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Key Takeaways Corpay delivered double-digit organic revenue growth for the fifth consecutive quarter.Corporate Payments posted 16% organic growth, supported by cross-border, payables and spend growth.Corpay raised its 2026 revenue and EPS guidance and repurchased $1.1B in shares. Corpay (CPAY - Free Report) stock has jumped 14.9% in the past three months. While the stock lagged the industry’s 20.5% return, it surpassed the Zacks S&P 500 Composite's marginal uptick.

3-Month Share Price Performance                                                                 Image Source: Zacks Investment Research

Let us delve deeper into the factors that have contributed to the company’s performance.

Sustained Organic Growth, Corporate Payments Drive MomentumCorpay recorded double-digit organic revenue growth for the fifth consecutive quarter in the second quarter of 2026. This consistency was led by the Corporate Payments segment, which notably posted 16% year-over-year organic growth during the second quarter of 2026 despite a 180-basis-point drag from lower interest rates.

Solid performance across cross-border and payables, coupled with 43% year-over-year growth in organic spend, supported the segment’s growth. Organic growth trajectory’s durability is supported by the company’s 30% year-over-year bookings growth and management’s expectation for the Corporate Payments segment’s mid-teens-plus organic growth.

Optimistic 2026 OutlookOver the past two reported quarters, management appears to have an optimistic view of the company’s top- and bottom-line trajectory for 2026. During the first quarter, the company expected 2026 revenues to be $5.25-$5.33 billion, which was then revised to $5.29-$5.33 billion in the following quarter. Raising the lower end of the guidance, management anticipates a higher minimum revenue baseline for 2026, hinting at greater confidence in the outlook.

For EPS, the guidance was raised to $27.15-$27.55 in the second quarter of 2026 from the preceding quarter’s view of $26.3-$27.1. Raising the bottom-line guidance highlights stronger-than-expected first-half results, continued business momentum and productivity enhancements.

Aggressive Buybacks Support Bottom LineDuring the first half of 2026, Corpay deployed substantial capital toward share repurchases, buying back $1.1 billion worth of shares. The company's earnings outlook was supported by the lower share count, while management plans to leverage divestiture proceeds for additional buybacks. Refinancing raised the company’s revolver to $3.7 billion, extended debt maturities, and lowered borrowing costs. At the end of the second quarter of 2026, the company had $1.6 billion in revolver capacity, which allowed it to retain flexibility to pursue buybacks and accretive acquisitions. This strategy supports the company’s long-term bottom-line growth momentum.

Zacks Rank & Stocks to ConsiderCPAY currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader Zacks Business Services sector are Acuity (AYI - Free Report) and Amadeus IT Group (AMADY - Free Report) , each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Acuity has a long-term earnings growth expectation of 10%. AYI delivered a trailing four-quarter earnings surprise of 4.9%, on average.

Amadeus IT Group has a long-term earnings growth expectation of 34.5%. AMADY delivered a trailing four-quarter earnings surprise of 4.2%, on average.

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Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.

The Style Scores are broken down into four categories:

Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.8% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Corpay (CPAY - Free Report) Peachtree Corners, GA based Corpay, Inc. is a global commercial payments solution provider. Through its portfolio of brands, Corpay helps companies automate, secure, digitize and control payments to, or on behalf of, their employees and suppliers. Corpay serves businesses, partners and merchants in North America, Latin America, Europe and the Asia Pacific.

CPAY is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Business Services stock. CPAY has a Momentum Style Score of B, and shares are up 3.5% over the past four weeks.

For fiscal 2026, eight analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.56 to $27.40 per share. CPAY boasts an average earnings surprise of +3.6%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, CPAY should be on investors' short list.

Corpay, Inc., (NYSE: CPAY), the corporate payments company, today announced that the Company will participate in the following investor conferences:On Thursday,

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Key Takeaways CPAY stock rallied 10.4% in a month compared with the industry's 2.5% gain. The S&P 500 composite rose 4.1%.CPAY's Corporate Payments revenues jumped 42% in Q2, while Vehicle revenues increased 13% year over year.Corpay's Q2 operating costs rose 9%, while its 0.97 current ratio trailed the industry's 1.07. Shares of Corpay, Inc. (CPAY - Free Report) have had a decent run over the past month. The stock has risen 10.4% compared with the industry’s 2.5% growth. The Zacks S&P 500 composite has gained 4.1% during the said time frame.

The company’s third-quarter 2026 earnings are expected to increase 25.8% year over year. Its 2026 and 2027 earnings are projected to rise 28.2% and 14.1%, respectively. Revenues are anticipated to grow 17.4% in 2026 and 8% in 2027.

Factors That Bode Well for CPAYContinued Momentum for Corporate Payments: Corpay’s Corporate Payments segment continues to grow, driven by strong execution, accelerating cross-border activity and continued portfolio transformation efforts. The segment's revenues jumped 42% year over year to $548.7 million and accounted for 41% of consolidated revenues for the second quarter of 2026. On a pro forma and macro-adjusted basis, segment revenues increased 16% to $538.1 million.

Vehicle Business Remains Solid: CPAY’s Vehicle business consistently delivers strong results, supported by strong demand in the United States, Europe and Brazil. Revenues from the segment increased 13% year over year during the second quarter of 2026. The company continues to develop new brand advertisements to raise awareness while exploring new monetization options with its merchant and vendor base through instant payment options, debit card payments and eChecks.

Acquisitions & Investments Drive Growth: The company continues to pursue acquisitions and investments both domestically in the United States and globally to drive long-term growth. The acquisition of Alpha Group International plc, a European business-to-business cross-border foreign exchange solution firm, in November 2025 has expanded its global customer reach. The company invested in AvidXchange, which continued to perform strongly. These investments mark a significant expansion of the company's product portfolio and geographic presence.

Watch Out for These Risks to CPAY StockElevated Expenses: Corpay is witnessing high operating and interest expenses. Interest expense increased 9.8% and 5.4% year over year in 2024 and 2025, respectively. The company reported that its operating costs rose 9% year over year during the second quarter of 2026, primarily driven by increased sales investments and modestly higher credit losses. Hence, the bottom line is likely to remain under pressure going forward.

Bleak Liquidity: CPAY’s current ratio (a measure of liquidity) at the end of the second quarter of 2026 was 0.97, lower than the industry's 1.07 and the year-ago quarter’s 1.12 figures. A current ratio of less than 1 indicates that the company might have difficulty meeting its short-term obligations.

Corpay currently carries a Zacks Rank of #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Stocks to ConsiderA couple of better-ranked stocks in the broader Business Services sector are Bright Horizons Family Solutions Inc. (BFAM - Free Report) and CBIZ, Inc. (CBZ - Free Report) .

Bright Horizons Family Solutions carries a Zacks Rank #2 (Buy) at present. It has a long-term earnings growth expectation of 13.9%.

BFAM delivered a trailing four-quarter earnings surprise of 7.6%, on average.

CBIZ also holds a Zacks Rank of 2 at present. It has a long-term earnings growth expectation of 11.6%.

CBZ beat earnings estimates in three of the last four quarters and missed once, with an average earnings surprise of 8.9%.

MarketBeat Week in Review – 05/18 - 05/22Volatus Aerospace outlined plans to expand its drone manufacturing, cargo delivery, wildfire-response and defense capabilities, while acknowledging that supply-chain constraints and delays in government procurement have affected the timing of some revenue and contract deliveries.

During the company’s earnings call, Chief Executive Officer Glen Lynch said Volatus’ Mirabel manufacturing facility has been designed for an estimated annual revenue capacity of about CAD 250 million, depending on the mix of products produced there. The company has begun producing its docking system at the facility and has shipped units to Western Canada for standby wildfire deployments, he said.

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Corpay’s Quiet Strength Is Winning Wall StreetLynch said several additional platforms are expected to enter production in the coming months, representing roughly 35% to 40% of the facility’s footprint. However, the eventual production mix remains dependent on discussions with the Canadian government and military regarding scalable domestic manufacturing capacity.

Manufacturing Capacity and Defense Demand
Lynch said the Canadian military’s objective is to rapidly place drones in the hands of military personnel and sustain those systems. He described a potential need to shift production from a hypothetical 10,000 drones annually to 10,000 drones monthly if required.

That level of scalable capacity would require government support, including investment in manufacturing capacity and strategic reserves of supply-chain components, according to Lynch. He said the challenge is ensuring Volatus can meet a sudden increase in military demand without disrupting commitments to commercial customers or allied nations.

“The supply chain in Canada, and for that matter around all of the allied nations, is underdeveloped when it comes particularly to the smaller attritable drones,” Lynch said.

He added that the Mirabel facility’s output potential will vary depending on whether more floor space is dedicated to larger systems or smaller, high-volume drones.

Cargo, Medical and Remote-Delivery Applications
Volatus sees potential commercial and defense applications for its cargo-capable drone platforms. Lynch said the Condor can carry up to 180 kilograms and could be used for cargo delivery, frontline supplies and casualty evacuation, or CASEVAC, applications.

