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CPAYCorpay

Financials · Business Services · NYSE

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FY2025 at a glance

Sales up 13.9%, free cash flow down to $1.3B

XBRL, from each 10-K

RevenueStatements ↓

$4.5B

from $4.0B in FY2024

FY2016FY2025

Net incomeStatements ↓

$1.1B

from $1.0B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$1.3B

from $1.8B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$15.03

from $13.97 in FY2024

FY2016FY2025

Operating marginStatements ↓

44.0%

from 45.0% in FY2024

FY2016FY2025

Total debtStatements ↓

$10.0B

from $8.0B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	18.19	Sales (ttm)	5.2B	Net income (ttm)	1.2B	Sales growth	+13.9%	EPS growth	+7.6%	Sales Q/Q	+17.9%
Free cash flow	1.3B	Gross margin	-	Oper. margin	43.9%	Net margin	23.7%	FCF margin	25.5%	ROE	37.7%
ROA	4.4%	R&D / sales	-	Dividend	-	Debt/Eq	3.41	Curr. ratio	0.95	Cash	3.1B
Op. cash flow (ttm)	1.5B	EBITDA	2.4B	EBITDA margin	52.7%	Net debt	8.2B	Quick ratio	0.95	Interest cover	4.94
ROIC	9.5%	Tax rate	30.5%	Stock pay / sales	2.3%	Shares out.	64.0M	Shares Y/Y	-1.1%	Book / share	51.54
Cash / share	48.04	Sales / share	81.75	Asset turnover	0.19	Days sales out.	173	Sales 3Y CAGR	+9.7%	Sales 5Y CAGR	+13.6%
EPS 3Y CAGR	+6.6%	EPS 5Y CAGR	+13.1%	Employees	11,800	Sales / employee	443K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Debt rose 25%$8.0B → $10.0B · Short-term + long-term debt at year end
Free cash flow fell 26%$1.8B → $1.3B · Cash from operations − capital expenditure · 10-K ↗
Revenue growth sped up to +13.9%+5.8% → +13.9% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗

What management wrote about it → · Every company →

CPAY against Financials peers

Ten years, side by side → · All 76 →

CPAYPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 76 companies, the better end on the right. Hover a dot for the company.

Sales growth

+13.9%18th of 76 · median +7.2%

Net margin

23.7%30th of 76 · median 20.4%

Return on equity

37.7%6th of 74 · median 16.7%

Free cash flow margin

25.5%18th of 49 · median 21.5%

Debt / equity (less is better)

3.4160th of 62 · median 0.70

CPAY and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
CPAY Corpay	$5.2B	+13.9%	-	23.7%	37.7%	25.5%	3.41
GL Globe Life	$6.3B	+3.7%	-	18.9%	17.9%	21.3%	0.45
ARES Ares Management	$5.8B	+44.2%	-	7.5%	11.3%	-	-
COIN Coinbase	$5.6B	+9.4%	-	-12.5%	-5.0%	-	0.48
CBOE Cboe Global Markets	$5.3B	+15.1%	53.9%	28.0%	25.0%	47.9%	0.24
HOOD Robinhood Markets	$5.1B	+51.6%	-	39.0%	19.7%	-	0.26

Profitability

3 of 3

✓
Net margin above the peer median23.7% vs 20.4%
✓
Return on equity above 15%37.7%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 24.7% → 23.6%

Balance sheet

0 of 4

!
Interest covered less than 5 timesOperating income is 4.9× interest expense
!
Debt larger than equityDebt / equity 3.41 on the latest balance sheet (peer median 0.70)
!
Current ratio below 1Current ratio 0.95
!
Net debt over 3 years of free cash flow$8.2B net debt, 6.1 years

Debt / equity at each year end, FY2016 to FY2025: 1.25 → 2.58

What the debt is made of ↓

Cash and shareholders

3 of 3

✓
Free cash flow positive in every one of 10 years$1.3B last year
✓
Share count down over 5 years−18.1%
✓
Cash from operations above net income$1.5B vs $1.1B

Free cash flow, FY2016 to FY2025: 649.2M → 1.3B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$- of principal due

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 4.5B Net income 1.1B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $4.5B of revenue came from

by product, year to Dec 31, 2025

Vehicle Payments $2.1B · 47%
Corporate Payments $1.6B · 36%
Lodging Payments $469.5M · 10%
Other $285.1M · 6%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

CPAY's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue4.5B

Net income1.1B

Free cash flow1.3B

EPS (diluted)15.03

Diluted shares71.1M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Vehicle Payments	2.1B	47.2%	+6.5%
Corporate Payments	1.6B	36.1%	+33.8%
Lodging Payments	469.5M	10.4%	-3.9%
Other Operating Segments	285.1M	6.3%	+11.7%

10-K 0001175454-26-000018, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Vehicle Payments	2.1B	47.2%	+6.5%
Corporate Payments	1.6B	36.1%	+33.8%
Lodging Payments	469.5M	10.4%	-3.9%
Other	285.1M	6.3%	+11.7%

10-K 0001175454-26-000018, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
United States	2.2B	48.7%	+6.1%
Other	968.2M	21.4%	+27.4%
Brazil	713.3M	15.8%	+20.0%
United Kingdom	642.3M	14.2%	+18.5%

