Corpay Reports Fourth Quarter and Full Year Financial Results

Key Terms

gaap financial

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

non-gaap financial

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

adjusted ebitda financial

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

organic revenue growth financial

Organic revenue growth is the increase in a company's sales that comes from its existing products and services, without including any gains from acquisitions or selling off parts of the business. It reflects the company’s ability to attract more customers or encourage existing customers to buy more over time. For investors, it indicates the company's underlying strength and efficiency in expanding its core operations.

basis point financial

A basis point is a unit equal to one one‑hundredth of a percent (0.01%), used to describe very small changes in interest rates, bond yields, fees or other percentage figures. Think of it like a single dollar change on $10,000: tiny by itself but meaningful when applied to large sums or repeated over time, so investors use basis points to track and compare small but financially significant moves precisely.

float revenue financial

Float revenue is the income a company earns by temporarily holding cash between when it receives money and when it must pay it out, such as premiums, customer payments, or transaction funds; during that brief period the company can invest the cash and collect interest or other returns. For investors it matters because it boosts reported profits and cash flow without reflecting core business sales, and it can fluctuate with interest rates and a company’s cash-management practices—like earning a little extra by parking money in a short-term account.

free cashflow financial

Free cash flow is the actual cash a company has left after running its business and paying for the big things needed to keep or grow operations, like equipment or buildings. Think of it as a household’s paycheck after monthly bills and saving for a car — what’s truly available to spend, save or pay down debt. Investors watch it because healthy free cash flow signals a company can fund dividends, buybacks, debt repayment, or future growth without needing outside financing.

effective tax rate financial

The effective tax rate is the percentage of a company's profits that it pays in taxes. It shows how much of its earnings go to taxes after all deductions and credits are considered. For investors, it indicates how much of the company's income is taken by taxes, impacting overall profitability and financial health.

4th Quarter: 21% revenue growth, 11% organic revenue growth, and 13% adjusted EPS growth

ATLANTA--(BUSINESS WIRE)-- Corpay, Inc. (NYSE: CPAY), the corporate payments company, today reported financial results for its fourth quarter and year ended December 31, 2025.

"We had a strong finish to 2025, with fourth quarter revenue, organic revenue and adjusted net income per share finishing ahead of expectations," said Ron Clarke, chairman and chief executive officer, Corpay, Inc. "We were an active corporate development shop, closing the second largest acquisition in the Company’s history, as well as two significant strategic investments. Our 2025 exit rate and accretive deals create a strong set-up for 2026, as we accelerate our rotation to more corporate payments," concluded Clarke.

Financial Results for Fourth Quarter of 2025:

GAAP Results

• Revenues increased 21% to $1,248.2 million in the fourth quarter of 2025, compared with $1,034.4 million in the fourth quarter of 2024.
• Net income² increased 8% to $264.5 million in the fourth quarter of 2025, compared with $246.0 million in the fourth quarter of 2024.
• Net income per diluted share² increased 9% to $3.75 in the fourth quarter of 2025, compared with $3.44 per diluted share in the fourth quarter of 2024.

Non-GAAP Results¹

• Organic revenue growth¹ was 11% in the fourth quarter of 2025.
• Adjusted EBITDA¹ increased 18% to $712.4 million in the fourth quarter of 2025, compared to $605.3 million in the fourth quarter of 2024.
• Adjusted net income^1,2 increased 11% to $423.6 million in the fourth quarter of 2025, compared with $383.2 million in the fourth quarter of 2024.
• Adjusted net income per diluted share^1,2 increased 13% to $6.04 in the fourth quarter of 2025, compared with $5.36 per diluted share in the fourth quarter of 2024.

"Organic revenue growth was 11% for the third consecutive quarter, driven by our two largest segments delivering double digit organic growth," said Peter Walker, chief financial officer, Corpay, Inc. "Our corporate payments segment delivered 16% organic revenue growth, inclusive of a 200 basis point headwind from float revenue compression due to lower interest rates. We also repurchased 1.7 million shares for $500 million in the fourth quarter," concluded Walker.

Financial Results for Full Year 2025:

GAAP Results

• Revenues increased 14% to $4.5 billion in 2025, compared with $4.0 billion in 2024.
• Net income increased 7% to $1.1 billion in 2025, compared with $1.0 billion in 2024.
• Net income per diluted share increased 8% to $15.03 in 2025, compared with $13.97 per diluted share in 2024.

Non-GAAP Results¹

• Adjusted EBITDA¹ increased 13% to $2.6 billion in 2025, compared with $2.3 billion in 2024.
• Adjusted net income increased 11% to $1.5 billion in 2025, compared with $1.4 billion in 2024.
• Adjusted net income per diluted share increased 12% to $21.38 in 2025, compared with $19.01 in 2024.