The company also recently announced a partnership with Spain-based Singular Aircraft involving the FlyOx 1 platform. While the aircraft was originally designed as a water bomber, Lynch said it can be reconfigured by removing water and fire-suppressant bladders and adding cargo capacity and hydraulic doors for deliveries to remote locations.

Potential uses include disaster recovery, emergency management and delivery of medical supplies, he said. Volatus also has platforms being used in programs involving heavy-load lifting to wind turbines.

Lynch highlighted the company’s Canary aircraft, which is conducting cargo deliveries at Edmonton Airport. Volatus recently received a Pre-Validated Declaration for a complete remotely piloted aircraft system, he said. The Canary includes an onboard detect-and-avoid system that does not rely on ground-based radar to avoid uncooperative aircraft traffic.

Wildfire Proposal Gains Government Attention
Lynch said Volatus has been pursuing wildfire-response capabilities since 2022, but earlier efforts were limited by regulations and technology maturity. The company is now proposing a layered approach that combines satellite information, persistent surveillance drones and remotely piloted water-bombing aircraft.

The strategy is intended to identify high-risk areas and new fire ignitions earlier, allowing aircraft such as the FlyOx 1 to deploy a 1,500-liter load of water or fire suppressant while a fire remains small. Lynch said the remotely piloted systems could also support around-the-clock operations, unlike some conventional aerial firefighting operations that face restrictions intended to protect pilots.

Volatus is not seeking to replace existing water-bomber fleets or wildfire personnel, Lynch said. Rather, its proposal is intended to supplement those resources by improving surveillance and early response.

The company’s wildfire proposals have received engagement at both federal and provincial levels, according to Lynch, though he said it remains uncertain whether that interest will translate into large orders.

Supply Chain, Revenue Timing and Procurement
Lynch said a CAD 2.6 million defense contract that shifted from the second quarter was delayed by supply-chain issues rather than contract problems. He said Volatus has overcome the relevant supply issue and has a “very high” confidence level in delivery during the third quarter, although some delivery could extend into the fourth quarter.

Chief Financial Officer Abby Singhvi said the CAD 56 million figure presented in May was a planning target that incorporated assumptions for organic growth and merger-and-acquisition contributions. Some expected M&A activity did not occur within the timeline assumed in that plan, she said.

Singhvi said investors should not simply subtract CAD 14 million from a CAD 50.6 million figure to estimate second-half revenue. She said the company still expects a stronger second half than the first quarter on an organic basis, including delivery of the CAD 2.6 million that had been reflected as deferred revenue on the balance sheet.

Volatus is continuing to assess M&A opportunities in commercial and defense markets, she said.

Lynch said government procurement timing remains difficult to predict. He cited the delayed launch of Canada’s Defence Investment Agency as an example of a development outside the company’s control. Still, he said demand signals from defense customers are strong and procurement mechanisms are advancing.

Deep-Strike and Domestic Supply-Chain Opportunities
Volatus is also pursuing partnerships related to Canada’s emerging deep-precision-strike initiative. Lynch said Volatus can contribute guidance systems and air vehicles, including its V-Cortex AI technology, seeker tracker and assured navigation module.

He said the company does not intend to manufacture rocket motors or energetics, such as warhead components, and instead is working with potential Canadian partners that specialize in those areas. Lynch said the government’s initial target is to have capability in place by June 2027, which will likely require partnerships with companies outside Canada before greater sovereign domestic capability is developed in a second phase.

On the supply-chain front, Lynch identified batteries and motors as the most significant constraints for smaller drones. He said Volatus is working to diversify suppliers and is participating in domestic supply-chain development, including a partnership with Concordia University and its Volt-Age program focused on energy and battery-related requirements.

About Corpay (NYSE:CPAY)Corpay is a global corporate payments company that provides businesses with a range of payment and expense management solutions. Its services are designed to help organizations manage payables, card programs, travel and fleet-related expenses, and cross-border transactions more efficiently.

The company serves customers across a variety of industries and geographies, offering software and payment tools that streamline accounts payable, vendor payments, and workforce payments. Corpay also provides specialized solutions for fleet management and international payments, helping businesses control costs and simplify financial operations.

Corpay operates as part of the broader financial technology and payment processing sector.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

#1 (Strong Buy) stocks have produced an unmatched +23.94% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Corpay (CPAY - Free Report) Peachtree Corners, GA based Corpay, Inc. is a global commercial payments solution provider. Through its portfolio of brands, Corpay helps companies automate, secure, digitize and control payments to, or on behalf of, their employees and suppliers. Corpay serves businesses, partners and merchants in North America, Latin America, Europe and the Asia Pacific.

CPAY is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Business Services stock. CPAY has a Momentum Style Score of A, and shares are up 10.7% over the past four weeks.

For fiscal 2026, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.11 to $26.97 per share. CPAY boasts an average earnings surprise of +3.6%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, CPAY should be on investors' short list.

Key Takeaways Corpay's adjusted EPS rose 36% y/y to $7, while revenues climbed 21% to $1.33 billion.Corporate Payments revenues jumped 42% as reported spend volume surged 70% to $94.64 billion.Corpay raised 2026 adjusted EPS guidance to $27.15-$27.55 and expects 10% organic growth. Corpay, Inc. (CPAY - Free Report) reported impressive second-quarter 2026 results, with earnings and revenues beating the Zacks Consensus Estimate.

CPAY reported adjusted earnings per share of $7, rising 36% year over year and surpassing the Zacks Consensus Estimate of $6.60 by 6.1%. Revenues increased 21% to $1.33 billion, beating the consensus mark by 2.6%.

CPAY’s Corporate Payments Momentum ContinuesCorporate Payments revenues jumped 42% year over year to $548.7 million and accounted for 41% of consolidated revenues. On a pro-forma and macro-adjusted basis, segment revenues advanced 16% to $538.1 million.

Spend volume surged 70% on a reported basis to $94.64 billion. Pro-forma and macro-adjusted spend increased 43%, reflecting strong customer activity across cross-border and payables. Revenues per spend dollar declined to 0.58% from 0.70%, partly reflecting the addition of larger enterprise clients carrying lower yields.

Corpay’s Vehicle Business Posts Solid GrowthVehicle Payments revenues increased 13% year over year to $580.2 million, making it Corpay’s largest segment. Pro-forma and macro-adjusted revenues rose 8% to $523.5 million, supported by continued strength in Brazil and Europe.

Reported transactions declined 29% to 147.6 million because the prior-year period included activity from the PayByPhone business, which Corpay sold in March 2026. On an adjusted basis, transactions increased 8%, while revenues per transaction were unchanged at $3.56.

CPAY Sees Gradual Improvement in LodgingLodging Payments revenues rose 3% year over year to $123.2 million. Organic growth was 2%, improving sequentially as the company moved past difficult comparisons created by episodic events in the prior year.

Room nights declined 13% to 7.5 million. However, revenues per room night increased 18% to $16.34, helping the segment deliver revenue growth despite lower volume. Management expects Lodging organic growth to accelerate to the mid-single-digit range during the second half.

Corpay Expands Margins Despite Higher CostsAdjusted EBITDA increased 24% year over year to $767.2 million. The adjusted EBITDA margin expanded 100 basis points to 57.3%, benefiting from operating leverage and favorable macroeconomic conditions.

Operating costs rose 9% after excluding foreign exchange movements, acquisitions, stock-based compensation, amortization and a settlement charge. The increase primarily reflected sales investments and modestly higher credit losses. Corpay also recorded a $100-million charge related to a preliminary settlement with the Federal Trade Commission’s Bureau of Consumer Protection.

CPAY Strengthens Its Financial PositionCorpay generated $1.41 billion in net cash from operating activities during the first six months of 2026, up from $1.07 billion in the prior-year period. The company ended June with $3.16 billion in cash and cash equivalents, and $7.00 billion in restricted cash.

The leverage ratio stood at 2.55X, while available capacity under the revolving credit facility was $1.6 billion. CPAY repurchased about 1 million shares for $321 million during the quarter and had $1.4 billion remaining under its authorization.

Corpay also refinanced its revolving credit facility and Term Loan A. The transaction increased the revolver by about $1 billion to $3.7 billion and included a $1-billion repayment of Term Loan B, extending maturities and improving financial flexibility.

Corpay’s Q3 & FY26 GuidanceFor the third quarter, revenues are projected at $1.36 billion at the midpoint, suggesting 16% year-over-year growth, higher than the Zacks Consensus Estimate of $1.31 billion.

Adjusted earnings are expected to be $7.15 at the midpoint, hinting at 26% year-over-year growth. It sits higher than the Zacks Consensus Estimate of 6.59.

For 2026, Corpay updated its revenue guidance to $5.29-$5.33 billion from the year-ago quarter’s $5.25-$5.33 billion. The consensus estimate meets the midpoint ($5.31 billion) of the guided range. The outlook incorporates the second-quarter outperformance, improved business momentum and favorable macro conditions, partly offset by the planned sale of the Epyx maintenance business.

