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): $409.69Market Cap: $26.9 BilSector: FinancialsIndustry: Transaction & Payment Processing Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/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 yieldFCF Yield is 6.1% Stock buyback supportStock Buyback 3Y Total is 3.9 Bil Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, AI in Financial Services, and Automation & Robotics. Themes include Digital Payments, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% Weak multi-year price returns3Y Excs Rtn is -5.5% | Key risksCPAY 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. |
| Attractive cash flow generationCFO/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 yieldFCF Yield is 6.1% |
| Stock buyback supportStock Buyback 3Y Total is 3.9 Bil |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, AI in Financial Services, and Automation & Robotics. Themes include Digital Payments, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns3Y Excs Rtn is -5.5% |
| Key risksCPAY 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. |
Qualitative Assessment
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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.
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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 $415.00 in July 2026, giving the stock an "overweight" rating. This widespread analyst confidence supported the stock's upward movement.
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Stock Movement Drivers
Fundamental Drivers
The 33.7% change in CPAY stock from 4/30/2026 to 8/12/2026 was primarily driven by a 18.4% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 306.47 | 409.68 | 33.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,528 | 5,021 | 10.9% |
| Net Income Margin (%) | 23.6% | 22.7% | -3.8% |
| P/E Multiple | 19.9 | 23.5 | 18.4% |
| Shares Outstanding (Mil) | 69 | 66 | 5.8% |
| Cumulative Contribution | 33.7% |
Market Drivers
4/30/2026 to 8/12/2026| Return | Correlation | |
|---|---|---|
| CPAY | 33.7% | |
| 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) | 1312026 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 314.63 | 409.68 | 30.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,315 | 5,021 | 16.4% |
| Net Income Margin (%) | 24.4% | 22.7% | -6.7% |
| P/E Multiple | 21.0 | 23.5 | 11.8% |
| Shares Outstanding (Mil) | 70 | 66 | 7.3% |
| Cumulative Contribution | 30.2% |
Market Drivers
1/31/2026 to 8/12/2026| Return | Correlation | |
|---|---|---|
| CPAY | 30.2% | |
| 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) | 7312025 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 323.05 | 409.68 | 26.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,045 | 5,021 | 24.1% |
| Net Income Margin (%) | 25.1% | 22.7% | -9.6% |
| P/E Multiple | 22.3 | 23.5 | 5.4% |
| Shares Outstanding (Mil) | 70 | 66 | 7.3% |
| Cumulative Contribution | 26.8% |
Market Drivers
7/31/2025 to 8/12/2026| Return | Correlation | |
|---|---|---|
| CPAY | 26.8% | |
| 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) | 7312023 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 248.91 | 409.68 | 64.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,539 | 5,021 | 41.9% |
| Net Income Margin (%) | 26.9% | 22.7% | -15.5% |
| P/E Multiple | 19.2 | 23.5 | 22.3% |
| Shares Outstanding (Mil) | 74 | 66 | 12.2% |
| Cumulative Contribution | 64.6% |
Market Drivers
7/31/2023 to 8/12/2026| Return | Correlation | |
|---|---|---|
| CPAY | 64.6% | |
| Market (SPY) | 74.7% | 53.5% |
| Sector (XLF) | 71.3% | 61.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CPAY Return | -18% | -18% | 54% | 20% | -11% | 35% | 49% |
| Peers Return | -13% | -5% | 28% | 27% | -25% | -5% | -4% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| CPAY Win Rate | 42% | 50% | 67% | 50% | 42% | 75% | |
| Peers Win Rate | 47% | 50% | 55% | 62% | 48% | 45% | |
| S&P 500 Win Rate | 75% | 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
| Event | CPAY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.2% | -18.8% |
| % Gain to Breakeven | 33.6% | 23.1% |
| Time to Breakeven | 475 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.1% | -9.5% |
| % Gain to Breakeven | 13.7% | 10.5% |
| Time to Breakeven | 41 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.0% | -6.7% |
| % Gain to Breakeven | 12.4% | 7.1% |
| Time to Breakeven | 4 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -29.0% | -24.5% |
| % Gain to Breakeven | 40.9% | 32.4% |
| Time to Breakeven | 197 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.5% | -33.7% |
| % Gain to Breakeven | 87.0% | 50.9% |
| Time to Breakeven | 1656 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.4% | -19.2% |
| % Gain to Breakeven | 28.8% | 23.8% |
| Time to Breakeven | 58 days | 105 days |
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.
