Reports Third Quarter Financial Results
18% revenue growth, 11% organic revenue growth, and 32% adjusted EPS growth 1 Atlanta, Ga., November 4, 2026 — Corpay, Inc. (NYSE: CPAY), the Global Spend Management Company, today reported financial results for its third quarter ended September 30, 2026.
“Our third quarter results were excellent, with revenue growth of 18% and adjusted net income per diluted share growth of 32%, both ahead of our expectations,” said Ron Clarke, chairman and chief executive officer, Corpay, Inc. “Organic revenue growth for the quarter was 11%. We've delivered 11% organic growth for five of the last six quarters,” concluded Clarke.
• Revenues increased 18% to $1,381.9 million in the third quarter of 2026, compared with $1,172.5 million in the third quarter of 2025.
• Net income 2 increased 36% to $378.4 million in the third quarter of 2026, compared with $277.9 million in the third quarter of 2025.
• Net income per diluted share 2 increased 45% to $5.66 in the third quarter of 2026, compared with $3.91 per diluted share in the third quarter of 2025.
• Adjusted EBITDA 1 increased 17% to $793.8 million in the third quarter of 2026, compared to $676.7 million in the third quarter of 2025.
• Adjusted net income 1,2 increased 24% to $500.7 million in the third quarter of 2026, compared with $405.2 million in the third quarter of 2025.
• Adjusted net income per diluted share 1,2 increased 32% to $7.54 per diluted share in the third quarter of 2026, compared with $5.70 per diluted share in the third quarter of 2025. “Corporate Payments delivered 18% organic revenue growth driven by strong performance in both spend management and cross-border, and we delivered 57.4% EBITDA margins due to the high flow through rate on revenue,” said Peter Walker, chief financial officer, Corpay, Inc. “Through the end of the quarter we've repurchased 5.25 million shares for $1.85 billion, inclusive of the 1.9 million shares repurchased for $747 million in the third quarter," concluded Walker.
billion and adjusted net income per diluted share of $28.00, representing growth
For fiscal year 2026, Corpay, Inc.'s financial guidance 1 is revised as follows:
• Adjusted net income per diluted share between $27.90 and $28.10, growing 31% at the midpoint year over year. Corpay’s guidance assumptions are as follows: • Foreign exchange rates for the rest of the year based on Bloomberg consensus forecasts as of October 26, 2026, except Brazilian Real based on October 26, 2026 to October 28, 2026 average; 1 • Weighted average U.S. fuel prices equal to $4.90 per gallon for the rest of the year, based on the October 2026 EIA short-term energy outlook;
• Fuel price spreads for the rest of the year approximately flat with the 2025 full year average;
• Interest expense between $435 million and $455 million for the full year, based on the SOFR forward curve as of October 27, 2026;
• No impact related to material acquisitions or divestitures not disclosed. Fourth Quarter of 2026 Outlook: “For the fourth quarter, we expect revenue of approximately $1.37 billion and adjusted net income per diluted share of $7.65 at the midpoint,” concluded Walker.
As always, guidance may change in the future based on new information and therefore may not reflect actual results. Conference Call:
The Company will host a conference call to discuss third quarter 2026 financial results today at 5:30 pm ET. Hosting the call will be Ron Clarke, chief executive officer, Peter Walker, chief financial officer and Jim Eglseder, investor relations. The conference call will be webcast live from the Company's investor relations website at http://investor.corpay.com. The conference call can also be accessed live over the phone by dialing 1-(800)-445-7795 or 1-(785)-424-1699; the Conference ID is CORPAY. A replay will be available one hour after the call and can be accessed by dialing (844)-512-2921 or (412)-317-6671 for international callers; the replay conference ID is 11162812. The replay will be available through Wednesday, November 18, 2026. Prior to the conference call, the Company will post supplemental financial information that will be discussed during the call and live webcast.
This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about Corpay’s beliefs, assumptions, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project,” “expect,” “may,” “will,” “would,” “could” or “should,” the negative of these terms or other comparable terminology and similar expressions.
These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward- looking statements on preliminary information, internal estimates and management’s assumptions, expectations and plans about future conditions, events and results. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as risks related to our ability to successfully execute our strategic plan, manage our growth and achieve our performance targets; the impact of macroeconomic conditions, including any recession or economic downturn that has occurred or may occur in the future, and whether expected trends, including oil prices, retail fuel prices, fuel price spreads, fuel transaction patterns, electric vehicle adoption, retail lodging prices, foreign exchange rates and interest rate trends develop as anticipated, and whether we are able to develop and implement successful strategies in light of these trends; our ability to attract new and retain existing partners, fuel merchants, and lodging providers, their promotion and support of our products, and their financial performance; our ability to successfully manage the derivative financial instruments that we use in our Cross-Border solutions to limit our exposure to various market risks, including changes in foreign exchange rates; the failure of management assumptions and estimates, as well as differences in, and changes to, economic, market, interest rate, interchange fees, foreign exchange rates, and credit conditions, including changes in borrowers’ credit risks and payment behaviors; the risks of mergers, acquisitions and divestitures, such as our recent acquisition of a partnership interest in AvidXchange and the acquisition of Alpha, including, without limitation, the time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; the risk of higher borrowing costs and adverse financial market conditions impacting our funding and liquidity, and any reduction in our credit ratings; our ability to successfully manage our credit risks and the sufficiency of our allowance for expected credit losses; our ability to securitize our trade receivables; the occurrence of fraudulent activity, 2 data breaches or failures of information security controls, or other technology or cybersecurity-related incidents that may compromise our systems or customers’ information; any disruptions in the operations of our computer systems and data centers; the operational and political risks and compliance and regulatory risks and costs associated with international operations; the impact of international conflicts, including between Russia and Ukraine, as well as within the Middle East, on the global economy or our business and operations; the impact of changes in global tariff and trade policies and potential retaliatory actions by affected countries; our ability to develop and implement new technology, products, and services; any alleged infringement of intellectual property rights of others and our ability to protect our intellectual property; the regulation, supervision, and examination of our business by foreign and domestic governmental authorities, as well as litigation and regulatory actions, including the lawsuit filed by the Federal Trade Commission (FTC); the impact of regulations and related requirements relating to privacy, information security and data protection; derivative and hedging activities and the related regulations and regulatory environment; use of third-party vendors and other third-party business relationships; and failure to comply with anti-money laundering (AML) and anti-terrorism financing laws; changes in our senior management team and our ability to attract, motivate and retain qualified personnel consistent with our strategic plan; tax legislation initiatives or challenges to our tax positions and/or interpretations, and state sales tax rules and regulations, as well as the other risks and uncertainties identified under the caption "Risk Factors" in the 2025 Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 27, 2026 and subsequent filings with the SEC made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement made herein. The forward-looking statements included in this press release are made only as of the date hereof and we do not undertake, and specifically disclaim, any obligation to update any such statements as a result of new information, future events or developments, except as required by law. You may access Corpay’s SEC filings for free by visiting the SEC web site at www.sec.gov.
