48%46% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
CPAY Max Drawdown-32%-37%-19%-21%-35%-20% 
Peers Max Drawdown-38%-35%-24%-23%-47%-32% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: WEX, GPN, FISV, AXP, FOUR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/7/2026 (YTD)

How Low Can It Go

EventCPAYS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-12.1%-9.5%
  % Gain to Breakeven13.7%10.5%
  Time to Breakeven41 days24 days
2023 SVB Regional Banking Crisis
  % Loss-11.0%-6.7%
  % Gain to Breakeven12.4%7.1%
  Time to Breakeven4 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-29.0%-24.5%
  % Gain to Breakeven40.9%32.4%
  Time to Breakeven197 days427 days
2020 COVID-19 Crash
  % Loss-46.5%-33.7%
  % Gain to Breakeven87.0%50.9%
  Time to Breakeven1656 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-22.4%-19.2%
  % Gain to Breakeven28.8%23.8%
  Time to Breakeven58 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-24.8%-3.7%
  % Gain to Breakeven32.9%3.9%
  Time to Breakeven183 days6 days

Compare to WEX, GPN, FISV, AXP, FOUR

In The Past

Corpay's stock fell -2.7% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 2.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCPAYS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-29.0%-24.5%
  % Gain to Breakeven40.9%32.4%
  Time to Breakeven197 days427 days
2020 COVID-19 Crash
  % Loss-46.5%-33.7%
  % Gain to Breakeven87.0%50.9%
  Time to Breakeven1656 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-22.4%-19.2%
  % Gain to Breakeven28.8%23.8%
  Time to Breakeven58 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-24.8%-3.7%
  % Gain to Breakeven32.9%3.9%
  Time to Breakeven183 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-30.8%-12.2%
  % Gain to Breakeven44.5%13.9%
  Time to Breakeven182 days62 days
2014-2016 Oil Price Collapse
  % Loss-21.1%-6.8%
  % Gain to Breakeven26.7%7.3%
  Time to Breakeven36 days15 days

Compare to WEX, GPN, FISV, AXP, FOUR

In The Past

Corpay's stock fell -2.7% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 2.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Corpay (CPAY)

Corpay (CPAY) is a global payments company that simplifies and automates expense management for businesses and consumers across various sectors. The company provides a broad suite of specialized payment solutions designed to help clients control and streamline spending related to vehicle operations, corporate expenditures, and lodging needs.

Corpay's offerings are primarily categorized into three areas. Its vehicle payment solutions encompass services for fuel, tolls, parking, and fleet maintenance, along with prepaid vouchers for food and transportation. For corporate clients, Corpay offers accounts payable automation, virtual cards, cross-border payment solutions, and purchasing and travel & entertainment cards. Additionally, the company provides lodging payment solutions tailored for business travelers, airline/cruise line passengers, and insurance policyholders requiring temporary accommodation due to unforeseen events.

Serving a diverse clientele including businesses, merchants, consumers, and payment networks, Corpay helps manage and facilitate payments for a wide range of operational and personal expenses. The company operates extensively across the United States, Brazil, the United Kingdom, and various international markets, delivering its payment technologies to a global customer base.

AI Analysis | Feedback

Here are 1-3 brief analogies for Corpay:

  • It's like SAP Concur meets Bill.com, but specifically tailored for fleet management, corporate travel, and lodging payments.
  • Imagine Visa or Mastercard, but instead of consumer credit, they focus on issuing and managing specialized payment cards and solutions for business needs like fleet fuel, corporate travel, and cross-border payments.
  • It's like Bill.com (BILL) for managing corporate accounts payable, but also provides specialized payment solutions and cards for vehicle fleets and lodging expenses.

