Corpay (CPAY)


Market Price (8/13/2026): $409.69 | Market Cap: $26.9 BilInvestor Relations Sector: Financials | Industry: Transaction & Payment Processing Services

Corpay (CPAY)


Market Price (8/13/2026): $409.69
Market Cap: $26.9 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 cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%

Attractive yield
FCF Yield is 6.1%

Stock buyback support
Stock Buyback 3Y Total is 3.9 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 0.0%, Dist 3Y High is 0.0%

Weak multi-year price returns
3Y Excs Rtn is -5.5%

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 cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%
1 Attractive yield
FCF Yield is 6.1%
2 Stock buyback support
Stock Buyback 3Y Total is 3.9 Bil
3 Low stock price volatility
Vol 12M is 37%
4 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, AI in Financial Services, and Automation & Robotics. Themes include Digital Payments, Show more.
5 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
6 Weak multi-year price returns
3Y Excs Rtn is -5.5%
7 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%
VOO0.03%
IVV0.04%
VTI0.03%
ITOT0.04%
IWB0.04%
RSP0.21%
VTV0.08%
+27 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/5/2026

Corpay (CPAY) stock has gained about 35% since 4/30/2026 because of the following key factors:

1. Exceptional Q1 and Q2 2026 Financial Performance and Raised Full-Year Guidance. Corpay reported robust financial results, starting with its fiscal Q1 2026 earnings on May 7, 2026, where adjusted earnings per share (EPS) of $5.80 exceeded analyst expectations by 7.41%. This strong momentum continued into fiscal Q2 2026, which ended June 30, 2026. The company announced on August 5, 2026, that Q2 2026 revenue reached $1.34 billion, a 21% year-over-year increase, beating guidance by $40 million. Adjusted EPS for Q2 2026 was a record $7.00, surging 36% year-over-year and surpassing analyst estimates by 6.3%. The company further raised its full-year 2026 adjusted EPS guidance to $27.35 at the midpoint, reflecting a 28% year-over-year growth, and lifted its revenue guidance to $5.31 billion at the midpoint, growing 17% year-over-year.

2. Sustained Double-Digit Organic Revenue Growth Driven by Core Segments. The company demonstrated strong underlying business health with a 10% overall organic revenue growth in fiscal Q2 2026, marking its fifth consecutive quarter of double-digit expansion. This growth was notably led by the Corporate Payments segment, which achieved a significant 16% organic growth rate. This performance highlights the success of Corpay's strategic focus on its core corporate payment solutions.

Show more
Updated on 8/5/2026

Corpay (CPAY) stock has gained about 35% since 4/30/2026 because of the following key factors:

1. Exceptional Q1 and Q2 2026 Financial Performance and Raised Full-Year Guidance. Corpay reported robust financial results, starting with its fiscal Q1 2026 earnings on May 7, 2026, where adjusted earnings per share (EPS) of $5.80 exceeded analyst expectations by 7.41%. This strong momentum continued into fiscal Q2 2026, which ended June 30, 2026. The company announced on August 5, 2026, that Q2 2026 revenue reached $1.34 billion, a 21% year-over-year increase, beating guidance by $40 million. Adjusted EPS for Q2 2026 was a record $7.00, surging 36% year-over-year and surpassing analyst estimates by 6.3%. The company further raised its full-year 2026 adjusted EPS guidance to $27.35 at the midpoint, reflecting a 28% year-over-year growth, and lifted its revenue guidance to $5.31 billion at the midpoint, growing 17% year-over-year.

2. Sustained Double-Digit Organic Revenue Growth Driven by Core Segments. The company demonstrated strong underlying business health with a 10% overall organic revenue growth in fiscal Q2 2026, marking its fifth consecutive quarter of double-digit expansion. This growth was notably led by the Corporate Payments segment, which achieved a significant 16% organic growth rate. This performance highlights the success of Corpay's strategic focus on its core corporate payment solutions.

3. Strategic Portfolio Optimization and Shareholder Capital Return. Corpay announced a definitive agreement on August 5, 2026, to sell its non-core vehicle maintenance business, Epyx, for approximately $800 million. This divestiture is part of a broader strategy to simplify its portfolio and concentrate on higher-return operations. The company plans to utilize the proceeds from this sale for share repurchases, making the transaction neutral to its 2026 Cash EPS outlook while demonstrating a commitment to returning capital to shareholders. Additionally, Corpay repurchased 1 million shares for $321 million during fiscal Q2 2026, contributing to first-half repurchases totaling $1.113 billion.

4. Favorable Analyst Sentiment and Price Target Upgrades. Wall Street analysts maintained a positive outlook on Corpay, with a consensus rating of "Moderate Buy" from 15 analysts and a "Strong Buy" from 10 analysts. Several research firms reiterated "Buy" or "Outperform" ratings and increased their price targets for the stock during the period. For instance, Wolfe Research reiterated an "outperform" rating and set a $450.00 price target in June 2026, while Morgan Stanley lifted its price target from $400.00 to $415.00 in July 2026, giving the stock an "overweight" rating. This widespread analyst confidence supported the stock's upward movement.