This press release includes non-GAAP financial measures, which are used by the Company as supplemental measures to evaluate its overall operating performance. The Company’s definitions of the non-GAAP financial measures used herein may differ from similarly titled measures used by others, including within our industry. By providing these non-GAAP financial measures, together with reconciliations to the most directly comparable GAAP financial measures, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives. See the appendix for additional information regarding these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure. The Company refers to free cash flow, cash net income and adjusted net income attributable to Corpay interchangeably, a non-GAAP financial measure. Adjusted net income attributable to Corpay is calculated as net income attributable to Corpay, adjusted to eliminate (a) non-cash stock-based compensation expense related to stock-based compensation awards, (b) amortization of deferred financing costs, discounts, intangible assets, amortization of the premium recognized on the purchase of receivables and amortization attributable to the Company's noncontrolling interest, (c) integration and deal related costs, and (d) other non-recurring items, including unusual credit losses, certain discrete tax items, the impact of business dispositions, impairment losses, asset write- offs, restructuring costs, loss on extinguishment of debt, taxes associated with stock-based compensation programs, losses and gains on foreign currency transactions, redemption value adjustment for a noncontrolling interest and legal settlements and related legal fees. We adjust net income for the tax effect of adjustments using our effective income tax rate, exclusive of certain discrete tax items. We calculate adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay to eliminate the effect of items that we do not consider indicative of our core operating performance.
Adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay are supplemental measures of operating performance that do not represent and should not be considered as an alternative to net income, net income per diluted share or cash flow from operations, as determined by U.S. generally accepted accounting principles, or U.S. GAAP. We believe it is useful to exclude non-cash stock-based compensation expense from adjusted net income because non-cash equity grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time and stock-based compensation expense is not a key measure of our core operating performance. We also believe that amortization expense can vary substantially from company to company and from period to period depending upon their financing and accounting methods, the fair value and average expected life of their acquired intangible assets, their capital structures and the method by which their assets were acquired; therefore, we have excluded amortization expense from our adjusted net income. Integration and deal related costs represent business acquisition transaction costs, professional services fees, short-term retention bonuses and system migration costs, etc., that are not indicative of the performance of the underlying business. We also believe that certain expenses, discrete tax items, gains and losses on business disposition, recoveries (e.g. legal settlements, write-off of customer receivable, etc.), gains and losses on 3 investments, taxes related to stock-based compensation programs and impairment losses do not necessarily reflect how our investments and business are performing. We adjust net income for the tax effect of each of these adjustments using the effective tax rate during the period, exclusive of discrete tax items.
Organic revenue growth is calculated as revenue growth in the current period adjusted for the impact of changes in the macroeconomic environment (to include fuel price, fuel price spreads and changes in foreign exchange rates) over revenue in the comparable prior period adjusted to include or remove the impact of acquisitions and/or divestitures, including businesses held for sale, changes in operational and capital structure, and non-recurring items that have occurred subsequent to that period. We believe that organic revenue growth on a macro- neutral, one-time item, and consistent acquisition/divestiture/non-recurring item basis is useful to investors for understanding the performance of Corpay.
EBITDA is defined as earnings before interest expense, net, income taxes, other expense (income), depreciation and amortization, loss on extinguishment of debt, goodwill impairment, investment loss/gain and other operating, net. Adjusted EBITDA is defined as EBITDA further adjusted for stock-based compensation expense and other one-time items including certain legal expenses, restructuring costs and integration and deal related costs and other items as listed above for adjusted net income. EBITDA and adjusted EBITDA margin are defined as EBITDA and adjusted EBITDA as a percentage of revenue. Management uses adjusted net income attributable to Corpay, adjusted net income per diluted share attributable to Corpay, organic revenue growth, EBITDA and adjusted EBITDA:
• as measurements of operating performance because they assist us in comparing our operating performance on a consistent basis;
• for planning purposes, including the preparation of our internal annual operating budget;
Corpay (NYSE: CPAY), the Global Spend Management Company, is an S&P 500 company with three primary B2B solution sets. Spend Management, provides corporate and virtual card programs and AP automation solutions. Cross-Border, helps businesses manage foreign-currency exposure and provides global multi-currency account solutions. Vehicle Solutions, controls fuel, tolls, parking and related vehicle spend. With Corpay, control more, spend less. To learn more, visit corpay.com.
1 Reconciliations of GAAP results to non-GAAP results are provided in Exhibits 1, 5 and 6 attached. Additional supplemental data is provided in Exhibits 2-4. A reconciliation of GAAP guidance to non-GAAP guidance is provided in Exhibit 7.
2 Net income, net income per diluted share, adjusted net income and adjusted net income per diluted share are amounts attributable to Corpay. 4
September 30, December 31, 2026 2025 ────────────────────────────────────────────────────────────────────────────── -Unaudited Assets Current assets: Cash and cash $ 3,072,988 $ 2,408,097 equivalents Restricted 6,339,902 6,583,843 cash Accounts and other receivables 2,967,826 2,145,679 (less allowance) Securitized accounts receivable — 2,300,000 1,823,000 restricted for securitization investors Prepaid expenses and 1,563,507 1,002,621 other current assets Total current 16,244,223 13,963,240 assets Property and 483,915 472,310 equipment, net Goodwill and other 10,018,381 10,802,551 intangibles, net Other assets 1,340,714 1,170,034 Total assets $ 28,087,233 $ 26,408,135 Liabilities, Redeemable Noncontrolling Interest and Equity Current liabilities: Customer 8,070,388 8,118,566 deposits Accounts payable, accrued 3,784,680 2,832,581 expenses and other current liabilities Securitization 2,300,000 1,823,000 facility Current portion of notes payable 2,861,372 1,522,530 and lines of credit Total current 17,016,440 14,296,677 liabilities Notes payable and other obligations, 6,071,735 6,656,157 less current portion Deferred 557,375 614,345 income taxes Other noncurrent 778,152 612,279 liabilities Total noncurrent 7,407,262 7,882,781 liabilities Commitments and contingencies Redeemable noncontrolling 320,000 302,000 interest Stockholders’ equity: Common stock 133 132 Additional paid-in 4,252,024 3,970,077 capital Retained 11,232,857 10,264,751 earnings Accumulated other -1,361,644 -1,392,154 comprehensive loss Treasury stock -10,826,489 -8,958,942 Total Corpay stockholders’ 3,296,881 3,883,864 equity Noncontrolling 46,650 42,813 interest Total equity 3,343,531 3,926,677 Total liabilities, redeemable $ 28,087,233 $ 26,408,135 noncontrolling interest and equity
