NYSE: CPAY
Corpay
Financials · Services-Business Services, NEC
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$21.9B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $13.0B |
| FY2017, ended Dec 31, 2017 | $17.3B |
| FY2018, ended Dec 31, 2018 | $15.9B |
| FY2019, ended Dec 31, 2019 | $24.6B |
| FY2020, ended Dec 31, 2020 | $22.8B |
| FY2021, ended Dec 31, 2021 | $17.4B |
| FY2022, ended Dec 31, 2022 | $13.5B |
| FY2023, ended Dec 31, 2023 | $20.3B |
| FY2024, ended Dec 31, 2024 | $23.8B |
| FY2025, ended Dec 31, 2025 | $20.5B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $21.9B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$5.02B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.83B |
| FY2017, ended Dec 31, 2017 | $2.25B |
| FY2018, ended Dec 31, 2018 | $2.43B |
| FY2019, ended Dec 31, 2019 | $2.65B |
| FY2020, ended Dec 31, 2020 | $2.39B |
| FY2021, ended Dec 31, 2021 | $2.83B |
| FY2022, ended Dec 31, 2022 | $3.43B |
| FY2023, ended Dec 31, 2023 | $3.76B |
| FY2024, ended Dec 31, 2024 | $3.97B |
| FY2025, ended Dec 31, 2025 | $4.53B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $5.02B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $452M | $649M |
| FY2017, ended Dec 31, 2017 | $740M | $610M |
| FY2018, ended Dec 31, 2018 | $811M | $822M |
| FY2019, ended Dec 31, 2019 | $895M | $1.09B |
| FY2020, ended Dec 31, 2020 | $704M | $1.39B |
| FY2021, ended Dec 31, 2021 | $839M | $1.09B |
| FY2022, ended Dec 31, 2022 | $954M | $603M |
| FY2023, ended Dec 31, 2023 | $982M | $1.95B |
| FY2024, ended Dec 31, 2024 | $1.00B | $1.77B |
| FY2025, ended Dec 31, 2025 | $1.07B | $1.30B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.14B | $1.64B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$3.16B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $475M |
| FY2017, ended Dec 31, 2017 | $914M |
| FY2018, ended Dec 31, 2018 | $1.03B |
| FY2019, ended Dec 31, 2019 | $1.27B |
| FY2020, ended Dec 31, 2020 | $935M |
| FY2021, ended Dec 31, 2021 | $1.52B |
| FY2022, ended Dec 31, 2022 | $1.44B |
| FY2023, ended Dec 31, 2023 | $1.39B |
| FY2024, ended Dec 31, 2024 | $1.55B |
| FY2025, ended Dec 31, 2025 | $2.41B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $3.16B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$10.6B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.34B |
| FY2017, ended Dec 31, 2017 | $1.62B |
| FY2018, ended Dec 31, 2018 | $2.07B |
| FY2019, ended Dec 31, 2019 | $1.75B |
| FY2020, ended Dec 31, 2020 | $1.21B |
| FY2021, ended Dec 31, 2021 | $5.98B |
| FY2022, ended Dec 31, 2022 | $7.04B |
| FY2023, ended Dec 31, 2023 | $6.72B |
| FY2024, ended Dec 31, 2024 | $8.00B |
| FY2025, ended Dec 31, 2025 | $10.0B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $10.6B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 28.5% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.65.7M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 91.9M |
| FY2017, ended Dec 31, 2017 | 89.8M |
| FY2018, ended Dec 31, 2018 | 85.9M |
| FY2019, ended Dec 31, 2019 | 85.4M |
| FY2020, ended Dec 31, 2020 | 83.4M |
| FY2021, ended Dec 31, 2021 | 77.9M |
| FY2022, ended Dec 31, 2022 | 73.5M |
| FY2023, ended Dec 31, 2023 | 71.9M |
| FY2024, ended Dec 31, 2024 | 70.2M |
| FY2025, ended Dec 31, 2025 | 68.1M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 65.7M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $1.59B more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $188M | $63.9M | $21.2M |
| FY2017, ended Dec 31, 2017 | $402M | $93.3M | $44.7M |
| FY2018, ended Dec 31, 2018 | $959M | $69.9M | $55.7M |
| FY2019, ended Dec 31, 2019 | $695M | $61.0M | $169M |
| FY2020, ended Dec 31, 2020 | $850M | $43.4M | $137M |
| FY2021, ended Dec 31, 2021 | $1.36B | $80.1M | $48.8M |
| FY2022, ended Dec 31, 2022 | $1.41B | $121M | $49.4M |
| FY2023, ended Dec 31, 2023 | $687M | $116M | $114M |
| FY2024, ended Dec 31, 2024 | $1.29B | $117M | $428M |
| FY2025, ended Dec 31, 2025 | $783M | $103M | $67.8M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.80B | $115M | $98.2M |
Revenue (TTM)
$5.02B
+20.4% YoY
Net income (TTM)
$1.14B
+8.7% YoY
Cash
$3.16B
+44.3% YoY
Total debt
$10.6B
+30.9% YoY
Valuation
At current price- Market Cap
- $26.3B
- P/E
- 23.1×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 5.2×
- Price / Book
- 7.4×
- EV / EBITDA
- 12.8×
Growth
Trailing 12 months- Revenue (TTM)
- $5.02B
- Revenue Growth YoY
- 20.4%
- Revenue CAGR 3Y
- 9.7%
- Revenue CAGR 5Y
- 13.6%
- EPS Growth YoY
- 11.8%
- Net Income Growth YoY
- 8.7%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 43.7%
- Net Margin
- 22.7%
- FCF Margin
- 32.6%
- Return on Equity
- 30.5%
Earnings
Trailing 12 months- Net Income
- $1.14B
- EPS (diluted)
- $16.44
- EBITDA
- $2.64B
- Operating Income
- $2.20B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $3.16B
- Total Debt
- $10.6B
- Net Debt
- $7.46B
- Total Assets
- $28.2B
- Total Liabilities
- $24.6B
- Shareholders' Equity
- $3.54B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.85B
- Capital Expenditure
- $209M
- Free Cash Flow
- $1.64B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 0.89
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 20.4% year over year, at $5.02B.