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| Event | CPAY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.2% | -18.8% |
| % Gain to Breakeven | 33.6% | 23.1% |
| Time to Breakeven | 475 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -29.0% | -24.5% |
| % Gain to Breakeven | 40.9% | 32.4% |
| Time to Breakeven | 197 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.5% | -33.7% |
| % Gain to Breakeven | 87.0% | 50.9% |
| Time to Breakeven | 1656 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.4% | -19.2% |
| % Gain to Breakeven | 28.8% | 23.8% |
| Time to Breakeven | 58 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -24.8% | -3.7% |
| % Gain to Breakeven | 32.9% | 3.9% |
| Time to Breakeven | 183 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -30.8% | -12.2% |
| % Gain to Breakeven | 44.5% | 13.9% |
| Time to Breakeven | 182 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -21.1% | -6.8% |
| % Gain to Breakeven | 26.7% | 7.3% |
| Time to Breakeven | 36 days | 15 days |
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.
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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.
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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.
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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.
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Visa Inc. (V)
Mastercard Incorporated (MA)
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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.
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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.
- 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.
- 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.
- 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.
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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.
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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.
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Corpay (CPAY) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- 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.
- 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.
- 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%.
- 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.
- 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.
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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.
Peer Outperformance in Transaction & Payment Processing Services
| Industry | Names | 1Y med | 3Y med | 5Y 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% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 139.30 |
| Mkt Cap | 25.4 |
| Rev LTM | 7,626 |
| Op Inc LTM | 990 |
| FCF LTM | 1,231 |
| FCF 3Y Avg | 1,776 |
| CFO LTM | 1,753 |
| CFO 3Y Avg | 2,222 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.5% |
| Rev Chg 3Y Avg | 8.0% |
| Rev Chg Q | 17.9% |
| QoQ Delta Rev Chg LTM | 4.2% |
| Op Inc Chg LTM | 6.5% |
| Op Inc Chg 3Y Avg | 5.5% |
| Op Mgn LTM | 21.4% |
| Op Mgn 3Y Avg | 25.5% |
| QoQ Delta Op Mgn LTM | -2.2% |
| CFO/Rev LTM | 20.3% |
| CFO/Rev 3Y Avg | 28.3% |
| FCF/Rev LTM | 13.4% |
| FCF/Rev 3Y Avg | 22.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 25.4 |
| P/S | 2.3 |
| P/Op Inc | 9.3 |
| P/EBIT | 9.2 |
| P/E | 19.6 |
| P/CFO | 13.5 |
| Total Yield | 4.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 8.3% |
| D/E | 0.9 |
| Net D/E | 0.5 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Vehicle Payments | 2,139 | 2,009 | 2,006 | 1,950 | 1,690 |
| Corporate payments | 1,635 | 1,222 | 981 | 770 | 598 |
| Lodging Payments | 470 | 489 | 520 | 457 | 310 |
| Other | 285 | 255 | 251 | 251 | 236 |
| Total | 4,528 | 3,975 | 3,758 | 3,427 | 2,834 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Vehicle Payments | 1,075 | 1,077 | 943 | 884 | 812 |
| Corporate payments | 640 | 498 | 382 | 274 | 210 |
| Lodging Payments | 195 | 223 | 254 | 219 | 149 |
| Other | 85 | -11 | 77 | 70 | 71 |