Nine Months Ended September 30, Operating 2026 2025 activities (Unaudited) (Unaudited) ────────────────────────────────────────────────────────────────────────────── Net income $ 987,782 $ 806,332 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 109,203 90,944 Stock-based 92,928 74,826 compensation Provision for credit losses on accounts 141,644 89,841 and other receivables Provision for 100,000 — legal settlement Amortization of deferred 9,985 15,205 financing costs and discounts Amortization of intangible assets and 239,594 185,757 premium on receivables Loss on extinguishment 6,557 1,596 of debt Deferred income -95,898 -38,503 taxes (Gain) loss on disposition of -125,534 11,171 business Other non-cash operating 39,077 -8,022 expense (income), net Changes in operating assets and -789,055 -541,984 liabilities (net of acquisitions/di… Net cash provided by 716,283 687,163 operating activities Investing activities Acquisitions, net of cash -46,741 -154,648 acquired Purchases of property and -143,382 -148,315 equipment Proceeds from disposition, net 424,724 — of cash Proceeds from sale of cost 425 14,843 method investment Other 12,257 5,198 Net cash provided by (used in) 247,283 -282,922 investing activities Financing activities Proceeds from issuance of 189,020 63,018 common stock Repurchase of -1,819,060 -282,583 common stock Borrowings on securitization 477,000 432,000 facility, net Deferred -29,905 -10,827 financing costs Proceeds from 5,350,400 750,000 notes payable Principal payments on -6,017,312 -147,855 notes payable Borrowings from 11,957,000 6,435,000 revolver Payments on -10,527,000 -7,341,000 revolver Borrowings on subsidiary 906 692 swingline, net Other 2,451 -730 Net cash used in financing -416,500 -102,285 activities Effect of foreign currency -121,543 156,092 exchange rates on cash Net increase in cash and cash 425,523 458,048 equivalents and restricted cash Net decrease in cash classified within -4,573 — current assets held for sale Cash and cash equivalents and restricted 8,991,940 4,456,345 cash, beginning of period Cash and cash equivalents and restricted $ 9,412,890 $ 4,914,393 cash, end of period Supplemental cash flow information Cash paid for $ 419,966 $ 357,377 interest, net Cash paid for income taxes, $ 502,857 $ 381,403 net
(Unaudited) The following table reconciles net income attributable to Corpay to adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay.*
1Includes consolidated amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts. 2Includes losses and gains on foreign currency transactions, amortization expense attributable to the Company's noncontrolling interests, taxes associated with stock-based compensation programs and a loss on an economic hedge of a foreign-denominated purchase price of an acquisition and other non-recurring items. 3Represents provision for income taxes of pre-tax adjustments. Adjustments related to our equity method investment are tax effected at the effective tax rate of the investment as stated. 4For 2026, represents discrete taxes on net gain realized upon disposition of our PayByPhone business within Vehicle Payments and taxes related to our equity method investment. 5Excludes the impact on earnings per share of the adjustment of a noncontrolling interest to its maximum redemption value of $2.9 million and $8.7 million for the three and nine months ended September 30, 2026, respectively. * Columns may not calculate due to rounding.
Key Performance Indicators, by Segment and Revenue Per Performance Metric on a GAAP Basis and Pro Forma and Macro Adjusted
1See Exhibit 5 for a reconciliation of Pro forma and Macro Adjusted revenue by segment and metrics, non-GAAP measures, to the GAAP equivalent. 2Represents total tag subscription transactions in the quarter. Average monthly tag subscriptions for the third quarter of 2026 is 8.0 million. 3Parking transactions relates to PayByPhone, a mobile parking payments business within our Vehicle Payments segment, which we sold to a third party in March 2026. 4Other includes Gift, Outsourced Card Processing and Payroll Card. * Columns may not calculate due to rounding. Segment results for 2025 have been recast to conform with current period segment presentation.
*Columns may not calculate due to rounding. 2025 recast to conform with current period segment presentation. 10
1Results 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 reported in the Corporate Payments segment from the date of acquisition. 2Segment results for 2025 have been recast to conform to current period segment presentation. 3Other includes Gift, Outsourced Card Processing and Payroll Card. *Columns may not calculate due to rounding.
(Unaudited) The following table reconciles EBITDA, Adjusted EBITDA and Adjusted EBITDA margin to net income.*
(Unaudited) The following table reconciles full year 2026 and fourth quarter 2026 financial guidance for net income to adjusted net income and adjusted net income per diluted share, at both ends of the range.
2026 GUIDANCE Low* High* ────────────────────────────────────────────────────────────────────────────── Net income attributable to Corpay $ 1,337 $ 1,357 Net income per diluted share $ 20.03 $ 20.23 Stock-based compensation 134 134 Amortization 340 340 Gain on disposition, net -125 -125 Other 298 298 Total pre-tax adjustments $ 646 $ 646 Income taxes -136 -136 Adjusted net income $ 1,847 $ 1,867 Adjusted net income per diluted $ 27.90 $ 28.10 share Diluted shares 66 66 Q4 2026 GUIDANCE Low* High* Net income attributable to Corpay $ 361 $ 381 Net income per diluted share $ 5.59 $ 5.79 Stock-based compensation 41 41 Amortization 83 83 Other 37 37 Total pre-tax adjustments $ 161 $ 161 Income taxes -37 -37 Adjusted net income $ 485 $ 505 Adjusted net income per diluted $ 7.55 $ 7.75 share Diluted shares 65 65 * Columns may not calculate due to rounding.
Full text with the tables
Exhibit 99.1
Corpay
Reports Third Quarter Financial Results
18% revenue growth, 11% organic revenue growth, and 32% adjusted EPS growth 1
Atlanta, Ga., November 4, 2026 — Corpay, Inc. (NYSE: CPAY), the Global Spend
Management Company, today reported financial results for its third quarter ended
September 30, 2026.
“Our third quarter results were excellent, with revenue growth of 18% and
adjusted net income per diluted share growth of 32%, both ahead of our
expectations,” said Ron Clarke, chairman and chief executive officer, Corpay,
Inc. “Organic revenue growth for the quarter was 11%. We've delivered 11%
organic growth for five of the last six quarters,” concluded Clarke.
Financial Results for Third Quarter of 2026
:
GAAP Results
• Revenues increased 18% to $1,381.9 million in the third quarter of 2026,
compared with $1,172.5 million in the third quarter of 2025.
• Net income 2 increased 36% to $378.4 million in the third quarter of 2026,
compared with $277.9 million in the third quarter of 2025.
• Net income per diluted share 2 increased 45% to $5.66 in the third quarter of
2026, compared with $3.91 per diluted share in the third quarter of 2025.
Non-GAAP Results 1
• Organic revenue growth 1 of 11% in the third quarter of 2026.
• Adjusted EBITDA 1 increased 17% to $793.8 million in the third quarter of
2026, compared to $676.7 million in the third quarter of 2025.