"2025 was a very successful year for Corpay. We delivered 10% organic revenue growth along with $21.38 of earnings per share,” said Ron Clarke. "We deployed over $4.3 billion in capital, expanding our position in Corporate Payments with our largest cross border acquisition to date, while repurchasing $782 million of Corpay stock," concluded Clarke.

Fiscal Year 2026 Outlook:

“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,” said Peter Walker. “We expect full year 2026 organic revenue growth of 10%, continued tight expense management and our fourth quarter share repurchases to drive meaningful 2026 adjusted earnings per share growth.”

For fiscal year 2026, Corpay, Inc.'s financial guidance¹ is as follows:

• Total revenues between $5,215 million and $5,315 million;
• Net income between $1,344 million and $1,438 million;
• Net income per diluted share between $19.49 and $20.49;
• Adjusted net income between $1,762 million and $1,856 million; and
• Adjusted net income per diluted share between $25.50 and $26.50.

Corpay’s guidance assumptions are as follows for the full year:

• Weighted average U.S. fuel prices equal to $2.90 per gallon;
• Fuel price spreads flat with the 2025 average; and
• Foreign exchange rates equal to the January 2026, 60 day average;
• Interest expense between $370 million and $400 million;
• Free cashflow is used to pay down debt;
• Approximately 70 million fully diluted shares outstanding;
• An adjusted effective tax rate of approximately 25% to 27%; and
• No impact related to material acquisitions or divestitures not closed.

First Quarter of 2026 Outlook:

“First quarter organic revenue growth is expected to be 9% at the midpoint and adjusted EPS is expected to grow over 20%. Revenue and adjusted EPS are expected to build significantly over the year as organic revenue grows and we realize deal synergies,” said Peter Walker.

Conference Call:

The Company will host a conference call to discuss fourth quarter and full year 2025 financial results today at 5:30 pm ET. Hosting the call will be Ron Clarke, chief executive officer, Peter Walker, chief financial officer and Jim Eglseder, investor relations. The conference call will be webcast live from the Company's investor relations website at http://investor.corpay.com. The conference call can also be accessed live over the phone by dialing (800)-343-4136 or (203)-518-9843; the Conference ID is CORPAY. A replay will be available one hour after the call and can be accessed by dialing (844)-512-2921 or (412)-317-6671 for international callers; the replay conference ID is 11160871. The replay will be available through Wednesday, February 18, 2026. Prior to the conference call, the Company will post supplemental financial information that will be discussed during the call and live webcast.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about Corpay’s beliefs, assumptions, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project,” “expect,” “may,” “will,” “would,” “could” or “should,” the negative of these terms or other comparable terminology and similar expressions.

These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements on preliminary information, internal estimates and management’s assumptions, expectations and plans about future conditions, events and results. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as risks related to our ability to successfully execute our strategic plan, manage our growth and achieve our performance targets; the impact of macroeconomic conditions, including any recession or economic downturn that has occurred or may occur in the future, and whether expected trends, including retail fuel prices, fuel price spreads, fuel transaction patterns, electric vehicle adoption, retail lodging prices, foreign exchange rates and interest rates trends develop as anticipated, and whether we are able to develop and implement successful strategies in light of these trends; our ability to attract new and retain existing partners, fuel merchants, and lodging providers, their promotion and support of our products, and their financial performance; our ability to successfully manage the derivative financial instruments that we use in our Cross-Border solutions to manage our exposure to various market risks, including changes in foreign exchange rates; the failure of management assumptions and estimates, as well as differences in, and changes to, economic, market, interest rate, interchange fees, foreign exchange rates, and credit conditions, including changes in borrowers’ credit risks and payment behaviors; the risk of higher borrowing costs and adverse financial market conditions impacting our funding and liquidity, and any reduction in our credit ratings; our ability to successfully manage our credit risks and the sufficiency of our allowance for expected credit losses; our ability to securitize our trade receivables; the occurrence of fraudulent activity, data breaches or failures of information security controls, or other technology or cybersecurity-related incidents that may compromise our systems or customers’ information; any disruptions in the operations of our computer systems and data centers; the operational and political risks and compliance and regulatory risks and costs associated with international operations; the impact of international conflicts, including between Russia and Ukraine, as well as within the Middle East, on the global economy or our business and operations; the impact of changes in global tariff and trade policies and potential retaliatory actions by affected countries; our ability to develop and implement new technology, products, and services; any alleged infringement of intellectual property rights of others and our ability to protect our intellectual property; the regulation, supervision, and examination of our business by foreign and domestic governmental authorities, as well as litigation and regulatory actions, including the lawsuit filed by the Federal Trade Commission (FTC); the impact of regulations and related requirements relating to privacy, information security and data protection; derivative and hedging activities; use of third-party vendors and other third-party business relationships; and failure to comply with anti-money laundering (AML) and anti-terrorism financing laws; changes in our senior management team and our ability to attract, motivate and retain qualified personnel consistent with our strategic plan; tax legislation initiatives or challenges to our tax positions and/or interpretations, and state sales tax rules and regulations; the risks of mergers, acquisitions and divestitures, such as our recent acquisition of a partnership interest in AvidXchange and the acquisition of Alpha, including, without limitation, the time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; our ability to remediate material weaknesses and the ongoing effectiveness of internal control over financial reporting, as well as the other risks and uncertainties identified under the caption "Risk Factors" in the 2024 Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025 and subsequent filings with the SEC made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement made herein. The forward-looking statements included in this press release are made only as of the date hereof and we do not undertake, and specifically disclaim, any obligation to update any such statements as a result of new information, future events or developments, except as required by law. You may access Corpay’s SEC filings for free by visiting the SEC web site at www.sec.gov.