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Stock Movement Drivers

Fundamental Drivers

The 33.7% change in CPAY stock from 4/30/2026 to 8/12/2026 was primarily driven by a 18.4% change in the company's P/E Multiple.
(LTM values as of)43020268122026Change
Stock Price ($)306.47409.6833.7%
Change Contribution By: 
Total Revenues ($ Mil)4,5285,02110.9%
Net Income Margin (%)23.6%22.7%-3.8%
P/E Multiple19.923.518.4%
Shares Outstanding (Mil)69665.8%
Cumulative Contribution33.7%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/12/2026
ReturnCorrelation
CPAY33.7% 
Market (SPY)7.5%14.4%
Sector (XLF)11.1%36.0%

Fundamental Drivers

The 30.2% change in CPAY stock from 1/31/2026 to 8/12/2026 was primarily driven by a 16.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)13120268122026Change
Stock Price ($)314.63409.6830.2%
Change Contribution By: 
Total Revenues ($ Mil)4,3155,02116.4%
Net Income Margin (%)24.4%22.7%-6.7%
P/E Multiple21.023.511.8%
Shares Outstanding (Mil)70667.3%
Cumulative Contribution30.2%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/12/2026
ReturnCorrelation
CPAY30.2% 
Market (SPY)11.9%24.5%
Sector (XLF)8.9%41.8%

Fundamental Drivers

The 26.8% change in CPAY stock from 7/31/2025 to 8/12/2026 was primarily driven by a 24.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)73120258122026Change
Stock Price ($)323.05409.6826.8%
Change Contribution By: 
Total Revenues ($ Mil)4,0455,02124.1%
Net Income Margin (%)25.1%22.7%-9.6%
P/E Multiple22.323.55.4%
Shares Outstanding (Mil)70667.3%
Cumulative Contribution26.8%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/12/2026
ReturnCorrelation
CPAY26.8% 
Market (SPY)23.3%31.4%
Sector (XLF)11.9%47.8%

Fundamental Drivers

The 64.6% change in CPAY stock from 7/31/2023 to 8/12/2026 was primarily driven by a 41.9% change in the company's Total Revenues ($ Mil).
(LTM values as of)73120238122026Change
Stock Price ($)248.91409.6864.6%
Change Contribution By: 
Total Revenues ($ Mil)3,5395,02141.9%
Net Income Margin (%)26.9%22.7%-15.5%
P/E Multiple19.223.522.3%
Shares Outstanding (Mil)746612.2%
Cumulative Contribution64.6%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/12/2026
ReturnCorrelation
CPAY64.6% 
Market (SPY)74.7%53.5%
Sector (XLF)71.3%61.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CPAY Return-18%-18%54%20%-11%35%49%
Peers Return-13%-5%28%27%-25%-5%-4%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
CPAY Win Rate42%50%67%50%42%75% 
Peers Win Rate47%50%55%62%48%45% 
S&P 500 Win Rate75%42%67%75%67%50% 

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 8/12/2026 (YTD)

How Low Can It Go

EventCPAYS&P 500
2025 US Tariff Shock
  % Loss-25.2%-18.8%
  % Gain to Breakeven33.6%23.1%
  Time to Breakeven475 days79 days
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

Compare to WEX, GPN, FISV, AXP, FOUR

In The Past

Corpay's stock fell -25.2% during the 2025 US Tariff Shock. Such a loss loss requires a 33.6% 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
2025 US Tariff Shock
  % Loss-25.2%-18.8%
  % Gain to Breakeven33.6%23.1%
  Time to Breakeven475 days79 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
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 -25.2% during the 2025 US Tariff Shock. Such a loss loss requires a 33.6% 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)