• Adjusted net income 1,2 increased 24% to $500.7 million in the third quarter
of 2026, compared with $405.2 million in the third quarter of 2025.
• Adjusted net income per diluted share 1,2 increased 32% to $7.54 per diluted
share in the third quarter of 2026, compared with $5.70 per diluted share in the
third quarter of 2025.
“Corporate Payments delivered 18% organic revenue growth driven by strong
performance in both spend management and cross-border, and we delivered 57.4%
EBITDA margins due to the high flow through rate on revenue,” said Peter Walker,
chief financial officer, Corpay, Inc. “Through the end of the quarter we've
repurchased 5.25 million shares for $1.85 billion, inclusive of the 1.9 million
shares repurchased for $747 million in the third quarter," concluded Walker.
Fiscal Year 2026 Outlook
:
“We are raising our full-year 2026 outlook to reflect our strong third quarter
results and improved expectations for the fourth quarter,” said Peter Walker.
“At the midpoint, our updated guidance calls for full-year revenue of $5.35
billion and adjusted net income per diluted share of $28.00, representing growth
of 18% and 31%, respectively.”
For fiscal year 2026, Corpay, Inc.'s financial guidance 1 is revised as follows:
• Total revenues between $5.340 billion and $5.360 billion, growing 18% at the
midpoint year over year;
• Net income between $1.337 billion and $1.357 billion;
• Net income per diluted share between $20.03 and $20.23;
• Adjusted net income between $1.847 billion and $1.867 billion; and
• Adjusted net income per diluted share between $27.90 and $28.10, growing 31%
at the midpoint year over year.
Corpay’s guidance assumptions are as follows:
• Foreign exchange rates for the rest of the year based on Bloomberg consensus
forecasts as of October 26, 2026, except Brazilian Real based on October 26,
2026 to October 28, 2026 average;
1
• Weighted average U.S. fuel prices equal to $4.90 per gallon for the rest of
the year, based on the October 2026 EIA short-term energy outlook;
• Fuel price spreads for the rest of the year approximately flat with the 2025
full year average;
• Interest expense between $435 million and $455 million for the full year,
based on the SOFR forward curve as of October 27, 2026;
• Free cash flow is used to pay down debt;
• Proceeds from the sale of the maintenance business are used to delever;
• Approximately 66 million fully diluted shares outstanding for the full year;
• A full year adjusted effective tax rate of approximately 24% to 26%; and
• No impact related to material acquisitions or divestitures not disclosed.
Fourth Quarter of 2026 Outlook:
“For the fourth quarter, we expect revenue of approximately $1.37 billion and
adjusted net income per diluted share of $7.65 at the midpoint,” concluded
Walker.
As always, guidance may change in the future based on new information and
therefore may not reflect actual results.
Conference Call:
The Company will host a conference call to discuss third quarter 2026 financial
results today at 5:30 pm ET. Hosting the call will be Ron Clarke, chief
executive officer, Peter Walker, chief financial officer and Jim Eglseder,
investor relations. The conference call will be webcast live from the Company's
investor relations website at http://investor.corpay.com. The conference call
can also be accessed live over the phone by dialing 1-(800)-445-7795 or
1-(785)-424-1699; the Conference ID is CORPAY. A replay will be available one
hour after the call and can be accessed by dialing (844)-512-2921 or
(412)-317-6671 for international callers; the replay conference ID is 11162812.
The replay will be available through Wednesday, November 18, 2026. Prior to the
conference call, the Company will post supplemental financial information that
will be discussed during the call and live webcast.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the
federal securities laws. Statements that are not historical facts, including
statements about Corpay’s beliefs, assumptions, expectations and future
performance, are forward-looking statements. Forward-looking statements can be
identified by the use of words such as “anticipate,” “intend,” “believe,”
“estimate,” “plan,” “seek,” “project,” “expect,” “may,” “will,” “would,” “could”
or “should,” the negative of these terms or other comparable terminology and
similar expressions.
These forward-looking statements are not a guarantee of performance, and you
should not place undue reliance on such statements. We have based these forward-
looking statements on preliminary information, internal estimates and
management’s assumptions, expectations and plans about future conditions, events
and results. Forward-looking statements are subject to many uncertainties and
other variable circumstances, such as risks related to our ability to
successfully execute our strategic plan, manage our growth and achieve our
performance targets; the impact of macroeconomic conditions, including any
recession or economic downturn that has occurred or may occur in the future, and
whether expected trends, including oil prices, retail fuel prices, fuel price
spreads, fuel transaction patterns, electric vehicle adoption, retail lodging
prices, foreign exchange rates and interest rate trends develop as anticipated,
and whether we are able to develop and implement successful strategies in light
of these trends; our ability to attract new and retain existing partners, fuel
merchants, and lodging providers, their promotion and support of our products,
and their financial performance; our ability to successfully manage the
derivative financial instruments that we use in our Cross-Border solutions to
limit our exposure to various market risks, including changes in foreign
exchange rates; the failure of management assumptions and estimates, as well as
differences in, and changes to, economic, market, interest rate, interchange
fees, foreign exchange rates, and credit conditions, including changes in
borrowers’ credit risks and payment behaviors; the risks of mergers,
acquisitions and divestitures, such as our recent acquisition of a partnership
interest in AvidXchange and the acquisition of Alpha, including, without
limitation, the time and costs of implementing such transactions, integrating
operations as part of these transactions and possible failures to achieve
expected gains, revenue growth and/or expense savings from such transactions;
the risk of higher borrowing costs and adverse financial market conditions
impacting our funding and liquidity, and any reduction in our credit ratings;
our ability to successfully manage our credit risks and the sufficiency of our
allowance for expected credit losses; our ability to securitize our trade
receivables; the occurrence of fraudulent activity,
2
data breaches or failures of information security controls, or other technology
or cybersecurity-related incidents that may compromise our systems or customers’
information; any disruptions in the operations of our computer systems and data
centers; the operational and political risks and compliance and regulatory risks
and costs associated with international operations; the impact of international
conflicts, including between Russia and Ukraine, as well as within the Middle
East, on the global economy or our business and operations; the impact of
changes in global tariff and trade policies and potential retaliatory actions by
affected countries; our ability to develop and implement new technology,
products, and services; any alleged infringement of intellectual property rights
of others and our ability to protect our intellectual property; the regulation,
supervision, and examination of our business by foreign and domestic
governmental authorities, as well as litigation and regulatory actions,
including the lawsuit filed by the Federal Trade Commission (FTC); the impact of
regulations and related requirements relating to privacy, information security
and data protection; derivative and hedging activities and the related
regulations and regulatory environment; use of third-party vendors and other
third-party business relationships; and failure to comply with anti-money
laundering (AML) and anti-terrorism financing laws; changes in our senior
management team and our ability to attract, motivate and retain qualified
personnel consistent with our strategic plan; tax legislation initiatives or
challenges to our tax positions and/or interpretations, and state sales tax
rules and regulations, as well as the other risks and uncertainties identified
under the caption "Risk Factors" in the 2025 Form 10-K filed with the Securities
and Exchange Commission (“SEC”) on February 27, 2026 and subsequent filings with
the SEC made by us. These factors could cause our actual results and experience
to differ materially from any forward-looking statement made herein. The
forward-looking statements included in this press release are made only as of
the date hereof and we do not undertake, and specifically disclaim, any
obligation to update any such statements as a result of new information, future
events or developments, except as required by law. You may access Corpay’s SEC
filings for free by visiting the SEC web site at www.sec.gov.