| Total | 1,994 | 1,787 | 1,657 | 1,447 | 1,243 |
Price Behavior
| Market Price | $409.68 | |
| Market Cap ($ Bil) | 27.7 | |
| First Trading Date | 12/15/2010 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $361.77 | $324.99 |
| DMA Trend | up | up |
| Distance from DMA | 13.2% | 26.1% |
| 3M | 1YR | |
| Volatility | 30.8% | 37.2% |
| Downside Capture | -75.01 | 73.41 |
| Upside Capture | 32.05 | 89.48 |
| Correlation (SPY) | 12.8% | 30.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.56 | 0.20 | 0.37 | 0.70 | 0.91 | 1.15 |
| Up Beta | -1.46 | -0.15 | 0.21 | 0.46 | 0.84 | 1.25 |
| Down Beta | -0.69 | 1.43 | 1.56 | 1.16 | 1.04 | 1.39 |
| Up Capture | 81% | 2% | 48% | 75% | 83% | 87% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 15 | 26 | 37 | 70 | 132 | 407 |
| Down Capture | -141% | -36% | -65% | 57% | 92% | 100% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 7 | 17 | 26 | 56 | 120 | 343 |
[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 | |
|---|---|---|---|---|
| CPAY | 35.0% | 37.1% | 0.87 | - |
| Sector ETF (XLF) | 13.1% | 14.6% | 0.63 | 47.3% |
| Equity (SPY) | 22.6% | 12.8% | 1.32 | 30.8% |
| Gold (GLD) | 31.4% | 28.4% | 0.95 | 2.5% |
| Commodities (DBC) | 37.9% | 20.1% | 1.48 | -10.1% |
| Real Estate (VNQ) | 14.3% | 13.8% | 0.73 | 31.7% |
| Bitcoin (BTCUSD) | -46.5% | 42.9% | -1.33 | 10.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CPAY | |
|---|---|---|---|---|
| CPAY | 10.9% | 32.6% | 0.37 | - |
| Sector ETF (XLF) | 11.4% | 18.4% | 0.48 | 64.4% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 60.6% |
| Gold (GLD) | 19.0% | 18.6% | 0.83 | 3.5% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 15.2% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 50.7% |
| Bitcoin (BTCUSD) | 9.9% | 52.8% | 0.37 | 22.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CPAY | |
|---|---|---|---|---|
| CPAY | 10.7% | 33.0% | 0.39 | - |
| Sector ETF (XLF) | 13.9% | 22.0% | 0.57 | 62.8% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 62.2% |
| Gold (GLD) | 12.0% | 16.2% | 0.61 | 1.3% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 24.6% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 52.1% |
| Bitcoin (BTCUSD) | 60.9% | 66.1% | 1.01 | 14.0% |
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Returns Analyses
Earnings Returns History
Updated 8/13/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 1.0% | 3.8% | |
| 5/7/2026 | 12.5% | 7.7% | 14.1% |
| 2/4/2026 | 11.6% | 15.4% | 4.7% |
| 11/5/2025 | 6.2% | 9.6% | 16.1% |
| 8/6/2025 | -3.4% | 0.5% | 0.5% |
| 5/6/2025 | -0.1% | 8.7% | 1.5% |
| 2/5/2025 | 0.2% | -5.5% | -13.6% |
| 11/7/2024 | 5.6% | 6.9% | 4.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 18 | 16 |
| # Negative | 14 | 7 | 8 |
| Median Positive | 6.2% | 5.3% | 8.1% |
| Median Negative | -2.7% | -7.3% | -7.9% |
| Max Positive | 12.5% | 15.4% | 16.1% |
| Max Negative | -9.2% | -10.8% | -14.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 1.0% | 3.8% | |
| 5/7/2026 | 12.5% | 7.7% | 14.1% |
| 2/4/2026 | 11.6% | 15.4% | 4.7% |
| 11/5/2025 | 6.2% | 9.6% | 16.1% |
| 8/6/2025 | -3.4% | 0.5% | 0.5% |
| 5/6/2025 | -0.1% | 8.7% | 1.5% |
| 2/5/2025 | 0.2% | -5.5% | -13.6% |
| 11/7/2024 | 5.6% | 6.9% | 4.4% |
| 8/7/2024 | 5.9% | 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% |
| 8/8/2023 | 6.3% | 8.2% | 11.3% |
| 5/3/2023 | 7.8% | 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% |
| 2/8/2022 | 6.7% | 3.4% | -2.3% |
| 11/3/2021 | -0.1% | 0.7% | -14.0% |
| 8/4/2021 | 5.3% | 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 | |||
| # Positive | 11 | 18 | 16 |
| # Negative | 14 | 7 | 8 |
| Median Positive | 6.2% | 5.3% | 8.1% |
| Median Negative | -2.7% | -7.3% | -7.9% |
| Max Positive | 12.5% | 15.4% | 16.1% |
| Max Negative | -9.2% | -10.8% | -14.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 1.35 Bil | 4.6% | Higher New | Guidance: 1.29 Bil for Q2 2026 | |||
| Q3 2026 Adjusted EPS | 7.15 | 9.2% | Higher New | Guidance: 6.55 for Q2 2026 | |||
| 2026 Revenue | 5.29 Bil | 5.31 Bil | 5.33 Bil | 0.4% | Raised | Guidance: 5.29 Bil for 2026 | |
| 2026 Net Income | 1.28 Bil | 1.30 Bil | 1.32 Bil | -6.2% | Lowered | Guidance: 1.39 Bil for 2026 | |