AI Analysis | Feedback

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  • Vehicle Payment Solutions: Provides payment services for fuel, tolls, parking, and fleet maintenance, along with prepaid vouchers for transportation and food.
  • Corporate Payment Solutions: Offers accounts payable automation, virtual cards, cross-border payment solutions, and purchasing/travel and entertainment card products for businesses.
  • Lodging Payment Solutions: Facilitates payments for overnight stays for business travelers, airline/cruise line passengers, and insurance policyholders displaced from their homes.
  • Gifts and Payroll Cards: Delivers prepaid cards for gifting purposes and for payroll distribution.
```

AI Analysis | Feedback

Corpay (CPAY) Major Customers

Corpay primarily serves other businesses (B2B) across various industries. While specific names of major customer companies are not provided in the background information, the company's services are utilized by the following categories of businesses:

  • Fleet-based Businesses: Companies that manage fleets of vehicles (e.g., logistics, transportation, construction, field service companies) which utilize Corpay's solutions for fuel, tolls, parking, fleet maintenance, and long-haul transportation services.
  • General Corporations and Enterprises: Businesses of various sizes seeking to streamline corporate payment processes, including accounts payable automation, virtual cards, cross-border solutions, and purchasing and travel & entertainment (T&E) card products.
  • Travel and Insurance Sectors: Companies such as airlines, cruise lines, and insurance providers that require solutions for managing lodging expenses for their employees who travel overnight for work purposes, traveling crews, stranded passengers, or policyholders displaced from their homes due to damage or catastrophe.

AI Analysis | Feedback

Visa Inc. (V)

Mastercard Incorporated (MA)

AI Analysis | Feedback

Ron Clarke, Chief Executive Officer and Chairman of the Board of Directors

Ron Clarke has served as Corpay's Chief Executive Officer since August 2000 and was appointed Chairman of the Board of Directors in March 2003. Under his leadership, the company, previously known as Fleetcor, went public on the New York Stock Exchange in 2010. He has been instrumental in the company's growth, overseeing more than 100 acquisitions valued at over US$9 billion, transforming it from a fuel card processor into a global payments company. Prior to Corpay, he held senior roles including President and Chief Operating Officer of AHL Services, Inc. (1999-2000), Chief Marketing Officer and Division President with Automatic Data Processing, Inc. (1990-1998), and a Principal at Booz Allen Hamilton (1987-1990). Earlier in his career, he was a marketing manager for General Electric Company. Corpay received early private equity backing from firms such as Summit Partners, Bain Capital, and Advent. He maintains a significant ownership stake in the company.

Peter Walker, Chief Financial Officer

Peter Walker is set to join Corpay as Chief Financial Officer effective July 21, 2025, overseeing the company's global financial functions. He brings nearly 20 years of experience as a CFO for both public and private companies. Most recently, he was the CFO of Instructure Holdings, Inc., where he led its privatization and sale to KKR. His previous roles include CFO positions at Sterling Check Corporation and Jackson Hewitt. He also spent over 17 years at Assurant in various finance, accounting, and strategy roles, culminating as CFO and Chief Strategy Officer. Walker is a Certified Public Accountant and began his career at Ernst & Young.

Alissa Vickery, Chief Accounting Officer