About Non-GAAP Financial Measures:
This press release includes non-GAAP financial measures, which are used by the
Company as supplemental measures to evaluate its overall operating performance.
The Company’s definitions of the non-GAAP financial measures used herein may
differ from similarly titled measures used by others, including within our
industry. By providing these non-GAAP financial measures, together with
reconciliations to the most directly comparable GAAP financial measures, we
believe we are enhancing investors’ understanding of our business and our
results of operations, as well as assisting investors in evaluating how well we
are executing strategic initiatives. See the appendix for additional information
regarding these non-GAAP financial measures and a reconciliation to the most
directly comparable GAAP measure.
The Company refers to free cash flow, cash net income and adjusted net income
attributable to Corpay interchangeably, a non-GAAP financial measure. Adjusted
net income attributable to Corpay is calculated as net income attributable to
Corpay, adjusted to eliminate (a) non-cash stock-based compensation expense
related to stock-based compensation awards, (b) amortization of deferred
financing costs, discounts, intangible assets, amortization of the premium
recognized on the purchase of receivables and amortization attributable to the
Company's noncontrolling interest, (c) integration and deal related costs, and
(d) other non-recurring items, including unusual credit losses, certain discrete
tax items, the impact of business dispositions, impairment losses, asset write-
offs, restructuring costs, loss on extinguishment of debt, taxes associated with
stock-based compensation programs, losses and gains on foreign currency
transactions, redemption value adjustment for a noncontrolling interest and
legal settlements and related legal fees. We adjust net income for the tax
effect of adjustments using our effective income tax rate, exclusive of certain
discrete tax items. We calculate adjusted net income attributable to Corpay and
adjusted net income per diluted share attributable to Corpay to eliminate the
effect of items that we do not consider indicative of our core operating
performance.
Adjusted net income attributable to Corpay and adjusted net income per diluted
share attributable to Corpay are supplemental measures of operating performance
that do not represent and should not be considered as an alternative to net
income, net income per diluted share or cash flow from operations, as determined
by U.S. generally accepted accounting principles, or U.S. GAAP. We believe it is
useful to exclude non-cash stock-based compensation expense from adjusted net
income because non-cash equity grants made at a certain price and point in time
do not necessarily reflect how our business is performing at any particular time
and stock-based compensation expense is not a key measure of our core operating
performance. We also believe that amortization expense can vary substantially
from company to company and from period to period depending upon their financing
and accounting methods, the fair value and average expected life of their
acquired intangible assets, their capital structures and the method by which
their assets were acquired; therefore, we have excluded amortization expense
from our adjusted net income. Integration and deal related costs represent
business acquisition transaction costs, professional services fees, short-term
retention bonuses and system migration costs, etc., that are not indicative of
the performance of the underlying business. We also believe that certain
expenses, discrete tax items, gains and losses on business disposition,
recoveries (e.g. legal settlements, write-off of customer receivable, etc.),
gains and losses on
3
investments, taxes related to stock-based compensation programs and impairment
losses do not necessarily reflect how our investments and business are
performing. We adjust net income for the tax effect of each of these adjustments
using the effective tax rate during the period, exclusive of discrete tax items.
Organic revenue growth is calculated as revenue growth in the current period
adjusted for the impact of changes in the macroeconomic environment (to include
fuel price, fuel price spreads and changes in foreign exchange rates) over
revenue in the comparable prior period adjusted to include or remove the impact
of acquisitions and/or divestitures, including businesses held for sale, changes
in operational and capital structure, and non-recurring items that have occurred
subsequent to that period. We believe that organic revenue growth on a macro-
neutral, one-time item, and consistent acquisition/divestiture/non-recurring
item basis is useful to investors for understanding the performance of Corpay.
EBITDA is defined as earnings before interest expense, net, income taxes, other
expense (income), depreciation and amortization, loss on extinguishment of debt,
goodwill impairment, investment loss/gain and other operating, net. Adjusted
EBITDA is defined as EBITDA further adjusted for stock-based compensation
expense and other one-time items including certain legal expenses, restructuring
costs and integration and deal related costs and other items as listed above for
adjusted net income. EBITDA and adjusted EBITDA margin are defined as EBITDA and
adjusted EBITDA as a percentage of revenue.
Management uses adjusted net income attributable to Corpay, adjusted net income
per diluted share attributable to Corpay, organic revenue growth, EBITDA and
adjusted EBITDA:
• as measurements of operating performance because they assist us in comparing
our operating performance on a consistent basis;
• for planning purposes, including the preparation of our internal annual
operating budget;
• to allocate resources to enhance the financial performance of our business;
and
• to evaluate the performance and effectiveness of our operational strategies.
About Corpay
Corpay (NYSE: CPAY), the Global Spend Management Company, is an S&P 500 company
with three primary B2B solution sets. Spend Management, provides corporate and
virtual card programs and AP automation solutions. Cross-Border, helps
businesses manage foreign-currency exposure and provides global multi-currency
account solutions. Vehicle Solutions, controls fuel, tolls, parking and related
vehicle spend. With Corpay, control more, spend less. To learn more, visit
corpay.com.
Contact:
Investor Relations
Jim Eglseder, 770-417-4697
Jim.Eglseder@corpay.com
________________________________________________________________________________
__
1 Reconciliations of GAAP results to non-GAAP results are provided in Exhibits
1, 5 and 6 attached. Additional supplemental data is provided in Exhibits 2-4. A
reconciliation of GAAP guidance to non-GAAP guidance is provided in Exhibit 7.
2 Net income, net income per diluted share, adjusted net income and adjusted net
income per diluted share are amounts attributable to Corpay.