Strength
Keeps 43.7% of revenue as operating profit.
Strength
Turns 32.6% of revenue into free cash flow.
Strength
Share count is down 7.0% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 27, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K48Some concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 27, 2025 · Read the filing on EDGAR
- Revenue rose 5.8% to $3.97 billion and operating income rose 7.9%, but net income rose only 2.2% on higher interest and taxes.
- One material weakness over IT user access remains unfixed, and the auditor again issued an adverse opinion on internal controls; no misstatements were identified.
- Corpay bought Paymerang and GPS Capital Markets, sold its merchant solutions business for a $121.3 million gain, and wrote down Payroll Card goodwill by $90 million.
- Corporate Payments drove growth with revenue up 24.5%, while Vehicle Payments revenue stayed flat and Lodging Payments revenue fell 6.1%.
Business momentum
Improving
“Consolidated revenues were $3,974.6 million in 2024, an increase of 5.8% compared to the prior year.”
Outlook
Neutral
“Over the long term, we expect that our expenses will decrease as a percentage of revenues as our revenues increase, except for expenses related to transaction volume processed.”
Financial stress
Low
“At December 31, 2024, we had approximately $2.1 billion in total liquidity”
Tone against the previous report
About the same
Red flags
- Serious
Weak internal controls
“Based on this material weakness, the Company’s management concluded that at December 31, 2024, the Company’s internal control over financial reporting was not effective.”
- Minor
Large write-down
“During 2024, we recorded a non-cash goodwill impairment loss of $90.0 million, representing a partial impairment of the goodwill within our Payroll Card reporting unit”
Positives
Corporate Payments grew quickly in both revenue and profit
“Corporate Payments revenues increased primarily due to organic revenue growth of 20%, driven by a 15% growth in spend volume and strong new sales in our payables and cross-border solutions.”
Credit losses fell after shifting away from very small business customers
“lower credit losses of $21 million due to our shift away from micro-SMB (small-medium business) clients in the U.S.”
Securitization funding was enlarged and extended to 2028 at lower fees
“The amendment increased the Securitization Facility commitment from $1.7 billion to $1.8 billion and extended the maturity of the Securitization Facility from August 18, 2025 to January 24, 2028.”
Concerns
Lodging Payments revenue and profit both declined
“Lodging Payments operating income was $223.4 million in 2024, a decrease of 12.1% compared to the prior year.”
Borrowing rose to help fund acquisitions and buybacks, lifting interest costs
“The increase in interest expense was primarily due to higher interest rates and increased borrowings for acquisitions and share repurchases and lower interest income due to the sale of our Russia business.”
Operating cash flow fell from the prior year
“Net cash provided by operating activities was $1,940.6 million in 2024, a decrease from $2,101.1 million in 2023.”
New risks since the previous report
PayByPhone goodwill could be written down because its value cushion is thin
“it is possible that we would be required to recognize an impairment loss as the fair value of the reporting unit currently exceeds the carrying value by less than 20%”
Cross-border margin calls could create short-term cash needs during currency market disruption
“We carefully monitor and manage initial and variation margin requirements for our cross-border solutions, which can result in transitory periods of elevated liquidity needs”
Falling use of payroll cards among target customers
“decreased use of the card and its core component for our target customers”
Sanctions and tariffs could hurt the global economy and the business
“Extraordinary measures, such as sanctions and tariffs, will adversely affect the global economy and financial markets”
Biggest risks named
- Unfixed material weakness in financial reporting controls
- Debt of about $8.0 billion, mostly floating-rate, and interest costs
- FTC order on the U.S. fuel card business and pending appeal
- Economic weakness reducing transaction volumes and raising credit losses
- Currency, fuel price and fuel spread swings
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −16.5 | |
| New risks | −2 | |
| Score | 48 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 27, 2026 | Pro | |||
| 10-K | Feb 27, 2025 | 48 | Improving | 1 serious1 minor | |
| 10-K | Feb 29, 2024 | 25 | Improving | 2 serious1 medium | |
| 10-K | Feb 28, 2023 | 65 | Strong improvement | 2 medium1 minor | |
| 10-K | Mar 1, 2022 | 72 | Strong improvement | None | |
| 10-K | Feb 26, 2021 | 46 | Weakening | 1 medium | |
| 10-K | Mar 2, 2020 | 61 | Improving | 1 medium | |
| 10-K | Mar 1, 2019 | 67 | Strong improvement | 1 medium1 minor | |
| 10-K | Mar 1, 2018 | 66 | Strong improvement | 1 medium1 minor | |
| 10-K | Mar 1, 2017 | 71 | Strong improvement | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 10, 2026. View filings on SEC EDGAR