NYSE : CPAY
Corpay, Inc. — Financial statements
Technology · Software - Infrastructure · United States
Last price 400.94 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 26.33B
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Financial statements
Corpay, Inc. (CPAY) reported revenue of 5.02B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 5.02B | 4.53B | 3.97B | 3.76B | 3.43B | 2.83B |
| Cost of Revenue | 977.04M | 920.18M | 869.09M | 819.91M | 764.71M | 559.82M |
| Gross Profit | 4.04B | 3.61B | 3.11B | 2.94B | 2.66B | 2.27B |
| Selling, General & Admin | 1.22B | 1.11B | 997.78M | 943.58M | 893.22M | 747.95M |
| Other Operating Expenses | 2.06M | 2.06M | 789.00K | 753.00K | 282.00K | -784.00K |
| Operating Expenses | 1.58B | 1.47B | 1.35B | 1.28B | 1.22B | 1.03B |
| Operating Income | 2.46B | 2.14B | 1.76B | 1.66B | 1.45B | 1.24B |
| Interest Expense | -437.87M | -403.85M | -383.04M | -348.61M | -164.66M | -113.70M |
| Interest & Investment Income | 9.00K | |||||
| Currency Exchange Gain (Loss) | -27.90M | -29.80M | -9.20M | -4.80M | -1.70M | -3.70M |
| Other Non Operating Income (Expenses) | -4.79M | 8.21M | -4.76M | 7.83M | -1.30M | -158.00K |
| EBT Excluding Unusual Items | 1.99B | 1.72B | 1.36B | 1.31B | 1.28B | 1.13B |
| Merger & Restructuring Charges | -320.00M | -191.00M | ||||
| Impairment of Goodwill | -90.00M | |||||
| Gain (Loss) on Sale of Investments | -48.10M | -25.40M | -1.38M | |||
| Gain (Loss) on Sale of Assets | 157.54M | 42.26M | 121.31M | 13.71M | ||
| Other Unusual Items | -6.56M | -1.60M | -5.04M | -1.93M | -16.19M | |
| Pretax Income | 1.67B | 1.54B | 1.39B | 1.33B | 1.28B | 1.11B |
| Income Tax Expense | 521.32M | 469.73M | 381.38M | 343.12M | 321.33M | 269.31M |
| Earnings From Continuing Operations | 1.15B | 1.07B | 1.00B | 981.89M | 954.33M | 839.50M |
| Minority Interest in Earnings | -8.70M | -2.12M | 14.00K | |||
| Net Income | 1.14B | 1.07B | 1.00B | 981.89M | 954.33M | 839.50M |
| Preferred Dividends & Other Adjustments | 7.29M | 1.48M | ||||
| Net Income to Common | 1.13B | 1.07B | 1.00B | 981.89M | 954.33M | 839.50M |
| Shares Outstanding (Basic) | 68.19M | 70.14M | 70.33M | 73.16M | 75.60M | 82.06M |
| Shares Outstanding (Diluted) | 69.00M | 71.06M | 71.85M | 74.39M | 76.86M | 84.06M |
| EPS (Basic) | 16.62 | 15.23 | 14.27 | 13.42 | 12.62 | 10.23 |
| EPS (Diluted) | 16.41 | 15.03 | 13.97 | 13.20 | 12.42 | 9.99 |
| Free Cash Flow | 1.64B | 1.30B | 1.77B | 1.95B | 603.37M | 1.09B |
| Free Cash Flow Per Share | 23.75 | 18.28 | 24.57 | 26.18 | 7.85 | 12.91 |
| Gross Margin | 80.54% | 79.68% | 78.13% | 78.18% | 77.69% | 80.24% |
| Operating Margin | 48.97% | 47.32% | 44.18% | 44.09% | 42.21% | 43.85% |
| Profit Margin | 22.58% | 23.59% | 25.25% | 26.13% | 27.85% | 29.62% |
| Free Cash Flow Margin | 32.63% | 28.69% | 44.42% | 51.82% | 17.61% | 38.31% |
| EBITDA | 2.80B | 2.43B | 2.03B | 1.91B | 1.70B | 1.53B |
| EBITDA Margin | 55.74% | 53.73% | 51.02% | 50.95% | 49.74% | 53.88% |
| D&A For EBITDA | 339.79M | 290.16M | 272.11M | 257.88M | 257.91M | 284.20M |