About Non-GAAP Financial Measures:

This press release includes non-GAAP financial measures, which are used by the Company as supplemental measures to evaluate its overall operating performance. The Company’s definitions of the non-GAAP financial measures used herein may differ from similarly titled measures used by others, including within our industry. By providing these non-GAAP financial measures, together with reconciliations to the most directly comparable GAAP financial measures, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives. See the appendix for additional information regarding these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure.

The Company refers to free cash flow, cash net income and adjusted net income attributable to Corpay interchangeably, a non-GAAP financial measure. Adjusted net income attributable to Corpay is calculated as net income attributable to Corpay, adjusted to eliminate (a) non-cash stock-based compensation expense related to stock-based compensation awards, (b) amortization of deferred financing costs, discounts, intangible assets, amortization of the premium recognized on the purchase of receivables and amortization attributable to the Company's noncontrolling interest, (c) integration and deal related costs, and (d) other non-recurring items, including unusual credit losses, certain discrete tax items, the impact of business dispositions, impairment losses, asset write-offs, restructuring costs, loss on extinguishment of debt, taxes associated with stock-based compensation programs, losses and gains on foreign currency transactions, redemption value adjustment for a non-controlling interest and legal settlements and related legal fees. We adjust net income for the tax effect of adjustments using our effective income tax rate, exclusive of certain discrete tax items. We calculate adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay to eliminate the effect of items that we do not consider indicative of our core operating performance.

Adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay are supplemental measures of operating performance that do not represent and should not be considered as an alternative to net income, net income per diluted share or cash flow from operations, as determined by U.S. generally accepted accounting principles, or U.S. GAAP. We believe it is useful to exclude non-cash stock-based compensation expense from adjusted net income because non-cash equity grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time and stock-based compensation expense is not a key measure of our core operating performance. We also believe that amortization expense can vary substantially from company to company and from period to period depending upon their financing and accounting methods, the fair value and average expected life of their acquired intangible assets, their capital structures and the method by which their assets were acquired; therefore, we have excluded amortization expense from our adjusted net income. Integration and deal related costs represent business acquisition transaction costs, professional services fees, short-term retention bonuses and system migration costs, etc., that are not indicative of the performance of the underlying business. We also believe that certain expenses, discrete tax items, gains on business disposition, recoveries (e.g. legal settlements, write-off of customer receivable, etc.), gains and losses on investments, taxes related to stock-based compensation programs and impairment losses do not necessarily reflect how our investments and business are performing. We adjust net income for the tax effect of each of these adjustments using the effective tax rate during the period, exclusive of discrete tax items.

Organic revenue growth is calculated as revenue growth in the current period adjusted for the impact of changes in the macroeconomic environment (to include fuel price, fuel price spreads and changes in foreign exchange rates) over revenue in the comparable prior period adjusted to include or remove the impact of acquisitions and/or divestitures, inclusive of changes in operational and capital structure, and non-recurring items that have occurred subsequent to that period. We believe that organic revenue growth on a macro-neutral, one-time item, and consistent acquisition/divestiture/non-recurring item basis is useful to investors for understanding the performance of Corpay.

EBITDA is defined as earnings before interest, income taxes, interest expense, net, other expense (income), depreciation and amortization, loss on extinguishment of debt, goodwill impairment, investment loss/gain and other operating, net. Adjusted EBITDA is defined as EBITDA further adjusted for stock-based compensation expense and other one-time items including certain legal expenses, restructuring costs and integration and deal related costs and other items as listed above for adjusted net income. EBITDA and adjusted EBITDA margin are defined as EBITDA and adjusted EBITDA as a percentage of revenue.

