Corpay Inc

Corpay, Inc., formerly FleetCor Technologies, is a global corporate payments company. It helps businesses pay bills and control what employees spend. Products include fuel cards and toll payments for vehicles, purchasing and travel cards, virtual cards (single-use card numbers for one specific payment), software that automates paying supplier invoices (accounts payable, or AP, automation) and hotel and extended-stay booking services. Its cross-border service sends payments to close to 200 countries in 145 currencies and helps customers manage exchange-rate risk.

Most revenue comes from business customers, whose payment volumes tend to be fairly predictable. Corpay earns fees and charges on this activity, so revenue rises and falls with how much customers spend through its systems. Its virtual cards run on the Mastercard network, and merchants must enroll in Corpay's own vendor network to accept them. Rivals include banks offering commercial cards and payment services, specialist providers, and old habits like cash and paper checks.

In fiscal 2025, which ended December 31, 2025, revenue was about $4.53 billion. Vehicle Payments was the largest segment at 47.2%, followed by Corporate Payments at 36.1%, Lodging Payments at 10.4% and Other at 6.3%. The United States produced 48.7% of revenue, Brazil 15.8% and the United Kingdom 14.2%, with 21.4% from other countries.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.34B, up 21.5% from a year earlier, and net income was $248.3M (-12.6%).
• For fiscal 2025, revenue was $4.53B (+13.9% year over year; +13.6% a year from FY2020 to FY2025) with a 23.6% net margin.

• Over FY2021–FY2025: $5.52B in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed -20.5% from Aug 1, 2021 to Jul 31, 2026.

Rank among 1514 US companies

Market value at each year end

Corpay’s market value went from $13.13B at the end of 2016 to $26.87B on Nov 2, 2026, about 2.0 times as much; since the end of 2025 it is up 28%.

Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 42 sales ($146.4M).

Large shareholders (13G filings)

ETFs with the most weight in CPAY

1. Fee limits and Mastercard interchange changes. Revenue relies on fees and charges, including interchange, a per-purchase fee earned on its Mastercard virtual cards. Fee caps, lower interchange rates or breaking Mastercard and sponsor-bank rules could cut revenue.
2. Dependence on oil companies and other partners. Several products rely on deals with oil companies, fuel and lodging merchants, truck stop operators, airlines and bank partners. Losing these relationships, or failing to add new ones, could hurt revenue.
3. Stablecoins could disrupt cross-border payments. If stablecoins (digital tokens tied to a currency such as the dollar) and other blockchain payments catch on widely, Corpay's cross-border business could suffer and need costly new technology and compliance spending.
4. Credit losses and payment fraud. Corpay's purchasing and travel cards come with credit lines. If customers fail to pay, or criminals misuse its cards and payment systems, Corpay could absorb significant losses.
5. More goodwill write-downs from past deals. Acquisitions left large goodwill (the premium paid over acquired assets) and intangible assets on the balance sheet. Corpay has already booked impairment losses on them; further write-downs would reduce reported earnings.
6. Heavy debt load. As of June 30, 2026, total debt was about $10.6 billion against $3.2 billion of cash and investments. The company warns this debt could limit its flexibility and hurt financial performance.

• Aug 5, 2026 Quarterly results released; Investor presentation or announcement
• Jul 24, 2026 Executive or board change
• May 22, 2026 Major agreement signed; Investor presentation or announcement
• May 12, 2026 Investor presentation or announcement
• May 12, 2026 Shareholder vote results
• May 7, 2026 Quarterly results released; Investor presentation or announcement
• Apr 27, 2026 Investor presentation or announcement
• Feb 26, 2026 Shareholder nomination deadline; Other company announcement
• Feb 4, 2026 Quarterly results released; Investor presentation or announcement
• Jan 22, 2026 Executive or board change

Corpay pays no dividend and paid none in fiscal 2021 through 2025. It returned cash through share buybacks instead, spending about $5.52 billion on repurchases over those five years. The share count fell 20.5%, from 82.6 million on August 1, 2021 to 65.7 million on July 31, 2026, so each remaining share claims a larger slice of profits. For an income investor, though, buybacks put no cash in hand; anyone drawing spending money from this stock would have to trim shares.

The stock has fallen hard in downturns. In the 2020 COVID crash it dropped 46.5% between February 19 and March 23, 2020, and did not regain that peak until October 4, 2024, about 54 months later. In the 2022 bear market (a broad, prolonged market decline), it fell 35.3% from April 20 to October 12, 2022, then recovered by August 10, 2023, about 10 months later. Single stocks carry more risk than diversified funds.