The adjusted earnings guidance is raised to $27.15-$27.55 per share from the year-ago quarter’s view of $26.3-$27.1. The Zacks Consensus Estimate for earnings is pinned at $26.85. The company continues to expect 10% organic revenue growth for the year.

Corpay carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Earnings SnapshotInsperity, Inc. (NSP - Free Report) reported impressive second-quarter 2026 results.

NSP reported adjusted earnings of 34 cents per share in the second quarter of 2026, up 31% year over year and surpassing the Zacks Consensus Estimate of 33 cents by 3.0%. Revenues increased 2% to $1.69 billion, beating the consensus mark of $1.67 billion by 0.5%.

S&P Global Inc. (SPGI - Free Report) registered impressive second-quarter 2026 results.

SPGI reported adjusted earnings of $4.83 per share, rising 23% year over year and beating the Zacks Consensus Estimate of $4.49 by 7.6%. Pro-forma revenues of $3.68 billion increased 11% and surpassed the consensus estimate of $3.64 billion by 0.8%.

ATLANTA--(BUSINESS WIRE)--Corpay, Inc. (NYSE: CPAY), the corporate payments and expense management company, today reported financial results for its second quarter ending June 30, 2026.

"Our second quarter results were excellent and exceeded our expectations, with revenue growth of 21% and adjusted net income per share growth of 36%," said Ron Clarke, chairman and chief executive officer, Corpay, Inc. "Organic revenue grew double digits for the fifth consecutive quarter, driven by our further rotation into a corporate payments and spend management company," concluded Clarke.

Financial Results for Second Quarter of 2026:

GAAP Results

Revenues increased 21% to $1,338.8 million in the second quarter of 2026, compared with $1,102.0 million in the second quarter of 2025. Net income2 decreased 13% to $248.3 million in the second quarter of 2026, compared with $284.2 million in the second quarter of 2025. Net income per diluted share2 decreased 7% to $3.70 in the second quarter of 2026, compared with $3.98 per diluted share in the second quarter of 2025. In the second quarter of 2026, the Company recorded a $100 million charge for a preliminary settlement with the FTC's Bureau of Consumer Protection for a previously disclosed matter, that is subject to their customary approval process. We expect this process to conclude later this year. Non-GAAP Results1

Organic revenue growth1 was 10% in the second quarter of 2026. Adjusted EBITDA1 increased 24% to $767.2 million in the second quarter of 2026, compared to $620.6 million in the second quarter of 2025. Adjusted net income1,2 increased 27% to $464.4 million in the second quarter of 2026, compared with $366.4 million in the second quarter of 2025. Adjusted net income per diluted share1,2 increased 36% to $7.00 per diluted share in the second quarter of 2026, compared with $5.13 per diluted share in the second quarter of 2025. "We delivered another quarter of 16% organic revenue growth in our Corporate Payments segment and lodging continued sequential organic revenue improvement," said Peter Walker, chief financial officer, Corpay, Inc. "We strengthened our balance sheet by refinancing our debt facilities, including increasing our revolving credit facility to $3.7 billion, and exited the quarter with 2.55x leverage. We also repurchased 1 million shares for $321 million in the quarter," concluded Walker.

Fiscal Year 2026 Outlook:

“We are raising our full-year outlook to reflect our strong second quarter performance, favorable macro conditions and continued confidence in the underlying strength of our business," said Peter Walker.

For fiscal year 2026, Corpay, Inc.'s financial guidance1 is revised as follows:

Total revenues between $5.290 billion and $5.330 billion, growing 17% at the midpoint year over year; Net income between $1.285 billion and $1.325 billion; Net income per diluted share between $19.50 and $19.90; Adjusted net income between $1.790 billion and $1.830 billion; and Adjusted net income per diluted share between $27.15 and $27.55, growing 28% at the midpoint year over year. Corpay’s guidance assumptions are as follows:

Weighted average U.S. fuel prices equal to $4.02 per gallon for the rest of the year, based on the June 2026 EIA short-term energy outlook; Fuel price spreads for the rest of the year approximately flat with the 2025 average; Foreign exchange rates for the rest of the year, based on Bloomberg consensus forecast as of July 27, 2026; Interest expense between $435 million and $465 million for the full year, based on the SOFR forward curve as of July 30, 2026; Free cashflow is used to pay down debt; Proceeds from the sale of the maintenance business is used to repurchase shares; Approximately 66 million fully diluted shares outstanding; An adjusted effective tax rate of approximately 25% to 27%; and No impact related to material acquisitions or divestitures not disclosed. Third Quarter of 2026 Outlook:

“Revenue for the third quarter of 2026 is expected to be approximately $1.355 billion at the midpoint, growing 16% year over year, and adjusted net income per diluted share is expected to be $7.15 at the midpoint, growing 26% year over year,” said Peter 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 second 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)-347-6865 or 1-(203)-518-9757; 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 11162155. The replay will be available through Wednesday, August 19, 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 rates 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, 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 non-controlling 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 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, inclusive of 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, income taxes, interest expense, net, 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 Corporate Payments and Expense Management Company, is an S&P 500 company with three primary B2B solution sets. Spend Management, provides corporate and virtual card programs and automates procure-to-pay. Cross-Border, converts foreign currencies and establishes foreign bank accounts. Vehicle Solutions, controls fuel, tolls, parking and related vehicle spend. With Corpay, the more a business controls, the less it spends. To learn more, visit corpay.com.

1 Reconciliations of GAAP results to non-GAAP results are provided in Exhibit 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 is amount attributable to Corpay.

  Corpay, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(In thousands, except per share amounts and percentages)

  Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Revenues, net

$

1,338,809

$

1,102,030

21%

$

2,599,796

$

2,107,697

23%

Expenses:

Processing

275,165

238,517

15%

547,227

460,361

19%

Selling

150,607

115,777

30%

298,814

223,334

34%

General and administrative

223,674

176,994

26%

427,473

333,953

28%

Depreciation and amortization

118,297

91,350

29%

233,123

183,538

27%

Other operating, net

99,891

2

NM

107,242

(3

)

NM

Gain on disposition, net

1,099

—

NM

122,522

—

NM

Operating income

472,274

479,390

(1)%

1,108,439

906,514

22%

Other expenses:

Other expense (income), net

6,278

(10,572

)

NM

27,326

(6,477

)

NM

Interest expense, net

114,719

96,872

18%

224,819

190,794

18%

Loss on extinguishment of debt

6,557

—

—%

6,557

1,596

311%

Total other expenses, net

127,554

86,300

48%

258,702

185,913

39%

Income before income taxes

344,720

393,090

(12)%

849,737

720,601

18%

Provision for income taxes

92,932

109,012

(15)%

244,235

192,648

27%

Net income

251,788

284,078

(11)%

605,502

527,953

15%

Less: Net income (loss) attributable to noncontrolling interests

3,481

(90

)

NM

7,129

552

NM

Net income attributable to Corpay

$

248,307

$

284,168

(13)%

$

598,373

$

527,401

13%

Basic earnings per share*

$

3.75

$

4.03

(7)%

$

8.91

$

7.49

19%

Diluted earnings per share*

$

3.70

$

3.98

(7)%

$

8.79

$

7.38

19%

Weighted average shares outstanding:

Basic shares

65,542

70,546

66,536

70,432

Diluted shares

66,325

71,429

67,379

71,494

*For 2026, Basic and Diluted earnings per share amounts are determined under the two-class method

NM - Not Meaningful

  Corpay, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)

    June 30, 2026

December 31, 2025

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$

3,163,539

$

2,408,097

Restricted cash

7,004,803

6,583,843

Accounts and other receivables (less allowance)

2,656,036

2,145,679

Securitized accounts receivable — restricted for securitization investors

2,300,000

1,823,000

Prepaid expenses and other current assets

1,359,614

1,002,621

Total current assets

16,483,992

13,963,240

Property and equipment, net

472,324

472,310

Goodwill and other intangibles, net

10,069,667

10,802,551

Other assets

1,198,184

1,170,034

Total assets

$

28,224,167

$

26,408,135

Liabilities, Redeemable Noncontrolling Interest and Equity

Current liabilities:

Customer deposits

8,915,786

8,118,566

Accounts payable, accrued expenses and other current liabilities

3,517,924

2,832,581

Securitization facility

2,300,000

1,823,000

Current portion of notes payable and lines of credit

2,225,389

1,522,530

Total current liabilities

16,959,099

14,296,677

Notes payable and other obligations, less current portion

6,098,142

6,656,157

Deferred income taxes

599,773

614,345

Other noncurrent liabilities

665,201

612,279

Total noncurrent liabilities

7,363,116

7,882,781

Commitments and contingencies

Redeemable noncontrolling interest

314,000

302,000

Stockholders’ equity:

Common stock

133

132

Additional paid-in capital

4,116,011

3,970,077

Retained earnings

10,857,309

10,264,751

Accumulated other comprehensive loss

(1,356,551

)

(1,392,154

)

Treasury stock

(10,075,018

)

(8,958,942

)