Alissa Vickery was appointed Corpay's Chief Accounting Officer in September 2020. She joined the company in 2011 and also holds the position of Senior Vice President of Accounting and Controls, overseeing external reporting, technical accounting, and internal audit. Before joining Corpay, Ms. Vickery held a Senior Director position at Worldpay and spent more than nine years in public accounting at Deloitte LLP and Arthur Andersen LLP. She also served as interim CFO during the transition period prior to Peter Walker's appointment.

Rick Fletcher, President of Corpay Payables

Rick Fletcher has been a senior leader at Corpay for over 15 years, contributing to significant organic growth across its Gift, Prepaid, and Corporate Payments lines of business. He was appointed President of Corpay Payables in March 2022. Prior to joining Corpay, Mr. Fletcher held strategy roles with Deloitte Consulting and GE Capital.

Mark Frey, Group President of Corpay Cross-Border Solutions

Mark Frey has led Corpay Cross-Border Solutions as Group President since March 2022, establishing it as a market leader in cross-border payments and currency risk management. With over 20 years of experience in trading and treasury operations, he has been with Corpay for more than a decade. He successfully led the acquisitions and integrations of AFEX and Global Reach. Before his tenure at Corpay, Mr. Frey was with Western Union.

AI Analysis | Feedback

The key risks to Corpay's business operations are primarily centered around ongoing regulatory and litigation challenges, the ever-present threat of cybersecurity incidents, and intense competitive pressures in the rapidly evolving payments industry.

  1. Regulatory and Litigation Risks: Corpay faces significant risks related to regulatory scrutiny and ongoing litigation, particularly concerning its past billing practices. A permanent injunction from a 2019 Federal Trade Commission (FTC) lawsuit, stemming from allegations of collecting "hundreds of millions" in improper and hidden fees, bars Corpay from selling or charging for add-on services without express informed consent and from misrepresenting fees. This injunction places "onerous" terms on the company's operations and its relationship with customers, highlighting a substantial and ongoing legal and compliance burden that could impact its business model and financial performance. Corpay also faces general regulatory pressures and compliance costs associated with its international operations.
  2. Cybersecurity Risks: As a global payments company handling sensitive financial data for businesses and consumers, Corpay is highly susceptible to cybersecurity threats. Data breaches and other security incidents pose a significant concern, carrying the potential for substantial financial losses, legal liabilities, and severe damage to customer trust and market reputation. Continuous investment in information security controls and fraud detection programs is crucial to mitigate these risks.
  3. Competitive Pressures and Technological Disruption: Corpay operates in a highly competitive environment against a diverse range of rivals, including traditional financial institutions and specialized payment providers, some of whom possess greater financial resources and brand recognition. These competitors can erode Corpay's market share by offering bundled services at competitive prices or by more quickly adapting to emerging technologies, such as new corporate payment solutions, virtual cards, cross-border solutions, and the transition to electric vehicles (EVs) in the fleet management sector. The need to continuously innovate and adapt to these technological advancements and market shifts presents an ongoing challenge for the company.

