Corpay, Inc.

CPAY

TechnologyLarge CapUS Equities · NYSE / NASDAQ

AI Agents

Company Profile

Corpay, Inc. operates as a payments company that helps businesses and consumers to manage and pay their expenses. It operates through Corporate Payments, Vehicle Payments, Lodging Payments, and Other segments. The company offers vehicle payment solutions for fuel, tolls and parking, vehicle compliance, auto insurance and road assistance, fleet maintenance, and long-haul transportation services, as well as prepaid food and transportation vouchers and cards. It also provides corporate payment solutions, such as cross-border payments, spend management solutions, AP modernization, virtual cards, and purchasing and T&E cards. Additionally, it offers lodging payments solutions for employees who travel overnight for work purposes; traveling crews and stranded passengers from airlines and cruise lines; workforce lodging solutions for business travel programs; airline logistics, crew management, insurance, and other payments solutions. Further, the company offers gifts and payroll cards. It serves business, merchant, consumer, and payment network customers. The company was formerly known as FLEETCOR Technologies, Inc. and changed its name to Corpay, Inc. in June 2002. Corpay, Inc. was founded in 1986 and is headquartered in Atlanta, Georgia.

Valuation

Market Cap$23.3B

Current Price$338.98as of Jun 23, 2026

P/E Ratio21.82

P/B Ratio6.01

EV / EBITDA13.23

EV / Sales6.83

Profitability

Operating Margin43.1%

Net Profit Margin23.6%

EBITDA Margin51.6%

Returns

ROE27.5%

ROCE16.1%

ROIC %-

ROA4.1%

Solvency

Current Ratio0.98

Debt / Equity2.58

Debt / Assets0.38

CFO / Net Profit1.40

Price History▲ 5.32% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$4.5B▲ 13.9%

EBITDA$2.3B▲ 10.4%

Net Profit$1.1B▲ 6.6%

Cash from Ops (CFO)$1.5B▼ 22.7%

Free Cash Flow (FCF)$1.3B▼ 26.4%

Revenue CAGR 3Y9.7%

Revenue CAGR 5Y-

Net Profit CAGR 3Y3.9%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$4.5B	$2.3B	$1.1B	$1.3B	27.5%	13.9%	6.6%
2024	$4.0B	$2.1B	$1.0B	$1.8B	32.1%	5.8%	2.2%
2023	$3.8B	$2.0B	$982M	$1.9B	29.9%	9.6%	2.9%
2022	$3.4B	$1.8B	$954M	$603M	37.5%	-	-
2021	-	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	3,427.13	3,757.72	3,974.59	4,528.40
Operating Revenue	-	3,427.13	3,757.72	3,974.59	4,528.40
Cost Of Revenue	-	764.71	819.91	869.08	969.18
Gross Profit	-	2,662.42	2,937.81	3,105.50	3,559.23
Operating Expense	-	1,215.78	1,280.94	1,349.66	1,607.38
Selling General And Administration	-	893.22	943.58	997.78	1,212.02
Total Expenses	-	1,980.49	2,100.85	2,218.74	2,576.56
Operating Income	-	1,446.64	1,656.87	1,755.85	1,951.85
Total Operating Income As Reported	-	1,446.64	1,656.87	1,787.16	1,994.11
EBITDA	-	1,762.60	2,010.22	2,119.24	2,338.83
Normalized EBITDA	-	1,765.92	2,010.22	2,092.97	2,298.16
EBIT	-	1,440.32	1,673.61	1,768.16	1,945.53
Interest Expense	-	164.66	348.61	383.04	403.85
Net Interest Income	-	-164.66	-348.61	-383.04	-403.85
Other Non Operating Income Expenses	-	-3	16.74	-13.96	-46.98
Other Income Expense	-	-6.32	16.74	12.31	-6.32
Interest Expense Non Operating	-	164.66	348.61	383.04	403.85
Net Non Operating Interest Income Expense	-	-164.66	-348.61	-383.04	-403.85
Pretax Income	-	1,275.66	1,325	1,385.11	1,541.68
Tax Provision	-	321.33	343.12	381.38	469.73
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-0.84	0	7.22	12.40
Net Income Continuous Operations	-	954.33	981.89	1,003.73	1,071.95
Net Income From Continuing And Discontinued Operation	-	954.33	981.89	1,003.75	1,069.83
Net Income From Continuing Operation Net Minority Interest	-	954.33	981.89	1,003.75	1,069.83
Net Income	-	954.33	981.89	1,003.75	1,069.83
Net Income Common Stockholders	-	954.33	981.89	1,003.75	1,069.83
Net Income Including Noncontrolling Interests	-	954.33	981.89	1,003.73	1,071.95
Normalized Income	-	956.81	981.89	984.70	1,041.56
Diluted NI Availto Com Stockholders	-	954.33	981.89	1,003.75	1,068.35
Basic Average Shares	-	75.60	73.16	70.33	70.14
Diluted Average Shares	-	76.86	74.39	71.85	71.06
Reconciled Depreciation	-	322.28	336.60	351.09	393.30
Reconciled Cost Of Revenue	-	764.71	819.91	869.08	969.18
Total Unusual Items	-	-3.32	0	26.27	40.66
Total Unusual Items Excluding Goodwill	-	-3.32	0	26.27	40.66
Minority Interests	-	0	0	0.01	-2.12
Special Income Charges	-	-1.93	0	26.27	40.66
Gain On Sale Of Business	-	0	0	121.31	42.26
Other Special Charges	16.19	1.93	-	5.04	1.60
Impairment Of Capital Assets	-	0	0	90	0
Gain On Sale Of Security	0.01	-1.38	0.12	-0.24	-
Depreciation Amortization Depletion Income Statement	-	322.28	336.60	351.09	393.30
Depreciation And Amortization In Income Statement	-	322.28	336.60	351.09	393.30
General And Administrative Expense	-	584.14	603.42	616.87	733.03
Other Gand A	-	584.14	603.42	616.87	733.03
Other Operating Expenses	-	0.28	0.75	0.79	2.06
Selling And Marketing Expense	-	309.08	340.16	380.91	478.99
Average Dilution Earnings	-	-	0	0	-1.48

