CORPAY, INC.

Listed Company

CPAYCIK 0001175454NYSELarge AcceleratedServices-Business Services, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$4.53B

Net Income

$1.07B

Total Assets

$26.41B

Equity

$3.88B

Shares Out

68.05M

Op. Cash Flow

$1.50B

Business

CORPAY, INC. is a global corporate payments company that provides digital payment and spend management solutions for businesses and consumers. It offers vehicle-related payment services (fuel, tolls, parking, maintenance, compliance), corporate payment solutions (accounts payable automation, virtual cards, cross-border payments, purchasing and T&E cards), lodging payment services for workforce, airlines and insurance, and other payment products such as gift and payroll card programs. Corpay reports under Vehicle Payments, Corporate Payments, Lodging Payments and Other segments. It distributes its solutions through digital channels, direct sales, strategic partners, branded and white-label arrangements across multiple international markets.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues, net	4,528	3,975	3,758	3,427	2,834
Processing	969	869	820	765	560
Selling	479	381	340	309	262
General and administrative	733	617	603	584	486
Depreciation and amortization	393	351	337	322	284
Goodwill impairment	0	90	0	0	—
Other operating, net	2	789,000	753,000	282,000	−784,000
Gain on disposition, net	−42	−121	0	0	—
Operating income	1,994	1,787	1,657	1,447	1,243
Other expense (income), net	47	14	−17	3	4
Interest expense, net	404	383	349	165	—
Loss on extinguishment of debt	2	5	0	2	16
Total other expense, net	452	402	332	171	134
Income before income taxes	1,542	1,385	1,325	1,276	1,109
Provision for income taxes	470	381	343	321	269
Net income	1,072	1,004	982	954	—
Less: Net income (loss) attributable to noncontrolling interests	2	−14,000	0	0	—
Net income attributable to Corpay	1,070	1,004	982	954	839
Basic earnings per share attributable to Corpay (in dollars per share)	15.23	14.27	13.42	12.62	10.23
Diluted earnings per share attributable to Corpay (in dollars per share)	15.03	13.97	13.2	12.42	9.99
Basic shares (in shares)	70	70	73	76	82
Diluted shares (in shares)	71	72	74	77	84

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-09-30	FY 2023 2023-12-31	FY 2023 2023-09-30
Cash and cash equivalents	2,408	1,554	—	1,390	—
Restricted cash	6,584	2,903	—	1,752	1,702
Accounts and other receivables (less allowance for credit losses of $170,957 at December 31, 2025 and $133,757 at December 31, 2024)	2,146	2,091	—	2,162	2,579
Securitized accounts receivablerestricted for securitization investors	1,823	1,323	—	1,307	—
Prepaid expenses and other current assets	1,003	806	—	474	2,984
Total current assets	13,963	8,676	—	7,084	7,264
Property and equipment, net	472	378	—	343	—
Goodwill	7,565	5,985	57	5,645	5,554
Other intangibles, net	3,238	2,410	—	2,086	2,165
Investments	602	60	—	70	—
Other assets	568	448	—	249	686
Total assets	26,408	17,957	—	15,476	15,669
Accounts payable	1,565	1,570	—	1,625	1,819
Accrued expenses	607	445	—	356	—
Customer deposits	8,119	3,266	—	2,397	2,264
Securitization facility	1,823	1,323	—	1,307	—
Current portion of notes payable and lines of credit	1,523	1,447	—	820	—
Other current liabilities	661	656	—	321	3,060
Total current liabilities	14,297	8,708	—	6,826	7,142
Notes payable and other obligations, less current portion	6,656	5,226	—	4,596	4,637
Deferred income taxes	614	439	—	470	—
Other noncurrent liabilities	612	438	—	302	830
Total noncurrent liabilities	7,883	6,103	—	5,368	5,467
Commitments and contingencies (Note 15)	—	—	—	—	—
Redeemable noncontrolling interest (Note 2)	302	0	—	—	—
Common stock, $0.001 par value; $475,000,000 shares authorized; 132,186,610 shares issued and 68,362,289 shares outstanding at December 31, 2025; and 131,425,669 shares issued and 70,170,016 shares outstanding at December 31, 2024	132,000	131,000	—	129,000	—
Additional paid-in capital	3,970	3,811	—	3,266	3,227
Retained earnings	10,265	9,196	—	8,193	7,937
Accumulated other comprehensive loss	−1,392	−1,714	—	−1,289	—
Less treasury stock (63,824,321 shares and 61,255,653 shares at December 31, 2025 and 2024, respectively)	−8,959	−8,171	—	−6,888	—
Total Corpay stockholders equity	3,884	3,122	—	3,282	3,059
Noncontrolling interest	43	24	—	0	—
Total equity	3,927	3,146	—	3,282	—
Total liabilities, redeemable noncontrolling interest and equity	26,408	17,957	—	15,476	15,669

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	131	120	110	92	76
Stock-based compensation	103	117	116	121	80
Provision for credit losses on accounts and other receivables	123	103	125	131	38
Amortization of deferred financing costs and discounts	21	8	7	8	7
Amortization of intangible assets and premium on receivables	262	231	227	230	209
Deferred income taxes	−28	−65	−47	−33	11
Gain on disposition of business	−42	−121	−14	0	0
Other non-cash operating expense, net	19	1	637,000	2	−793,000
Accounts and other receivables	−499	−177	−210	−599	−731
Prepaid expenses and other current assets	−101	9	69	−18	141
Derivative assets and liabilities, net	−74	−15	−33	−11	−15
Other assets	13	−32	54	−41	47
Accounts payable, accrued expenses and customer deposits	499	663	714	−84	481
Net cash provided by operating activities	1,500	1,941	2,101	755	1,197
Acquisitions, net of cash acquired	1,934	−822	−428	−217	−602
Purchases of property and equipment	−201	−175	−154	−151	−112
Investment in equity method investment	−578	0	0	—	—
Proceeds from disposal of a business, net of cash disposed	58	186	197	0	0
Other	15	4	4	0	−2
Net cash provided by (used in) investing activities	1,227	−807	−381	−368	−716
Proceeds from issuance of common stock	68	428	114	49	49
Repurchase of common stock	−783	−1,288	−687	−1,405	−1,356
Proceeds from redeemable noncontrolling interest	300	0	0	—	—
Borrowings on securitization facility, net	500	16	20	169	418
Deferred financing costs	−39	−8	−376,000	−10	−39
Proceeds from notes payable	1,650	825	0	3,000	1,900
Principal payments on notes payable	−197	−140	−94	−2,824	−508
Borrowings from revolver	12,134	9,989	8,735	7,236	1,910
Payments on revolver	−12,071	−9,278	−9,119	−6,526	−1,979
Borrowing (payments) on swing line of credit, net	692,000	−141	136	194,000	−51
Other	−928,000	2	−2	−271,000	−811,000
Net cash provided by (used in) financing activities	1,562	405	−898	−311	344
Effect of foreign currency exchange rates on cash	247	−223	30	−37	−51
Net increase in cash and cash equivalents and restricted cash	4,536	1,315	852	38	774
Cash paid for interest	491	496	448	230	133
Cash paid for income taxes	511	374	408	358	230

Filings

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