AI Analysis | Feedback

The clear emerging threat to Corpay is the increasing prevalence of **embedded finance**. This trend involves non-financial companies integrating payment processing, virtual cards, and other financial services directly into their core software platforms (e.g., ERP systems, procurement software, travel booking platforms, fleet management systems). As these integrated solutions become more sophisticated and widely adopted, they could disintermediate specialized payment providers like Corpay by offering similar services seamlessly within a single ecosystem, challenging Corpay's distinct offerings in corporate payments, vehicle expense management, and lodging payments.

AI Analysis | Feedback

Corpay (CPAY) operates within a substantial global total addressable market for corporate payments. The company's main products and services are categorized into Corporate Payments, Vehicle Payments, and Lodging Payments, with a smaller "Other" segment that includes gift and payroll cards.

The total addressable market for Corpay's corporate payments solutions is estimated to be approximately $150 trillion globally. This figure aligns with the estimated $145 trillion businesses spend annually in transactions with other businesses.

Specific addressable market sizes for Corpay's individual product categories, such as Vehicle Payments, Lodging Payments, or Gift and Payroll Cards, were not explicitly quantified in the available information.

AI Analysis | Feedback

Corpay (CPAY) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

  1. Strong Growth in Corporate Payments, particularly Cross-Border and AP Automation: Corpay's Corporate Payments segment is a primary engine for growth, consistently delivering robust organic revenue increases. This segment grew 16% organically in Q4 2025, with projections for high teens to 20% growth in 2025. It is anticipated to account for 40% of total revenue in 2026, up from 36% in 2025. Key drivers within this segment include cross-border payment solutions, accounts payable (AP) automation, and the expansion of global bank accounts.
  2. Strategic Acquisitions: Acquisitions play a significant role in Corpay's expansion strategy. In 2024, the company deployed over $1 billion in M&A, with acquisitions like Paymerang and GPS Capital Markets expected to add over $200 million in revenue and $0.50 EPS accretion by 2025. The acquisition of Alpha Group in Q2 2025 further enhanced cross-border capabilities, particularly in the UK and EU. Corpay's 2026 outlook specifically includes growth from accretive acquisitions.
  3. Accelerated New Sales and Customer Acquisition: The company has demonstrated strong momentum in acquiring new customers. New sales increased 36% in Q4 2024 and 22% for the full year 2024. This trend continued into Q4 2025, with new sales (bookings) rising 29% year-over-year. Additionally, a notable 137% increase in U.S. commercial sales growth in Q4 2025 and a significant five-year, $1 billion contract with the Department of Homeland Security are expected to contribute to future revenue. Corpay also maintains a high customer retention rate of 92%.
  4. Consistent Organic Growth in Vehicle Payments: While the Corporate Payments segment leads in growth, the Vehicle Payments segment remains a substantial and steadily growing contributor to Corpay's revenue. This segment achieved 10% organic revenue growth in Q3 2025 and Q4 2025, and is projected to grow approximately 9% (high single digits) in 2026. The segment has shown sequential improvements throughout 2025.
