CORPAY, INC.CPAY
CORPAY, INC. Goodwill & Intangibles Disclosure
Goodwill and Other Intangible Assets
A summary of changes in the Company’s goodwill by reportable segment is as follows (in thousands):
December 31, 2024 | Acquisitions1 | Dispositions | Impairments | Acquisition Accounting Adjustments | Foreign Currency | December 31, 2025 | ||||||||
Segment | ||||||||||||||
Vehicle Payments | $2,626,055 | $129,885 | $— | $— | $58 | $166,608 | $2,922,606 | |||||||
Corporate Payments | 2,687,354 | 1,206,424 | — | — | 1,717 | 68,260 | 3,963,755 | |||||||
Lodging Payments | 413,438 | — | — | — | — | 6,231 | 419,669 | |||||||
Other2 | 257,820 | — | — | — | — | 972 | 258,792 | |||||||
$5,984,667 | $1,336,309 | $— | $— | $1,775 | $242,071 | $7,564,822 | ||||||||
1 Reflects the recognition of preliminary goodwill related to acquisitions completed by the Company during the year ended December 31, 2025. | ||||||||||||||
2 Goodwill for the Company's Payroll Card reporting unit is presented net of accumulated impairment losses of $90.0 million, all of which were recorded during the year ended December 31, 2024. | ||||||||||||||
December 31, 2023 | Acquisitions | Dispositions1 | Impairments2 | Acquisition Accounting Adjustments | Foreign Currency | December 31, 2024 | ||||||||
Segment | ||||||||||||||
Vehicle Payments | $2,803,990 | $73,217 | $(58,220) | $— | $— | $(192,932) | $2,626,055 | |||||||
Corporate Payments | 2,074,736 | 637,332 | — | — | 1,058 | (25,772) | 2,687,354 | |||||||
Lodging Payments | 416,952 | — | — | — | — | (3,514) | 413,438 | |||||||
Other | 349,280 | — | — | (90,000) | — | (1,460) | 257,820 | |||||||
$5,644,958 | $710,549 | $(58,220) | $(90,000) | $1,058 | $(223,678) | $5,984,667 | ||||||||
1 Reflects goodwill derecognized in connection with the disposition of the Company's merchant solutions business in the U.S. See Note 19 for further information. | ||||||||||||||
2 Represents the partial impairment of the goodwill within the Company's Payroll Card reporting unit during the year ended December 31, 2024. See Note 2 for further information. | ||||||||||||||
Acquisition accounting adjustments recorded in 2025 and 2024 are a result of the Company completing its acquisition
accounting and working capital adjustments for certain prior year acquisitions. At December 31, 2025, goodwill is presented net
of accumulated impairment losses of $90.0 million,which was recorded during the year ended December 31, 2024 and are
included in our Other category as described above.
Other intangible assets consisted of the following at December 31 (in thousands):
2025 | 2024 | |||||||||||||
Weighted- Avg Useful Life (Years)1 | Gross Carrying Amounts | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amounts | Accumulated Amortization | Net Carrying Amount | ||||||||
Customer and vendor relationships | 16.1 | $4,541,001 | $(1,908,916) | $2,632,085 | $3,476,642 | $(1,624,079) | $1,852,563 | |||||||
Trade names and trademarks—indefinite lived | N/A | 442,814 | — | 442,814 | 410,391 | — | 410,391 | |||||||
Trade names and trademarks—other | 7.2 | 92,939 | (21,403) | 71,536 | 66,047 | (13,055) | 52,992 | |||||||
Technology | 7.5 | 327,925 | (259,748) | 68,177 | 306,296 | (245,038) | 61,258 | |||||||
Non-compete agreements | 3.8 | 51,836 | (28,719) | 23,117 | 52,412 | (19,174) | 33,238 | |||||||
Total other intangibles | $5,456,515 | $(2,218,786) | $3,237,729 | $4,311,788 | $(1,901,346) | $2,410,442 | ||||||||
N/A = Not Applicable | ||||||||||||||
1 The weighted-average useful life calculation excludes fully amortized intangible assets. | ||||||||||||||
Changes in foreign exchange rates resulted in $75.9 million and $69.6 million decreases to the carrying values of other
intangible assets in the years ended December 31, 2025 and 2024, respectively. Amortization expense related to intangible
assets for the years ended December 31, 2025, 2024 and 2023 was $261.9 million, $230.8 million and $225.4 million,
respectively. During the years ended December 31, 2025 and 2024, the Company wrote-off the gross carrying amounts and the
related accumulated amortization of fully amortized intangible assets of approximately $20.2 million and $70.3 million,
respectively, which were no longer being used. Due to rebranding activity during the year ended December 31, 2024, the
Company reassessed the useful lives of certain trademarks. This resulted in a reclassification of $13.3 million from indefinite to
finite-lived assets as of December 31, 2024. At the time of change in estimate, which was applied prospectively, the Company
tested these trademarks for impairment, which resulted in no impairment charge.
The future estimated amortization of intangible assets at December 31, 2025 is as follows (in thousands):
2026 | $326,618 | |
2027 | 312,877 | |
2028 | 301,072 | |
2029 | 277,456 | |
2030 | 264,741 | |
Thereafter | 1,312,151 |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 29, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.