Total Corpay stockholders’ equity

3,541,884

3,883,864

Noncontrolling interest

46,068

42,813

Total equity

3,587,952

3,926,677

Total liabilities, redeemable noncontrolling interest and equity

$

28,224,167

$

26,408,135

Corpay, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)

  Six Months Ended June 30,

2026

2025

(Unaudited)

(Unaudited)

Operating activities

Net income

$

605,502

$

527,953

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation

72,100

58,177

Stock-based compensation

59,509

47,234

Provision for credit losses on accounts and other receivables

90,650

62,162

Provision for legal settlement

100,000

—

Amortization of deferred financing costs and discounts

7,246

4,842

Amortization of intangible assets and premium on receivables

161,023

125,361

Loss on extinguishment of debt

6,557

1,596

Deferred income taxes

(53,612

)

(25,499

)

Gain on disposition of business

(122,522

)

—

Other non-cash operating expense, net

28,860

(8,700

)

Changes in operating assets and liabilities (net of acquisitions/disposition)

458,166

272,970

Net cash provided by operating activities

1,413,479

1,066,096

Investing activities

Acquisitions, net of cash acquired

—

(154,648

)

Purchases of property and equipment

(105,529

)

(97,407

)

Proceeds from disposition, net of cash

421,701

—

Proceeds from sale of cost method investment

30

14,843

Other

5,252

14,572

Net cash provided by (used in) investing activities

321,454

(222,640

)

Financing activities

Proceeds from issuance of common stock

86,425

55,962

Repurchase of common stock

(1,112,526

)

(90,877

)

Borrowings on securitization facility, net

477,000

316,000

Deferred financing costs

(28,189

)

(10,827

)

Proceeds from notes payable

5,350,400

750,000

Principal payments on notes payable

(5,989,311

)

(98,570

)

Borrowings from revolver

7,947,000

4,490,000

Payments on revolver

(7,212,000

)

(5,357,000

)

Borrowings on subsidiary swingline, net

60,779

23,667

Other

756

—

Net cash (used in) provided by financing activities

(419,666

)

78,355

Effect of foreign currency exchange rates on cash

(114,140

)

153,202

Net increase in cash and cash equivalents and restricted cash

1,201,127

1,075,013

Net decrease in cash classified within current assets held for sale

(24,725

)

—

Cash and cash equivalents and restricted cash, beginning of period

8,991,940

4,456,345

Cash and cash equivalents and restricted cash, end of period

$

10,168,342

$

5,531,358

Supplemental cash flow information

Cash paid for interest, net

$

281,019

$

238,796

Cash paid for income taxes, net

$

350,478

$

261,987

  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 Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net income attributable to Corpay

$

248,307

$

284,168

$

598,373

$

527,401

Stock-based compensation

32,014

28,868

59,509

47,234

Amortization1

85,105

64,137

168,269

130,203

Legal settlements and litigation

100,944

278

101,526

863

Loss on extinguishment of debt

6,557

—

6,557

1,596

Integration and deal related costs

38,127

14,452

55,053

25,841

Restructuring and related costs

2,839

3,330

6,879

6,130

Gain on disposition, net

(1,099

)

—

(122,522

)

—

Adjustments at equity method investment, net of tax

14,321

—

35,711

—

Other2

2,641

(6,903

)

13,022

(396

)

Total adjustments

281,449

104,162

324,004

211,471

Income tax impact of pre-tax adjustments at the effective tax rate3

(65,372

)

(27,840

)

(104,926

)

(55,456

)

Discrete tax items4

—

5,931

44,103

5,931

Adjusted net income attributable to Corpay

$

464,384

$

366,421

$

861,554

$

689,347

Adjusted net income per diluted share attributable to Corpay5

$

7.00

$

5.13

$

12.80

$

9.64

Diluted shares

66.3

71.4

67.4

71.5

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 following table presents revenues, net and revenues, net per key performance metric by segment.*

  As Reported

Pro Forma and Macro Adjusted1

Three Months Ended June 30,

Three Months Ended June 30,

2026

2025

Change

%

Change

2026

2025

Change

%

Change

CORPORATE PAYMENTS2

- Revenues, net

$

548.7

$

387.3

$

161.4

42

%

$

538.1

$

465.5

$

72.6

16

%

- Spend volume

$

94,635

$

55,673

$

38,962

70

%

$

94,635

$

66,238

$

28,397

43

%

- Revenues, net per spend $

0.58

%

0.70

%

(0.12

)%

(17

)%

0.57

%

0.70

%

(0.13

)%

(19

)%

VEHICLE PAYMENTS

- Revenues, net

$

580.2

$

512.0

$

68.2

13

%

$

523.5

$

484.3

$

39.1

8

%

- Transactions

147.6

207.3

(59.7

)

(29

)%

147.1

136.3

10.9

8

%

- Revenues, net per transaction

$

3.93

$

2.47

$

1.46

59

%

$

3.56

$

3.55

$

0.00

—

%

- Tag transactions3

23.9

22.8

1.1

5

%

23.9

22.8

1.1

5

%

- Parking transactions4

—

67.8

(67.8

)

(100

)%

—

—

—

—

%

- Fleet transactions

100.8

101.6

(0.8

)

(1

)%

100.3

98.4

1.9

2

%

- Other transactions

22.9

15.1

7.8

52

%

22.9

15.1

7.8

52

%

LODGING PAYMENTS

- Revenues, net

$

123.2

$

119.8

$

3.4

3

%

$

122.5

$

119.8

$

2.7

2

%

- Room nights

7.5

8.7

(1.1

)

(13

)%

7.5

8.7

(1.1

)

(13

)%

- Revenues, net per room night

$

16.34

$

13.84

$

2.50

18

%

$

16.24

$

13.84

$

2.40

17

%

OTHER5

- Revenues, net

$

86.7

$

82.9

$

3.8

5

%

$

86.7

$

82.9

$

3.8

5

%

- Transactions

450.4

420.1

30.3

7

%

450.4

420.1

30.3

7

%

- Revenues, net per transaction

$

0.19

$

0.20

$

—

(2

)%

$

0.19

$

0.20

$

—

(2

)%

CORPAY

CONSOLIDATED REVENUES

- Revenues, net

$

1,338.8

$

1,102.0

$

236.8

21

%

$

1,270.7

$

1,152.5

$

118.2

10

%

  Exhibit 3
Revenues by Geography and Segment
(In millions, except percentages)
(Unaudited)

  Revenues, net by Geography* Three Months Ended June 30,

Six Months Ended June 30,

2026

%

2025

%

2026

%

2025

%

US

$

600

45

%

$

541

49

%

$

1,144

44

%

$

1,049

50

%

Brazil

217

16

%

170

15

%

428

16

%

333

16

%

UK

202

15

%

148

13

%

407

16

%

294

14

%

Other

319

24

%

242

22

%

621

24

%

432

20

%

Consolidated Revenues, net

$

1,339

100

%

$

1,102

100

%

$

2,600

100

%

$

2,108

100

%

*Columns may not calculate due to rounding.

Revenues, net by Segment* Three Months Ended June 30,

Six Months Ended June 30,

2026

%

2025

%

2026

%

2025

%

Corporate Payments

$

549

41

%

$

387

35

%

$

1,053

40

%

$

732

35

%

Vehicle Payments

580

43

%

512

46

%

1,144

44

%

986

47

%

Lodging Payments

123

9

%

120

11

%

234

9

%

230

11

%

Other

87

6

%

83

8

%

169

6

%

159

8

%

Consolidated Revenues, net

$

1,339

100

%

$

1,102

100

%

$

2,600

100

%

$

2,108

100

%

*Columns may not calculate due to rounding. 2025 recast to conform with current period segment presentation.

  Exhibit 4
Segment Results*
(In thousands, except percentages)
(Unaudited)

  Three Months Ended June 30,

Six Months Ended June 30,

20261

20252

% Change

20261

20252

% Change

Revenues, net:

Corporate Payments

$

548,724

$

387,305

42%

$

1,052,591

$

732,421

44%

Vehicle Payments

580,209

512,027

13%

1,144,112

986,305

16%

Lodging Payments

123,183

119,790

3%

234,157

230,015

2%

Other3

86,693

82,908

5%

168,936

158,956

6%

$

1,338,809

$

1,102,030

21%

$

2,599,796

$

2,107,697

23%

Operating income:

Corporate Payments

$

199,642

$

156,937

27%

$

378,723

$

286,760

32%

Vehicle Payments

190,053

241,643

(21)%

572,857

464,429

23%

Lodging Payments

49,500

49,294

—%

92,265

92,337

—%

Other3

33,079

31,516

5%

64,594

62,988

3%

$

472,274

$

479,390

(1)%

$

1,108,439

$

906,514

22%

Depreciation and amortization:

Corporate Payments

$

57,280

$

30,374

89%

$

110,529

$

60,081

84%

Vehicle Payments

46,705

45,666

2%

94,275

92,521

2%

Lodging Payments

11,639

12,960

(10)%

22,962

25,784

(11)%

Other3

2,673

2,350

14%

5,357

5,152

4%

$

118,297

$

91,350

29%

$

233,123

$

183,538

27%

  Exhibit 5
Reconciliation of Non-GAAP Revenue and Key Performance Metric
by Segment to GAAP
(In millions)
(Unaudited)