Peer Outperformance in Transaction & Payment Processing Services

CPAY has outperformed 86% of its 14 Transaction & Payment Processing Services peers over 5Y. Transaction & Payment Processing Services ranks 16th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Transaction & Payment Processing Services constituents that CPAY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
94%
of 18 industry peers · 32.4% return
3Y
100%
of 16 industry peers · 54.3% return
5Y
86%
of 14 industry peers · 56.1% return
No Transaction & Payment Processing Services peer with a comparable growth profile has beaten CPAY by more than 20pp over 5Y.
Median price return by industry across the Financials sector, ranked by 5Y. Transaction & Payment Processing Services is CPAY's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Investment Banking & Brokerage 13 6.2%121.9%134.4% IBKR 496% · SNEX 257% · GS 185%
Diversified Banks 13 46.7%123.3%120.6% JPM 159% · CM 157% · RY 144%
Reinsurance 7 20.8%75.5%105.2% SPNT 132% · MTG 130% · RGA 130%
Life & Health Insurance 19 20.9%55.9%92.5% UNM 295% · FG 250% · MFC 173%
Regional Banks 265 35.0%77.2%66.4% RCBC 1763% · ESQ 437% · GCBC 388%
Property & Casualty Insurance 42 15.7%72.7%65.4% ASIC 2447900% · HRTG 385% · UVE 267%
Multi-line Insurance 9 19.0%80.4%61.4% GNW 171% · L 107% · SLF 86%
Consumer Finance 30 15.0%78.9%42.4% ENVA 710% · EZPW 369% · AGM 180%
Insurance Brokers 15 -8.4%8.5%32.3% LIFE 595% · AJG 92% · WTW 66%
Multi-Sector Holdings 6 -7.8%18.0%31.9% JEF 90% · BRK-B 77% · VOYA 63%
Financial Exchanges & Data 15 -6.6%8.4%31.3% VIRT 163% · CBOE 145% · NDAQ 61%
Asset Management & Custody Banks 84 -7.7%18.2%17.9% WT 289% · VCTR 288% · SII 265%
Specialized Finance 3 20.7%49.6%2.5% EFC 37% · CACC 3% · HASI -9%
Commercial & Residential Mortgage Finance 12 -24.1%25.1%2.4% FNMA 459% · FMCC 433% · ESNT 59%
Mortgage REITs 34 -5.8%10.3%-8.7% RITM 70% · DX 40% · NREF 37%
Transaction & Payment Processing Services ← 15 -1.9%-3.0%-45.8% V 60% · MA 59% · CPAY 56%
Diversified Capital Markets 24 -34.4%-29.6%-51.0% BTCS 452% · OPY 182% · LPLA 163%
Diversified Financial Services 5 -16.2%54.2%-57.5% FRHC 134% · EQH 84% · TMS -57%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CPAYWEXGPNFISVAXPFOURMedian
NameCorpay WEX Global P.Fiserv American.Shift4 P. 
Mkt Price409.68190.0688.5351.56344.0843.92139.30
Mkt Cap26.96.623.927.5233.33.525.4
Rev LTM5,0212,79210,23120,86675,9524,7827,626
Op Inc LTM2,0317119904,468-378990
FCF LTM1,638508233,92615,0522891,231
FCF 3Y Avg1,7672701,7854,31116,4852791,776
CFO LTM1,8472631,6585,83118,4755931,753
CFO 3Y Avg1,9524452,4915,97618,8895022,222

Growth & Margins

CPAYWEXGPNFISVAXPFOURMedian
NameCorpay WEX Global P.Fiserv American.Shift4 P. 
Rev Chg LTM20.4%7.5%32.5%-1.2%10.7%32.4%15.5%
Rev Chg 3Y Avg11.6%4.3%6.0%4.3%10.0%28.3%8.0%
Rev Chg Q21.5%14.3%68.6%-4.1%10.0%34.1%17.9%
QoQ Delta Rev Chg LTM4.9%3.5%15.2%-1.1%2.4%7.4%4.2%
Op Inc Chg LTM10.9%6.5%-40.4%-29.6%-39.0%6.5%
Op Inc Chg 3Y Avg9.5%4.3%-13.0%5.5%-55.5%5.5%
Op Mgn LTM40.5%25.5%9.7%21.4%-7.9%21.4%
Op Mgn 3Y Avg43.0%25.5%17.9%26.2%-7.3%25.5%
QoQ Delta Op Mgn LTM-2.2%0.8%-2.5%-3.0%--0.3%-2.2%
CFO/Rev LTM36.8%9.4%16.2%27.9%24.3%12.4%20.3%
CFO/Rev 3Y Avg45.7%16.8%31.7%29.0%27.7%13.4%28.3%
FCF/Rev LTM32.6%1.8%8.0%18.8%19.8%6.0%13.4%
FCF/Rev 3Y Avg41.4%10.2%23.1%20.9%24.3%7.6%22.0%

Valuation

CPAYWEXGPNFISVAXPFOURMedian
NameCorpay WEX Global P.Fiserv American.Shift4 P. 
Mkt Cap26.96.623.927.5233.33.525.4
P/S5.32.42.31.33.10.72.3
P/Op Inc13.29.324.16.1-9.29.3
P/EBIT12.79.216.75.7-8.69.2
P/E23.518.8-25.69.820.433.119.6
P/CFO14.525.114.44.712.65.913.5
Total Yield4.2%5.3%-2.9%10.2%5.9%3.0%4.8%
Dividend Yield0.0%0.0%1.1%0.0%1.0%0.0%0.0%
FCF Yield 3Y Avg8.3%4.3%8.4%8.3%8.5%5.7%8.3%
D/E0.40.81.01.00.31.30.9
Net D/E0.3-0.10.81.00.11.20.5