| 2026 EPS | 19.5 | 19.7 | 19.9 | -5.2% | Lowered | Guidance: 20.8 for 2026 | |
| 2026 Adjusted Net Income | 1.79 Bil | 1.81 Bil | 1.83 Bil | 1.3% | Raised | Guidance: 1.79 Bil for 2026 | |
| 2026 Adjusted EPS | 27.1 | 27.4 | 27.6 | 2.4% | Raised | Guidance: 26.7 for 2026 | |
| 2026 Interest Expense | 435.00 Mil | 450.00 Mil | 465.00 Mil | ||||
| 2026 Adjusted Effective Tax Rate | 25.0% | 26.0% | 27.0% | ||||
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 1.29 Bil | ||||||
| Q2 2026 Adjusted Net Income per Diluted Share | 6.55 | ||||||
| 2026 Total Revenues | 5.25 Bil | 5.29 Bil | 5.33 Bil | 0.5% | Raised | Guidance: 5.26 Bil for 2026 | |
| 2026 Net Income | 1.35 Bil | 1.39 Bil | 1.43 Bil | 0.1% | Raised | Guidance: 1.39 Bil for 2026 | |
| 2026 Net Income per Diluted Share | 20.4 | 20.8 | 21.2 | ||||
| 2026 Adjusted Net Income | 1.75 Bil | 1.79 Bil | 1.83 Bil | -1.3% | Lowered | Guidance: 1.81 Bil for 2026 | |
| 2026 Adjusted Net Income per Diluted Share | 26.3 | 26.7 | 27.1 | 2.7% | Raised | Guidance: 26 for 2026 | |
Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Organic Revenue Growth | 9.0% | ||||||
| Q1 2026 Adjusted EPS Growth | 20.0% | ||||||
| 2026 Revenue | 5.21 Bil | 5.26 Bil | 5.32 Bil | 16.6% | Higher New | Actual: 4.51 Bil for 2025 | |
| 2026 Net Income | 1.34 Bil | 1.39 Bil | 1.44 Bil | 22.0% | Higher New | Actual: 1.14 Bil for 2025 | |
| 2026 Adjusted Net Income | 1.76 Bil | 1.81 Bil | 1.86 Bil | 19.6% | Higher New | Actual: 1.51 Bil for 2025 | |
| 2026 Adjusted EPS | 25.5 | 26 | 26.5 | 22.4% | Higher New | Actual: 21.2 for 2025 | |
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Net Income | 323.00 Mil | 333.00 Mil | 343.00 Mil | 3.1% | Higher New | Actual: 323.00 Mil for Q3 2025 | |
| Q4 2025 Net Income per Diluted Share | 4.6 | 4.7 | 4.8 | 4.0% | Higher New | Actual: 4.52 for Q3 2025 | |
| Q4 2025 Adjusted Net Income | 409.00 Mil | 419.00 Mil | 429.00 Mil | 4.5% | Higher New | Actual: 401.00 Mil for Q3 2025 | |
| Q4 2025 Adjusted Net Income per Diluted Share | 5.8 | 5.9 | 6 | 5.4% | Higher New | Actual: 5.6 for Q3 2025 | |
| 2025 Total Revenues | 4.50 Bil | 4.51 Bil | 4.53 Bil | 1.6% | Raised | Guidance: 4.45 Bil for 2025 | |
| 2025 Net Income | 1.13 Bil | 1.14 Bil | 1.15 Bil | -4.3% | Lowered | Guidance: 1.19 Bil for 2025 | |
| 2025 Net Income per Diluted Share | 15.9 | 16 | 16.1 | -3.8% | Lowered | Guidance: 16.6 for 2025 | |
| 2025 Adjusted Net Income | 1.50 Bil | 1.51 Bil | 1.52 Bil | 0.3% | Raised | Guidance: 1.51 Bil for 2025 | |
| 2025 Adjusted Net Income per Diluted Share | 21.1 | 21.2 | 21.3 | 0.9% | Raised | Guidance: 21.1 for 2025 | |
Insider Activity
Updated 7/24/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Netto, Armando Lins | GroupPresident Brazil&USVehPmt | Direct | Sell | 6162026 | 352.13 | 70,476 | 24,816,770 | 3,969,923 | Form |
| 2 | Stull, Steven T | Direct | Sell | 6152026 | 360.78 | 1,000 | 360,780 | 10,188,788 | Form | |
| 3 | Netto, Armando Lins | GroupPresident Brazil&USVehPmt | Direct | Sell | 6122026 | 351.60 | 4,560 | 1,603,307 | 3,963,967 | Form |
| 4 | Netto, Armando Lins | GroupPresident Brazil&USVehPmt | Direct | Sell | 5292026 | 357.01 | 2,694 | 961,798 | 5,652,976 | Form |
| 5 | Netto, Armando Lins | GroupPresident Brazil&USVehPmt | Direct | Sell | 5292026 | 356.05 | 14,089 | 5,016,362 | 6,596,859 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Netto, Armando Lins | GroupPresident Brazil&USVehPmt | Direct | Sell | 6162026 | 352.13 | 70,476 | 24,816,770 | 3,969,923 | Form |
| 2 | Stull, Steven T | Direct | Sell | 6152026 | 360.78 | 1,000 | 360,780 | 10,188,788 | Form | |
| 3 | Netto, Armando Lins | GroupPresident Brazil&USVehPmt | Direct | Sell | 6122026 | 351.60 | 4,560 | 1,603,307 | 3,963,967 | Form |
| 4 | Netto, Armando Lins | GroupPresident Brazil&USVehPmt | Direct | Sell | 5292026 | 357.01 | 2,694 | 961,798 | 5,652,976 | Form |
| 5 | Netto, Armando Lins | GroupPresident Brazil&USVehPmt | Direct | Sell | 5292026 | 356.05 | 14,089 | 5,016,362 | 6,596,859 | Form |
| 6 | Netto, Armando Lins | GroupPresident Brazil&USVehPmt | Direct | Sell | 5292026 | 355.08 | 418 | 148,425 | 11,581,745 | Form |