  5. Technological Innovation and Digital Transformation: Corpay is investing in digital transformation, with a strong focus on enhancing its Accounts Payable (AP) automation offerings. Furthermore, the company is exploring advanced payment technologies, including the potential for on and off-ramping using stablecoins through a partnership with Circle, signaling an avenue for future innovation and service expansion.

AI Analysis | Feedback

Share Repurchases

  • Corpay repurchased 1.7 million shares for $500 million in the fourth quarter of 2025.
  • For the full year 2025, Corpay repurchased 2.6 million shares for a total of $782 million.
  • As of February 2026, approximately $1.5 billion remained authorized for future share repurchases.

Inbound Investments

  • Mastercard invested $300 million in Corpay's cross-border business.

Outbound Investments

  • Corpay completed the acquisition of Alpha Group International for approximately $2.2 billion (£1.81 billion), positioning the company strategically in B2B cross-border foreign exchange and investment funds in July 2025, with completion in November 2025.
  • In 2024, Corpay acquired GPS Capital Markets and Paymerang, aimed at expanding and strengthening its corporate payments business.
  • In 2025, Corpay made a strategic investment by forming a limited partnership with TPG to acquire a 33% equity stake in AvidXchange Holdings, Inc., an AP automation provider.

Capital Expenditures

  • Corpay spent approximately $408 million in 2025 on operating and enhancing its technology.

Better Bets vs. Corpay (CPAY)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CPAYWEXGPNFISVAXPFOURMedian
NameCorpay WEX Global P.Fiserv American.Shift4 P. 
Mkt Price357.10153.1477.5952.71349.5851.16115.36
Mkt Cap24.15.321.228.2239.53.822.7
Rev LTM4,7842,6988,86721,09074,1714,4536,825
Op Inc LTM2,0396651,0805,158-3651,080
FCF LTM1,3104011,0614,12714,3243911,186
FCF 3Y Avg1,3543231,7754,16216,1772991,565
CFO LTM1,5176051,8136,01317,4686721,665
CFO 3Y Avg1,5364952,4595,77518,4065121,997

Growth & Margins

CPAYWEXGPNFISVAXPFOURMedian
NameCorpay WEX Global P.Fiserv American.Shift4 P. 
Rev Chg LTM18.3%3.3%14.8%1.9%10.5%28.3%12.7%
Rev Chg 3Y Avg10.7%3.4%0.0%5.2%10.2%27.7%7.7%
Rev Chg Q25.4%5.8%63.1%-2.0%11.4%32.2%18.4%
QoQ Delta Rev Chg LTM5.6%1.4%14.9%-0.5%2.7%6.5%4.2%
Op Inc Chg LTM14.2%-2.1%-36.8%-15.1%-46.4%-2.1%
Op Inc Chg 3Y Avg10.7%1.4%-10.0%11.3%-63.4%10.7%
Op Mgn LTM42.6%24.6%12.2%24.5%-8.2%24.5%
Op Mgn 3Y Avg43.7%25.3%18.6%26.7%-7.1%25.3%
QoQ Delta Op Mgn LTM-0.5%-0.3%-6.8%-2.4%-0.1%-0.5%
CFO/Rev LTM31.7%22.4%20.4%28.5%23.6%15.1%23.0%
CFO/Rev 3Y Avg36.9%18.8%31.1%28.2%27.6%14.3%27.9%
FCF/Rev LTM27.4%14.9%12.0%19.6%19.3%8.8%17.1%
FCF/Rev 3Y Avg32.6%12.3%22.6%20.3%24.4%8.4%21.5%

Valuation

CPAYWEXGPNFISVAXPFOURMedian
NameCorpay WEX Global P.Fiserv American.Shift4 P. 
Mkt Cap24.15.321.228.2239.53.822.7
P/S5.02.02.41.33.20.82.2
P/Op Inc11.87.919.65.5-10.310.3
P/EBIT11.37.914.05.3-9.59.5
P/E20.517.0-30.08.821.332.118.8
P/CFO15.98.711.74.713.75.610.2
Total Yield4.9%5.9%-2.2%11.4%4.7%3.1%4.8%
Dividend Yield0.0%0.0%1.2%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg6.2%4.4%7.1%7.1%9.0%7.4%7.1%
D/E0.41.01.11.00.31.21.0
Net D/E0.30.30.81.00.01.10.6

Returns

CPAYWEXGPNFISVAXPFOURMedian
NameCorpay WEX Global P.Fiserv American.Shift4 P. 
1M Rtn2.8%3.3%17.4%-3.2%12.8%34.3%8.1%
3M Rtn20.5%-2.9%24.2%-4.7%14.2%27.0%17.3%
6M Rtn12.4%0.9%1.4%-23.3%-8.3%-22.3%-3.7%
12M Rtn7.5%2.4%-1.8%-69.6%9.5%-50.5%0.3%
3Y Rtn40.9%-17.2%-24.3%-57.9%113.2%-22.7%-19.9%
1M Excs Rtn1.0%5.3%15.9%-5.2%13.2%31.3%9.3%
3M Excs Rtn6.2%-16.0%6.3%-19.9%1.2%7.6%3.7%
6M Excs Rtn9.4%-6.2%-6.0%-29.0%-15.1%-27.8%-10.6%
12M Excs Rtn-13.6%-18.6%-23.5%-89.5%-11.8%-67.6%-21.0%
3Y Excs Rtn-26.7%-85.7%-88.1%-128.2%40.4%-93.4%-86.9%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Vehicle Payments2,1392,0092,0061,950 
Corporate payments1,6351,222981770600
