CORPAY, INC.CPAY
CORPAY, INC. Segments Disclosure
Segments
The Company reports information about its operating segments in accordance with the authoritative guidance related to
segments. We manage and report our operating results through three reportable segments: Vehicle Payments, Corporate
Payments (includes aggregation with cross-border operating segment), Lodging Payments and an Other category (which
combines Gift and Payroll Card operating segments). These reportable segments align with how the Company's Chief
Executive Officer, who is the Chief Operating Decision Maker (CODM), allocates resources, assesses performance and reviews
financial information. The CODM uses segment operating income to make decisions regarding the allocation of resources
(including financial resources and capital spending) to each segment primarily in the annual budget and forecasting process and
reviews budget to actual variances for segment operating income on a monthly, quarterly and annual basis to assess the
performance of each segment.
The Company's segment results, including significant segment expenses regularly provided to the CODM, are as follows for the
years ended December 31, 2025, 2024 and 2023 (in thousands)*:
Year ended December 31, 2025 | ||||||||||
Vehicle Payments | Corporate Payments | Lodging Payments | Other | Total | ||||||
Revenues, net | $2,138,675 | $1,635,065 | $469,540 | $285,123 | $4,528,403 | |||||
Expenses: | ||||||||||
Processing | 382,777 | 322,878 | 123,785 | 139,737 | 969,177 | |||||
Selling | 198,032 | 240,678 | 30,653 | 9,625 | 478,988 | |||||
General and administrative | 329,482 | 289,563 | 70,793 | 43,190 | 733,028 | |||||
Depreciation | 79,203 | 30,442 | 15,884 | 5,635 | 131,164 | |||||
Amortization | 114,854 | 111,539 | 33,723 | 2,023 | 262,139 | |||||
Other operating, net | 1,882 | 172 | 5 | 1 | 2,060 | |||||
Gain on disposition, net | (42,261) | — | — | — | (42,261) | |||||
Operating income | $1,074,706 | $639,793 | $194,697 | $84,912 | 1,994,108 | |||||
Other expenses: | ||||||||||
Other expense, net | 46,985 | |||||||||
Interest expense, net | 403,848 | |||||||||
Loss on extinguishment of debt | 1,596 | |||||||||
Total other expenses | 452,429 | |||||||||
Income before income taxes | $1,541,679 | |||||||||
Year ended December 31, 2025 | ||||||||||
Vehicle Payments | Corporate Payments | Lodging Payments | Other | Total | ||||||
Other segment disclosures: | ||||||||||
Capital expenditures | $129,434 | $40,859 | $22,025 | $8,438 | $200,756 | |||||
Long-lived assets (excluding goodwill and investments) | $308,546 | $99,199 | $45,376 | $19,189 | $472,310 | |||||
Year Ended December 31, 2024 | ||||||||||
Vehicle Payments2 | Corporate Payments | Lodging Payments | Other | Total | ||||||
Revenues, net | $2,008,799 | $1,221,915 | $488,589 | $255,286 | $3,974,589 | |||||
Expenses: | ||||||||||
Processing | 365,457 | 264,298 | 119,645 | 119,685 | 869,085 | |||||
Selling | 175,750 | 172,365 | 24,317 | 8,474 | 380,906 | |||||
General and administrative | 311,784 | 192,853 | 72,526 | 39,711 | 616,874 | |||||
Depreciation | 70,178 | 29,949 | 13,205 | 6,774 | 120,106 | |||||
Amortization | 129,988 | 63,367 | 35,494 | 2,133 | 230,982 | |||||
Goodwill impairment | — | — | — | 90,000 | 90,000 | |||||
Other operating, net | 82 | 686 | 14 | 7 | 789 | |||||
Gain on disposition | (121,310) | — | — | — | (121,310) | |||||
Operating income (loss) | $1,076,870 | $498,397 | $223,388 | $(11,498) | 1,787,157 | |||||
Other expenses: | ||||||||||
Other expense, net | 13,961 | |||||||||
Interest expense, net | 383,043 | |||||||||
Loss on extinguishment of debt | 5,040 | |||||||||
Total other expenses | 402,044 | |||||||||
Income before income taxes | $1,385,113 | |||||||||
Year ended December 31, 2024 | ||||||||||
Vehicle Payments | Corporate Payments | Lodging Payments | Other | Total | ||||||
Other segment disclosures: | ||||||||||
Capital expenditures | $117,410 | $32,587 | $19,622 | $5,557 | $175,176 | |||||
Long-lived assets (excluding goodwill and investments) | $258,942 | $67,379 | $35,105 | $16,279 | $377,705 | |||||
Year ended December 31, 2023 | ||||||||||
Vehicle Payments2,3 | Corporate Payments | Lodging Payments | Other | Total | ||||||
Revenues, net | $2,005,510 | $981,127 | $520,216 | $250,866 | $3,757,719 | |||||
Expenses: | ||||||||||
Processing | 377,603 | 212,144 | 117,203 | 112,958 | 819,908 | |||||
Selling | 167,614 | 137,512 | 24,597 | 10,435 | 340,157 | |||||
General and administrative | 314,892 | 170,075 | 77,219 | 41,237 | 603,424 | |||||
Depreciation | 69,886 | 22,356 | 11,070 | 6,671 | 109,983 | |||||
Amortization | 132,019 | 56,323 | 35,833 | 2,446 | 226,621 | |||||
Other operating, net | 98 | 629 | 25 | 1 | 753 | |||||
Operating income | $943,399 | $382,085 | $254,270 | $77,119 | 1,656,873 | |||||
Other expenses: | ||||||||||
Other income, net | (16,739) | |||||||||
Interest expense, net | 348,607 | |||||||||
Total other expenses | 331,868 | |||||||||
Income before income taxes | $1,325,005 | |||||||||
Year ended December 31, 2023 | ||||||||||
Vehicle Payments | Corporate Payments | Lodging Payments | Other | Total | ||||||
Other segment disclosures: | ||||||||||
Capital expenditures | $108,592 | $25,387 | $13,705 | $6,138 | $153,822 | |||||
Long-lived assets (excluding goodwill and investments) | $252,499 | $48,822 | $24,697 | $17,136 | $343,154 | |||||
*Columns may not calculate due to rounding.
1 Results from Gringo acquired in the first quarter of 2025, are reported in the Vehicle Payments segment from the date of
acquisition. Results from Alpha acquired in the fourth quarter of 2025 are included in the Corporate Payments segment from the
date of acquisition.
2 Results of our merchant solutions business disposed of in December 2024, are included in the Vehicle Payments segment for
all periods prior to disposition.
3 Results of the Company's Russian business disposed of in August 2023, are included in the Vehicle Payments segment for all
periods prior to disposition.
Total assets for each reportable segment are not presented, as the CODM does not evaluate performance or allocate resources
based on segment assets. The following table presents the Company's long-lived assets by major geography (excluding
goodwill, other intangible assets and investments) at December 31 (in thousands):
2025 | 2024 | |||
Long-lived assets (excluding goodwill, other intangible assets and investments): | ||||
United States (country of domicile) | $263,479 | $228,233 | ||
Brazil | $80,634 | $64,912 | ||
United Kingdom | $53,206 | $46,174 |
More than 10% of our consolidated revenues in 2025, 2024 and 2023 were derived through our relationship with our open-loop
network partner in our Vehicle Payments and Corporate Payments segments.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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.