Returns

CPAYWEXGPNFISVAXPFOURMedian
NameCorpay WEX Global P.Fiserv American.Shift4 P. 
1M Rtn13.2%18.7%15.2%0.7%-2.9%-10.8%6.9%
3M Rtn23.7%40.0%32.6%-1.5%11.4%7.5%17.6%
6M Rtn18.2%14.7%23.5%-17.0%-2.2%-25.2%6.2%
12M Rtn32.4%11.3%8.9%-61.0%14.7%-49.5%10.1%
3Y Rtn54.3%-1.3%-27.9%-58.9%115.6%-27.8%-14.6%
1M Excs Rtn12.3%19.8%13.9%1.4%-5.8%-14.9%6.8%
3M Excs Rtn16.4%35.3%24.8%-10.7%5.1%3.0%10.7%
6M Excs Rtn3.3%2.9%10.1%-29.2%-16.3%-38.2%-6.7%
12M Excs Rtn13.3%-7.8%-10.6%-82.6%-4.2%-68.6%-9.2%
3Y Excs Rtn-5.5%-73.8%-96.9%-130.5%41.9%-104.6%-85.4%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Vehicle Payments2,1392,0092,0061,9501,690
Corporate payments1,6351,222981770598
Lodging Payments470489520457310
Other285255251251236
Total4,5283,9753,7583,4272,834


Operating Income by Segment
$ Mil20252024202320222021
Vehicle Payments1,0751,077943884812
Corporate payments640498382274210
Lodging Payments195223254219149
Other85-11777071
Total1,9941,7871,6571,4471,243


Price Behavior

Price Behavior
Market Price$409.68 
Market Cap ($ Bil)27.7 
First Trading Date12/15/2010 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$361.77$324.99
DMA Trendupup
Distance from DMA13.2%26.1%
 3M1YR
Volatility30.8%37.2%
Downside Capture-75.0173.41
Upside Capture32.0589.48
Correlation (SPY)12.8%30.9%
CPAY Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta-0.560.200.370.700.911.15
Up Beta-1.46-0.150.210.460.841.25
Down Beta-0.691.431.561.161.041.39
Up Capture81%2%48%75%83%87%
Bmk +ve Days11223567138427
Stock +ve Days15263770132407
Down Capture-141%-36%-65%57%92%100%
Bmk -ve Days11212859114326
Stock -ve Days7172656120343

[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
CPAY35.0%37.1%0.87-
Sector ETF (XLF)13.1%14.6%0.6347.3%
Equity (SPY)22.6%12.8%1.3230.8%
Gold (GLD)31.4%28.4%0.952.5%
Commodities (DBC)37.9%20.1%1.48-10.1%
Real Estate (VNQ)14.3%13.8%0.7331.7%
Bitcoin (BTCUSD)-46.5%42.9%-1.3310.6%

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
CPAY10.9%32.6%0.37-
Sector ETF (XLF)11.4%18.4%0.4864.4%
Equity (SPY)13.4%17.2%0.6060.6%
Gold (GLD)19.0%18.6%0.833.5%
Commodities (DBC)9.8%19.6%0.3915.2%
Real Estate (VNQ)2.2%18.9%0.0150.7%
Bitcoin (BTCUSD)9.9%52.8%0.3722.1%

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
CPAY10.7%33.0%0.39-
Sector ETF (XLF)13.9%22.0%0.5762.8%
Equity (SPY)15.4%17.9%0.7362.2%
Gold (GLD)12.0%16.2%0.611.3%
Commodities (DBC)8.0%18.0%0.3624.6%
Real Estate (VNQ)4.7%20.7%0.1952.1%
Bitcoin (BTCUSD)60.9%66.1%1.0114.0%

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

Short Interest

Short Interest: As Of Date7312026
Short Interest: Shares Quantity2.6 Mil
Short Interest: % Change Since 71520263.8%
Average Daily Volume0.5 Mil
Days-to-Cover Short Interest4.8 days
Basic Shares Quantity65.5 Mil
Short % of Basic Shares3.9%

Earnings Returns History

Updated 8/13/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/20261.0%3.8% 
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%
...
SUMMARY STATS   
# Positive111816
# Negative1478
Median Positive6.2%5.3%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
8/5/20261.0%3.8% 
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   
# Positive111816
# Negative1478
Median Positive6.2%5.3%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
06/30/202608/10/202610-Q
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
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/10/202610-Q
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

