Corpay CPAY
Corpay, Inc. (the "Company") is a global corporate payments company that helps businesses and consumers better manage and pay their expenses in a simple, controlled manner. 10-K, Item 1
- Employees
- 11,800
- Headquarters
- Atlanta, GA
- CEO
- Ronald Clarke
- Next results
- around Feb 3, 2027
CPAY among Financials peers
Six ratios from the latest 10-K. Each corner is the share of 75 peers the company is above, not a score.
What changed
70 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 27, 2026 against Feb 27, 2025.
Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.
Accounting checks
10 checks on the latest 10-K. Checks, not verdicts.
1fact worth reading about the other 9 checks found nothing to note
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Critical audit matters changedNew this year: Auditing the Company's annual goodwill impairment tests for reporting units to which a material amount of; Addressed the Company’s goodwill impairment review process, including controls over management’s review of the; Matter in Our significant assumptions described above. For example, we tested controls over management’s review of; Audit EBITDA margin forecasts and the discounts rates used in the determination of the reporting units’ estimated; To test the reporting units' estimated fair values, our audit procedures included, among others, assessing the. No longer listed: Company’s quantitative impairment test involves estimating the fair value of each reporting unit using a; Auditing the Company's estimate of fair value for the Payroll Card reporting unit was complex and subjective; Interest Taxes Depreciation and Amortization (EBITDA) margin as well as the discount rate, which are; Matter in Our inclusive of the underlying data used by the Company in its development of these assumptions. We involved; Audit our valuation specialists to assist us in evaluating the Company’s estimated discount rate methodology and; The Company recorded intangible assets from these acquisitions, including customer and vendor relationships. Same as last year: Valuation of goodwill; Description of At December 31, 2025, the Company’s goodwill was $7.6 billion. As discussed in Note 2 to the consolidated; How We We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the; Valuation of acquired customer relationship intangible assets; Description of As discussed in Notes 2 and 7 to the consolidated financial statements, the Company completed the acquisition; Auditing the preliminary fair values of the Alpha customer relationships was complex and subjective due to the; How We We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the; Addressed the valuation of customer relationships, including controls over models to estimate the fair values of the above
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Receivables +2.6% vs revenue +13.9% (-11.3 pts)
8 more checks with nothing to note
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Cash from operations $1.5B vs net income $1.1B (FY ending Dec 31, 2025)
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Same auditor in both 10-Ks: Ernst & Young LLP
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No statement of substantial doubt about going concern
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No 8-K item 4.02 in the last 2 years
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No NT 10-K or NT 10-Q in the last 2 years
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No sentence in the 10-K concludes that controls were not effective because of a material weakness
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No 8-K item 2.06 in the last 2 years
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No 8-K item 1.03 in the last 2 years
In their words
70 paragraphs in Risk Factors that were not in the 10-K filed Feb 27, 2025. Quoted as filed.
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Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
We also operate in an evolving regulatory environment for cybersecurity and data privacy. New or expanded disclosure or notification obligations could increase our compliance costs and exposure to enforcement or litigation following an incident.
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Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
Moreover, certain Corporate Payments competitors are able to operationalize and scale certain decentralized payment
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Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
Adverse effects on demand for our business-related products and services, from unfavorable macroeconomic conditions,
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Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
There is increasing and, in some jurisdictions, diverging focus by governmental organizations, investors, employees, customers and partners, on ESG topics, including environmental stewardship, climate, diversity and inclusion, workplace conduct and related disclosure. Shifts in expectations, together with evolving climate and…
New risk paragraphs, against peers
Latest 10-K of each, Financials companies closest in revenue
Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.
Financial performance
Last 4 fiscal years · 10-K XBRL
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $3.4B | $3.8B | $4.0B | $4.5B |
| Net income | $954.3M | $981.9M | $1.0B | $1.1B |
| Operating cash flow | $754.8M | $2.1B | $1.9B | $1.5B |
| Free cash flow | $603.4M | $1.9B | $1.8B | $1.3B |
Revenue, FY2016 to FY2025
Ten fiscal years, each from its own 10-K · XBRL · USD
$4.5B ▲ 13.9% in FY2025$1.1B ▲ 6.6% in FY2025$1.3B ▼ 26.4% in FY2025
Recent filings
2 filings in the last 30 days · SEC EDGAR
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10-QNov 5, 2026Quarterly report (10-Q) period ended Sep 30, 2026
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8-KNov 4, 2026Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01
About the company
Corpay, Atlanta, GA · from the 10-K filed Feb 27, 2026
Corpay, Inc. (the "Company") is a global corporate payments company that helps businesses and consumers better manage and pay their expenses in a simple, controlled manner. Corpay provides a broad suite of payment and spend management solutions, including accounts payable (AP) automation and cross-border payment solutions (including foreign exchange spot, forward and option transactions), commercial card programs (e.g., purchasing cards, business cards and virtual cards), vehicle payment
- Headquarters
- Atlanta, GA
- Country
- United States
- Reports in
- USD
- Listed on
- NYSE
- Fiscal year ends
- December 31
- Last results
- Nov 4, 2026
- Incorporated in
- DE
Employees, at the top of the page: "As of December 31, 2025, Corpay employed approximately 11,800 associates located in 34 countries around the world, with approximately 4,300 of those associates based in the U" (10-K). Address and exchange: SEC's company file.
Email alerts
Sources
The 10-K filed Feb 27, 2026 (open at SEC), compared with the 10-K filed Feb 27, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.
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