Results
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.
5“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%.
1We've delivered 11% organic growth for five of the last six quarters,” concluded Clarke.
Financial Results for Third Quarter of 2026 :
GAAP Results
7Revenues 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.
6Net 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
3Organic revenue growth 1 of 11% in the third quarter of 2026.
8Adjusted 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.
2“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 :
4“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;
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.
Hosting the call will be Ron Clarke, chief executive officer, Peter Walker, chief financial officer and Jim Eglseder, investor relations.
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.
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
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.
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.
Corpay, Inc. and Subsidiaries
23 boilerplate lines (safe-harbor disclaimer, contacts, call details) are set aside.