  Revenues, net

Key Performance Metric

Three Months Ended June 30,

Three Months Ended June 30,

2026*

2025*

2026*

2025*

CORPORATE PAYMENTS - SPEND

Pro forma and macro adjusted

$

538.1

$

465.5

$

94,635

$

66,238

Impact of acquisitions/dispositions2

—

(78.2

)

—

(10,566

)

Impact of fuel prices/spread

3.5

—

—

—

Impact of foreign exchange rates

7.1

—

—

—

As reported

$

548.7

$

387.3

$

94,635

$

55,673

VEHICLE PAYMENTS - TRANSACTIONS

Pro forma and macro adjusted

$

523.5

$

484.3

147.1

136.3

Impact of acquisitions/dispositions

0.8

27.7

0.5

71.0

Impact of fuel prices/spread

26.7

—

—

—

Impact of foreign exchange rates

29.2

—

—

—

As reported

$

580.2

$

512.0

147.6

207.3

LODGING PAYMENTS - ROOM NIGHTS

Pro forma and macro adjusted

$

122.5

$

119.8

7.5

8.7

Impact of acquisitions/dispositions

—

—

—

—

Impact of fuel prices/spread

—

—

—

—

Impact of foreign exchange rates

0.7

—

—

—

As reported

$

123.2

$

119.8

7.5

8.7

OTHER1- TRANSACTIONS

Pro forma and macro adjusted

$

86.7

$

82.9

450.4

420.1

Impact of acquisitions/dispositions

—

—

—

—

Impact of fuel prices/spread

—

—

—

—

Impact of foreign exchange rates

—

—

—

—

As reported

$

86.7

$

82.9

450.4

420.1

CORPAY CONSOLIDATED REVENUES

Pro forma and macro adjusted

$

1,270.7

$

1,152.5

Intentionally Left Blank

Impact of acquisitions/dispositions

0.8

(50.5

)

Impact of fuel prices/spread3

30.2

—

Impact of foreign exchange rates3

37.0

—

As reported

$

1,338.8

$

1,102.0

1 Other includes Gift, Outsourced Card Processing and Payroll Card.

2 Revenues reflect 2025 proforma impact of acquisition of Alpha Group.

3 Revenues reflect the positive impact of movements in foreign exchange rates of approximately $37 million, positive impact from fuel prices of approximately $20 million and the positive impact of fuel price spreads of approximately $10 million.

* Columns may not calculate due to rounding. 2025 recast to conform with current period segment presentation.

  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 from operations.*

  Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net income from operations

$

251.8

$

284.1

$

605.5

$

528.0

Provision for income taxes

92.9

109.0

244.2

192.6

Interest expense, net

114.7

96.9

224.8

190.8

Other expense, net

6.3

(10.6

)

27.3

(6.5

)

Depreciation and amortization

118.3

91.4

233.1

183.5

Gain on disposition, net

(1.1

)

—

(122.5

)

—

Loss on extinguishment of debt

6.6

—

6.6

1.6

Other operating, net

99.9

—

107.2

—

EBITDA

$

689.4

$

570.7

$

1,326.3

$

1,090.0

Stock-based compensation

$

32.0

$

28.9

$

59.5

$

47.2

Other addbacks1

45.8

21.0

70.0

38.7

Adjusted EBITDA

$

767.2

$

620.6

$

1,455.8

$

1,176.0

Revenues, net

$

1,338.8

$

1,102.0

$

2,599.8

$

2,107.7

Adjusted EBITDA margin

57.3

%

56.3

%

56.0

%

55.8

%

1 Includes certain legal expenses, restructuring costs and integration and deal related costs

* Columns may not calculate due to rounding.

  Exhibit 7
RECONCILIATION OF NON-GAAP GUIDANCE MEASURES
(In millions, except per share amounts)
(Unaudited)

The following table reconciles full year 2026 and third 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

$

1,285

$

1,325

Net income per diluted share

$

19.50

$

19.90

Stock-based compensation

150

150

Amortization

330

330

Gain on disposition, net

(122

)

(122

)

Other

286

286

Total pre-tax adjustments

$

644

$

644

Income taxes

(139

)

(139

)

Adjusted net income

$

1,790

$

1,830

Adjusted net income per diluted share

$

27.15

$

27.55

Diluted shares

66

66

Q3 2026 GUIDANCE

Low*

High*

Net income attributable to Corpay

$

343

$

363

Net income per diluted share

$

5.26

$

5.46

Stock-based compensation

42

42

Amortization

81

81

Other

33

33

Total pre-tax adjustments

$

156

$

156

Income taxes

(39

)

(39

)

Adjusted net income

$

460

$

480

Adjusted net income per diluted share

$

7.05

$

7.25

Diluted shares

66

66

* Columns may not calculate due to rounding.

More News From Corpay, Inc.

Corpay (CPAY - Free Report) came out with quarterly earnings of $7 per share, beating the Zacks Consensus Estimate of $6.6 per share. This compares to earnings of $5.13 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +6.06%. A quarter ago, it was expected that this provider of fuel card and payment products for businesses would post earnings of $5.5 per share when it actually produced earnings of $5.8, delivering a surprise of +5.45%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Corpay, which belongs to the Zacks Financial Transaction Services industry, posted revenues of $1.34 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.56%. This compares to year-ago revenues of $1.1 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Corpay shares have added about 31.8% since the beginning of the year versus the S&P 500's gain of 13%.

What's Next for Corpay?While Corpay has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Corpay was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $7.02 on $1.35 billion in revenues for the coming quarter and $26.85 on $5.31 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial Transaction Services is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, PAR Technology (PAR - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This software provider for the hospitality industry is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of +266.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

PAR Technology's revenues are expected to be $124.5 million, up 10.8% from the year-ago quarter.

-

Transaction Furthers Portfolio Simplification

ATLANTA--(BUSINESS WIRE)--Corpay, Inc. (NYSE: CPAY), the corporate payments company, today announced that it has signed a definitive agreement to sell UK-based epyx, along with sister companies r2c Online and Business Gateway, to OEConnection (OEC), a Francisco Partners portfolio company.

epyx is a leading fleet software platform that connects fleet operators, leasing companies, service providers and vehicle manufacturers through a digital network that streamlines vehicle service, maintenance, repair authorization and fleet management workflows across the UK and Europe.

"We're pleased to have reached agreement to sell our epyx business to OEC and Francisco Partners, and believe the business is well positioned for continued success under its new ownership," said Ron Clarke, Chairman and CEO of Corpay. "This transaction represents another important step in simplifying our portfolio and continuing our rotation towards Corporate Payments businesses.”

The transaction is expected to close this fall, subject to customary regulatory approvals and standard closing conditions.  The divestiture is expected to be neutral to Corpay’s 2026 Cash EPS outlook, as Corpay intends to use the proceeds for share repurchases.  Additional information on the financial impact of the transaction will be shared as part of Corpay’s second quarter earnings call.

Barclays and J.P. Morgan acted as financial advisors to Corpay, and Jones Day acted as legal counsel to Corpay. DC Advisory acted as financial advisor to OEC and Francisco Partners, and Goodwin Procter LLP acted as legal counsel to OEC and Francisco Partners

About Corpay

Corpay (NYSE: CPAY), the Corporate Payments and Expense Management Company, is an S&P 500 company with three primary B2B solution sets. Spend Management, provides corporate and virtual card programs and automates procure-to-pay. Cross-Border, converts foreign currencies and establishes foreign bank accounts. Vehicle Solutions, controls fuel, tolls, parking and related vehicle spend. With Corpay, the more a business controls, the less it spends. To learn more, visit corpay.com.

More News From Corpay, Inc.

Back to Newsroom

Key Takeaways Corpay's Q2 revenues are projected to rise 18.4% y/y to $1.3B, led by vehicle and corporate payments.Vehicle payments may benefit from higher fuel prices and a 2% rise in fleet transactions to 121.1 million.Corporate payments revenues are expected to jump 35.4% as spend volume climbs 45.8% to 84.7 million. Corpay, Inc. (CPAY - Free Report) is scheduled to release second-quarter 2026 results on Aug. 5, after market close.

The company surpassed the Zacks Consensus Estimate in the four trailing quarters, delivering an earnings surprise of 2.1%, on average.

Corpay’s Q2 ExpectationsThe Zacks Consensus Estimate for revenues is $1.3 billion, suggesting an 18.4% increase from the year-ago quarter’s actual. This growth is likely to have been facilitated by the vehicle payments and corporate payments segments that are expected to contribute 44% and 41% to the top line, respectively.

The consensus estimate for the vehicle payments segment is $577.4 million, indicating a 9.9% year-over-year increase. Per a J.P. Morgan report, crude oil prices persisted at or above $100 per barrel throughout most of the second quarter of 2026. We anticipate rising fuel prices, driven by higher crude oil prices, to have supported this segment’s revenue growth.