Management uses adjusted net income attributable to Corpay, adjusted net income per diluted share attributable to Corpay, organic revenue growth, EBITDA and adjusted EBITDA:

• as measurements of operating performance because they assist us in comparing our operating performance on a consistent basis;
• for planning purposes, including the preparation of our internal annual operating budget;
• to allocate resources to enhance the financial performance of our business; and
• to evaluate the performance and effectiveness of our operational strategies.

About Corpay

Corpay (NYSE: CPAY), the Corporate Payments Company, is a global S&P 500 provider of commercial cards (e.g, business cards, fleet cards, virtual cards) and AP modernization solutions (e.g., invoice and payments automation, cross border payments) to businesses worldwide. Our solutions “keep business moving” and result in our customers better controlling purchases, mitigating fraud, and ultimately spending less. To learn more visit www.corpay.com.

1 Reconciliations of GAAP results to non-GAAP results are provided in Exhibit 1, 5 and 6 attached. Additional supplemental data is provided in Exhibits 2-4. A reconciliation of GAAP guidance to non-GAAP guidance is provided in Exhibit 7.

2 Net income, net income per diluted share, adjusted net income and adjusted net income per diluted share is amount attributable to Corpay.

Corpay, Inc. and Subsidiaries Condensed Consolidated Statements of Income (In thousands, except per share amounts and percentages)
		Three Months Ended December 31,											Year Ended December 31,
			2025				2024			% Change				2025				2024			% Change
		(Unaudited)				(Unaudited)							(Unaudited)
Revenues, net		$	1,248,226			$	1,034,431			21	%		$	4,528,403			$	3,974,589			14	%
Expenses:
Processing			260,055				228,780			14	%			969,177				869,085			12	%
Selling			138,026				97,514			42	%			478,988				380,906			26	%
General and administrative			220,464				158,176			39	%			733,028				616,874			19	%
Depreciation and amortization			116,602				92,440			26	%			393,303				351,088			12	%
Goodwill impairment			—				90,000			NM				—				90,000			NM
Gain on disposition, net			(53,433	)			(121,310	)		NM				(42,261	)			(121,310	)		NM
Other operating, net			2,038				483			NM				2,060				789			161	%
Total operating expenses			683,752				546,083			25	%			2,534,295				2,187,432			16	%
Operating income			564,474				488,348			16	%			1,994,108				1,787,157			12	%
Other expenses:
Other expense, net			52,079				6,173			NM				46,985				13,961			NM
Interest expense, net			113,019				94,837			19	%			403,848				383,043			5	%
Loss on extinguishment of debt			—				—			—	%			1,596				5,040			(68	)%
Total other expenses, net			165,098				101,010			63	%			452,429				402,044			13	%
Income before income taxes			399,376				387,338			3	%			1,541,679				1,385,113			11	%
Provision for income taxes			133,760				141,334			(5	)%			469,731				381,381			23	%
Net income			265,616				246,004			8	%			1,071,948				1,003,732			7	%
Less: Net income (loss) attributable to noncontrolling interests			1,132				49			NM				2,122				(14	)		NM
Net income attributable to Corpay		$	264,484			$	245,955			8	%		$	1,069,826			$	1,003,746			7	%
Basic earnings per share*		$	3.79			$	3.52			8	%		$	15.23			$	14.27			7	%
Diluted earnings per share*		$	3.75			$	3.44			9	%		$	15.03			$	13.97			8	%
Weighted average shares outstanding:
Basic shares			69,377				69,946							70,137				70,331
Diluted shares			70,123				71,463							71,058				71,848
*For 2025, Basic and Diluted earnings per share amounts are determined under the two-class method
NM - Not Meaningful