Lodging Payments470489520457310
Other285255251251236
Brazil    368
Fleet    1,320
Total4,5283,9753,7583,4272,834


Operating Income by Segment
$ Mil20252024202320222021
Vehicle Payments1,0751,077943884 
Corporate payments640498382274198
Lodging Payments195223254219149
Other85-11777071
Brazil    154
Fleet    670
Total1,9941,7871,6571,4471,243


Price Behavior

Price Behavior
Market Price$357.10 
Market Cap ($ Bil)24.1 
First Trading Date12/15/2010 
Distance from 52W High-1.9% 
   50 Days200 Days
DMA Price$338.90$313.88
DMA Trendupup
Distance from DMA5.4%13.8%
 3M1YR
Volatility40.2%37.3%
Downside Capture13.32111.79
Upside Capture74.8294.61
Correlation (SPY)30.3%35.7%
CPAY Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta0.540.730.771.011.071.18
Up Beta0.740.860.550.801.021.27
Down Beta2.202.231.641.511.131.41
Up Capture-56%37%66%90%91%85%
Bmk +ve Days11244067140429
Stock +ve Days11223466127401
Down Capture34%-18%56%94%113%101%
Bmk -ve Days10172358112321
Stock -ve Days10192959124347

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CPAY
CPAY7.6%37.3%0.27-
Sector ETF (XLF)6.7%14.7%0.2249.0%
Equity (SPY)20.7%12.5%1.2235.5%
Gold (GLD)23.0%27.8%0.733.4%
Commodities (DBC)22.9%18.6%0.97-8.9%
Real Estate (VNQ)13.6%13.8%0.6832.4%
Bitcoin (BTCUSD)-41.8%42.8%-1.1411.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CPAY
CPAY7.3%32.5%0.27-
Sector ETF (XLF)10.7%18.6%0.4464.5%
Equity (SPY)13.3%17.1%0.6061.6%
Gold (GLD)17.8%18.3%0.794.3%
Commodities (DBC)7.6%19.5%0.2916.7%
Real Estate (VNQ)3.1%18.9%0.0651.0%
Bitcoin (BTCUSD)13.2%53.5%0.4322.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CPAY
CPAY9.9%33.0%0.37-
Sector ETF (XLF)14.1%22.1%0.5863.1%
Equity (SPY)15.7%17.9%0.7562.8%
Gold (GLD)11.6%16.1%0.591.2%
Commodities (DBC)6.2%18.0%0.2725.4%
Real Estate (VNQ)5.6%20.7%0.2352.1%
Bitcoin (BTCUSD)57.9%66.2%0.9814.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6152026
Short Interest: Shares Quantity3.6 Mil
Short Interest: % Change Since 531202618.0%
Average Daily Volume0.5 Mil
Days-to-Cover Short Interest7.0 days
Basic Shares Quantity67.5 Mil
Short % of Basic Shares5.4%

Earnings Returns History

Updated 6/10/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/202612.5%7.7%14.1%
2/4/202611.6%15.4%4.7%
11/5/20256.2%9.6%16.1%
8/6/2025-3.4%0.5%0.5%
5/6/2025-0.1%8.7%1.5%
2/5/20250.2%-5.5%-13.6%
11/7/20245.6%6.9%4.4%
8/7/20245.9%6.6%12.1%
...
SUMMARY STATS   
# Positive101716
# Negative1478
Median Positive6.3%6.6%8.1%
Median Negative-2.7%-7.3%-7.9%
Max Positive12.5%15.4%16.1%
Max Negative-9.2%-10.8%-14.9%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/202612.5%7.7%14.1%
2/4/202611.6%15.4%4.7%
11/5/20256.2%9.6%16.1%
8/6/2025-3.4%0.5%0.5%
5/6/2025-0.1%8.7%1.5%
2/5/20250.2%-5.5%-13.6%
11/7/20245.6%6.9%4.4%
8/7/20245.9%6.6%12.1%
5/8/2024-7.0%-8.4%-14.9%
2/7/2024-9.2%-6.7%0.7%
11/8/2023-2.9%0.1%8.7%
8/8/20236.3%8.2%11.3%
5/3/20237.8%10.1%13.3%
2/8/2023-2.4%1.1%-6.3%
11/2/2022-2.3%0.4%8.6%
8/3/2022-1.2%-0.6%-6.3%
5/5/2022-8.0%-7.7%1.5%
2/8/20226.7%3.4%-2.3%
11/3/2021-0.1%0.7%-14.0%
8/4/20215.3%4.1%6.0%
5/5/2021-0.9%-7.3%-4.2%
2/4/2021-2.4%0.7%7.5%
11/5/2020-3.3%8.5%14.0%
8/6/2020-8.5%-10.8%-9.5%
SUMMARY STATS   
# Positive101716
# Negative1478
Median Positive6.3%6.6%8.1%
Median Negative-2.7%-7.3%-7.9%
Max Positive12.5%15.4%16.1%
Max Negative-9.2%-10.8%-14.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/08/202610-Q
12/31/202502/27/202610-K
09/30/202511/10/202510-Q
06/30/202508/07/202510-Q
03/31/202505/12/202510-Q
12/31/202402/27/202510-K
09/30/202411/08/202410-Q
06/30/202408/09/202410-Q
03/31/202405/09/202410-Q
12/31/202302/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202202/28/202310-K
09/30/202211/08/202210-Q
06/30/202208/09/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/08/202610-Q