The consensus estimate for fleet transactions is pinned at 121.1 million, suggesting 2% year-over-year growth. Primarily, rising fleet transactions are expected to have provided an impetus to the revenue figure.

For corporate payments, the Zacks Consensus Estimate for revenues is $530.7 million, up 35.4% from the year-ago quarter’s actual. We expect this segment to have achieved this growth on the back of robust expansion in spend volume, which gained 45.8% year over year, reaching the Zacks Consensus Estimate of 84.7 million.

Other factors to have influenced this growth include a partnership with Mastercard, easing cross-border payments, and signed agreements with J.P. Morgan and BVNK, integrating blockchain rails into the global settlement network.

The Zacks Consensus Estimate for the lodging payments segment is $121.1 million. It is expected to move up marginally from the year-ago quarter’s actual. We expect this uptick to have been fueled by an upsurge in revenues, net per room night.

Our anticipation is based on the consensus estimate of revenues, net per room night, of $15.7, rising 13.5% from the year-ago quarter. However, expected growth is likely to have been affected by a decline in room nights of 11.5% year over year, reaching the consensus mark of 7.7. Overall, we anticipate a shift in pricing mix to have influenced these figures.

For EPS, the consensus estimate is pinned at $6.59, whereas it reported $5.13 in the year-ago quarter. It indicates a 28.5% jump from the first quarter of 2026. We anticipate bottom-line growth to have stemmed from expected double-digit growth in the top line, enhanced by a lower share count from year-to-date share buybacks.

What Our Model Says About CPAYOur model predicts an earnings beat for CPAY this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks before they are reported with our Earnings ESP Filter.

Corpay has an Earnings ESP of +1.55% and a Zacks Rank of 3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Stocks to ConsiderHere are a few stocks, according to our model, which have the right combination of elements to beat on earnings this time around.

Duolingo, Inc. (DUOL - Free Report) : The Zacks Consensus Estimate for second-quarter 2026 revenues is pegged at $297.4 billion, suggesting a 17.9% jump from the year-ago quarter’s actual. For earnings, the consensus mark is set at 61 cents per share, implying a 33% plunge from the year-ago quarter’s actual. DUOL beat the consensus estimate in the trailing four quarters, with an average surprise of 32.3%.

DUOL has an Earnings ESP of +9.02% and a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

It is scheduled to declare second-quarter 2026 results on Aug. 5.

Dave Inc. (DAVE - Free Report) : The Zacks Consensus Estimate for the company’s second-quarter 2026 revenues is $169.8 million, suggesting a 28.9% jump from the year-ago quarter’s actual. For earnings, the consensus mark is $3.69 per share, indicating 17.5% growth. DAVE beat the consensus estimate for earnings in the trailing four quarters, with an average surprise of 45.8%.

DAVE has an Earnings ESP of +1.42% and a Zacks Rank of 2 at present. The company is scheduled to declare second-quarter 2026 results on Aug. 5.

Corpay, a global leader in corporate payments, today announced Agent Card, a new capability that enables secure virtual card creation for AI-driven commerce wor

Posted by Defense World Staff on Jul 24th, 2026

Bessemer Group Inc. decreased its stake in shares of Corpay, Inc (NYSE:CPAY – Free Report) by 28.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,900 shares of the corporate payments company’s stock after selling 1,560 shares during the period. Bessemer Group Inc.’s holdings in Corpay were worth $1,135,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CPAY. MV Capital Management Inc. purchased a new position in shares of Corpay in the 4th quarter worth $25,000. Leonteq Securities AG bought a new position in Corpay in the fourth quarter valued at about $27,000. BOKF NA lifted its holdings in Corpay by 4,700.0% in the third quarter. BOKF NA now owns 96 shares of the corporate payments company’s stock valued at $28,000 after acquiring an additional 94 shares during the period. Torren Management LLC purchased a new position in Corpay in the fourth quarter worth about $29,000. Finally, DV Equities LLC purchased a new position in Corpay in the fourth quarter worth about $30,000. Hedge funds and other institutional investors own 98.84% of the company’s stock.

Insider Buying and Selling In other Corpay news, Director Steven T. Stull sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $360.78, for a total value of $360,780.00. Following the completion of the transaction, the director directly owned 28,241 shares in the company, valued at $10,188,787.98. This represents a 3.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Armando Lins Netto sold 70,476 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $352.13, for a total transaction of $24,816,713.88. Following the sale, the insider directly owned 11,274 shares of the company’s stock, valued at approximately $3,969,913.62. This trade represents a 86.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 88,677 shares of company stock worth $31,304,091. 5.19% of the stock is owned by insiders.

Wall Street Analyst Weigh In Several research firms have recently commented on CPAY. Morgan Stanley reaffirmed an “overweight” rating and set a $400.00 price target on shares of Corpay in a research report on Sunday, May 10th. Wolfe Research reissued an “outperform” rating and set a $450.00 price objective on shares of Corpay in a research report on Wednesday, June 3rd. Loop Capital assumed coverage on Corpay in a research report on Monday, May 18th. They set a “buy” rating and a $406.00 target price on the stock. Robert W. Baird cut their price target on Corpay from $440.00 to $380.00 and set an “outperform” rating for the company in a report on Tuesday, March 31st. Finally, Oppenheimer restated an “outperform” rating and issued a $388.00 price target on shares of Corpay in a research report on Friday, May 8th. Twelve investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Corpay presently has an average rating of “Moderate Buy” and a consensus target price of $382.54.

Read Our Latest Report on CPAY

Corpay Stock Up 1.6% Shares of CPAY stock opened at $364.63 on Friday. The company has a debt-to-equity ratio of 1.86, a current ratio of 0.98 and a quick ratio of 0.98. Corpay, Inc has a one year low of $252.84 and a one year high of $374.09. The company’s fifty day moving average price is $350.25 and its 200-day moving average price is $333.33. The company has a market capitalization of $23.83 billion, a price-to-earnings ratio of 21.82, a PEG ratio of 0.98 and a beta of 0.88.

Corpay (NYSE:CPAY – Get Free Report) last posted its quarterly earnings results on Thursday, May 14th. The corporate payments company reported ($0.01) EPS for the quarter. Corpay had a net margin of 24.60% and a return on equity of 38.68%. The business had revenue of $5.63 million for the quarter. Sell-side analysts expect that Corpay, Inc will post 25.49 EPS for the current fiscal year.

Corpay Company Profile (Free Report)

Corpay is a global corporate payments company that provides businesses with a range of payment and expense management solutions. Its services are designed to help organizations manage payables, card programs, travel and fleet-related expenses, and cross-border transactions more efficiently.

The company serves customers across a variety of industries and geographies, offering software and payment tools that streamline accounts payable, vendor payments, and workforce payments. Corpay also provides specialized solutions for fleet management and international payments, helping businesses control costs and simplify financial operations.

Corpay operates as part of the broader financial technology and payment processing sector.

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« PREVIOUS HEADLINEBessemer Group Inc. Sells 9,510 Shares of AAON, Inc. $AAON

Corpay, Inc., (NYSE: CPAY) the corporate payments company, today announced that the Company will host a conference call to discuss second quarter 2026 financia

Posted by Defense World Staff on Jul 18th, 2026

Evertec (NYSE:EVTC – Get Free Report) and Corpay (NYSE:CPAY – Get Free Report) are both business services companies, but which is the better investment? We will compare the two businesses based on the strength of their dividends, profitability, valuation, risk, institutional ownership, earnings and analyst recommendations.

Analyst Recommendations This is a breakdown of recent ratings for Evertec and Corpay, as provided by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Evertec 1 3 2 0 2.17 Corpay 0 3 12 0 2.80 Evertec currently has a consensus target price of $32.75, indicating a potential upside of 8.19%. Corpay has a consensus target price of $382.54, indicating a potential upside of 4.54%. Given Evertec’s higher probable upside, equities analysts plainly believe Evertec is more favorable than Corpay.

Insider and Institutional Ownership 96.8% of Evertec shares are owned by institutional investors. Comparatively, 98.8% of Corpay shares are owned by institutional investors. 1.1% of Evertec shares are owned by insiders. Comparatively, 5.2% of Corpay shares are owned by insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a stock is poised for long-term growth.

Volatility and Risk Evertec has a beta of 0.71, meaning that its stock price is 29% less volatile than the S&P 500. Comparatively, Corpay has a beta of 0.88, meaning that its stock price is 12% less volatile than the S&P 500.

Profitability This table compares Evertec and Corpay’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Evertec 13.95% 31.40% 9.36% Corpay 24.60% 38.68% 6.46% Valuation & Earnings This table compares Evertec and Corpay”s gross revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Evertec $931.82 million 2.00 $141.59 million $2.07 14.62 Corpay $4.53 billion 5.28 $1.07 billion $16.71 21.90 Corpay has higher revenue and earnings than Evertec. Evertec is trading at a lower price-to-earnings ratio than Corpay, indicating that it is currently the more affordable of the two stocks.

