Key Highlights

  • Third quarter Revenue was USD 1.38 billion against an estimate of USD 1.36 billion; GAAP revenue was USD 1,381.9 million.
  • Adjusted EPS was USD 7.54 against an estimate of USD 7.20, while GAAP EPS was USD 5.66.
  • Corporate Payments revenue was USD 571 million against USD 406 million, and company organic revenue growth was 11%.
  • The company repurchased 1.9 million shares for USD 747 million in the third quarter of 2026.

Corpay, Inc. (NYSE:CPAY) described its third quarter around three solution sets: Spend Management, which covers corporate and virtual card programs and AP automation; Cross-Border, which manages foreign-currency exposure; and Vehicle Solutions, which controls fuel, tolls and parking spend. Chairman and chief executive Ron Clarke said revenue growth of 18% and adjusted EPS growth of 32% were both above management's own outlook.

Operations and Stated Priorities

Clarke noted that organic revenue growth was 11% for the quarter and has been 11% in five of the last six quarters. The chief financial officer said Corporate Payments delivered 18% organic revenue growth, driven by spend management and cross-border activity, with EBITDA margins of 57.4% that he linked to a high flow-through rate on revenue.

By segment, Corporate Payments revenue was USD 571.3 million against USD 405.9 million, and Operating Income was USD 226.6 million against USD 173.4 million. Vehicle Payments revenue was USD 579.8 million against USD 538.3 million, and Lodging Payments revenue was USD 131.1 million against USD 127.0 million. The Other category was USD 99.7 million against USD 101.3 million.

Financial Results

Revenue rose 18% to USD 1,381.9 million from USD 1,172.5 million a year earlier. Net Income attributable to Corpay was USD 378.4 million against USD 277.9 million, and GAAP diluted EPS was USD 5.66 against USD 3.91. Adjusted EBITDA was USD 793.8 million against USD 676.7 million, and adjusted net income was USD 500.7 million against USD 405.2 million. Adjusted EPS was USD 7.54 against USD 5.70 a year earlier and an estimate of USD 7.20.

For the nine months, revenue was USD 3,981.7 million against USD 3,280.2 million, and net cash provided by Operating Activities was USD 716.3 million against USD 687.2 million.

Guidance and Capital Returns

The company raised its full year 2026 guidance, which the chief financial officer tied to the third quarter results and improved fourth quarter assumptions. Revenue is guided at USD 5.340 billion to USD 5.360 billion, net income at USD 1.337 billion to USD 1.357 billion and GAAP EPS at USD 20.03 to USD 20.23. Adjusted net income is guided at USD 1.847 billion to USD 1.867 billion and adjusted EPS at USD 27.90 to USD 28.10. Management gave USD 5.35 billion of revenue and USD 28.00 of adjusted EPS as midpoints.

For the fourth quarter, management guided to revenue of approximately USD 1.37 billion and adjusted EPS of USD 7.65 at the midpoint. Guidance assumptions include fuel at USD 4.90 per gallon, interest expense of USD 435 million to USD 455 million, about 66 million diluted shares and an adjusted tax rate of 24% to 26%.

Through the end of the quarter, Corpay repurchased 5.25 million shares for USD 1.85 billion, including 1.9 million shares for USD 747 million in the third quarter.

Balance Sheet and Cash Markers

Cash and cash equivalents of USD 3,073.0 million sit alongside restricted cash of USD 6,339.9 million, a securitization Facility of USD 2,300.0 million and a current portion of notes payable and lines of Credit of USD 2,861.4 million.

Management stated that free Cash Flow is used to pay down Debt and that proceeds from the sale of the maintenance Business are used to delever. It also named organic growth, Corporate Payments margins and continued share repurchases as the areas it highlighted. Full year revenue guidance of USD 5.340 billion to USD 5.360 billion and the fourth quarter figure of about USD 1.37 billion are the forward markers management gave.