Corpay delivered Q4 2025 revenue of about $1.25 billion and adjusted EPS of $6.04, both slightly ahead of Street expectations. GAAP net income rose to $264.5 million. Shares initially jumped roughly 10% to around $330.92 after the release, signalling a broadly bullish reaction despite mixed longer-term performance.
About Corpay, Inc.
Corpay, Inc. (NYSE: CPAY) is a global corporate payments company in the S&P 500, focused on vehicle (fleet) payments, corporate accounts payable automation, virtual cards, cross‑border payments and workforce lodging solutions. The business operates across North America, Latin America, Europe, and other international markets, helping enterprises manage and control spend on fuel, travel, and B2B payments. Corpay traces its roots to FLEETCOR, founded in 1986, which was rebranded as Corpay in 2024.
As of early February 2026, Corpay carries an equity market capitalization of roughly $27.7 billion with a trailing P/E ratio of about 23.6x. The company does not currently pay a dividend, preferring to reinvest and return capital via acquisitions and share buybacks. Corpay employed about 11,200 people as of December 31, 2024, reflecting steady headcount growth to support its expanding payment platforms. The company is headquartered in Atlanta, Georgia.
Top Financial Highlights
- Q4 2025 GAAP revenue increased 21% to $1.25 billion (approximately $1,248.2 million) from $1.03 billion a year earlier, driven by broad-based strength across Vehicle and Corporate Payments.
- Q4 net income attributable to Corpay rose 8% to $264.5 million, compared with $246.0 million in Q4 2024.
- Q4 GAAP diluted EPS increased to about $3.75, up around 9% year over year.
- Q4 adjusted EPS (non‑GAAP) came in at $6.04, up roughly 13% from $5.36 in the prior-year quarter and about 1–2% above consensus expectations around $5.94–$5.95.
- Q4 gross profit reached roughly $988.2 million, up 22.7%, while operating profit grew 15.6% to about $564.5 million.
- Q4 operating cash flow was approximately $812.8 million, with capital expenditures of about $52.4 million, underscoring strong cash generation even after investment.
- As of quarter‑end, cash and cash equivalents stood near $2.5 billion, while long‑term debt totalled about $6.7 billion, reflecting increased leverage to fund acquisitions and buybacks.
- In Q4, Vehicle Payments revenue was about $572.9 million, up 9.5% year over year, supported by growth across the U.S., Europe and Brazil.
- Corporate Payments revenue was roughly $481 million, significantly higher than $346 million a year earlier, with the segment’s share of total revenue rising to 39% from 33%; organic growth in this segment was approximately 16%.
- Lodging Payments revenue declined to roughly $113 million, down about 7% year over year, as travel‑related activity remained softer.
- The Other category generated about $82 million in revenue in Q4, up roughly 18% year over year.
- For the full year 2025, Corpay delivered record revenue of about $4.53 billion, up 14% from 2024, and net income of roughly $1.1 billion, up about 7%.
- Full‑year 2025 adjusted EPS was $21.38, up 12%, on adjusted EBITDA of about $2.6 billion, which grew around 13% year over year.
- Corpay generated a record free cash flow of about $1.5 billion for 2025 and deployed over $4.3 billion of capital, including acquisitions and strategic investments.
- The company repurchased approximately 2.6 million shares for about $782 million in 2025, including 1.7 million shares for $500 million in Q4 alone.
- 2025 organic revenue growth reached 10% for the full year and 11% in Q4, marking the third consecutive quarter at that level.
Beat or Miss?
| Metric | Reported Q4 2025 Result | Difference / Analysis |
| Revenue | $1.25 billion (≈$1,248.2M) | Slight beat vs. consensus ~$1.24 billion, a surprise of about +0.6%. |
| Adjusted EPS (non‑GAAP) | $6.04 | Above consensus estimates around $5.94–$5.95, a beat of roughly +1.5%. |
| GAAP diluted EPS | $3.75 | Up from $3.44 a year ago; no widely cited GAAP EPS consensus, so estimate comparison is N/A. |
| Organic revenue growth | 11% | Slightly ahead of management’s 10% guidance, reflecting stronger Vehicle and Corporate Payments. |
| FY 2026 revenue guidance (mid) | $5.265 billion | Implies about 16% growth and is roughly 0.6% above analyst revenue expectations. |
| FY 2026 adjusted EPS (mid) | $26.00 | Points to about 22% EPS growth, described as above Street’s prior consensus. |
| Q1 2026 revenue outlook | $1.20–$1.22 billion | Brackets consensus near $1.22 billion; management is effectively guiding in line to slightly ahead. |
| Q1 2026 adjusted EPS outlook | $5.38–$5.52 | Around or modestly above current expectations for ~$5.49 per share. |
What Leadership Is Saying?
“We had a strong finish to 2025, with fourth quarter revenue, organic revenue and adjusted net income per share finishing ahead of expectations.” — Ron Clarke, Chairman and CEO, Corpay, Inc.
“Our 2026 outlook calls for 16% revenue and 22% adjusted earnings per share growth at the midpoint. Our earnings outlook is driven by strong business fundamentals, accretive acquisitions and a favorable macro.” — Peter Walker, Chief Financial Officer, Corpay, Inc.
Historical Performance
Year‑over‑year comparison: Corpay Q4 2025 vs. Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Revenue | $1,248.2 million | $1,034.4 million | +21% revenue growth. |
| Net income attributable to Corpay | $264.5 million | $246.0 million | +8% increase in net income. |
| Adjusted EPS (non‑GAAP) | $6.04 | $5.36 | +13% growth in adjusted EPS. |
This progression reflects Corpay’s ability to compound both top‑line and per‑share earnings while absorbing acquisition integration costs and softer performance in Lodging Payments. Revenue growth accelerated from the 10% pace seen in Q4 2024 to above 20% in Q4 2025, supported by stronger organic growth and M&A contributions.
Historical Performance of Competitor
Year‑over‑year comparison of a key competitor: WEX Inc. (Q4 2025 vs. Q4 2024)
| Category | Q4 2025 | Q4 2024 | Change (%) / Notes |
| Revenue | $672.9 million | $636.5 million | +5.7% revenue growth. |
| Net income per diluted share | $2.41 | $1.60 | +50.6% increase in EPS. |
| Adjusted operating income margin | 36.70% | 37.90% | Down about 1.2% points, reflecting modest margin pressure. |
Compared to Corpay’s roughly 21% Q4 revenue growth and low‑teens adjusted EPS expansion, WEX’s latest quarter shows slower top‑line momentum but sharper EPS leverage off a lower growth base. This contrast highlights Corpay’s higher‑growth corporate payments profile, albeit with more acquisition‑driven complexity, versus WEX’s steadier but slower expansion.
How the Market Reacted?
Investor reaction to Corpay’s Q4 2025 and full‑year 2025 print was broadly positive. Immediately after the results and guidance were released, CPAY shares jumped about 10.2% to roughly $330.92, as the market digested the revenue and EPS beats alongside robust 2026 growth targets. Follow‑on analysis highlighted that the midpoints of full‑year revenue and EPS guidance both sit above consensus, reinforcing a bullish narrative about the company’s ability to sustain double‑digit growth. That said, Zacks notes the stock has lagged over the past month, suggesting some investors remain cautious about valuation and macro sensitivity despite the strong quarter. Overall, the report’s tone and management’s outlook are clearly bullish, with execution and integration as the key watch points heading into 2026.
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