Corpay
CPAY · NYSEServices-Business Services, NEC · Fiscal year ends Dec 31
Corpay reported revenue of $4.5B in the fiscal year ended Dec 2025, up 13.9% from the year before. Operating income was $2B, an operating margin of 44.0%, and net income was $1.1B. Operating cash flow of $1.5B less capital expenditure of $201M left free cash flow of $1.3B. Net debt was $10.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.8B | $3.4B | $3.8B | $4B | $4.5B |
| Operating income | $1.2B | $1.4B | $1.7B | $1.8B | $2B |
| Net interest incomeBanks | −$114M | −$165M | −$349M | – | – |
| Interest expense | – | $165M | $349M | $383M | $404M |
| Pre-tax income | $1.1B | $1.3B | $1.3B | $1.4B | $1.5B |
| Income tax | $269M | $321M | $343M | $381M | $470M |
| Net income | $839M | $954M | $982M | $1B | $1.1B |
| Diluted EPS | 9.99 | 12.42 | 13.20 | 13.97 | 15.03 |
| Diluted shares | 84M | 77M | 74M | 72M | 71M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.5B | $1.4B | $1.4B | $1.6B | $2.4B |
| Receivables | $1.8B | $2.1B | $2.2B | $2.1B | $2.1B |
| Current assets | $5.5B | $6.1B | $7.1B | $8.7B | $14B |
| Net PP&E | $236M | $295M | $343M | $378M | $472M |
| Goodwill | $5.1B | $5.2B | $5.6B | $6B | $7.6B |
| Total assets | $13.4B | $14.1B | $15.5B | $18B | $26.4B |
| Payables | $1.4B | $1.6B | $1.6B | $1.6B | $1.6B |
| Deferred revenue | $1.8B | $1.5B | $2.4B | $3.3B | $8.1B |
| Current liabilities | $5.3B | $6B | $6.8B | $8.7B | $14.3B |
| Short-term debt | $1.5B | $2.3B | $2.1B | $2.8B | $3.3B |
| Long-term debt | $6B | $7B | $6.7B | $8B | $10B |
| Shareholders' equity | $2.9B | $2.5B | $3.3B | $3.1B | $3.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $755M | $2.1B | $1.9B | $1.5B |
| Capital expenditure | $112M | $151M | $154M | $175M | $201M |
| Free cash flow | $1.1B | $603M | $1.9B | $1.8B | $1.3B |
| Depreciation & amortisation | $284M | $322M | $337M | $351M | $393M |
| Stock-based compensation | $80M | $121M | $116M | $117M | $103M |
| Acquisitions | $602M | $217M | $428M | $822M | −$1.9B |
| Share buybacks | $1.4B | $1.4B | $687M | $1.3B | $783M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.9% | 9.6% | 5.8% | 13.9% |
| Operating income growth (YoY) | – | 16.4% | 14.5% | 7.9% | 11.6% |
| EPS growth (YoY) | – | 24.3% | 6.3% | 5.8% | 7.6% |
| Operating margin | 43.8% | 42.2% | 44.1% | 45.0% | 44.0% |
| Net margin | 29.6% | 27.8% | 26.1% | 25.3% | 23.6% |
| Return on equityBlank when equity is negative | 29.3% | 37.5% | 29.9% | 32.1% | 27.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 15.3% | 18.0% | 19.2% | 19.3% | 16.5% |
| Free cash flow margin | 38.3% | 17.6% | 51.8% | 44.4% | 28.7% |
| Cash conversion (CFO ÷ net income) | 1.43x | 0.79x | 2.14x | 1.93x | 1.40x |
| Receivable days | 231 | 220 | 210 | 192 | 173 |
| Interest cover | – | 8.79x | 4.75x | 4.67x | 4.94x |
| Debt ÷ equity | 2.61x | 3.68x | 2.70x | 3.45x | 3.44x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $6B | $7.9B | $7.5B | $9.2B | $10.9B |
| Current ratio | 1.04x | 1.01x | 1.04x | 1.00x | 0.98x |
Recent filings
More in Services-Business Services, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.