4
Corpay, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(In thousands, except per share amounts and percentages)
Th… Ni…
Mo… Mo…
En… En…
Se… Se…
30, 30,
20… 20… % 20… 20… %
(U… (U… Ch… (U… (U… Ch…
──────────────────────────────────────────────────────────────────────────────
R… $ 1… $ 1… 18 % $ 3… $ 3… 21 %
n…
E…
P… 2… 2… 20 % 8… 7… 19 %
S… 1… 1… 24 % 4… 3… 30 %
G…
a… 2… 1… 14 % 6… 5… 23 %
a…
D…
a… 1… 9… 24 % 3… 2… 26 %
a…
O…
o… 3… 26 NM 1… 23 NM
n…
G…
(…
on 3… -… NM 1… -… NM
d…
n…
O… 6… 5… 19 % 1… 1… 21 %
i…
O…
e…
O…
e… 1… 1… NM 3… -… NM
(…
n…
I…
e… 1… 1… 9 % 3… 2… 15 %
n…
L…
on
e… — — — % 6… 1… 3… %
of
d…
T…
o… 1… 1… 17 % 3… 2… 31 %
e…
n…
I…
b… 5… 4… 19 % 1… 1… 18 %
i…
t…
P…
f… 1… 1… -… % 3… 3… 8 %
i…
t…
N… 3… 2… 37 % 9… 8… 23 %
i…
L…
N…
i…
a… 3… 4… NM 1… 9… NM
to
n…
i…
N…
i…
a… $ 3… $ 2… 36 % $ 9… $ 8… 21 %
to
C…
B…
e… $ 5… $ 3… 45 % $ 1… $ 1… 28 %
p…
s…
D…
e… $ 5… $ 3… 45 % $ 1… $ 1… 28 %
p…
s…
W…
a…
s…
o…
B… 6… 7… 6… 7…
s…
D… 6… 7… 6… 7…
s…
*…
2…
B…
a…
D…
e…
p…
s…
a…
a…
d…
u…
t…
t…
m…
NM
-
N…
M…
5
Corpay, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
September 30, December 31,
2026 2025
──────────────────────────────────────────────────────────────────────────────
-Unaudited
Assets
Current
assets:
Cash and cash $ 3,072,988 $ 2,408,097
equivalents
Restricted 6,339,902 6,583,843
cash
Accounts and
other
receivables 2,967,826 2,145,679
(less
allowance)
Securitized
accounts
receivable — 2,300,000 1,823,000
restricted for
securitization
investors
Prepaid
expenses and 1,563,507 1,002,621
other current
assets
Total current 16,244,223 13,963,240
assets
Property and 483,915 472,310
equipment, net
Goodwill and
other 10,018,381 10,802,551
intangibles,
net
Other assets 1,340,714 1,170,034
Total assets $ 28,087,233 $ 26,408,135
Liabilities,
Redeemable
Noncontrolling
Interest and
Equity
Current
liabilities:
Customer 8,070,388 8,118,566
deposits
Accounts
payable,
accrued 3,784,680 2,832,581
expenses and
other current
liabilities
Securitization 2,300,000 1,823,000
facility
Current
portion of
notes payable 2,861,372 1,522,530
and
lines of
credit
Total current 17,016,440 14,296,677
liabilities
Notes payable
and other
obligations, 6,071,735 6,656,157
less current
portion
Deferred 557,375 614,345
income taxes
Other
noncurrent 778,152 612,279
liabilities
Total
noncurrent 7,407,262 7,882,781
liabilities
Commitments
and
contingencies
Redeemable
noncontrolling 320,000 302,000
interest
Stockholders’
equity:
Common stock 133 132
Additional
paid-in 4,252,024 3,970,077
capital
Retained 11,232,857 10,264,751
earnings
Accumulated
other -1,361,644 -1,392,154
comprehensive
loss
Treasury stock -10,826,489 -8,958,942
Total Corpay
stockholders’ 3,296,881 3,883,864
equity
Noncontrolling 46,650 42,813
interest
Total equity 3,343,531 3,926,677
Total
liabilities,
redeemable $ 28,087,233 $ 26,408,135
noncontrolling
interest and
equity
6
Corpay, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
Nine Months
Ended September
30,
Operating 2026 2025
activities (Unaudited) (Unaudited)
──────────────────────────────────────────────────────────────────────────────
Net income $ 987,782 $ 806,332
Adjustments to
reconcile net
income to
net cash
provided by
operating
activities:
Depreciation 109,203 90,944
Stock-based 92,928 74,826
compensation
Provision for
credit losses on
accounts 141,644 89,841
and other
receivables
Provision for 100,000 —
legal settlement
Amortization of
deferred 9,985 15,205
financing costs
and discounts
Amortization of
intangible
assets and 239,594 185,757
premium on
receivables
Loss on
extinguishment 6,557 1,596
of debt
Deferred income -95,898 -38,503
taxes
(Gain) loss on
disposition of -125,534 11,171
business
Other non-cash
operating 39,077 -8,022
expense
(income), net
Changes in
operating assets
and -789,055 -541,984
liabilities (net
of
acquisitions/di…
Net cash
provided by 716,283 687,163
operating
activities
Investing
activities
Acquisitions,
net of cash -46,741 -154,648
acquired
Purchases of
property and -143,382 -148,315
equipment
Proceeds from
disposition, net 424,724 —
of cash
Proceeds from
sale of cost 425 14,843
method
investment
Other 12,257 5,198
Net cash
provided by
(used in) 247,283 -282,922
investing
activities
Financing
activities
Proceeds from
issuance of 189,020 63,018
common stock
Repurchase of -1,819,060 -282,583
common stock
Borrowings on
securitization 477,000 432,000
facility,
net
Deferred -29,905 -10,827
financing costs
Proceeds from 5,350,400 750,000
notes payable
Principal
payments on -6,017,312 -147,855
notes payable
Borrowings from 11,957,000 6,435,000
revolver
Payments on -10,527,000 -7,341,000
revolver
Borrowings on
subsidiary 906 692
swingline, net
Other 2,451 -730
Net cash used in
financing -416,500 -102,285
activities
Effect of
foreign currency -121,543 156,092
exchange
rates on cash
Net increase in
cash and cash 425,523 458,048
equivalents and
restricted cash
Net decrease in
cash classified
within -4,573 —
current assets
held for sale
Cash and cash
equivalents and
restricted 8,991,940 4,456,345
cash, beginning
of period
Cash and cash
equivalents and
restricted $ 9,412,890 $ 4,914,393
cash, end of
period
Supplemental
cash flow
information
Cash paid for $ 419,966 $ 357,377
interest, net
Cash paid for
income taxes, $ 502,857 $ 381,403
net
7
Exhibit 1
RECONCILIATION OF NON-GAAP MEASURES
(In thousands, except per share amounts; shares in millions)
(Unaudited)
The following table reconciles net income attributable to Corpay to adjusted net
income attributable to Corpay and adjusted net income per diluted share
attributable to Corpay.*
Three Nine
Months Months
Ended Ended
Septemb… Septem…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
income
attri… $ 378,422 $ 277,941 $ 976,795 $ 805,342
to
Corpay
Stock… 33,419 27,593 92,928 74,826
compe…
Amort… 81,310 70,759 249,579 200,962
Legal
settl… 635 1,970 102,161 2,833
and
litig…
Loss
on
extin… — — 6,557 1,596
of
debt
Integ…
and
deal 17,200 15,699 72,253 41,540
relat…
costs
Restr…
and 5,686 3,427 12,565 9,557
relat…
costs
(Gain)
loss
on -3,012 11,171 -125,5… 11,171
dispo…
net
Adjus…
at
equity
method 19,405 — 55,116 —
inves…
net of
tax
Other2 2,489 201 15,511 -195
Total 157,132 130,820 481,136 342,290
adjus…
Income
tax
impact
of
pre-t… -35,843 -34,739 -140,7… -90,195
adjus…
at the
effec…
tax
rate3
Discr…
tax 993 31,201 45,096 37,132
items4
Adjus…
net
income $ 500,704 $ 405,223 $ 1,362,… $ 1,094,5…
attri…
to
Corpay
Adjus…
net
income
per
dilut… $ 7.54 $ 5.70 $ 20.34 $ 15.34
share
attri…
to
Corpa…
Dilut… 66.4 71.1 67.0 71.4
shares
1Includes consolidated amortization related to
intangible assets, premium on receivables,
deferred financing costs and debt discounts.
