Corpay (CPAY) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$6.57

$6.46$6.77

vs $5.13+28.1%

15 analysts

Next Qtr

$7.03

$6.80$7.42

vs $5.70+23.3%

15 analysts

Current Yr

$26.77

$26.46$27.00

vs $21.38+25.2%

15 analysts

Next Yr

$30.61

$29.75$31.53

vs $26.77+14.3%

15 analysts

Revenue Estimates

Current Qtr

$1.30B

$1.29B$1.31B

vs $1.10B+17.7%

13 analysts

Next Qtr

$1.35B

$1.30B$1.37B

vs $1.17B+14.9%

13 analysts

Current Yr

$5.30B

$5.27B$5.33B

vs $4.53B+17.1%

15 analysts

Next Yr

$5.82B

$5.66B$6.07B

vs $5.30B+9.8%

15 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for CPAY on EDGAR.

CPAY filing events and research context
Filed	Item	Context
Feb 27, 2026	business	Corpay, Inc. (CPAY) is a global corporate payments company providing automated spend management and payment solutions across four reportable segments: Corporate Payments, Vehicle Payments, Lodging Payments, and Other. The Corporate Payments segment delivers accounts payable (AP) automation, cross-border solutions featuring foreign exchange hedging, and a proprietary virtual card network. The Vehicle Payments segment manages fuel expenses—including an expanding electric vehicle (EV) infrastructure—alongside tolling services via the Sem Parar network in Brazil and fleet maintenance SaaS. Lodging Payments provides specialized travel and temporary housing solutions for the workforce, airline, and insurance verticals. Corpay’s business model relies on recurring, volume-driven revenue and high EBITDA margins, supported by a multi-channel go-to-market strategy. Competitive advantages include proprietary merchant acceptance networks that offer unique data capture and superior economics, alongside scalable, cloud-based technology. The company faces risks from cybersecurity threats, the operational complexity of the transition to mixed-fleet EV management, and seasonal revenue fluctuations in its gift and vehicle segments. Corpay competes against traditional financial institutions and specialized fintech providers by leveraging its global scale and specialized, proprietary technology platforms.
Feb 27, 2026	mda	Corpay reported 2025 net revenues of $4,528.4 million, a 13.9% year-over-year increase driven by 10% organic growth and 5% from acquisitions. The Corporate Payments segment served as the primary growth engine, with revenues rising 33.8% fueled by a 31% increase in spend volume and strategic acquisitions including Alpha Group and GPS Capital Markets. In contrast, the Lodging Payments segment declined 3.9% due to reduced workforce room night volumes. The Vehicle Payments segment grew 6.5%, though results were tempered by the disposal of the merchant solutions business and macroeconomic headwinds, specifically unfavorable fuel price spreads and foreign exchange volatility in Brazil. Corpay continues an aggressive M&A cycle, evidenced by the acquisitions of AvidXchange and Gringo, while divesting the BP private label fuel card portfolio and the pending sale of PayByPhone. Key risk factors impacting margins include volatility in retail fuel prices and spreads, foreign currency fluctuations, and interest rate exposure linked to SOFR-based debt. The company maintains a robust liquidity position with approximately $4.0 billion in total available funds.
Feb 27, 2026	risk_factors	Corpay’s financial performance is highly sensitive to global economic conditions, particularly in its primary markets of the United States, Brazil, and the United Kingdom. The company faces significant foreign currency risk, with fluctuations in the Brazilian real and British pound impacting both earnings translation and the cross-border payments business. The Vehicle Payments segment is uniquely exposed to fuel price volatility and fuel price spread contraction, which can directly affect transaction-based revenues and margins. Because Corpay utilizes an acquisition-heavy growth strategy, it faces inherent risks related to business integration and the ability to maintain comparable financial results across periods. Interest rate risk is a material concern due to the company's exposure to variable-rate debt tied to the SOFR benchmark. Furthermore, the company must navigate complex and evolving tax environments, including the implementation of OECD Pillar Two global minimum tax rules and U.S. legislative shifts such as the "One Big Beautiful Bill Act." These factors, combined with potential credit losses and the complexities of managing unhedged cross-currency exposures, represent the primary drivers of volatility for the company’s operating results.

Filed

Item

Context

Feb 27, 2026

business

Corpay, Inc. (CPAY) is a global corporate payments company providing automated spend management and payment solutions across four reportable segments: Corporate Payments, Vehicle Payments, Lodging Payments, and Other. The Corporate Payments segment delivers accounts payable (AP) automation, cross-border solutions featuring foreign exchange hedging, and a proprietary virtual card network. The Vehicle Payments segment manages fuel expenses—including an expanding electric vehicle (EV) infrastructure—alongside tolling services via the Sem Parar network in Brazil and fleet maintenance SaaS. Lodging Payments provides specialized travel and temporary housing solutions for the workforce, airline, and insurance verticals. Corpay’s business model relies on recurring, volume-driven revenue and high EBITDA margins, supported by a multi-channel go-to-market strategy. Competitive advantages include proprietary merchant acceptance networks that offer unique data capture and superior economics, alongside scalable, cloud-based technology. The company faces risks from cybersecurity threats, the operational complexity of the transition to mixed-fleet EV management, and seasonal revenue fluctuations in its gift and vehicle segments. Corpay competes against traditional financial institutions and specialized fintech providers by leveraging its global scale and specialized, proprietary technology platforms.

Feb 27, 2026

mda

Corpay reported 2025 net revenues of $4,528.4 million, a 13.9% year-over-year increase driven by 10% organic growth and 5% from acquisitions. The Corporate Payments segment served as the primary growth engine, with revenues rising 33.8% fueled by a 31% increase in spend volume and strategic acquisitions including Alpha Group and GPS Capital Markets. In contrast, the Lodging Payments segment declined 3.9% due to reduced workforce room night volumes. The Vehicle Payments segment grew 6.5%, though results were tempered by the disposal of the merchant solutions business and macroeconomic headwinds, specifically unfavorable fuel price spreads and foreign exchange volatility in Brazil. Corpay continues an aggressive M&A cycle, evidenced by the acquisitions of AvidXchange and Gringo, while divesting the BP private label fuel card portfolio and the pending sale of PayByPhone. Key risk factors impacting margins include volatility in retail fuel prices and spreads, foreign currency fluctuations, and interest rate exposure linked to SOFR-based debt. The company maintains a robust liquidity position with approximately $4.0 billion in total available funds.

Feb 27, 2026

risk_factors

Corpay’s financial performance is highly sensitive to global economic conditions, particularly in its primary markets of the United States, Brazil, and the United Kingdom. The company faces significant foreign currency risk, with fluctuations in the Brazilian real and British pound impacting both earnings translation and the cross-border payments business. The Vehicle Payments segment is uniquely exposed to fuel price volatility and fuel price spread contraction, which can directly affect transaction-based revenues and margins. Because Corpay utilizes an acquisition-heavy growth strategy, it faces inherent risks related to business integration and the ability to maintain comparable financial results across periods. Interest rate risk is a material concern due to the company's exposure to variable-rate debt tied to the SOFR benchmark. Furthermore, the company must navigate complex and evolving tax environments, including the implementation of OECD Pillar Two global minimum tax rules and U.S. legislative shifts such as the "One Big Beautiful Bill Act." These factors, combined with potential credit losses and the complexities of managing unhedged cross-currency exposures, represent the primary drivers of volatility for the company’s operating results.

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CPAY filing events and research context

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