10-K 0001175454-26-000018, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1.8B	2.2B	2.4B	2.6B	2.4B	2.8B	3.4B	3.8B	4.0B	4.5B
Cost of revenue	91.6M	96.8M	-	-	-	-	-	-	-	-
SG&A	283.6M	387.7M	389.2M	407.2M	374.7M	485.8M	584.1M	603.4M	616.9M	733.0M
Operating income	754.2M	883.8M	1.1B	1.2B	972.3M	1.2B	1.4B	1.7B	1.8B	2.0B
Interest expense	70.3M	113.4M	156.7M	178.4M	126.5M	132.5M	164.7M	348.6M	383.0M	403.8M
Pretax income	642.9M	893.6M	1.1B	1.1B	882.5M	1.1B	1.3B	1.3B	1.4B	1.5B
Income tax	190.5M	153.4M	283.6M	182.7M	178.3M	269.3M	321.3M	343.1M	381.4M	469.7M
Net income	452.4M	740.2M	811.5M	895.1M	704.2M	839.5M	954.3M	981.9M	1.0B	1.1B
EPS (diluted)	4.75	7.91	8.81	9.94	8.12	9.99	12.42	13.20	13.97	15.03
Diluted shares	95.2M	93.6M	92.2M	90.1M	86.7M	84.1M	76.9M	74.4M	71.8M	71.1M
Depreciation & amortization	203.3M	264.6M	274.6M	274.2M	254.8M	284.2M	322.3M	336.6M	351.1M	393.3M
EBITDA	957.4M	1.1B	1.4B	1.5B	1.2B	1.5B	1.8B	2.0B	2.1B	2.4B
Operating margin	41.2%	39.3%	44.8%	46.5%	40.7%	43.8%	42.2%	44.1%	45.0%	44.0%
Net margin	24.7%	32.9%	33.3%	33.8%	29.5%	29.6%	27.8%	26.1%	25.3%	23.6%
Revenue growth	-	+22.8%	+8.2%	+8.8%	-9.8%	+18.6%	+20.9%	+9.6%	+5.8%	+13.9%
EPS growth	-	+66.5%	+11.4%	+12.8%	-18.3%	+23.0%	+24.3%	+6.3%	+5.8%	+7.6%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	475.0M	913.6M	1.0B	1.3B	934.9M	1.5B	1.4B	1.4B	1.6B	2.4B
Receivables	1.2B	1.4B	1.4B	1.6B	1.4B	1.8B	2.1B	2.2B	2.1B	2.1B
Current assets	2.5B	3.5B	3.9B	4.6B	4.0B	5.5B	6.1B	7.1B	8.7B	14.0B
Property & equipment	142.5M	180.1M	186.2M	199.8M	202.5M	236.3M	294.7M	343.2M	377.7M	472.3M
Goodwill	4.2B	4.7B	4.5B	4.8B	4.7B	5.1B	5.2B	5.6B	6.0B	7.6B
Total assets	9.6B	11.3B	11.2B	12.2B	11.2B	13.4B	14.1B	15.5B	18.0B	26.4B
Accounts payable	1.2B	1.4B	1.1B	1.2B	1.1B	1.4B	1.6B	1.6B	1.6B	1.6B
Current liabilities	3.3B	4.1B	4.5B	4.5B	4.0B	5.3B	6.0B	6.8B	8.7B	14.3B
Total debt	3.9B	4.5B	4.8B	5.0B	4.3B	6.0B	7.0B	6.7B	8.0B	10.0B
Shareholders' equity	3.1B	3.7B	3.3B	3.7B	3.4B	2.9B	2.5B	3.3B	3.1B	3.9B
Retained earnings	2.2B	3.0B	3.8B	4.7B	5.4B	6.3B	7.2B	8.2B	9.2B	10.3B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	708.2M	680.1M	903.4M	1.2B	1.5B	1.2B	754.8M	2.1B	1.9B	1.5B
Capital spending	59.0M	70.1M	81.4M	75.2M	78.4M	111.5M	151.4M	153.8M	175.2M	200.8M
Free cash flow	649.2M	610.0M	822.0M	1.1B	1.4B	1.1B	603.4M	1.9B	1.8B	1.3B
Stock-based pay (added back)	63.9M	93.3M	69.9M	61.0M	43.4M	80.1M	121.4M	116.1M	116.7M	102.6M
Buybacks	187.7M	402.4M	958.7M	694.9M	849.9M	1.4B	1.4B	686.9M	1.3B	782.8M
Acquisitions	1.3B	705.3M	20.8M	448.3M	80.8M	602.1M	216.9M	428.3M	821.9M	-1.9B
Investing cash flow	-1.4B	-497.8M	-26.3M	-523.7M	-106.2M	-715.9M	-368.3M	-380.7M	-807.5M	1.2B
Financing cash flow	754.0M	251.9M	-577.8M	-310.2M	-1.4B	343.9M	-311.2M	-898.2M	405.0M	1.6B

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	63.9M	93.3M	69.9M	61.0M	43.4M	80.1M	121.4M	116.1M	116.7M	102.6M
Stock-based pay / revenue	3.5%	4.1%	2.9%	2.3%	1.8%	2.8%	3.5%	3.1%	2.9%	2.3%
Operating lease cash paid	-	-	-	19.8M	20.1M	23.8M	25.4M	31.4M	29.9M	30.4M
Right-of-use assets	-	-	55.9M	84.3M	76.8M	84.8M	94.1M	86.6M	78.0M	99.6M
Operating lease liabilities	-	-	-	98.6M	92.4M	100.2M	109.3M	99.3M	89.1M	114.5M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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