Recent Forward Guidance

Updated 8/6/2026

Latest: Q2 2026 Earnings Reported 8/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Revenue 1.35 Bil 4.6% Higher NewGuidance: 1.29 Bil for Q2 2026
Q3 2026 Adjusted EPS 7.15 9.2% Higher NewGuidance: 6.55 for Q2 2026
2026 Revenue5.29 Bil5.31 Bil5.33 Bil0.4% RaisedGuidance: 5.29 Bil for 2026
2026 Net Income1.28 Bil1.30 Bil1.32 Bil-6.2% LoweredGuidance: 1.39 Bil for 2026
2026 EPS19.519.719.9-5.2% LoweredGuidance: 20.8 for 2026
2026 Adjusted Net Income1.79 Bil1.81 Bil1.83 Bil1.3% RaisedGuidance: 1.79 Bil for 2026
2026 Adjusted EPS27.127.427.62.4% RaisedGuidance: 26.7 for 2026
2026 Interest Expense435.00 Mil450.00 Mil465.00 Mil   
2026 Adjusted Effective Tax Rate25.0%26.0%27.0%   

Prior: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Revenue 1.29 Bil    
Q2 2026 Adjusted Net Income per Diluted Share 6.55    
2026 Total Revenues5.25 Bil5.29 Bil5.33 Bil0.5% RaisedGuidance: 5.26 Bil for 2026
2026 Net Income1.35 Bil1.39 Bil1.43 Bil0.1% RaisedGuidance: 1.39 Bil for 2026
2026 Net Income per Diluted Share20.420.821.2   
2026 Adjusted Net Income1.75 Bil1.79 Bil1.83 Bil-1.3% LoweredGuidance: 1.81 Bil for 2026
2026 Adjusted Net Income per Diluted Share26.326.727.12.7% RaisedGuidance: 26 for 2026

Q4 2025 Earnings Reported 2/4/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Organic Revenue Growth 9.0%    
Q1 2026 Adjusted EPS Growth 20.0%    
2026 Revenue5.21 Bil5.26 Bil5.32 Bil16.6% Higher NewActual: 4.51 Bil for 2025
2026 Net Income1.34 Bil1.39 Bil1.44 Bil22.0% Higher NewActual: 1.14 Bil for 2025
2026 Adjusted Net Income1.76 Bil1.81 Bil1.86 Bil19.6% Higher NewActual: 1.51 Bil for 2025
2026 Adjusted EPS25.52626.522.4% Higher NewActual: 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% Higher NewActual: 323.00 Mil for Q3 2025
Q4 2025 Net Income per Diluted Share4.64.74.84.0% Higher NewActual: 4.52 for Q3 2025
Q4 2025 Adjusted Net Income409.00 Mil419.00 Mil429.00 Mil4.5% Higher NewActual: 401.00 Mil for Q3 2025
Q4 2025 Adjusted Net Income per Diluted Share5.85.965.4% Higher NewActual: 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 Net Income per Diluted Share15.91616.1-3.8% LoweredGuidance: 16.6 for 2025
2025 Adjusted Net Income1.50 Bil1.51 Bil1.52 Bil0.3% RaisedGuidance: 1.51 Bil for 2025
2025 Adjusted Net Income per Diluted Share21.121.221.30.9% RaisedGuidance: 21.1 for 2025

Insider Activity

Updated 7/24/2026
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

Investor Activity (13F)

Updated Aug 13, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
BloombergSen Inc.$95.0 Mil10.6%27Hold13F
Spruce House Investment Management LLC$256.1 Mil9.1%11ADD +6.0%13F
Petrus Trust Company, LTA$61.7 Mil6.7%27TRIM -10.6%13F
Hawk Ridge Capital Management LP$154.9 Mil5.6%48ADD +20.5%13F
Philosophy Capital Management LLC$34.8 Mil4.1%36ADD +7.9%13F
Stanley Capital Management, LLC$23.2 Mil3.9%40Hold13F
Lyrical Asset Management LP$180.0 Mil2.7%39TRIM -8.4%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Hawk Ridge Capital Management LP$154.9 Mil5.6%48ADD +20.5%13F
Philosophy Capital Management LLC$34.8 Mil4.1%36ADD +7.9%13F
Spruce House Investment Management LLC$256.1 Mil9.1%11ADD +6.0%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Incline Global Management LLC$8.1 Mil2.8%30ExitedDec 31, 202513F
Petrus Trust Company, LTA$61.7 Mil6.7%27TRIM -10.6%Mar 31, 202613F
Lyrical Asset Management LP$180.0 Mil2.7%39TRIM -8.4%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Spruce House Investment Management LLC$256.1 Mil9.1%11ADD +6.0%13F
Lyrical Asset Management LP$180.0 Mil2.7%39TRIM -8.4%13F
Hawk Ridge Capital Management LP$154.9 Mil5.6%48ADD +20.5%13F
BloombergSen Inc.$95.0 Mil10.6%27Hold13F
Petrus Trust Company, LTA$61.7 Mil6.7%27TRIM -10.6%13F
Philosophy Capital Management LLC$34.8 Mil4.1%36ADD +7.9%13F
Stanley Capital Management, LLC$23.2 Mil3.9%40Hold13F

CPAY Trade Sentinel


Stock Conviction

High Conviction

CONVICTION RATIONALE

Conviction is high because the strategic pivot to Corporate Payments is succeeding, confirmed by 16% organic growth in that segment. This mix shift is already accretive, with Corporate Payments now the largest contributor to operating income. Management has an elite record of execution and is compounding value through highly effective share repurchases, shrinking the share count by 11.3% in three years.

