10-QPeriod: Q2 FY2026

CORPAY, INC. Quarterly Report for Q2 Ended Jun 30, 2026

Filed August 10, 2026For Securities:CPAY

Summary

Corpay, Inc. (CPAY) reported strong revenue growth for the first six months of 2026, with revenues increasing by 23.3% to $2.6 billion compared to the same period in 2025. This growth was driven by a combination of organic growth (10%), contributions from recent acquisitions (7%), and a favorable macroeconomic environment, including currency fluctuations and fuel price impacts. Net income attributable to Corpay also saw a healthy increase of 13.5% to $598.4 million. The company continues to execute strategic initiatives, including significant acquisitions and dispositions. The acquisition of Alpha Group International plc in late 2025 is integrating well into the Corporate Payments segment, contributing significantly to revenue growth. Corpay also completed the sale of its PayByPhone business in March 2026, realizing a pre-tax gain of $122.9 million, and is in the process of divesting its Maintenance business, anticipating a substantial gain. While operating expenses have increased, driven by these strategic activities and investments, the company's strong revenue performance has led to an increase in overall operating income and profitability. Corpay's liquidity remains robust, supported by significant cash balances and available credit facilities, positioning the company to continue pursuing growth opportunities and managing its debt obligations.

Key Highlights

  • 1Consolidated revenues increased by 23.3% to $2.6 billion for the six months ended June 30, 2026, driven by organic growth and acquisitions.
  • 2Net income attributable to Corpay increased by 13.5% to $598.4 million for the six months ended June 30, 2026.
  • 3The Corporate Payments segment showed significant strength, with revenues up 43.7% for the six months ended June 30, 2026, largely due to acquisitions and organic growth.
  • 4Corpay completed the sale of its PayByPhone business in March 2026, recognizing a pre-tax gain of $122.9 million.
  • 5The company is progressing with the sale of its Maintenance business, anticipating a pre-tax net gain between $460 million and $515 million.
  • 6Total liquidity at June 30, 2026, stood at approximately $4.8 billion, comprising $1.6 billion in available credit facilities and $3.2 billion in unrestricted cash.
  • 7A significant charge of $100 million was recorded related to a proposed consent order with the FTC, resolving a long-standing legal matter.

Frequently Asked Questions

Corpay's revenue for the first six months of 2026 increased by 23.3% to $2.6 billion, driven by a 10% organic growth rate fueled by increased spend and transaction volumes, the impact of acquisitions completed in 2025 and 2026 contributing 7% to revenue, and a favorable macroeconomic environment including foreign exchange rates and fuel prices.

Corpay has recorded a $100 million charge related to a proposed consent order with the FTC to resolve a long-standing legal matter. While this charge impacted net income for the current period, the agreement aims to resolve the investigation and associated claims, mitigating future legal uncertainties.

Corpay's total debt increased to $10.6 billion as of June 30, 2026. However, the company maintains robust liquidity of approximately $4.8 billion in cash and available credit facilities. The company also has a strong track record of operating cash flow generation, which is expected to be sufficient to service its debt obligations. Furthermore, Corpay has entered into hedging strategies, including interest rate swaps, to manage its exposure to interest rate fluctuations on its variable rate debt.

The dispositions of the PayByPhone business and the pending sale of the Maintenance business are part of Corpay's strategy to streamline its portfolio and focus on core growth areas. These actions are expected to generate significant cash proceeds, allowing the company to reduce debt, reinvest in strategic growth initiatives, and potentially return capital to shareholders.