Corpay, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands)
		December 31, 2025				December 31, 2024
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	2,496,920			$	1,553,642
Restricted cash			6,495,020				2,902,703
Accounts and other receivables (less allowance)			2,156,553				2,090,500
Securitized accounts receivable — restricted for securitization investors			1,823,000				1,323,000
Prepaid expenses and other current assets			1,002,621				806,024
Total current assets			13,974,114				8,675,869
Property and equipment, net			472,310				377,705
Goodwill and other intangibles, net			10,802,551				8,395,109
Other assets			1,170,034				508,348
Total assets		$	26,419,009			$	17,957,031
Liabilities, Redeemable Noncontrolling Interest and Equity
Current liabilities:
Customer deposits			8,125,075				3,266,126
Accounts payable, accrued expenses and other current liabilities			2,836,946				2,671,781
Securitization facility			1,823,000				1,323,000
Current portion of notes payable and lines of credit			1,522,530				1,446,974
Total current liabilities			14,307,551				8,707,881
Notes payable and other obligations, less current portion			6,656,157				5,226,106
Deferred income taxes			614,345				439,176
Other noncurrent liabilities			612,279				437,879
Total noncurrent liabilities			7,882,781				6,103,161
Commitments and contingencies
Redeemable noncontrolling interest			302,000				—
Stockholders’ equity:
Common stock			132				131
Additional paid-in capital			3,970,077				3,811,131
Retained earnings			10,264,751				9,196,405
Accumulated other comprehensive loss			(1,392,154	)			(1,713,996	)
Treasury stock			(8,958,942	)			(8,171,329	)
Total Corpay stockholders’ equity			3,883,864				3,122,342
Noncontrolling interest			42,813				23,647
Total equity			3,926,677				3,145,989
Total liabilities, redeemable noncontrolling interest and equity		$	26,419,009			$	17,957,031

Corpay, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (In thousands)
		Year Ended December 31,
			2025				2024
		(Unaudited)
Operating activities
Net income		$	1,071,948			$	1,003,732
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			131,164				120,106
Stock-based compensation			102,637				116,724
Provision for credit losses on accounts and other receivables			122,642				103,133
Amortization of deferred financing costs and discounts			21,065				7,994
Amortization of intangible assets and premium on receivables			262,139				230,982
Loss on extinguishment of debt			1,596				5,040
Deferred income taxes			(27,904	)			(64,718	)
Goodwill impairment			—				90,000
Gain on disposition of business			(42,261	)			(121,310	)
Other non-cash operating expense, net			19,296				1,028
Changes in operating assets and liabilities (net of acquisitions/disposition)			(162,421	)			447,854
Net cash provided by operating activities			1,499,901				1,940,565
Investing activities
Acquisitions, net of cash acquired*			1,933,783				(821,924	)
Purchases of property and equipment			(200,756	)			(175,176	)
Investment in equity method investment			(578,446	)			—
Proceeds from disposition, net of cash			58,209				185,506
Other			14,572				4,117
Net cash provided by (used in) investing activities			1,227,362				(807,477	)
Financing activities
Proceeds from issuance of common stock			67,770				428,224
Repurchase of common stock			(782,818	)			(1,287,998	)
Contribution from redeemable noncontrolling interest			300,000				—
Borrowings on securitization facility, net			500,000				16,000
Deferred financing costs			(38,825	)			(8,493	)
Proceeds from notes payable			1,650,000				825,000
Principal payments on notes payable			(197,140	)			(140,050	)
Borrowings from revolver			12,134,000				9,989,000
Payments on revolver			(12,071,000	)			(9,278,000	)
Borrowings (payments) on swing line of credit, net			692				(140,713	)
Other			(928	)			2,019
Net cash provided by financing activities			1,561,751				404,989
Effect of foreign currency exchange rates on cash			246,581				(223,267	)
Net increase in cash and cash equivalents and restricted cash			4,535,595				1,314,810
Cash and cash equivalents and restricted cash, beginning of period			4,456,345				3,141,535
Cash and cash equivalents and restricted cash, end of period		$	8,991,940			$	4,456,345
Supplemental cash flow information
Cash paid for interest, net		$	491,373			$	496,098
Cash paid for income taxes, net		$	510,441			$	374,039
*With the acquisition of Alpha Group, the purchase price included approximately $4.5B in cash and cash equivalents and restricted cash, for which there were corresponding customer deposit liabilities assumed.

Exhibit 1 RECONCILIATION OF NON-GAAP MEASURES (In thousands, except per share amounts; shares in millions) (Unaudited)

The following table reconciles net income attributable to Corpay to adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay.*

		Three Months Ended December 31,								Year Ended December 31,
			2025				2024				2025				2024
Net income attributable to Corpay		$	264,484			$	245,955			$	1,069,826			$	1,003,746
Stock-based compensation			27,811				36,131				102,637				116,724
Amortization1			82,242				63,354				283,204				238,976
Loss on extinguishment of debt			—				—				1,596				5,040
Integration and deal related costs			66,481				17,262				108,021				33,696
Restructuring and related costs			8,862				874				18,419				9,318
Gain on disposition, net			(53,432	)			(121,310	)			(42,261	)			(121,310	)
Goodwill impairment			—				90,000				—				90,000
Adjustments at equity method investment, net of tax			28,496				—				28,496				—
Other2			12,391				11,425				15,029				19,071
Total adjustments			172,851				97,736				515,141				391,515
Income tax impact of pre-tax adjustments at the effective tax rate3			(37,471	)			(27,985	)			(127,666	)			(98,667	)
Discrete tax items4			23,712				67,518				60,844				67,518
Adjusted net income attributable to Corpay		$	423,576			$	383,224			$	1,518,145			$	1,364,112
Adjusted net income per diluted share attributable to Corpay5		$	6.04			$	5.36			$	21.38			$	19.01
Diluted shares			70.1				71.5				71.1				71.8

