10-KPeriod: FY2025

CORPAY, INC. Annual Report, Year Ended Dec 31, 2025

Filed February 27, 2026For Securities:CPAY

Summary

Corpay, Inc. (CPAY) reported a strong performance in its 2025 fiscal year, with revenues increasing by 13.9% to $4.53 billion and net income attributable to Corpay growing by 6.6% to $1.07 billion. This growth was driven by a combination of organic expansion, achieving 10% organic revenue growth, and strategic acquisitions. The company successfully integrated several key acquisitions, including Alpha Group International plc and GPS Capital Markets, which significantly boosted its Corporate Payments segment. The company's financial health appears robust, supported by substantial liquidity and a well-managed debt structure. Corpay's diversified business model, spanning Corporate Payments, Vehicle Payments, and Lodging Payments, demonstrated resilience. While the Vehicle Payments segment saw a slight revenue decrease of 3.9% due to macroeconomic headwinds, particularly in fuel price spreads, the Corporate Payments segment experienced significant growth of 33.8%. The company also continues to actively manage its capital, evidenced by ongoing stock repurchase programs. Investors should note the company's forward-looking strategy includes continued investment in technology and potential further acquisitions, while managing risks related to cybersecurity and macroeconomic volatility.

Financial Highlights

50 data points
Beta

Revenue

$4.53B

Net Income

$1.07B

23.7% Net Margin

EPS (Diluted)

$15.03

Total Assets

$26.41B

Cash & Equivalents

$2.41B

Free Cash Flow

$1.30B

Financial Statements
Beta
Revenue$4.53B
Operating Income$1.99B
Net Income$1.07B
EPS (Basic)$15.23
EPS (Diluted)$15.03
Shares Outstanding (Basic)70.14M
Shares Outstanding (Diluted)71.06M

Key Highlights

  • 1Consolidated revenues increased by 13.9% to $4.53 billion in 2025.
  • 2Net income attributable to Corpay increased by 6.6% to $1.07 billion in 2025.
  • 3Organic revenue growth was 10%, driven by increased transaction volumes and new sales initiatives.
  • 4The Corporate Payments segment saw significant revenue growth of 33.8%, bolstered by acquisitions.
  • 5The company completed several key acquisitions in 2025, including Alpha Group International plc and GPS Capital Markets.
  • 6Corpay ended 2025 with $4.0 billion in total liquidity, comprising $1.5 billion in available credit facilities and $2.4 billion in unrestricted cash.
  • 7The company repurchased $0.8 billion of its common stock in 2025 under its share repurchase program.

Frequently Asked Questions

In fiscal year 2025, Corpay reported consolidated revenues of $4.53 billion, an increase of 13.9% compared to the prior year. Net income attributable to Corpay was $1.07 billion, a 6.6% increase year-over-year.

Corpay's revenue growth was driven by a combination of organic growth (10%), primarily from increased spend and transaction volumes, and contributions from acquisitions completed in 2024 and 2025, which added approximately 5% to revenue growth. Strategic sales initiatives and business activities also contributed to the overall increase.

The acquisitions of Alpha Group International plc and GPS Capital Markets were significant contributors to Corpay's growth, particularly in the Corporate Payments segment. These acquisitions expanded the company's cross-border payment solutions and AP automation offerings, leading to substantial revenue and operating income increases in that segment.

As of December 31, 2025, Corpay maintained a strong liquidity position with approximately $4.0 billion in total liquidity. This included $1.5 billion available under its credit facilities and $2.4 billion in unrestricted cash.

Corpay's total debt stood at approximately $10.0 billion as of December 31, 2025. The company actively manages its debt through its Credit Facility and Securitization Facility, utilizing borrowings for working capital, acquisitions, and general corporate purposes. The company's covenants under its credit agreements were met as of December 31, 2025.