STOCK ARCHETYPE
Transactional B Services

(Transaction Volume) x (Take Rate per Transaction) Operating leverage on increasing transaction volumes and a favorable mix shift towards the higher-growth Corporate Payments segment.

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.
INVESTMENT THESIS
Can the Corporate Payments pivot create a higher-multiple B fintech compounder?

Evidence suggests yes. The strategic shift is driving accelerating, higher-quality growth, with the market yet to fully price the transformation from a fleet card operator.

Mechanism: The revenue mix is shifting to Corporate Payments (now 41% of total), which has higher growth (16% organic) and profitability, driving overall margin expansion and double-digit EPS growth.
Supporting Evidence:
  • Corporate Payments organic revenue grew 16% in Q2 2026.
  • New sales bookings across the company grew 30% year-over-year.
  • Corporate Payments is now the top profit contributor at $199.6 million.
  • Management raised full-year 2026 Adjusted EPS guidance by 2.4%.
  • The basic share count has been reduced by 11.3% over three years.
PRIMARY RISK
Aggressive M&A Masks Margin Pressure

The rapid pace of acquisitions and divestitures creates significant integration risk, while operating expenses are growing faster than revenue, compressing margins and complicating the earnings profile.

Mechanism: A failure to deliver guided synergies or further margin erosion would confirm that the costs of the strategy outweigh the benefits.
Supporting Evidence:
  • TTM operating margin fell to 40.5% from 43.9% a year ago.
  • Operating expenses grew 35.5% YoY, far outpacing 20.4% revenue growth.
  • FY2026 GAAP EPS guidance was lowered by 5.2%.
  • Net debt increased to $7.5 billion from $5.9 billion year-over-year.
Key KPI Watchlist
KPI Status Rationale
Overall Organic Revenue Growth10% in Q2 2026 - StableThe company has delivered double-digit organic revenue growth for five consecutive quarters. The 10% rate in the latest quarter represents a slight moderation but maintains a consistently strong and durable growth profile that management highlights as a key indicator of performance.
Corporate Payments Spend Volume Growth43% organic growth in Q2 2026 - AcceleratingSpend volume growth in the strategic Corporate Payments segment has been exceptionally strong and consistent for three quarters. This reflects strong new sales, which grew 30% in the latest quarter, and the successful integration of acquisitions, underpinning the company's pivot to this segment.
Vehicle Payments Transactions147.6 million (Q2 2026)This KPI tracks the number of individual payments for fuel, tolls, and other vehicle-related expenses, serving as a primary driver of segment revenue.
Lodging Payments Room Nights7.5 million (Q2 2026)This KPI measures the volume of hotel room nights booked through the Lodging Payments platform, directly driving segment revenue.
New Bookings Growth30% year-over-year (Q2 2026)This KPI reflects the growth in new sales contracts signed, serving as a leading indicator for future revenue growth across the company.
Core Investment Debate

Organic Acceleration vs. Acquisitive Complexity

BULL VIEW

Bulls focus on the 30% new bookings growth and 16% organic growth in Corporate Payments as proof the core business is strengthening, making any M&A-related margin pressure a temporary cost of a successful strategy.

CORE TENSION

Can accelerating organic momentum, evidenced by 30% new bookings growth, overcome the margin drag from M&A integration, which caused a 3.4 percentage point drop in TTM operating margin?


PREVAILING SENTIMENT
BULLISH

The latest evidence favors the bulls. The M&A deals are delivering ahead of schedule on accretion, and the underlying volume growth in the core strategic segment remains exceptionally strong at 43%.

BEAR VIEW

Bears see operating expenses growing at 35.5% versus 20.4% revenue growth and a widening GAAP-to-Adjusted EPS gap as signs that the M&A strategy is creating costly complexity that erodes profitability.