Summary Corpay beats Evertec on 12 of the 14 factors compared between the two stocks.

About Evertec (Get Free Report)

EVERTEC, Inc. engages in transaction processing business and financial technology in Latin America and the Caribbean. The company operates through four segments: Payment Services – Puerto Rico & Caribbean; Latin America Payments and Solutions; Merchant Acquiring; and Business Solutions. It provides merchant acquiring services, which enable point of sales and e-commerce merchants to accept and process electronic methods of payment, such as debit, credit, prepaid, and electronic benefit transfer (EBT) cards. In addition, the company offers payment processing services that enable financial institutions and other issuers to manage, support, and facilitate the processing for credit, debit, prepaid, automated teller machines, and EBT card programs; credit and debit card processing, authorization and settlement, and fraud monitoring and control services to debit or credit issuers services. Further, it provides business process management solutions comprising core bank processing, network hosting and management, IT professional, business process outsourcing, item and cash processing, and fulfillment solutions to merchant, fintech, financial institutions, and corporate and government customers. Additionally, the company owns and operates the ATH network, a personal identification number debit networks. It manages a system of electronic payment networks that process approximately six billion transactions. The company sells and distributes its services primarily through direct sales force. It serves financial institutions, merchants, corporations, and government agencies. EVERTEC, Inc. was founded in 1988 and is headquartered in San Juan, Puerto Rico.

About Corpay (Get Free Report)

Volatus is a leader in innovative global aerial solutions for intelligence and cargo. With over 100 years of combined institutional knowledge in aviation, Volatus provides comprehensive solutions using both piloted and remotely piloted aircraft systems for a wide array of industries, including oil and gas, energy utilities, healthcare, public safety, and infrastructure. The Company is committed to enhancing operational efficiency, safety, and sustainability through cutting-edge aerial technologies.

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Investors looking for stocks in the Financial Transaction Services sector might want to consider either Corpay (CPAY - Free Report) or MasterCard (MA - Free Report) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.

Corpay and MasterCard are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. This means that CPAY's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. However, value investors will care about much more than just this.

Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.

The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.

CPAY currently has a forward P/E ratio of 12.88, while MA has a forward P/E of 26.51. We also note that CPAY has a PEG ratio of 0.90. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. MA currently has a PEG ratio of 1.62.

Another notable valuation metric for CPAY is its P/B ratio of 6.62. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, MA has a P/B of 68.33.

Based on these metrics and many more, CPAY holds a Value grade of B, while MA has a Value grade of D.

CPAY is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that CPAY is likely the superior value option right now.

Key Takeaways Corpay shares gained 17.3% in three months, outperforming its industry and the S&P 500 Composite.CPAY's 2026 revenues and EPS are expected to rise 17.3% and 25.6% y/y, respectively.Corpay's organic revenues rose 11% in Q1'26, marking a fourth straight quarter of growth. Corpay, Inc. (CPAY - Free Report) is a payments company that assists companies in controlling, simplifying and automating corporate expenses, international transactions and vendor payments. 

What Makes Corpay an Attractive Pick?An Outperformer: Shares of Corpay have gained 17.3% over the past three months, outperforming the industry’s 11.5% growth and the Zacks S&P 500 Composite's10.9% rise.

3-Month Share Price Performance                                                                  Image Source: Zacks Investment Research

Solid Prospects: Corpay’s top and bottom-line prospects appear impressive. For 2026, the consensus estimate for revenues is $5.3 billion, up 17.3% year over year. For the same year, EPS is expected to increase 25.6% to $26.86. The Zacks Consensus Estimate for 2027 revenues is $5.8 billion, suggesting a year-over-year growth rate of 9.2%. EPS is expected to increase 13.7% to $30.53 in 2027.

Northbound Estimate Revision: Nine estimates for 2026 moved north in the past 60 days versus no southward revision. For 2027, eight estimates moved upward versus no downward revision, reflecting analysts’ confidence in the company. The Zacks Consensus Estimate for 2026 and 2027 earnings has moved up 3.1% and 3.3%, respectively, in the past 60 days.

Positive Earnings Surprise History: CPAY has a decent earnings surprise history. The company outpaced the Zacks Consensus Estimate in the four trailing quarters, delivering an average earnings surprise of 2.1%.

Growth Factors: CPAY’s top line grows organically, backed by an upsurge in volume and revenues per transaction in its payment programs. In 2023, 2024 and 2025, the company registered year-over-year organic revenue growth of 10%, 20% and 10%, respectively, backed by sales, solid retention and business initiatives.

In the first quarter of 2026, the company witnessed 11% year-over-year growth in organic revenues. The company registered this growth for the fourth consecutive quarter. That being said, a strong first-quarter performance raises confidence for the rest of the year.

Corpay utilizes a multi-channel approach to market and sell its solutions to current and prospective customers. This go-to-market strategy involves a comprehensive digital channel, sales forces and strategic partner relationships. The omnichannel approach helps Corpay’s salespeople become more efficient by improving their prospecting efforts through digital-sourced leads.

The company conducts share repurchases actively, as evidenced by $686.9 million, $1.3 billion and $783 million worth of repurchased shares in 2023, 2024 and 2025, respectively. Such actions improve the bottom line, creating value for shareholders and boosting confidence in its business.

Corpay’s Zacks Rank & Stocks to ConsiderThe company has a Zacks Rank #2 (Buy) at present.

Some better-ranked stocks from the broader Zacks Business Services sector are Payoneer Global (PAYO - Free Report) and PagSeguro Digital (PAGS - Free Report) , currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Payoneer Global has a long-term earnings growth expectation of 34.2%. PAYO delivered a trailing four-quarter earnings surprise of 4.2%, on average.

PagSeguro Digital has a long-term earnings growth expectation of 14.9%. PAGS delivered a trailing four-quarter earnings surprise of 3.1%, on average.

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Providing access to currency risk management and cross-border payments solutions

TORONTO--(BUSINESS WIRE)--Corpay, Inc.*, (NYSE: CPAY) a global leader in corporate payments, today announced that its Cross-Border business has entered into an agreement with Fever, a leading global live-entertainment discovery and ticketing platform that specializes in immersive experiences, candlelit concerts, and interactive pop-up events. Under the agreement, Corpay becomes Fever’s exclusive and Official Global Foreign Exchange (FX) Partner.

Through this partnership, Fever’s global operations across North America, Mexico, the UK, EMEA, and APAC will be able to leverage Corpay Cross-Border’s innovative solutions to help manage foreign exchange exposure arising from day-to-day business activities.

“Fever represents the future of global live entertainment and event ticketing technology, and we are honoured to be named their exclusive and Official FX Partner,” said Brad Loder, Chief Marketing Officer, Corpay Cross-Border Solutions. “This partnership reinforces our position as the leading provider of corporate payments and currency risk management solutions within the live entertainment industry, while also expanding our global partnership program into the event ticketing space. We look forward to supporting Fever as they continue to grow their global operations.”

“With operations spanning more than 50 countries, effective foreign exchange management is critical to supporting Fever's continued growth. Corpay brings the expertise and scale we need to optimize our FX operations as we expand globally and continue connecting millions of people with unforgettable live experiences around the world,” said Raúl Lara, Chief Financial Officer, Fever.

About Corpay

Corpay, Inc. (NYSE: CPAY) is a global S&P500 corporate payments company that helps businesses and consumers pay expenses in a simple, controlled manner. Corpay’s suite of modern payment solutions help its customers better manage vehicle-related expenses (such as fueling and parking), travel expenses (e.g. hotel bookings) and payables (e.g. paying vendors). This results in our customers saving time and ultimately spending less. Corpay Cross-Border refers to a group of legal entities owned and operated by Corpay, Inc.

Corpay – Payments made easy. To learn more visit www.corpay.com.

About Fever

Fever is the world’s leading tech platform for discovering culture and live entertainment, inspiring over 100 million people last year to discover the best experiences in over 40 countries. With a mission to democratize access to culture and entertainment in real life, Fever inspires users to enjoy unique experiences and events—from immersive exhibitions and sports to interactive theatrical performances, concerts, and festivals—while empowering its partners with data and technology to develop and expand new experiences worldwide.

*“Corpay” in this document primarily refers to the Cross-Border Division of Corpay, Inc. https://www.corpay.com/cross-border; a full listing of the companies that are part of Corpay Cross-Border is available here: https://www.corpay.com/compliance.

More News From Corpay, Inc.

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CPAY drives growth through organic expansion, acquisitions and buybacks, but faces pressure from interest costs, seasonality, FX risk and liquidity.

Corpay (CPAY - Free Report) reported $1.26 billion in revenue for the quarter ended March 2026, representing a year-over-year increase of 25.4%. EPS of $5.80 for the same period compares to $4.51 a year ago.

