Corpay, Inc.
corpay.comWhat Do They Do?
Provides business payment and expense-management services, vehicle payment solutions, and lodging payment solutions to businesses and consumers.
10-K for FY2025, filed Feb 27, 2026Corpay, Inc. (the "Company") is a global corporate payments company that helps businesses and consumers better manage and pay their…View ↗
Corpay has the following reportable segments: Corporate Payments, Vehicle Payments, Lodging Payments and Other. These segments reflect how…View ↗
Payments solutions help control and monitor spending and include fuel card offerings, tolls and other complementary products.View ↗
Our Lodging Payments solutions help businesses manage their lodging costs, while simplifying the management of hotels and housing, both…View ↗
How Do They Make Money?
Corpay earns fees when it processes customers' payments, often based on the number or value of transactions, and may charge monthly access fees. It also earns currency exchange spreads when it makes cross-border payments.
10-K for FY2025, filed Feb 27, 2026The Company’s primary performance obligation for the majority of its payment solutions (Vehicle Payments, CorporateView ↗
The majority of the transaction price the Company receives for fulfilling the payment services performance obligation are comprised of one…View ↗
The Company recognizes revenue when the underlying transactions are complete and as its performance obligations are satisfied. Transactions…View ↗
In the Company's cross-border payments business, a portion of revenue is from exchanges of currency at spot rates, which enables customers…View ↗
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10-K for FY2025, filed Feb 27, 2026
FY2025 revenue by product or service ↗
$4.5B
-
10-K for FY2025, filed Feb 27, 2026
$4.5B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Vehicle Payments
|
47%
FY2022: 57%
|
Vehicle Payments, FY2025
$2.1B Sources
|
|
|
Corporate Payments
Usage-based
10-K for FY2025, filed Feb 27, 2026 |
36%
FY2022: 22%
|
Corporate Payments, FY2025
$1.6B Sources
|
Usage-based |
|
Lodging Payments
Usage-based
10-K for FY2025, filed Feb 27, 2026 |
10%
FY2022: 13%
|
Lodging Payments, FY2025
$469.5M Sources
|
Usage-based |
|
Other
Usage-based
|
6.3%
FY2022: 7.3%
|
Other, FY2025
$285.1M Sources
|
Usage-based |
Who Are Their Customers?
Businesses and consumers buy payment and expense tools directly through Corpay's digital channels or sales teams, and indirectly through partners and resellers. Fuel products also reach customers through oil companies and fuel marketers, while parking payments are offered through local operators.
10-K for FY2025, filed Feb 27, 2026Corpay, Inc. (the "Company") is a global corporate payments company that helps businesses and consumers better manage and pay their…View ↗
Sales and DistributionView ↗
EV solutions) and on a branded or “white label” basis, indirectly through a broad range of resellers and partners across most of our…View ↗
With respect to our tolls solution, we also place proprietary manned kiosks and unmanned vending machines in areas with high consumer foot…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 24 cents of every revenue dollar as net income in FY2025 and turned 29 cents into free cash flow.
10-K for FY2025, filed Feb 27, 2026
$2BView ↗
10-K for FY2025, filed Feb 27, 2026
$1.1BView ↗
10-K for FY2025, filed Feb 27, 2026
$1.3BView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 10, 2026
$248.3MView ↗
- ▼ −13%
- vs $284.2M in Q2 FY2025
-
Aug 5, 2026
Raised its full-year financial outlook
Revenue guidance for fiscal year 2026 is $5.290 billion to $5.330 billion.
Sources
8-K, filed Aug 5, 2026
Total revenues between $5.290 billion and $5.330 billion, growing 17% at the midpoint year over year; Net income between $1.285 billion and…View ↗
Growing. Revenue grew 60% in 4 years, from $2.8B in FY2021 to $4.5B in FY2025, about 12% a year.
Who Do They Compete With?
Competes with American Express, Coupa, WEX, U.S. Bank, Edenred, Sodexo, Alelo, Radius Payment Solutions, DKV, ConectCar, Veloe, Repom, ParkMobile, ParkHub, Parking BOXX, FLASH, American Express Global Business Travel, and Fiserv
10-K for FY2025, filed Feb 27, 2026companies like American Express and Coupa.View ↗
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