Next 6 months: Risks and Catalysts
Timeline Event & Metric To Watch
In Q4
Global Banking Product Launch
Watch: An enhanced global banking and deposit product is expected to be launched, aimed at middle market companies.
10/23/2026
Peer American Express Earnings
Watch: Peer American Express (AXP) is scheduled to report earnings, providing a read on commercial spending trends.
10/27/2026
Peer WEX Earnings Report
Watch: Peer WEX (WEX) is scheduled to report earnings, providing a direct comparison for the Vehicle Payments segment.
11/2/2026
Failure to Meet Raised Guidance
Watch: Any miss on revenue or adjusted EPS, or signs the Q4 exit rate will be below target.
11/2/2026
Persistent Margin Erosion
Watch: Next earnings report showing continued opex growth above revenue growth or further TTM margin compression.
11/2/2026
Segment Performance Lags
Watch: Lodging segment organic growth failing to accelerate as guided, or a slowdown in Vehicle Payments growth.
11/2/2026
Q3 Earnings Report
Watch: The company is scheduled to report its Q3 2026 earnings, providing an update on guidance and integration progress.
assuming a September 1 close
Divestiture Execution Disappoints
Watch: Delays in closing, sale price below expectations, or failure to effectively deploy proceeds into guided buybacks.
assuming a September 1 close
Non-Core Asset Sale Closing
Watch: The divestiture of the epyx (EPICS) business is expected to close, impacting revenue guidance for the remainder of the year.
Key Events in Last 6 Months
Date Event Stock Impact
2026-08-05
Announced Sale of Epyx Business
Details: Corpay announced a definitive agreement to sell its UK-based epyx fleet software platform to OEConnection, a Francisco Partners portfolio company.
+0.4%
$396.52 -> $398.28
2026-08-05
Reported Q2 Results, Updated Guidance
Details: The company reported Q2 revenue up 21.5% YoY and raised full-year 2026 Adjusted EPS guidance by 2.4%, while lowering GAAP EPS guidance by -5.2%.
+0.4%
$396.52 -> $398.28
2026-07-28
Introduced Agent Card Capability
Details: Corpay announced Agent Card, a new capability enabling secure virtual card creation for AI-driven commerce workflows.
+3.5%
$379.71 -> $392.85
2026-05-21
Completed Debt Refinancing
Details: The company increased its revolving credit facility to $3.7 billion and its Term Loan A, with lower interest rates.
-0.7%
$350.48 -> $347.90
2026-05-07
Positive Q1 Earnings Reaction
Details: The stock reacted +13.0% in the two days around the May 7, 2026 earnings call, versus +1.0% for the S&P 500.
+12.6%
$305.43 -> $343.99
2026-04-23
Increased Stock Repurchase Program
Details: The Board of Directors authorized an increase to the stock repurchase program by $1.0 billion, bringing the total aggregate authorization to $11.1 billion.
-5.4%
$330.70 -> $312.91
2026-04-06
Completed Sale of PayByPhone
Details: The company completed the sale of its mobile parking payments business, PayByPhone, to Lightyear Capital, simplifying its portfolio.
+1.0%
$293.34 -> $296.35
2026-02-04
Strong Post-Earnings Stock Reaction
Details: The stock reacted +15.0% in the two days around the earnings call dated 2026-02-04.
+14.6%
$292.23 -> $335.00
Risk Management
Position Sizing

4% - 6%

NORMAL POSITION

Sizing is volatility-based: CPAY trades at roughly 30% annualized options-implied volatility versus about 13% for the S&P 500 (2.4x the market), around the 45th percentile of its own trailing year. A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.

Diversification Alternatives
WEX - WEX
Focused Fleet Competitor

WEX offers more concentrated exposure to the vehicle payments and fleet management market, which remains a large and stable cash generator for Corpay.

Core Thesis: WEX is a direct beneficiary of trends in fleet management, including the transition to electric vehicles and the need for integrated data solutions.
AXP - American Express
Global T&E Leader

American Express provides exposure to the premium global corporate travel and entertainment (T&E) market with a powerful brand and a closed-loop network that Corpay competes with.

Core Thesis: American Express is a play on the continued recovery and growth of global business travel and spending among large multinational corporations.
How Is The Market Pricing CPAY?

Corpay is a cash-flow-heavy B fintech executing a strategic pivot from its legacy fleet card business into a diversified, higher-growth corporate spend management platform.

Corpay is aggressively repositioning its portfolio towards the faster-growing Corporate Payments segment, which includes AP automation and cross-border payments. This transition is funded by the substantial and stable cash flows from its large Vehicle Payments business. The company uses its significant free cash flow for both accretive M&A to accelerate this shift and for large-scale share repurchases to drive EPS growth, creating a compounding growth model.

What will confirm the thesis

Continued double-digit organic growth in Corporate Payments, divestiture of non-core Vehicle Payment assets like the recently announced 'epyx' sale, and accretive acquisitions in spend management or cross-border payments.

What will damage the thesis

A slowdown in Corporate Payments organic growth, margin compression due to increased competition, or a large, dilutive acquisition outside of its core strategic areas.

Noise: Real but irrelevant to thesis

Quarterly fluctuations in fuel prices and foreign exchange rates, which the company has a track record of managing and which can provide temporary tailwinds or headwinds.

Repricing Catalyst

The market's recognition of the successful portfolio rotation, evidenced by continued strong organic growth in Corporate Payments and disciplined capital allocation (accretive M&A and buybacks) driving sustained double-digit EPS growth.