2Includes losses and gains on foreign currency
transactions, amortization expense attributable to
the Company's noncontrolling interests, taxes
associated with stock-based compensation programs
and a loss on an economic hedge of a
foreign-denominated purchase price of an
acquisition and other non-recurring items.
3Represents provision for income taxes of pre-tax
adjustments. Adjustments related to our equity
method investment are tax effected at the
effective tax rate of the investment as stated.
4For 2026, represents discrete taxes on net gain
realized upon disposition of our PayByPhone
business within Vehicle Payments and taxes related
to our equity method investment.
5Excludes the impact on earnings per share of the
adjustment of a noncontrolling interest to its
maximum redemption value of $2.9 million and $8.7
million for the three and nine months ended
September 30, 2026, respectively.
* Columns may not calculate due to rounding.
8
Exhibit 2
Key Performance Indicators, by Segment and Revenue Per Performance Metric on a
GAAP Basis and Pro Forma and Macro Adjusted
(In millions except revenues, net per key performance metric and percentages)
(Unaudited)
The
fol…
tab…
pre…
rev…
net
and
rev…
net
per
key
per…
met…
by
seg…
Pro
As Forma
Repo… and
Macro
Adju…
Three Three
Mont… Mont…
Ended Ended
Sept… Sept…
30, 30,
2026 2025 Chan… % 2026 2025 Chan… %
Chan… Chan…
COR…
PAY…
'-
Rev… $571… $405… $165… 41% $567… $480… $87.0 18%
net
'-
Spe… $95,… $65,… $29,… 45% $95,… $76,… $18,… 24%
vol…
'-
Rev…
net 0.60% 0.62% (0.0… (3)% 0.60% 0.63% (0.0… (5)%
per
spe…
$
VEH…
PAY…
'-
Rev… $579… $538… $41.5 8% $522… $485… $37.0 8%
net
'- 152.4 207.3 -54.9 (26)% 148.2 136.3 11.9 9%
Tra…
'-
Rev…
net $3.80 $2.60 $1.21 47% $3.53 $3.56 $(0.… (1)%
per
tra…
'-
Tag 23.9 22.9 1.0 4% 23.9 22.9 1.0 4%
tra…
'-
Par… — 65.3 -65.3 (100… — — — —%
tra…
-
Fle… 102.6 102.8 -0.2 —% 98.4 96.8 1.6 2%
tra…
-
Oth… 25.9 16.4 9.6 58% 25.9 16.6 9.3 56%
tra…
LOD…
PAY…
'-
Rev… $131… $127… $4.1 3% $130… $127… $3.8 3%
net
'-
Room 7.7 8.9 -1.3 (14)% 7.7 8.9 -1.3 (14)%
nig…
'-
Rev…
net $17.… $14.… $2.86 20% $17.… $14.… $2.82 20%
per
room
nig…
OTH…
'-
Rev… $99.7 $101… $(1.… (2)% $99.9 $101… $(1.… (1)%
net
'- 398.0 384.2 13.8 4% 398.0 384.2 13.8 4%
Tra…
'-
Rev…
net $0.25 $0.26 $(0.… (5)% $0.25 $0.26 $(0.… (5)%
per
tra…
COR…
CON…
REV…
'-
Rev… $1,3… $1,1… $209… 18% $1,3… $1,1… $126… 11%
net
1See Exhibit 5 for a reconciliation of Pro forma
and Macro Adjusted revenue by segment and metrics,
non-GAAP measures, to the GAAP equivalent.
2Represents total tag subscription transactions in
the quarter. Average monthly tag subscriptions for
the third quarter of 2026 is 8.0 million.
3Parking transactions relates to PayByPhone, a
mobile parking payments business within our
Vehicle Payments segment, which we sold to a third
party in March 2026.
4Other includes Gift, Outsourced Card Processing
and Payroll Card.
* Columns may not calculate due to rounding.
Segment results for 2025 have been recast to
conform with current period segment presentation.
9
Exhibit 3
Revenues by Geography and Segment
(In millions, except percentages)
(Unaudited)
… …
… … …
… … …
… … …
… … … % … % … … % … %
──────────────────────────────────────────────────────────────────────────────
$ … … % $ … … % $ … … % $ … …
… … % … … % … … % … …
… … % … … % … … % … …
… … % … … % … … % … …
$ … … % $ … … % $ … … % $ … …
*Columns may not calculate due to rounding.
… …
… … …
… … …
… … …
… … … % … % … … % … %
──────────────────────────────────────────────────────────────────────────────
$ … … % $ … … % $ … … % $ … …
… … % … … % … … % … …
… 9 % … … % … 9 % … …
… 7 % … 9 % … 7 % … 8
$ … … % $ … … % $ … … % $ … …
*Columns may not calculate due to rounding. 2025 recast to conform with current
period segment presentation.
10
Exhibit 4
Segment Results*
(In thousands, except percentages)
(Unaudited)
Th… Ni…
Mo… Mo…
En… En…
Se… Se…
R… 30, % 30, %
n… 20… 20… Ch… 20… 2… C…
──────────────────────────────────────────────────────────────────────────────
C… $ 57… $ 40… 41 % $ 1,… $ 1,… 43 %
P…
V… 57… 53… 8 % 1,… 1,… 13 %
P…
L… 13… 12… 3 % 36… 35… 2 %
P…
O… 99… 10… -2 % 26… 26… 3 %
$ 1,… $ 1,… 18 % $ 3,… $ 3,… 21 %
O…
i…
C… $ 22… $ 17… 31 % $ 60… $ 46… 32 %
P…
V… 29… 25… 16 % 87… 72… 21 %
P…
L… 57… 56… 2 % 15… 14… 1 %
P…
O… 39… 36… 9 % 10… 99… 5 %
$ 62… $ 52… 19 % $ 1,… $ 1,… 21 %
D…
a…
a…
C… $ 57… $ 30… 91 % $ 16… $ 90… 86 %
P…
V… 43… 47… -9 % 13… 14… -2 %
P…
L… 11… 12… -6 % 34… 38… -9 %
P…
O… 2,… 2,… 9 % 8,… 7,… 6 %
$ 11… $ 93… 24 % $ 34… $ 27… 26 %
1Results 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
reported in the Corporate Payments segment from
the date of acquisition.