Peer Comparison

Technology sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Corpay, Inc.this co.	CPAY	$23.3B	21.82	6.01	27.5%	13.23
VeriSign, Inc.	VRSN	$26.7B	32.38	-12.41	-38.3%	23.99
Atlassian Corporation	TEAM	$25.8B	-100.35	19.14	-19.1%	1018.89
Cognizant Technology Solutions Corporation	CTSH	$25.3B	11.33	1.68	14.9%	6.02
HP Inc.	HPQ	$24.1B	9.51	-69.51

Learn while you research

Hand-picked academy chapters to deepen your understanding of Corpay, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Leverage Ratios

Loading…

Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$4.5B

$2.3B

$1.1B

$1.3B

27.5%

13.9%

6.6%

2024

$4.0B

$2.1B

$1.0B

$1.8B

32.1%

5.8%

2.2%

2023

$3.8B

$2.0B

$982M

$1.9B

29.9%

9.6%

2.9%

2022

$3.4B

$1.8B

$954M

$603M

37.5%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

3,427.13

3,757.72

3,974.59

4,528.40

Operating Revenue

3,427.13

3,757.72

3,974.59

4,528.40

Cost Of Revenue

764.71

819.91

869.08

969.18

Gross Profit

2,662.42

2,937.81

3,105.50

3,559.23

Operating Expense

1,215.78

1,280.94

1,349.66

1,607.38

Selling General And Administration

893.22

943.58

997.78

1,212.02

Total Expenses

1,980.49

2,100.85

2,218.74

2,576.56

Operating Income

1,446.64

1,656.87

1,755.85

1,951.85

Total Operating Income As Reported

1,446.64

1,656.87

1,787.16

1,994.11

EBITDA

1,762.60

2,010.22

2,119.24

2,338.83

Normalized EBITDA

1,765.92

2,010.22

2,092.97

2,298.16

EBIT

1,440.32

1,673.61

1,768.16

1,945.53

Interest Expense

164.66

348.61

383.04

403.85

Net Interest Income

-164.66

-348.61

-383.04

-403.85

Other Non Operating Income Expenses

-3

16.74

-13.96

-46.98

Other Income Expense

-6.32

16.74

12.31

-6.32

Interest Expense Non Operating

164.66

348.61

383.04

403.85

Net Non Operating Interest Income Expense

-164.66

-348.61

-383.04

-403.85

Pretax Income

1,275.66

1,325

1,385.11

1,541.68

Tax Provision

321.33

343.12

381.38

469.73

Tax Rate For Calcs

Tax Effect Of Unusual Items

-0.84

7.22

12.40

Net Income Continuous Operations

954.33

981.89

1,003.73

1,071.95

Net Income From Continuing And Discontinued Operation

954.33

981.89

1,003.75

1,069.83

Net Income From Continuing Operation Net Minority Interest

954.33

981.89

1,003.75

1,069.83

Net Income

954.33

981.89

1,003.75

1,069.83

Net Income Common Stockholders

954.33

981.89

1,003.75

1,069.83

Net Income Including Noncontrolling Interests

954.33

981.89

1,003.73

1,071.95

Normalized Income

956.81

981.89

984.70

1,041.56

Diluted NI Availto Com Stockholders

954.33

981.89

1,003.75

1,068.35

Basic Average Shares

75.60

73.16

70.33

70.14

Diluted Average Shares

76.86

74.39

71.85

71.06

Reconciled Depreciation

322.28

336.60

351.09

393.30

Reconciled Cost Of Revenue

764.71

819.91

869.08

969.18

Total Unusual Items

-3.32

26.27

40.66

Total Unusual Items Excluding Goodwill

-3.32

26.27

40.66

Minority Interests

0.01

-2.12

Special Income Charges

-1.93

26.27

40.66

Gain On Sale Of Business

121.31

42.26

Other Special Charges

16.19

1.93

5.04

1.60

Impairment Of Capital Assets

Gain On Sale Of Security

0.01

-1.38

0.12

-0.24

Depreciation Amortization Depletion Income Statement

322.28

336.60

351.09

393.30

Depreciation And Amortization In Income Statement

322.28

336.60

351.09

393.30

General And Administrative Expense

584.14

603.42

616.87

733.03

Other Gand A

584.14

603.42

616.87

733.03

Other Operating Expenses

0.28

0.75

0.79

2.06

Selling And Marketing Expense

309.08

340.16

380.91

478.99

Average Dilution Earnings

-1.48

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Corpay, Inc.this co.

CPAY

$23.3B

21.82

6.01

27.5%

13.23

VeriSign, Inc.

VRSN

$26.7B

32.38

-12.41

-38.3%

23.99

Atlassian Corporation

TEAM

$25.8B

-100.35

19.14

-19.1%

1018.89

Cognizant Technology Solutions Corporation

CTSH

$25.3B

11.33

1.68

14.9%

6.02

HP Inc.

HPQ

$24.1B

9.51

-69.51

Corpay, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Corpay, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on