| EBIT | 2.46B | 2.14B | 1.76B | 1.66B | 1.45B | 1.24B |
| EBIT Margin | 48.97% | 47.32% | 44.18% | 44.09% | 42.21% | 43.85% |
| Effective Tax Rate | 31.20% | 30.47% | 27.53% | 25.90% | 25.19% | 24.29% |
| Advertising Expenses | 107.70M | 75.00M | 64.60M | 65.50M | 54.80M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.16B | 2.41B | 1.55B | 1.39B | 1.44B | 1.52B |
| Trading Asset Securities | 19.70M | 14.40M | 32.30M | 23.50M | 12.00M | |
| Cash & Short-Term Investments | 3.18B | 2.42B | 1.59B | 1.41B | 1.45B | 1.52B |
| Receivables | 4.96B | 3.97B | 3.41B | 3.47B | 3.35B | 2.91B |
| Prepaid Expenses | 637.01M | 302.52M | 123.82M | 177.24M | 231.23M | 215.98M |
| Restricted Cash | 7.00B | 6.58B | 2.90B | 1.75B | 854.02M | 730.67M |
| Other Current Assets | 702.90M | 685.70M | 649.90M | 273.40M | 222.00M | 110.10M |
| Total Current Assets | 16.48B | 13.96B | 8.68B | 7.08B | 6.11B | 5.49B |
| Property, Plant & Equipment | 472.32M | 571.95M | 455.70M | 429.73M | 388.76M | 321.07M |
| Long-Term Investments | 583.17M | 602.24M | 78.09M | 69.52M | 74.28M | 52.02M |
| Goodwill | 7.15B | 7.56B | 5.98B | 5.64B | 5.20B | 5.08B |
| Other Intangible Assets | 2.92B | 3.24B | 2.41B | 2.09B | 2.13B | 2.34B |
| Long-Term Deferred Charges | 11.70M | 64.20M | 48.00M | 50.60M | 50.70M | 44.70M |
| Other Long-Term Assets | 603.31M | 403.95M | 304.26M | 111.51M | 136.96M | 84.45M |
| Total Assets | 28.22B | 26.41B | 17.96B | 15.48B | 14.09B | 13.40B |
| Accounts Payable | 2.28B | 1.56B | 1.57B | 1.62B | 1.57B | 1.41B |
| Accrued Expenses | 568.43M | 367.10M | 315.62M | 246.79M | 257.38M | 275.43M |
| Short-Term Debt | 4.36B | 3.15B | 2.58B | 2.00B | 2.22B | 1.34B |
| Current Portion of Long-Term Debt | 214.29M | 272.93M | 188.87M | 141.93M | 92.06M | 198.03M |
| Current Portion of Leases | 29.24M | 24.34M | 23.48M | 22.66M | 20.30M | |
| Current Income Taxes Payable | 239.50M | 129.31M | 109.32M | 94.56M | 93.63M | |
| Other Current Liabilities | 9.54B | 8.68B | 3.89B | 2.68B | 1.79B | 1.95B |
| Total Current Liabilities | 16.96B | 14.30B | 8.71B | 6.83B | 6.04B | 5.29B |
| Long-Term Debt | 6.17B | 6.75B | 5.24B | 4.65B | 4.72B | 4.47B |
| Long-Term Leases | 85.29M | 64.72M | 75.80M | 86.67M | 79.91M | |
| Long-Term Deferred Tax Liabilities | 599.77M | 614.35M | 439.18M | 470.23M | 527.47M | 566.29M |
| Other Long-Term Liabilities | 595.90M | 428.19M | 361.96M | 170.16M | 167.34M | 134.19M |
| Total Liabilities | 24.32B | 22.18B | 14.81B | 12.19B | 11.55B | 10.54B |
| Common Stock | 133.00K | 132.00K | 131.00K | 129.00K | 128.00K | 127.00K |
| Additional Paid-In Capital | 4.12B | 3.97B | 3.81B | 3.27B | 3.05B | 2.88B |
| Retained Earnings | 10.86B | 10.26B | 9.20B | 8.19B | 7.21B | 6.26B |
| Treasury Stock | -10.08B | -8.96B | -8.17B | -6.89B | -6.21B | -4.80B |
| Comprehensive Income & Other | -1.36B | -1.39B | -1.71B | -1.29B | -1.51B | -1.46B |
| Total Common Equity | 3.54B | 3.88B | 3.12B | 3.28B | 2.54B | 2.87B |
| Minority Interest | 360.07M | 344.81M | 23.65M | |||
| Shareholders' Equity | 3.90B | 4.23B | 3.15B | 3.28B | 2.54B | 2.87B |
