Corpay — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue increased 18% year-over-year to $1,381.9 million in Q3 2026, compared to $1,172.5 million in Q3 2025.
• Organic revenue growth was 11% for the quarter.
• GAAP net income increased 36% to $378.4 million, compared to $277.9 million in the prior year period.
• GAAP net income per diluted share increased 45% to $5.66, compared to $3.91 in the prior year period.
• Adjusted EBITDA increased 17% to $793.8 million, compared to $676.7 million in the prior year period.
• Adjusted net income increased 24% to $500.7 million, compared to $405.2 million in the prior year period.
• Adjusted net income per diluted share increased 32% to $7.54, compared to $5.70 in the prior year period.
• Corporate Payments delivered 57.4% adjusted EBITDA margins.
• Cash and cash equivalents were $3.07 billion as of September 30, 2026, up from $2.41 billion as of December 31, 2025.
• Total assets were $28.09 billion as of September 30, 2026, compared to $26.41 billion as of December 31, 2025.
• Total debt (current and non-current notes payable and lines of credit) was $8.93 billion as of September 30, 2026, compared to $8.18 billion as of December 31, 2025.

Guidance and Future Outlook:

• Full-year 2026 revenue guidance raised to a midpoint of $5.35 billion, representing 18% growth.
• Full-year 2026 adjusted net income per diluted share guidance raised to a midpoint of $28.00, representing 31% growth.
• Full-year 2026 revenue range set between $5.340 billion and $5.360 billion.
• Full-year 2026 adjusted net income per diluted share range set between $27.90 and $28.10.
• Q4 2026 revenue guidance set at approximately $1.37 billion.
• Q4 2026 adjusted net income per diluted share guidance set at a midpoint of $7.65.
• Guidance assumptions include foreign exchange rates based on Bloomberg consensus forecasts, U.S. fuel prices at $4.90 per gallon, and interest expense between $435 million and $455 million.
• Guidance assumes approximately 66 million fully diluted shares outstanding for the full year and an adjusted effective tax rate of 24% to 26%.

Business Segments and Product Lines:

• Corporate Payments segment revenue grew 41% to $571.3 million, driven by strong performance in spend management and cross-border solutions.
• Vehicle Payments segment revenue increased 8% to $579.8 million.
• Lodging Payments segment revenue increased 3% to $131.1 million.
• Other segment revenue decreased 2% to $99.7 million.
• Corporate Payments spend volume grew 45% to $95.3 billion.
• Vehicle Payments transactions decreased 26% to 152.4 million, while tag transactions increased 4% to 23.9 million.
• Parking transactions (PayByPhone) were zero in Q3 2026 following the sale of the business in March 2026.
• Fleet transactions increased 2% to 98.4 million.
• Other transactions increased 4% to 398.0 million.
• Geographic revenue breakdown for Q3 2026: US ($624 million), Brazil ($227 million), UK ($208 million), and Other ($324 million).

Market and Competitive Landscape:

• Corpay delivered 11% organic revenue growth for five of the last six quarters.
• The company operates in the Global Spend Management market with three primary B2B solution sets: Spend Management, Cross-Border, and Vehicle Solutions.
• The company manages derivative financial instruments in Cross-Border solutions to limit exposure to market risks including foreign exchange rates.

Risks and Challenges:

• Risks include macroeconomic conditions, recession, economic downturns, and fluctuations in oil prices, retail fuel prices, and fuel price spreads.
• Risks related to the ability to attract and retain partners, fuel merchants, and lodging providers.
• Risks associated with the integration of recent acquisitions, including a partnership interest in AvidXchange and the acquisition of Alpha.
• Risks related to data breaches, cybersecurity incidents, and failures of information security controls.
• Regulatory risks include the lawsuit filed by the Federal Trade Commission (FTC) and compliance with anti-money laundering and anti-terrorism financing laws.
• Risks related to international conflicts, including those between Russia and Ukraine and within the Middle East.
• Risks related to changes in global tariff and trade policies.

Management Commentary and Tone:

• Ron Clarke, Chairman and CEO, described third-quarter results as "excellent," noting revenue and adjusted net income per diluted share growth were ahead of expectations.
• Peter Walker, CFO, highlighted the high flow-through rate on revenue contributing to EBITDA margins in Corporate Payments.
• Management expressed confidence in the fourth quarter, raising full-year guidance to reflect strong third-quarter results and improved expectations.
• The tone indicates strong execution and strategic progress, with a focus on deleveraging proceeds from the sale of the maintenance business.

Other Key Points:

• The company repurchased 5.25 million shares for $1.85 billion through the end of the quarter, including 1.9 million shares for $747 million in Q3 2026.
• Proceeds from the sale of the maintenance business are being used to delever the company.
• Free cash flow is being used to pay down debt.
• The PayByPhone mobile parking business was sold to a third party in March 2026.
• A $100 million provision for legal settlement was recorded in the nine months ended September 30, 2026.
• The company recorded a gain on disposition of $3.0 million in Q3 2026 and $125.5 million in the nine months ended September 30, 2026.
• A conference call was hosted on November 4, 2026, with CEO Ron Clarke, CFO Peter Walker, and Investor Relations Jim Eglseder.