What CPAY Makes & Who Pays
TTM figures based on the twelve months through fiscal Q1 2026
Corporate Payments
$1.8B TTM (37% of Total) · 38% Margin
What It Is

This segment sells solutions to businesses to streamline the management, processing, and payment of domestic and international invoices. Products include AP automation, virtual cards, cross-border payments, and purchasing and travel & entertainment (T&E) cards.

Who Pays & How

Businesses pay to automate vendor payments, manage cross-border transactions and FX risk, and control employee spending, which reduces costs, time, and fraud risk.

Revenue is generated from the difference between the amount charged to a customer and paid to a third party (interchange or spread), fixed fees, the difference in foreign exchange rates, and float revenue on customer funds.
Competition
Banks, American Express, and Coupa.
Competitors may have greater financial resources, brand recognition, or the ability to bundle services like commercial lending.
Corpay's competitive advantages include its proprietary merchant acceptance network for virtual cards, global scale, and deep integrations with customer ERP systems.
Vehicle Payments
$2.2B TTM (47% of Total) · 55% Margin
What It Is

This segment provides solutions for vehicle-related expenses, primarily to businesses with vehicle fleets and, in some markets, to consumers. Products include fuel cards (for fossil fuels and EVs), toll and parking payments, and fleet maintenance management.

Who Pays & How

Businesses with fleets pay to control and monitor spending, combat employee misuse and fraud, and streamline expense administration. Consumers in Brazil use the service for toll and parking convenience.

Revenue is generated from a variety of program fees, including transaction fees, card fees, and network charges, as well as from interchange and fees on late payments.
Competition
WEX, U.S. Bank Voyager Fleet Systems, Edenred, Sodexo, and Alelo.
Competitors include major oil companies and large financial institutions that may integrate fuel card services with their existing products.
Corpay's advantages include its specialized proprietary networks, which provide better economics and unique data capture, and its global scale.
Lodging Payments
$470M TTM (10% of Total) · 41% Margin
What It Is

This segment provides lodging solutions to businesses with traveling employees (workforce lodging), airlines for crews and stranded passengers, and insurance carriers for displaced policyholders.

Who Pays & How

Businesses, airlines, and insurance carriers pay to manage and control lodging costs, simplify hotel management, and access discounted room rates.

Revenue is primarily earned from the difference between the amount charged to the customer and the amount paid to the hotel, or from commissions paid by hotels.
Competition
Traditional travel management companies such as American Express Global Business Travel, as well as in-house corporate travel solutions.
The company's scale enables it to negotiate nightly rates lower than most companies could directly. It also utilizes proprietary data management and payment processing systems.
Other
$291M TTM (6% of Total) · 29% Margin
What It Is

This segment includes fully integrated gift card program management for retailers and a payroll card solution for employers in North America.

Who Pays & How

Retailers pay for turnkey gift card programs to promote their brand and increase sales. Employers use the payroll card solution as an alternative to paper payroll checks.

Revenue is primarily earned from the processing of transactions and fees for ancillary services.
Competition
Fiserv, other special-purpose card issuers, and payroll companies.
CPAY Evolution: Price Return by Era
2021-2023 · Vehicle Payments Dominance
+6%
From 2021 to 2023, the Vehicle Payments segment was the largest revenue contributor, growing from $1.69 billion to $2.009 billion, while the smaller Corporate Payments segment grew rapidly, more than doubling its revenue from $598 million.
2024-Present · Corporate Payments Ascendance
+44%
Beginning in 2024, Corporate Payments continued its rapid expansion, becoming a similarly sized pillar to Vehicle Payments. Management has explicitly stated a strategy to 'double down' on Corporate Payments, spend management, and cross-border, while divesting non-core vehicle payment assets, signaling a clear strategic shift.
Market Appears To Be Aligned With Core Thesis
Price structure is strongly bullish. The regime, trend, and proximity to highs all point towards intact institutional trend. Relative to SPY: Decisively outperforming and improving. Potential evidence of active institutional rotation. Volume and momentum are strongly confirming. The institutional accumulation is evident and momentum is accelerating. Earnings history is mildly supportive. The reaction or drift are positive but not both at full conviction.
① Structure
+4
Structural pillar score (-4 to +4). Driven by trend regime, SMA cross events, proximity to 52W high, and relative strength vs SPY.
② Volume / Momentum
+3
Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.
③ Catalyst
+1
Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.
Combined Score
8 / 12
1 Price Structure & Trend Trending Up · -
2 Momentum Accelerating
3 Relative Strength vs. SPY Strong Outperformance
4 Institutional Footprint & Volume Mild Accumulation
5 Volatility Normal
6 Key Price Levels Range · Vol Flat
7 Earnings Reaction History Consistent Reward
8 How the Verdict Is Derived Three Pillars
Core Cache Last Updated: 8/12/2026