1 Includes consolidated amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts.

2 Includes losses and gains on foreign currency transactions, certain legal expenses, amortization expense attributable to the Company's noncontrolling interest, taxes associated with stock-based compensation programs, a loss on an economic hedge of a foreign-denominated purchase price of an acquisition and a gain on sale of a cost method investment.

3 Represents provision for income taxes of pre-tax adjustments. Adjustments related to our equity method investment are tax effected at the effective tax rate of the investment as stated.

4 For 2025, represents discrete tax provision recognized in the third quarter of 2025 as a result of legal entity and tax restructuring actions taken by the Company to facilitate cross-border transactions, discrete non-cash tax provision recognized related to the remeasurement of deferred tax assets and liabilities as a result of a tax law changes in California and Brazil and the impact on taxes of certain non recurring tax impacting items resulting from acquisitions. For 2024, represents discrete non-cash tax provision recognized in the fourth quarter of 2024 related to a prior tax planning strategy and taxes on net gain realized upon disposition of our merchant solutions business within US Vehicle Payments of $47.8 million.

5 Excludes the impact on earnings per share of the adjustment of a non-controlling interest to its maximum redemption value of $1.5 million.

* Columns may not calculate due to rounding.

Exhibit 2 Key Performance Indicators, by Segment and Revenue Per Performance Metric on a GAAP Basis and Pro Forma and Macro Adjusted (In millions except revenues, net per key performance metric and percentages) (Unaudited)

The following table presents revenues, net and revenues, net per key performance metric by segment.*

	As Reported															Pro Forma and Macro Adjusted1
	Three Months Ended December 31,															Three Months Ended December 31,
		2025				2024			Change				% Change				2025				2024			Change				% Change
VEHICLE PAYMENTS
- Revenues, net	$	572.8			$	497.7			$	75.2			15	%		$	545.4			$	496.9			$	48.5			10	%
- Transactions		221.9				207.0				14.8			7	%			221.1				206.5				14.6			7	%
- Revenues, net per transaction	$	2.58			$	2.40			$	0.18			7	%		$	2.47			$	2.41			$	0.06			3	%
- Tag transactions2		23.4				22.1				1.3			6	%			23.4				22.1				1.3			6	%
- Parking transactions		65.6				63.3				2.3			4	%			65.6				63.3				2.3			4	%
- Fleet transactions		117.5				110.7				6.9			6	%			116.7				110.1				6.6			6	%
- Other transactions		15.4				11.0				4.4			40	%			15.4				11.0				4.4			40	%
CORPORATE PAYMENTS3
- Revenues, net	$	480.8			$	346.2			$	134.6			39	%		$	472.9			$	408.6			$	64.3			16	%
- Spend volume	$	81,426			$	48,795			$	32,631			67	%		$	81,426			$	56,709			$	24,717			44	%
- Revenues, net per spend $		0.59	%			0.71	%			(0.12	)%		(17	)%			0.58	%			0.72	%			(0.14	)%		(19	)%
LODGING PAYMENTS
- Revenues, net	$	112.5			$	120.9			$	(8.4	)		(7	)%		$	111.9			$	120.9			$	(9.0	)		(7	)%
- Room nights		7.9				10.6				(2.7	)		(25	)%			7.9				10.6				(2.7	)		(25	)%
- Revenues, net per room night	$	14.18			$	11.37			$	2.81			25	%		$	14.11			$	11.37			$	2.74			24	%
OTHER4
- Revenues, net	$	82.1			$	69.7			$	12.4			18	%		$	81.2			$	69.7			$	11.6			17	%
- Transactions		507.4				488.9				18.5			4	%			507.4				488.9				18.5			4	%
- Revenues, net per transaction	$	0.16			$	0.14			$	0.02			13	%		$	0.16			$	0.14			$	0.02			12	%
CORPAY CONSOLIDATED REVENUES
- Revenues, net	$	1,248.2			$	1,034.4			$	213.8			21	%		$	1,211.4			$	1,096.1			$	115.4			11	%

1 See Exhibit 5 for a reconciliation of Pro forma and Macro Adjusted revenue by segment and metrics, non-GAAP measures, to the GAAP equivalent.