12/31/202502/27/202610-K
09/30/202511/10/202510-Q
06/30/202508/07/202510-Q
03/31/202505/12/202510-Q
12/31/202402/27/202510-K
09/30/202411/08/202410-Q
06/30/202408/09/202410-Q
03/31/202405/09/202410-Q
12/31/202302/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202202/28/202310-K
09/30/202211/08/202210-Q
06/30/202208/09/202210-Q
03/31/202205/09/202210-Q
12/31/202103/01/202210-K
09/30/202111/09/202110-Q
06/30/202108/09/202110-Q
03/31/202105/10/202110-Q
12/31/202002/26/202110-K
09/30/202011/09/202010-Q
06/30/202008/10/202010-Q
03/31/202005/11/202010-Q
12/31/201903/02/202010-K
09/30/201911/12/201910-Q
06/30/201908/09/201910-Q

Recent Forward Guidance

Updated 5/8/2026

Latest: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Revenue 1.29 Bil   Higher New
Q2 2026 EPS 6.55   Higher New
2026 Revenue 5.29 Bil 0.5% RaisedGuidance: 5.26 Bil for 2026
2026 Net Income 1.39 Bil 0.1% RaisedGuidance: 1.39 Bil for 2026
2026 Adjusted Net Income 1.79 Bil -1.3% LoweredGuidance: 1.81 Bil for 2026
2026 EPS 26.7 2.7% RaisedGuidance: 26 for 2026

Prior: Q4 2025 Earnings Reported 2/4/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Organic Revenue Growth 9.0%   Higher New
Q1 2026 Adjusted EPS Growth 20.0%   Higher New
2026 Revenue5.21 Bil5.26 Bil5.32 Bil16.6% Higher NewGuidance: 4.51 Bil for 2025
2026 Net Income1.34 Bil1.39 Bil1.44 Bil22.0% Higher NewGuidance: 1.14 Bil for 2025
2026 Adjusted Net Income1.76 Bil1.81 Bil1.86 Bil19.6% Higher NewGuidance: 1.51 Bil for 2025
2026 Adjusted EPS25.52626.522.4% Higher NewGuidance: 21.2 for 2025

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Net Income323.00 Mil333.00 Mil343.00 Mil3.1% RaisedGuidance: 323.00 Mil for Q3 2025
Q4 2025 EPS4.64.74.84.0% RaisedGuidance: 4.52 for Q3 2025
Q4 2025 Adjusted Net Income409.00 Mil419.00 Mil429.00 Mil4.5% RaisedGuidance: 401.00 Mil for Q3 2025
Q4 2025 Adjusted EPS5.85.965.4% RaisedGuidance: 5.6 for Q3 2025
2025 Total Revenues4.50 Bil4.51 Bil4.53 Bil1.6% RaisedGuidance: 4.45 Bil for 2025
2025 Net Income1.13 Bil1.14 Bil1.15 Bil-4.3% LoweredGuidance: 1.19 Bil for 2025
2025 EPS15.91616.1-3.8% LoweredGuidance: 16.6 for 2025
2025 Adjusted Net Income1.50 Bil1.51 Bil1.52 Bil0.3% RaisedGuidance: 1.51 Bil for 2025
2025 Adjusted EPS21.121.221.30.9% RaisedGuidance: 21.1 for 2025

Insider Activity

Updated 6/16/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Netto, Armando LinsGroupPresident Brazil&USVehPmtDirectSell6162026352.1370,47624,816,7703,969,923Form
2Stull, Steven T DirectSell6152026360.781,000360,78010,188,788Form
3Netto, Armando LinsGroupPresident Brazil&USVehPmtDirectSell6122026351.604,5601,603,3073,963,967Form
4Netto, Armando LinsGroupPresident Brazil&USVehPmtDirectSell5292026357.012,694961,7985,652,976Form
5Netto, Armando LinsGroupPresident Brazil&USVehPmtDirectSell5292026356.0514,0895,016,3626,596,859Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Netto, Armando LinsGroupPresident Brazil&USVehPmtDirectSell6162026352.1370,47624,816,7703,969,923Form
2Stull, Steven T DirectSell6152026360.781,000360,78010,188,788Form
3Netto, Armando LinsGroupPresident Brazil&USVehPmtDirectSell6122026351.604,5601,603,3073,963,967Form
4Netto, Armando LinsGroupPresident Brazil&USVehPmtDirectSell5292026357.012,694961,7985,652,976Form
5Netto, Armando LinsGroupPresident Brazil&USVehPmtDirectSell5292026356.0514,0895,016,3626,596,859Form
6Netto, Armando LinsGroupPresident Brazil&USVehPmtDirectSell5292026355.08418148,42511,581,745Form
7Sloan, Jeffrey Steven DirectSell2182026343.623,6001,237,0154,286,258Form
8Vickery, Alissa BChief Accounting OfficerDirectSell2122026358.651,701610,067781,862Form
9Stull, Steven T DirectBuy1052026314.988,0002,519,8409,210,330Form
Core Cache Last Updated: 7/7/2026