2Segment results for 2025 have been recast to
conform to current period segment presentation.
3Other includes Gift, Outsourced Card Processing
and Payroll Card.
*Columns may not calculate due to rounding.
11
Exhibit 5
Reconciliation of Non-GAAP Revenue and Key Performance Metric
by Segment to GAAP
(In millions)
(Unaudited)
Key
Reven… Perfor…
net Metric
Three Three
Months Months
CORP… Ended Ended
PAYM… Septe… Septem…
- 30, 30,
SPEND 2026* 2025* 2026* 2025*
──────────────────────────────────────────────────────────────────────────────
Pro
forma
and $ 567.5 $ 480.5 $ 95,301 $ 76,795
macro
adju…
Impa…
of — -74.6 — -11,2…
acqu…
Impa…
of 3.4 — — —
fuel
pric…
Impa…
of
fore… 0.4 — — —
exch…
rates
As $ 571.3 $ 405.9 $ 95,301 $ 65,592
repo…
VEHI…
PAYM…
-
TRAN…
Pro
forma
and $ 522.7 $ 485.7 148.2 136.3
macro
adju…
Impa…
of 28.6 52.6 4.1 71.0
acqu…
Impa…
of 13.4 — — —
fuel
pric…
Impa…
of
fore… 15.2 — — —
exch…
rates
As $ 579.8 $ 538.3 152.4 207.3
repo…
LODG…
PAYM…
-
ROOM
NIGH…
Pro
forma
and $ 130.8 $ 127.0 7.7 8.9
macro
adju…
Impa…
of — — — —
acqu…
Impa…
of — — — —
fuel
pric…
Impa…
of
fore… 0.3 — — —
exch…
rates
As $ 131.1 $ 127.0 7.7 8.9
repo…
OTHE…
TRAN…
Pro
forma
and $ 99.9 $ 101.3 398.0 384.2
macro
adju…
Impa…
of — — — —
acqu…
Impa…
of — — — —
fuel
pric…
Impa…
of
fore… -0.2 — — —
exch…
rates
As $ 99.7 $ 101.3 398.0 384.2
repo…
CORP…
CONS…
REVE…
Pro
forma Intent…
and $ 1,320… $ 1,194… Left
macro Blank
adju…
Impa…
of 28.6 -22.0
acqu…
Impa…
of 16.8 —
fuel
pric…
Impa…
of
fore… 15.6 —
exch…
rate…
As $ 1,381… $ 1,172…
repo…
1Rev…
refl…
2025
prof…
impa…
of
acqu…
of
Alpha
Grou…
2Rev…
refl…
2025
prof…
impa…
of
disp…
of
PayB…
and
BP
fuel
card
port…
as
well
as
the
2026
and
2025
impa…
of
the
main…
busi…
clas…
as
held
for
sale.
3Oth…
incl…
Gift,
Outs…
Card
Proc…
and
Payr…
Card.
4Rev…
refl…
the
posi…
impa…
of
move…
in
fore…
exch…
rates
of
appr…
$16
mill…
the
posi…
impa…
from
fuel
pric…
of
appr…
$22
mill…
and
the
nega…
impa…
of
fuel
price
spre…
of
appr…
$5
mill…
*
Colu…
may
not
calc…
due
to
roun…
2025
reca…
to
conf…
with
curr…
peri…
segm…
pres…
12
Exhibit 6
RECONCILIATION OF NON-GAAP EBITDA AND ADJUSTED EBITDA MEASURES
(In millions, except percentages)
(Unaudited)
The following table reconciles EBITDA, Adjusted EBITDA and Adjusted EBITDA
margin to net income.*
Three Nine
Mont… Mont…
Ended Ended
Sept… Sept…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 382.3 $ 278.4 $ 987.8 $ 806.3
inc…
Pro…
for 120.0 143.3 364.3 336.0
inc…
tax…
Int…
exp… 108.8 100.0 333.6 290.8
net
Oth…
exp… 10.2 1.4 37.5 -5.1
net
Dep…
and 115.7 93.2 348.8 276.7
amo…
(Ga…
loss
on -3.0 11.2 -125… 11.2
dis…
net
Loss
on
ext… — — 6.6 1.6
of
debt
Oth…
ope… 0.3 — 107.6 —
net
EBI… $ 734.2 $ 627.5 $ 2,06… $ 1,71…
Sto… $ 33.4 $ 27.6 $ 92.9 $ 74.8
com…
Oth… 26.1 21.6 96.1 60.4
add…
Adj… $ 793.8 $ 676.7 $ 2,24… $ 1,85…
EBI…
Rev… $ 1,38… $ 1,17… $ 3,98… $ 3,28…
net
Adj…
EBI… 57.4 % 57.7 % 56.5 % 56.5 %
mar…
1In…
cer…
leg…
exp…
res…
cos…
and
int…
and
deal
rel…
cos…
*
Col…
may
not
cal…
due
to
rou…
13
Exhibit 7
RECONCILIATION OF NON-GAAP GUIDANCE MEASURES
(In millions, except per share amounts)
(Unaudited)
The following table reconciles full year 2026 and fourth quarter 2026 financial
guidance for net income to adjusted net income and adjusted net income per
diluted share, at both ends of the range.
2026 GUIDANCE
Low* High*
──────────────────────────────────────────────────────────────────────────────
Net income attributable to Corpay $ 1,337 $ 1,357
Net income per diluted share $ 20.03 $ 20.23
Stock-based compensation 134 134
Amortization 340 340
Gain on disposition, net -125 -125
Other 298 298
Total pre-tax adjustments $ 646 $ 646
Income taxes -136 -136
Adjusted net income $ 1,847 $ 1,867
Adjusted net income per diluted $ 27.90 $ 28.10
share
Diluted shares 66 66
Q4 2026 GUIDANCE
Low* High*
Net income attributable to Corpay $ 361 $ 381
Net income per diluted share $ 5.59 $ 5.79
Stock-based compensation 41 41
Amortization 83 83
Other 37 37
Total pre-tax adjustments $ 161 $ 161
Income taxes -37 -37
Adjusted net income $ 485 $ 505
Adjusted net income per diluted $ 7.55 $ 7.75
share
Diluted shares 65 65
* Columns may not calculate due
to
rounding.
14