2 Represents total tag subscription transactions in the quarter. Average monthly tag subscriptions for the fourth quarter of 2025 was 7.8 million.

3 Corporate payments revenue per spend dollar decreased over the prior year due to new payables and cross-border enterprise clients.

4 Other includes Gift and Payroll Card operating segments.

* Columns may not calculate due to rounding.

Exhibit 3 Revenues by Geography and Segment (In millions, except percentages) (Unaudited)
Revenues, net by Geography*	Three Months Ended December 31,												Year Ended December 31,
	2025			%			2024			%			2025			%			2024			%
US	$	581		47	%		$	547		53	%		$	2,205		49	%		$	2,079		52	%
Brazil		198		16	%			151		15	%			713		16	%			594		15	%
UK		189		15	%			137		13	%			642		14	%			542		14	%
Other		280		22	%			199		19	%			968		21	%			760		19	%
Consolidated Revenues, net	$	1,248		100	%		$	1,034		100	%		$	4,528		100	%		$	3,975		100	%
*Columns may not calculate due to rounding.

Revenues, net by Segment*	Three Months Ended December 31,												Year Ended December 31,
	2025			%			2024			%			2025			%			2024			%
Vehicle Payments	$	573		46	%		$	498		48	%		$	2,139		47	%		$	2,009		51	%
Corporate Payments		481		39	%			346		33	%			1,635		36	%			1,222		31	%
Lodging Payments		113		9	%			121		12	%			470		10	%			489		12	%
Other		82		7	%			70		7	%			285		6	%			255		6	%
Consolidated Revenues, net	$	1,248		100	%		$	1,034		100	%		$	4,528		100	%		$	3,975		100	%
*Columns may not calculate due to rounding.

Exhibit 4 Segment Results* (In thousands, except percentages) (Unaudited)
		Three Months Ended December 31,										Year Ended December 31,
		20251				2024			% Change			20251				20242			% Change
Revenues, net:
Vehicle Payments2		$	572,848		$	497,657			15	%		$	2,138,675		$	2,008,799			6	%
Corporate Payments			480,792			346,189			39	%			1,635,065			1,221,915			34	%
Lodging Payments			112,513			120,894			(7	)%			469,540			488,589			(4	)%
Other3			82,073			69,691			18	%			285,123			255,286			12	%
		$	1,248,226		$	1,034,431			21	%		$	4,528,403		$	3,974,589			14	%
Operating income:
Vehicle Payments2		$	328,609		$	364,840			(10	)%		$	1,074,706		$	1,076,870			—	%
Corporate Payments			165,226			136,256			21	%			639,793			498,397			28	%
Lodging Payments			44,732			54,219			(17	)%			194,697			223,388			(13	)%
Other3			25,907			(66,967	)		(139	)%			84,912			(11,498	)		(838	)%
		$	564,474		$	488,348			16	%		$	1,994,108		$	1,787,157			12	%
Depreciation and amortization:
Vehicle Payments2		$	52,520		$	49,444			6	%		$	194,057		$	200,167			(3	)%
Corporate Payments			50,784			27,969			82	%			141,981			93,316			52	%
Lodging Payments			11,223			12,775			(12	)%			49,607			48,698			2	%
Other3			2,075			2,252			(8	)%			7,658			8,907			(14	)%
		$	116,602		$	92,440			26	%		$	393,303		$	351,088			12	%

1 Results from Gringo acquired in the first quarter of 2025 are reported in the Vehicle Payments segment from the date of acquisition. Results from Alpha acquired in the fourth quarter of 2025 are reported in the Corporate Payments segment from the date of acquisition.

2 The results of our merchant solutions business disposed of in December 2024 are included in our Vehicle Payments segment for all periods prior to disposition.

3 Other includes Gift and Payroll Card operating segments.

NM - Not Meaningful

*Columns may not calculate due to rounding.

