Company file · CPAY
Corpay
Other Countries was Corpay's fastest-growing region in FY2025, up 27.4%
Revenue rose 13.9% to $4.5B in FY2025, from $4.0B in FY2024. Net income rose 6.6% to $1.1B. United States was the largest region, at 49% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Corpay (NYSE: CPAY) took in $4.5B of revenue (up 13.9% on fiscal 2024); net income was $1.1B (up 6.6%). The most recent quarter, ended Sep 30, 2026, brought revenue of $1.4B, up 17.9% year over year, with net income of $378M. United States was the biggest single line by region: 49% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 27, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026).
Source: 10-K FY2025, filed Feb 27, 2026
Source: 10-Q filed May 8, 2026 · 10-Q filed Aug 10, 2026 · 10-Q filed Nov 5, 2026
How it makes money
By region, FY2025
- LineAmountSharevs FY2024
- United States$2.2B49%+6.1%
- Other Countries$968M21%+27.4%
- Brazil$713M16%+20.0%
- United Kingdom$642M14%+18.5%
Source: 10-K FY2025, XBRL breakdown
By region in FY2025: United States (49%), Other Countries (21%), Brazil (16%) and United Kingdom (14%), as shares of total revenue. Total revenue was $4.5B.
Source: 10-K FY2025
By segment, FY2025
Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Corpay 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026
The bull case and the bear case
The bull case
- Revenue rose 13.9% in FY2025 to $4.5B, from $4.0B a year earlier. 10-K, FY2025
- Net income rose 6.6% in FY2025 to $1.1B, from $1.0B. 10-K, FY2025
- Diluted shares fell 1.1% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $1.4B, up 17.9% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Lodging Payments revenue fell 3.9% in FY2025 to $470M. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include markets and rates; credit and claims; regulation. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Corpay is in the transaction & payment processing services industry, part of the financials sector. The SEC files it under Services-Business Services, Nec.
Corpay reports 3 segments: Vehicle Payments, Lodging Payments and Other Operating.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the transaction & payment processing services industry. They are not a summary of Corpay’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Markets and ratesInterest rates, credit conditions and market levels move its revenue and results.
- Credit and claimsLosses on loans, claims or investments can reduce earnings.
- RegulationCapital, liquidity and conduct rules affect what it can do and what it costs.
- CompetitionBanks, insurers, asset managers and technology firms compete for the same customers.
- Cyber and operationsSecurity incidents and operational failures can cause losses and harm trust.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Risk factors (Item 1A)
- Segment reporting
- The cash flow statement
- Return on equity (ROE)
- Market cap and enterprise value
- Index funds vs. ETFs
- What a P/E ratio is
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Corpay's revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.
- The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.
What we left out
- Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 5, 2026 | Sep 30, 2026 |
| 10-Q | Aug 10, 2026 | Jun 30, 2026 |
| 10-Q | May 8, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 10, 2026 | Dec 31, 2025 |
| 10-K | Feb 27, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Corpay
How does Corpay make money?
In fiscal 2025, revenue totaled $4.5B. By region in FY2025: United States (49%), Other Countries (21%), Brazil (16%) and United Kingdom (14%), as shares of total revenue. Total revenue was $4.5B. Source: 10-K for fiscal 2025, filed Feb 27, 2026.
What was Corpay's revenue in fiscal 2025?
Revenue came to $4.5B in the year ended Dec 31, 2025. Going back two years, it was $3.8B in fiscal 2023 and $4.0B in fiscal 2024, so the latest year was up 13.9%. Source: 10-K for fiscal 2025, filed Feb 27, 2026.
Is Corpay profitable?
Yes, by US accounting rules (GAAP): net income was $1.1B in fiscal 2025, up 6.6% from $1.0B a year earlier. For the quarter ended Sep 30, 2026, net income was $378M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 27, 2026.
What did Corpay report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $1.4B, against $1.2B in the same quarter a year before (up 17.9%), and net income of $378M, against $278M (up 36.2%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026.
What are the main risks Corpay faces?
Corpay's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 27, 2026. Risks that are common among companies in the transaction & payment processing services industry include Markets and rates; credit and claims; regulation; competition; cyber and operations. The first: Interest rates, credit conditions and market levels move its revenue and results. Source: 10-K, Item 1A Risk Factors.
Where do these Corpay numbers come from?
Two filings Corpay made with the SEC: its fiscal 2025 10-K, filed Feb 27, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Corpay
- Tiger Global Management: 2,149,877 shares, reported value $716.5M at Jun 30, 2026 (+22.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 95,860 shares, reported value $31.9M at Jun 30, 2026 (+2,893.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 28,191 shares, reported value $9.4M at Jun 30, 2026 (+45.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Two Sigma Investments: 21,200 shares, reported value $7.1M at Jun 30, 2026 (+16.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 7,655 shares, reported value $2.6M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in CPAY
- The editor holds no position in Corpay (CPAY). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell CPAY from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold CPAY, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| CorpayCPAY | FY2025 | $4.5B | +13.9% | $1.1B |
| VisaV | FY2026 | $45.9B | +14.8% | $23.5B |
| MastercardMA | FY2025 | $32.8B | +16.4% | $15.0B |
| PayPalPYPL | FY2025 | $33.2B | +4.3% | $5.2B |
| BlockXYZ | FY2025 | $24.2B | +0.3% | $1.3B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.