The reported revenue represents a surprise of +4.4% over the Zacks Consensus Estimate of $1.21 billion. With the consensus EPS estimate being $5.50, the EPS surprise was +5.48%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Corpay performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Lodging Payments - Room nights: 7.4 million compared to the 8.71 million average estimate based on three analysts.Revenue, net per spend - Corporate Payments: $0.62 versus the three-analyst average estimate of $0.62.Spend volume - Corporate Payments: 81.85 million versus the three-analyst average estimate of 79.94 million.Revenues, net per room night - Lodging Payments: $15.06 versus $13.07 estimated by three analysts on average.Revenues, net per transaction - Vehicle Payments: $2.70 compared to the $2.39 average estimate based on two analysts.Other - Revenues, net per transaction: $0.18 versus the two-analyst average estimate of $0.15.Other - Transactions: 465 million versus the two-analyst average estimate of 436.77 million.Revenues- Corporate Payments: $503.87 million versus $487.95 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +42.9% change.Revenues- Vehicle Payments: $563.9 million versus the five-analyst average estimate of $557.7 million. The reported number represents a year-over-year change of +15.8%.Revenues- Lodging Payments: $110.97 million compared to the $109.95 million average estimate based on five analysts. The reported number represents a change of +0.7% year over year.Revenues- Other Payments: $82.24 million versus $62.5 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +47.7% change.Operating income- Corporate Payments: $179.08 million versus the two-analyst average estimate of $166.37 million.View all Key Company Metrics for Corpay here>>>

Shares of Corpay have returned +0.5% over the past month versus the Zacks S&P 500 composite's +11.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Key Takeaways Corpay posted Q1 adjusted EPS of $5.80 on $1.26B in revenues, both beating estimates.CPAY Corporate Payments revenues jumped 46% to $503.9M as spend volume climbed to $81.9B.CPAY repurchased 2.4M shares for $786M and raised its 2026 adjusted EPS outlook to $26.30-$27.10. Corpay, Inc. (CPAY - Free Report) delivered a strong first-quarter 2026, with adjusted earnings of $5.80 per share, rising 28.6% year over year and surpassing the Zacks Consensus Estimate by 5.5%. Revenues of $1.26 billion increased 25.4% year over year and beat estimates by 4.4%.

Performance reflected broad-based momentum, including 11% organic revenue growth and a 24% jump in new sales/bookings, alongside retention of 93.5%.

CPAY’s Mix Shift Continues as Corporate Payments ScalesCorporate Payments’ revenues rose 46% year over year to $503.9 million and represented 40% of consolidated revenues in the quarter. Vehicle Payments remained the largest segment at $563.9 million, up 19% year over year, while Lodging Payments was essentially flat at $111 million and Other revenues grew 8% to $82.2 million.

Beneath headline growth, Corporate Payments showed meaningful operating leverage through volume, with spend volume climbing to $81.9 billion. Revenues per spend dollar was 0.62%, down from the prior-year level, reflecting mix and enterprise client wins that carry lower yields.

Corpay’s Vehicle Platform Benefits From Macro & ExecutionVehicle Payments activity advanced, with transactions increasing 4% to 209 million. Revenues per transaction improved to $2.70, helping lift segment revenues despite modest transaction growth.

Management attributed part of the quarter’s upside to higher fuel prices, but also emphasized that the majority of the revenue beat versus internal expectations was driven by stronger underlying execution across the portfolio rather than macro alone.

CPAY’s Lodging Trends Improve as Monetization HoldsLodging Payments posted 7.4 million room nights, down 25% from the prior-year period, yet revenues per room night increased to $15.06. That monetization lift helped keep segment revenues stable year over year despite lower volume.

On the earnings call, management noted sequential improvement in Lodging and pointed to better performance across the business as supporting confidence in a second-half growth acceleration plan.

Corpay’s Profitability Holds Up Despite Cost PressuresAdjusted EBITDA increased 24% to $688.6 million, while the adjusted EBITDA margin was 54.6% versus 55.2% a year ago, reflecting acquisition impacts. Operating costs, excluding FX, M&A and stock-based compensation, increased 10%, with higher transaction volumes and bad debt cited as key drivers.

Tax and below-the-line items were also notable. The adjusted effective tax rate was 26.8% in the quarter, and the press release highlighted that GAAP results included a gain on the sale of a business, which lifted net income per diluted share.

CPAY Steps Up Buybacks, Keeps Balance Sheet StrongCorpay repurchased 2.4 million shares for $786 million in the quarter and ended with $1.8 billion remaining under its repurchase authorization after the board approved an additional $1 billion.

Balance sheet capacity remained solid, with leverage at 2.7X and $1.4 billion of available borrowing capacity on the revolver. Management also discussed plans to refinance and upsize its credit facility, extend maturities and modestly reduce pricing, although the benefits were not reflected in the guidance at the time of the call.

Corpay Lifts 2026 Outlook After Blowout Q1For 2026, the company raised its outlook to total revenues of $5.250-$5.330 billion and adjusted earnings of $26.30-$27.10 per share. The second-quarter guidance calls for revenues of $1.295 billion at the mid-point and adjusted earnings per share of $6.55 at the mid-point.

Management tied the updated forecast to the first-quarter outperformance, expectations for higher fuel prices and continued favorable business fundamentals, while factoring in the March 31 divestiture of PayByPhone. Executives reiterated a 10% organic revenue growth target for the year and highlighted ongoing portfolio rotation toward Corporate Payments.

CPAY carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Earnings SnapshotVerisk Analytics, Inc. (VRSK - Free Report) reported first-quarter 2026 diluted adjusted earnings per share of $1.82, beating the Zacks Consensus Estimate of $1.76 by 3.4%. The figure increased 5.2% from the year-ago quarter.

Revenues came in at $782.6 million, topping the consensus mark of $775.9 million by 0.9% and rising 3.9% year over year. Organic constant-currency revenue growth was 4.7%, supported by continued momentum across the Insurance business.

Waste Connections, Inc. (WCN - Free Report) posted impressive first-quarter 2026 results.

WCN’s adjusted earnings of $1.23 per share outpaced the consensus mark by 3.4% and rose 8.9% from the year-ago quarter. WCN’s total revenues of $2.37 billion beat the consensus mark by 0.7% and increased 6.4% year over year.

TORONTO--(BUSINESS WIRE)--Corpay, Inc. (NYSE: CPAY), the leading corporate payments company, today announced that it is partnering with stablecoin infrastructure platform BVNK to provide stablecoin wallets and settlement capabilities to its global customer base. The integration will enable Corpay's customers to see a stablecoin balance alongside their fiat balances, and provide customers with embedded stablecoin wallets for sending, receiving, storing, and converting stablecoins within its plat.

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Corporate payments company Corpay has launched a collaboration with stablecoin infrastructure platform BVNK.

The partnership, announced Monday (May 11), is aimed at offering Corpay customers stablecoin wallets and settlement capabilities.

“At our scale, the ability to move liquidity quickly and reliably is critical,” Mark Frey, group president for Corpay Cross-Border Solutions, said in a news release. “Stablecoins introduce a 24/7 settlement capability that strengthens our existing infrastructure. BVNK provides the technology and compliance framework we need to deliver this securely and at scale.”

According to the release, the integration will let Corpay’s more than 800,000 customers see a stablecoin balance alongside their fiat balances, and offer them embedded stablecoin wallets for sending, receiving, storing and converting stablecoins within the Corpay platform.

“Customers will now have access to the always-on payment rails that operate beyond the limits of traditional banking hours and systems,” the release added.

In addition, Corpay will integrate stablecoin rails in its treasury operations, lessening reliance on pre-funded accounts, improving both the capital efficiency and the movement of funds outside its network, the release said.

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“We believe stablecoins are reshaping the foundation of global payments,” said Jesse Hemson-Struthers, CEO of BVNK. “Corpay’s scale and reach make them an ideal partner to bring these capabilities into the mainstream. Together, we’re enabling faster, more efficient ways for businesses to move and manage money across borders.”

PYMNTS wrote last week about the benefits of stablecoins in the cross-border payment space, which is often bogged down by “correspondent banking chains, pre-funded accounts, foreign exchange friction, compliance overhead and opaque fees.”

Stablecoins can give companies a way to compress both settlement time and capital requirements simultaneously.

“The opportunity is especially pronounced in emerging markets where access to dollar liquidity remains uneven,” that report said. “In countries with volatile currencies or constrained banking infrastructure, stablecoin-linked payment systems provide businesses with a more stable medium for cross-border commerce while preserving compatibility with local payment networks.”

However, the degree of innovation that stablecoins offer is not without risk. Hacks on digital asset bridge solutions makes up close to 40% of the entire value of crypto lost due to hacks across the entire history of the digital asset space. Counterparty risk is a major concern.

“CFOs are, rightly so, conservative,” Tanner Taddeo, CEO of Stable Sea, said during a recent episode of PYMNTS’ “From the Block” podcast. “They’re not buying innovation. They’re buying to de-risk something … It’s a crawl, walk, run approach to the enterprise because that trust does take time. It’s never given, it’s always earned.”

Corpay, Inc. (CPAY) Presents at J.P. Morgan 54th Annual Global Technology, Media and Communications Conference Transcript