Exhibit 5 Reconciliation of Non-GAAP Revenue and Key Performance Metric by Segment to GAAP (In millions) (Unaudited)
		Revenues, net								Key Performance Metric
		Three Months Ended December 31,								Three Months Ended December 31,
		2025*			2024*					2025*			2024*
VEHICLE PAYMENTS - TRANSACTIONS
Pro forma and macro adjusted		$	545.4		$	496.9					221.1			206.5
Impact of acquisitions/dispositions			1.1			0.8					0.8			0.6
Impact of fuel prices/spread			1.7			—					—			—
Impact of foreign exchange rates			24.7			—					—			—
As reported		$	572.8		$	497.7					221.9			207.0
CORPORATE PAYMENTS - SPEND
Pro forma and macro adjusted		$	472.9		$	408.6				$	81,426		$	56,709
Impact of acquisitions/dispositions2			—			(62.4	)				—			(7,913	)
Impact of fuel prices/spread			—			—					—			—
Impact of foreign exchange rates			7.9			—					—			—
As reported		$	480.8		$	346.2				$	81,426		$	48,795
LODGING PAYMENTS - ROOM NIGHTS
Pro forma and macro adjusted		$	111.9		$	120.9					7.9			10.6
Impact of acquisitions/dispositions			—			—					—			—
Impact of fuel prices/spread			—			—					—			—
Impact of foreign exchange rates			0.6			—					—			—
As reported		$	112.5		$	120.9					7.9			10.6
OTHER1- TRANSACTIONS
Pro forma and macro adjusted		$	81.2		$	69.7					507.4			488.9
Impact of acquisitions/dispositions			—			—					—			—
Impact of fuel prices/spread			—			—					—			—
Impact of foreign exchange rates			0.8			—					—			—
As reported		$	82.1		$	69.7					507.4			488.9
CORPAY CONSOLIDATED REVENUES
Pro forma and macro adjusted		$	1,211.4		$	1,096.1				Intentionally Left Blank
Impact of acquisitions/dispositions			1.1			(61.6	)
Impact of fuel prices/spread3			1.7			—
Impact of foreign exchange rates3			34.0			—
As reported		$	1,248.2		$	1,034.4
1 Other includes Gift and Payroll Card operating segments.
2 Revenues reflect 2024 proforma impact of acquisitions of Alpha Group of $45 million and GPS of $17 million.
3 Revenues reflect the positive impact of movements in foreign exchange rates of approximately $34 million and fuel price spreads of approximately $2 million.
* Columns may not calculate due to rounding.

Exhibit 6 RECONCILIATION OF NON-GAAP EBITDA AND ADJUSTED EBITDA MEASURES (In millions, except percentages) (Unaudited)

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted EBITDA margin to net income from operations.*

		Three Months Ended December 31,								Year Ended December 31,
			2025				2024				2025				2024
Net income from operations		$	265.6			$	246.0			$	1,071.9			$	1,003.7
Provision for income taxes			133.8				141.3				469.7				381.4
Interest expense, net			113.0				94.8				403.8				383.0
Other expense, net			52.1				6.2				47.0				14.0
Depreciation and amortization			116.6				92.4				393.3				351.1
Goodwill impairment			—				90.0				—				90.0
Gain on disposition, net			(53.4	)			(121.3	)			(42.3	)			(121.3	)
Loss on extinguishment of debt			—				—				1.6				5.0
Other operating, net			2.0				0.5				2.1				0.8
EBITDA		$	629.7			$	550.0			$	2,347.2			$	2,107.7
Stock-based compensation		$	27.8			$	36.1			$	102.6			$	116.7
Other addbacks1			54.9				19.2				115.2				46.4
Adjusted EBITDA		$	712.4			$	605.3			$	2,565.1			$	2,270.8
Revenues, net		$	1,248.2			$	1,034.4			$	4,528.4			$	3,974.6
Adjusted EBITDA margin			57.1	%			58.5	%			56.6	%			57.1	%
1 Includes certain legal expenses, restructuring costs and integration and deal related costs
* Columns may not calculate due to rounding.

Exhibit 7 RECONCILIATION OF NON-GAAP GUIDANCE MEASURES (In millions, except per share amounts) (Unaudited)

The following table reconciles full year 2026 and first quarter 2026 financial guidance for net income to adjusted net income and adjusted net income per diluted share, at both ends of the range.

		2026 GUIDANCE
		Low*				High*
Net income		$	1,344			$	1,438
Net income per diluted share		$	19.49			$	20.49
Stock-based compensation			132				132
Amortization			310				310
Other			102				102
Total pre-tax adjustments		$	544			$	544
Income taxes			(126	)			(126	)
Adjusted net income		$	1,762			$	1,856
Adjusted net income per diluted share		$	25.50			$	26.50
Diluted shares			70				70
		Q1 2026 GUIDANCE
		Low*				High*
Net income		$	263			$	277
Net income per diluted share		$	3.83			$	3.97
Stock-based compensation			37				37
Amortization			79				79
Other			27				27
Total pre-tax adjustments		$	143			$	143
Income taxes			(35	)			(35	)
Adjusted net income		$	371			$	385
Adjusted net income per diluted share		$	5.38			$	5.52
Diluted shares			69				69
* Columns may not calculate due to rounding.

 

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Investor Relations

Jim Eglseder, 770-417-4697

Jim.Eglseder@corpay.com

Source: Corpay, Inc.