| 7 | Sloan, Jeffrey Steven | Direct | Sell | 2182026 | 343.62 | 3,600 | 1,237,015 | 4,286,258 | Form | |
| 8 | Vickery, Alissa B | Chief Accounting Officer | Direct | Sell | 2122026 | 358.65 | 1,701 | 610,067 | 781,862 | Form |
| 9 | Stull, Steven T | Direct | Buy | 1052026 | 314.98 | 8,000 | 2,519,840 | 9,210,330 | Form |
Investor Activity (13F)
Updated Aug 13, 2026Active 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 Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| BloombergSen Inc. | $95.0 Mil | 10.6% | 27 | Hold | 13F |
| Spruce House Investment Management LLC | $256.1 Mil | 9.1% | 11 | ADD +6.0% | 13F |
| Petrus Trust Company, LTA | $61.7 Mil | 6.7% | 27 | TRIM -10.6% | 13F |
| Hawk Ridge Capital Management LP | $154.9 Mil | 5.6% | 48 | ADD +20.5% | 13F |
| Philosophy Capital Management LLC | $34.8 Mil | 4.1% | 36 | ADD +7.9% | 13F |
| Stanley Capital Management, LLC | $23.2 Mil | 3.9% | 40 | Hold | 13F |
| Lyrical Asset Management LP | $180.0 Mil | 2.7% | 39 | TRIM -8.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Spruce House Investment Management LLC | $256.1 Mil | 9.1% | 11 | ADD +6.0% | 13F |
| Lyrical Asset Management LP | $180.0 Mil | 2.7% | 39 | TRIM -8.4% | 13F |
| Hawk Ridge Capital Management LP | $154.9 Mil | 5.6% | 48 | ADD +20.5% | 13F |
| BloombergSen Inc. | $95.0 Mil | 10.6% | 27 | Hold | 13F |
| Petrus Trust Company, LTA | $61.7 Mil | 6.7% | 27 | TRIM -10.6% | 13F |
| Philosophy Capital Management LLC | $34.8 Mil | 4.1% | 36 | ADD +7.9% | 13F |
| Stanley Capital Management, LLC | $23.2 Mil | 3.9% | 40 | Hold | 13F |
CPAY Trade Sentinel
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.
INVESTMENT THESIS
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.
- 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
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.
- 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.
| KPI | Status | Rationale |
|---|---|---|
| Overall Organic Revenue Growth | 10% in Q2 2026 - Stable | The 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 Growth | 43% organic growth in Q2 2026 - Accelerating | Spend 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 Transactions | 147.6 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 Nights | 7.5 million (Q2 2026) | This KPI measures the volume of hotel room nights booked through the Lodging Payments platform, directly driving segment revenue. |
| New Bookings Growth | 30% 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. |
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
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.
| 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. |
| 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 |
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 CompetitorWEX offers more concentrated exposure to the vehicle payments and fleet management market, which remains a large and stable cash generator for Corpay.
AXP - American Express
Global T&E LeaderAmerican 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.
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.
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.
A slowdown in Corporate Payments organic growth, margin compression due to increased competition, or a large, dilutive acquisition outside of its core strategic areas.
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.
Corporate Payments
$1.8B TTM (37% of Total) · 38% MarginWhat 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.
Competition
Vehicle Payments
$2.2B TTM (47% of Total) · 55% MarginWhat 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.
Competition
Lodging Payments
$470M TTM (10% of Total) · 41% MarginWhat 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.
Competition
Other
$291M TTM (6% of Total) · 29% MarginWhat 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.
Competition
Corpay — Investor Video Playlist







Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Transaction & Payment Processing Services Resources |
| PYMNTS |
| Payments Dive |
| The Paypers |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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