AddedRisk Factors
parties, including disruptions, system outages, technology failures or vulnerabilities, capacity constraints, insolvency, or other
The 10-K against last year's
373 changes: 163 added, 133 removed, 76 reworded, 1 quiet changes
10-K 0001175454-26-000018 (2026-02-27) vs 10-K 0001628280-25-008746 (2025-02-27)
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 55 words changed in this paragraph; it is 74% similar to last year's version.
Year Ended December 31, 2025 2024 2023 Net income from operations $1,071.9 $1,003.7 $981.9 Provision for income taxes 469.7 381.4 343.1 Interest expense, net 403.8 383.0 348.6 Other loss (income), expense, net 13.7 (2.9) Investment loss (gain) 0.2 (0.1) 47.0 14.0 Depreciation and amortization 393.3 351.1 336.6 Goodwill impairment — 90.0 — Gain on disposition of business disposition, net (42.3) (121.3) (13.7) Loss on extinguishment of debt 1.6 5.0 — Other operating, net 0.8 2.1 0.8 EBITDA $2,347.2 $2,107.7 $1,994.2 Stock-based compensation $102.6 $116.7 Other one-time items1 $21.3 $— addbacks1 115.2 46.4 Adjusted EBITDA $2,129.0 $1,994.2 $2,565.1 $2,270.8 Revenues, net $4,528.4 $3,974.6 $3,757.7 Adjusted EBITDA margin 53.6% 53.1% 56.6% 57.1% 1 2024 EBITDA Includes certain legal expenses, restructuring costs and EBITDA margin are adjusted for a material modification impacting stock-based compensation expense integration and a deal related termination expense. costs * Columns may not calculate due to rounding.
Source: Item 7, 10-K 0001175454-26-000018 vs Item 7, 10-K 0001628280-25-008746
Risk Factors 27 words changed in this paragraph; it is 31% similar to last year's version.
Source: Item 1A, 10-K 0001175454-26-000018 vs Item 1A, 10-K 0001628280-25-008746
Accounting Policies 26 words changed in this paragraph; it is 32% similar to last year's version.
2025, which approximates were recorded within Other expense (income), net in the Company’s cost Consolidated Statements of servicing. Funding determines Income. The impact of the level of funding achieved by the sale of trade
Source: Item 8, Note 2 – Basis of Presentation and Summary of Significant Accounting Policies, 10-K 0001175454-26-000018 vs Item 8, Note 2 – Basis of Presentation and Summary of Significant Accounting Policies, 10-K 0001628280-25-008746
Legal Proceedings 21 words changed in this paragraph; it is 46% similar to last year's version.
Circuit appeal. Oral argument in On January 6, 2026, the Eleventh Circuit appeal was held on January 21, 2025. The affirmed the judgment against the Company has incurred and affirmed the judgment
Source: Item 3, 10-K 0001175454-26-000018 vs Item 3, 10-K 0001628280-25-008746
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of CPAY's Risk Factors and MD&A, 10-K 2026-02-27 against 10-K 2025-02-27. Each links to the text at sec.gov.
AddedRisk Factors
cybersecurity incidents could disrupt our services and extend recovery times beyond our control. Our business involves
AddedRisk Factors
reduce the duration, scope or severity of an outage in time to avoid adverse effects. Disruptions could result in transaction
AddedRisk Factors
delays or failure, financial losses, contractual penalties, regulatory scrutiny and damage to our reputation. In addition, evolving
AddedRisk Factors
regulatory frameworks focused on operational resilience and incident reporting may increase our obligations and potential
AddedRisk Factors
damage customer relationships, decrease our profitability and expose us to liability.
AddedRisk Factors
telecommunications failure, computer viruses, ransomware or other cybersecurity incidents, technology failures, software or
AddedRisk Factors
We also operate in an evolving regulatory environment for cybersecurity and data privacy. New or expanded disclosure or
Show the other 16
AddedRisk Factors
notification obligations could increase our compliance costs and exposure to enforcement or litigation following an incident.
AddedRisk Factors
achieving market acceptance or their intended purposes, and may require more time or investment than planned.
AddedRisk Factors
Artificial intelligence technologies, including machine learning and generative AI, are being rapidly adopted across the
AddedRisk Factors
payments and enterprise software industries to improve automation, analytics, fraud detection, customer support and decision-
AddedMD&A
simple, controlled manner. Corpay provides a broad suite of payment and spend management solutions, including accounts
AddedMD&A
payable automation and cross-border payment solutions (including foreign exchange spot, forward and option transactions),
AddedMD&A
commercial card programs (e.g., purchasing cards, business cards and virtual cards), vehicle payment solutions (e.g., fuel cards,
AddedMD&A
toll payments and related services) and lodging payment solutions (e.g., hotel and extended stay bookings). This results in our
AddedMD&A
customers saving time and ultimately spending less. Corpay has been a member of the S&P 500 since 2018 and trades on the
AddedMD&A
report generation, reimbursement processing, account reconciliations, employee disciplinary actions and more.
AddedMD&A
1 See heading entitled "Management's Use of Non-GAAP Financial Measures" for a reconciliation of pro forma and macro adjusted revenue by product and metric non-GAAP measures to the comparable financial measure calculated in accordance with GAAP. The calculated change represents organic growth rate. 2 Corporate Payments revenue per spend dollar decreased over the prior year due to new payables and cross-border enterprise clients. 3 Represents total tag subscription transactions in the period. Average monthly tag subscriptions for 2025 was 7.7 million. 4 Other includes Gift and Payroll Card operating segments * Columns may not calculate due to rounding. NM = Not Meaningful
AddedMD&A
implementing similar legislation. As countries continue to enact and refine the Pillar 2 rules, we will evaluate the
AddedMD&A
On July 4, 2025, the "One Big Beautiful Bill Act" (the "Act") was enacted in the U.S. The Act makes certain tax
AddedMD&A
provisions from the 2017 Tax Cuts and Jobs Act permanent, introduces new tax provisions with varying effective
AddedMD&A
dates, and rolls back certain incentives from the 2022 Inflation Reduction Act, among other provisions. We are in the
AddedMD&A
process of evaluating the impact the Act could have on our financial position, results of operations and cash flows. All