| Total Liabilities & Equity | 28.22B | 26.41B | 17.96B | 15.48B | 14.09B | 13.40B |
| Total Debt | 10.74B | 10.29B | 8.10B | 6.89B | 7.15B | 6.11B |
| Net Cash (Debt) | -7.56B | -7.87B | -6.51B | -5.48B | -5.70B | -4.59B |
| Net Cash Per Share | -109.54 | -110.73 | -90.67 | -73.66 | -74.15 | -54.59 |
| Filing Date Shares Outstanding | 65.66M | 68.05M | 70.25M | 71.85M | 73.49M | 77.89M |
| Total Common Shares Outstanding | 65.66M | 68.36M | 70.17M | 71.72M | 73.36M | 78.88M |
| Working Capital | -475.11M | -333.44M | -32.01M | 258.51M | 62.70M | 197.70M |
| Book Value Per Share | 53.95 | 56.81 | 44.50 | 45.77 | 34.65 | 36.34 |
| Tangible Book Value | -6.53B | -6.92B | -5.27B | -4.45B | -4.79B | -4.55B |
| Tangible Book Value Per Share | -99.43 | -101.21 | -75.14 | -62.03 | -65.31 | -57.65 |
| Buildings | 48.10M | 40.24M | 41.51M | 35.82M | 33.52M | |
| Machinery | 1.14B | 913.77M | 816.59M | 650.30M | 531.62M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.14B | 1.07B | 1.00B | 981.89M | 954.33M | 839.50M |
| Depreciation & Amortization | 339.79M | 290.16M | 272.11M | 257.88M | 257.91M | 284.20M |
| Other Amortization | 126.37M | 123.97M | 86.79M | 84.75M | 69.05M | 6.83M |
| Loss (Gain) From Sale of Assets | -164.78M | -42.26M | -121.31M | -13.71M | ||
| Asset Writedown & Restructuring Costs | 90.00M | |||||
| Stock-Based Compensation | 114.91M | 102.64M | 116.72M | 116.09M | 121.42M | 80.07M |
| Provision & Write-off of Bad Debts | 151.13M | 122.64M | 103.13M | 125.15M | 131.10M | 37.92M |
| Other Operating Activities | 116.30M | -4.65M | -58.48M | -44.82M | -26.50M | 26.43M |
| Change in Accounts Receivable | -841.68M | -499.18M | -176.93M | -210.26M | -598.67M | -731.14M |
| Change in Accounts Payable | 997.94M | 499.00M | 663.22M | 713.98M | -83.95M | 480.51M |
| Change in Other Net Operating Assets | -133.49M | -162.24M | -38.44M | 90.19M | -69.87M | 172.75M |
| Operating Cash Flow | 1.85B | 1.50B | 1.94B | 2.10B | 754.80M | 1.20B |
| Capital Expenditures | -208.88M | -200.76M | -175.18M | -153.82M | -151.43M | -111.53M |
| Cash Acquisitions | 2.09B | 1.93B | -821.92M | -428.33M | -216.92M | -602.12M |
| Divestitures | 479.91M | 58.21M | 185.51M | 197.03M | ||
| Investment in Securities | -593.26M | -578.45M | ||||
| Other Investing Activities | 5.25M | 14.57M | 4.12M | 4.40M | -2.28M | |
| Investing Cash Flow | 1.77B | 1.23B | -807.48M | -380.72M | -368.35M | -715.93M |
| Short-Term Debt Issued | 500.69M | 16.00M | 155.57M | 169.19M | 418.00M | |
| Long-Term Debt Issued | 13.78B | 10.81B | 8.73B | 10.24B | 3.81B | |
| Total Debt Issued | 22.54B | 14.28B | 10.83B | 8.89B | 10.41B | 4.23B |
| Short-Term Debt Repaid | -140.71M | -51.05M | ||||
| Long-Term Debt Repaid | -12.27B | -9.42B | -9.21B | -9.35B | -2.49B | |
| Total Debt Repaid | -20.01B | -12.27B | -9.56B | -9.21B | -9.35B | -2.54B |
| Net Debt Issued (Repaid) | 2.53B | 2.02B | 1.27B | -322.43M | 1.06B | 1.69B |
| Issuance of Common Stock | 98.23M | 67.77M | 428.22M | 113.74M | 49.40M | 48.78M |
| Repurchase of Common Stock | -1.80B | -782.82M | -1.29B | -686.86M | -1.41B | -1.36B |
