Corpay
Runs vehicle, corporate, and lodging payment workflows for businesses worldwide.
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Profile
Sells specialized payment programs for vehicle, corporate, and lodging expenses, earning mainly from transaction authorization and processing. The platform combines fleet and fuel controls, cross-border and accounts-payable workflows, commercial cards, and managed lodging, with a global footprint centered on the United States, Brazil, and the United Kingdom.
Organizes specialized business-payment products into Vehicle Payments, Corporate Payments, and Lodging Payments, with gift and payroll cards reported in Other. Vehicle offerings cover fuel, tolls, parking, and fleet controls; corporate offerings span cross-border payments, accounts-payable automation, virtual and commercial cards; lodging programs manage hotel and housing payments for workforces, airlines, and insurers.
Earns primarily from authorizing and processing customer transactions, using category-specific controls and merchant relationships to simplify business spending. Operations span 34 countries, with roughly half of revenue generated in the United States and meaningful exposure to Brazil and the United Kingdom.
Growth has shifted the mix toward corporate payments, including the Alpha cross-border acquisition and a minority investment in AvidXchange. The model depends on payment networks and merchant partners, protection of customer and transaction data, and compliance with financial-services, privacy, and cross-border rules.
Company facts
Categories
Key statistics
Year to date +35.7% · Average volume (30d) 518.5K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 25, 2026 | Wolfe Research | Reiterate | Outperform | $475 | $530 |
| Aug 10, 2026 | Cantor Fitzgerald | Reiterate | Overweight | $385 | $480 |
| Aug 7, 2026 | Morgan Stanley | Target | $415 | $455 | |
| Aug 6, 2026 | Robert W. Baird | Target | $440 | $475 | |
| Aug 6, 2026 | UBS | Reiterate | Neutral | $380 | $415 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $6.58 | $7.00 | +6.4% | $1.30B | $1.34B | +3.0% | +0.95% |
| May 7, 2026Q1 FY26 | $5.50 | $5.80 | +5.5% | $1.21B | $1.26B | +4.0% | +12.51% |
| Feb 4, 2026Q4 FY25 | $5.95 | $6.04 | +1.5% | $1.23B | $1.25B | +1.1% | +11.56% |
| Nov 5, 2025Q3 FY25 | $5.63 | $5.70 | +1.2% | $1.16B | $1.17B | +0.8% | +6.23% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.01B | $1.10B | $1.17B | $1.25B | $1.26B | $1.34B | |
| Gross profit | $783.8M | $863.5M | $830.6M | $871.6M | $916.5M | $1.06B | |
| Operating income | $427.1M | $479.4M | $523.1M | $511.0M | $543.1M | $471.2M | |
| Net income | $243.2M | $284.2M | $277.9M | $264.5M | $350.1M | $248.3M | |
| Diluted EPS | $3.40 | $3.98 | $3.91 | $3.75 | $5.07 | $3.70 | |
| Gross margin | 77.9% | 78.4% | 70.8% | 69.8% | 72.7% | 79.4% | |
| Operating margin | 42.5% | 43.5% | 44.6% | 40.9% | 43.1% | 35.2% |
Fiscal years (4-quarter sums)FY21 $2.83B · FY22 $3.43B · FY23 $3.76B · FY24 $3.97B · FY25 $4.53B
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $3.16B · Total debt $10.62B · Total assets $28.22B · Shareholders' equity $3.54B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 65.36M · Float 62.73M · 96.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 5.71M | 8.74% | 13F | Aug 7, 2026 |
| Orbis Allan Gray Ltd | 5.41M | 8.27% | 13F | Aug 14, 2026 |
| Orbis Investment Management Limited | 5.08M | 7.50% | 13G | May 15, 2026 |
| JPMorgan Chase & Co | 4.77M | 7.29% | 13F | Aug 12, 2026 |
| Vanguard Capital Management LLC | 4.16M | 6.37% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Alan King | officer: GroupPresident IntlVehiclePmts | −3,805 | $416.61 |
| Aug 25, 2026 | Ronald Clarke | director, officer: CEO & Chairman of BOD | −119,486 | $412.40 |
| Aug 24, 2026 | Ronald Clarke | director, officer: CEO & Chairman of BOD | −94,374 | $415.77 |
| Aug 20, 2026 | Steven T. Stull | director | −2,357 | $413.62 |
| Aug 20, 2026 | Alan King | officer: GroupPresident IntlVehiclePmts | −18,423 | $414.64 |
Peers
- WEX
Closest fleet-payment peer with corporate-payment overlap
- American Express
Commercial-card and AP-payment alternative for enterprises
- Visa
Network-scale rival in commercial cards and B2B flows
- BILL
AP automation and spend-management specialist
- Global Business Travel Group
Corporate travel and lodging-management alternative
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Corpay | $407.88 | −0.02% | $26.66B | 24.8 | 14.0 | 5.3 | +21.5% |
| WEX | $197.32 | −0.03% | $6.72B | 19.7 | 9.7 | 2.4 | +14.2% |
| American Express | $333.50 | +0.10% | $225.01B | 20.2 | 17.9 | 2.7 | +10.0% |
| Visa | $381.03 | −0.14% | $712.47B | 32.4 | 26.4 | 16.0 | +14.4% |
| BILL | $50.25 | −0.12% | $5.01B | — | 13.7 | 3.0 | +13.8% |
| Global Business Travel Group | $9.48 | +0.11% | $4.95B | 59.2 | 45.1 | 1.6 | +37.9% |
| Median | 26.3 | 17.9 | 2.7 | +14.2% |