| Other Financing Activities | 243.64M | 260.25M | -6.47M | -2.66M | -10.63M | -39.73M |
| Financing Cash Flow | 1.06B | 1.56B | 404.99M | -898.21M | -311.23M | 343.93M |
| Foreign Exchange Rate Adjustments | -20.76M | 246.58M | -223.27M | 30.16M | -36.74M | -50.98M |
| Net Cash Flow | 4.64B | 4.54B | 1.31B | 852.36M | 38.48M | 774.08M |
| Free Cash Flow | 1.64B | 1.30B | 1.77B | 1.95B | 603.37M | 1.09B |
| Free Cash Flow Margin | 32.63% | 28.69% | 44.42% | 51.82% | 17.61% | 38.31% |
| Free Cash Flow Per Share | 23.75 | 18.28 | 24.57 | 26.18 | 7.85 | 12.91 |
| Levered Free Cash Flow | 1.95B | 1.89B | 988.28M | 1.06B | 384.93M | 1.05B |
| Unlevered Free Cash Flow | 2.20B | 2.12B | 1.22B | 1.28B | 480.09M | 1.12B |
| Cash Interest Paid | 533.60M | 491.37M | 496.10M | 448.38M | 229.64M | 132.50M |
| Cash Income Tax Paid | 599.22M | 510.73M | 374.04M | 408.34M | 358.23M | 229.72M |
| Change in Working Capital | 22.77M | -162.42M | 447.85M | 593.90M | -752.50M | -77.88M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 26.63B | 21.05B | 23.59B | 20.41B | 13.55B | 18.18B |
| Enterprise Value | 34.19B | 27.36B | 30.19B | 26.24B | 19.44B | 22.64B |
| Last Close Price | 400.94 | 300.93 | 338.42 | 282.61 | 183.68 | 223.84 |
| PE Ratio | 24.71 | 19.71 | 23.50 | 20.78 | 14.20 | 21.65 |
| Forward PE | 13.59 | 12.52 | 15.82 | 15.08 | 11.04 | 15.12 |
| PS Ratio | 5.24 | 4.65 | 5.94 | 5.43 | 3.95 | 6.41 |
| PB Ratio | 7.43 | 4.98 | 7.50 | 6.22 | 5.33 | 6.34 |
| P/FCF Ratio | 16.07 | 16.20 | 13.36 | 10.48 | 22.45 | 16.74 |
| P/OCF Ratio | 14.25 | 14.04 | 12.16 | 9.71 | 17.95 | 15.18 |
| PEG Ratio | 1.30 | 0.89 | 1.09 | 1.22 | 0.70 | 0.86 |
| EV/Sales Ratio | 6.75 | 6.04 | 7.60 | 6.98 | 5.67 | 7.99 |
| EV/EBITDA Ratio | 12.11 | 11.24 | 14.89 | 13.71 | 11.40 | 14.83 |
| EV/EBIT Ratio | 13.78 | 12.77 | 17.20 | 15.84 | 13.44 | 18.22 |
| EV/FCF Ratio | 20.68 | 21.06 | 17.10 | 13.48 | 32.22 | 20.86 |
| Debt / Equity Ratio | 2.75 | 2.43 | 2.58 | 2.10 | 2.81 | 2.13 |
| Debt / EBITDA Ratio | 3.80 | 4.18 | 3.94 | 3.54 | 4.13 | 3.94 |
| Debt / FCF Ratio | 6.56 | 7.92 | 4.59 | 3.54 | 11.84 | 5.63 |
| Net Debt / Equity Ratio | 1.94 | 1.86 | 2.07 | 1.67 | 2.24 | 1.60 |
| Net Debt / EBITDA Ratio | 2.70 | 3.23 | 3.21 | 2.86 | 3.34 | 3.00 |
| Net Debt / FCF Ratio | 4.61 | 6.06 | 3.69 | 2.81 | 9.45 | 4.23 |
| Asset Turnover | 0.21 | 0.20 | 0.24 | 0.25 | 0.25 | 0.23 |
| Quick Ratio | 0.48 | 0.45 | 0.57 | 0.71 | 0.79 | 0.84 |
| Current Ratio | 0.97 | 0.98 | 1.00 | 1.04 | 1.01 | 1.04 |
| Return on Equity (ROE) | 29.22% | 29.07% | 31.23% | 33.72% | 35.29% | 26.98% |
| Return on Assets (ROA) | 6.32% | 6.04% | 6.57% | 7.00% | 6.58% | 6.31% |
| Return on Invested Capital (ROIC) | 14.55% | 13.70% | 13.81% | 14.44% | 13.79% | 13.10% |
| Return on Capital Employed (ROCE) | 21.80% | 17.70% | 19.00% | 19.20% | 18.00% | 15.30% |
| Earnings Yield | 4.05% | 5.08% | 4.25% | 4.81% | 7.04% | 4.62% |
| FCF Yield | 6.22% | 6.17% | 7.48% | 9.54% | 4.45% | 5.97% |
| Buyback Yield / Dilution | 3.28% | 1.10% | 3.41% | 3.22% | 8.56% | 3.06% |