CORPAY, INC. (CPAY): Results of Operations and Financial Condition
CORPAY, INC. (CPAY) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Corpay Reports Second Quarter Financial Results 21% revenue growth, 10% organic revenue growth, and 36% adjusted EPS growth 1 Atlanta, Ga., August 5, 2026 — Corpay, Inc. (NYSE: CPAY), the corporate payments and expense management company, today reported financial res
How this was made
The 30-second read
Why it matters
The key tradable items are the raised FY2026 guidance ranges, the disclosed $100M FTC-related charge, and balance-sheet actions (debt refinancing, leverage, share repurchase).
Market read
Guidance raise plus strong adjusted EPS growth can drive estimate revisions, while the FTC settlement charge and assumption sensitivity can temper the reaction.
What to watch
Investors should separate GAAP weakness (net income per share down) from adjusted metrics, and track the FTC approval process timing later in 2026.
Corpay Reports Second Quarter Financial Results 21% revenue growth, 10% organic revenue growth, and 36% adjusted EPS growth
Revenue increased 21%, organic revenue growth was 10%, adjusted EBITDA increased 24%, and adjusted net income per diluted share increased 36%. The company raised its full-year outlook, while GAAP net income and GAAP diluted EPS declined following a $100 million FTC-related preliminary-settlement charge.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenuesGAAP | $1,338.8 million | – | 21% |
| Net incomeGAAP | $248.3 million | – | decreased 13% |
| Net income per diluted shareGAAP | $3.70 | – | decreased 7% |
| Organic revenue growthnon-GAAP | 10% | – | – |
| Adjusted EBITDAnon-GAAP | $767.2 million | – | 24% |
| Adjusted net incomenon-GAAP | $464.4 million | – | 27% |
| Adjusted net income per diluted sharenon-GAAP | $7.00 per diluted share | – | 36% |
| FTC preliminary-settlement chargeGAAP | $100 million | – | – |
| Leverageother | 2.55x | – | – |
fiscal year 2026 outlook
- Revenuebetween $5.290 billion and $5.330 billion, growing 17% at the midpoint year over year
- Tax rateAn adjusted effective tax rate of approximately 25% to 27%
- NoteNet income between $1.285 billion and $1.325 billion
- NoteNet income per diluted share between $19.50 and $19.90
- NoteAdjusted net income between $1.790 billion and $1.830 billion
- NoteAdjusted net income per diluted share between $27.15 and $27.55, growing 28% at the midpoint year over year
- NoteWeighted average U.S. fuel prices equal to $4.02 per gallon for the rest of the year
- NoteFuel price spreads for the rest of the year approximately flat with the 2025 average
- NoteInterest expense between $435 million and $465 million for the full year
- NoteFree cashflow is used to pay down debt
- NoteProceeds from the sale of the maintenance business is used to repurchase shares
- NoteApproximately 66 million fully diluted shares outstanding
- NoteNo impact related to material acquisitions or divestitures not disclosed
- NoteThird quarter of 2026 revenue is expected to be approximately $1.355 billion at the midpoint, growing 16% year over year
- NoteThird quarter of 2026 adjusted net income per diluted share is expected to be $7.15 at the midpoint, growing 26% year over year
Capital returns
- Repurchased 1 million shares for $321 million in the quarter.
- Proceeds from the sale of the maintenance business is used to repurchase shares.
What drove it
- Organic revenue grew double digits for the fifth consecutive quarter.
- Corporate Payments delivered 16% organic revenue growth.
- Lodging continued sequential organic revenue improvement.
- The company cited favorable macro conditions and continued confidence in the underlying strength of its business in raising its full-year outlook.
Concerns
- GAAP net income decreased 13% and GAAP net income per diluted share decreased 7%.
- The company recorded a $100 million charge for a preliminary settlement with the FTC's Bureau of Consumer Protection that is subject to customary approval process.
- Full-year guidance assumes weighted average U.S. fuel prices of $4.02 per gallon for the rest of the year, fuel price spreads approximately flat with the 2025 average, foreign exchange rates based on a Bloomberg consensus forecast, and interest expense between $435 million and $465 million.
What to watch
- Completion of the FTC preliminary-settlement approval process, which the company expects to conclude later this year.
- Execution against third-quarter revenue expected to be approximately $1.355 billion at the midpoint and adjusted net income per diluted share expected to be $7.15 at the midpoint.
- Whether Corporate Payments maintains 16% organic revenue growth and whether lodging's sequential organic revenue improvement continues.
- Progress in using free cashflow to pay down debt and applying maintenance-business sale proceeds to share repurchases.
Balance sheet and cash flow
- Refinanced debt facilities, including increasing the revolving credit facility to $3.7 billion.
- Exited the quarter with 2.55x leverage.
- Free cashflow is used to pay down debt.
Analysis
Corpay reported a strong second quarter, with GAAP revenues increasing 21% to $1,338.8 million and organic revenue growth of 10%. Adjusted EBITDA increased 24% to $767.2 million, while adjusted net income increased 27% to $464.4 million. Adjusted net income per diluted share increased 36% to $7.00 per diluted share, exceeding the growth rate reported for revenue.
The contrast between adjusted and GAAP earnings is material. GAAP net income decreased 13% to $248.3 million and GAAP net income per diluted share decreased 7% to $3.70. The company recorded a $100 million charge for a preliminary settlement with the FTC's Bureau of Consumer Protection, subject to customary approval process, which it expects to conclude later this year.
Management identified continued mix rotation into corporate payments and spend management as a driver of the period. Corporate Payments delivered 16% organic revenue growth, and management said lodging continued sequential organic revenue improvement. The filing does not provide reported segment revenue or segment-level profit figures, limiting direct assessment of the size and profitability of these businesses.
Capital allocation combined debt-facility refinancing with share repurchases. Corpay increased its revolving credit facility to $3.7 billion, exited the quarter with 2.55x leverage, and repurchased 1 million shares for $321 million. Its full-year assumptions call for free cashflow to pay down debt and proceeds from the sale of the maintenance business to repurchase shares.
The company raised fiscal-year 2026 guidance, forecasting total revenues between $5.290 billion and $5.330 billion and adjusted net income per diluted share between $27.15 and $27.55. Third-quarter revenue is expected to be approximately $1.355 billion at the midpoint and adjusted net income per diluted share is expected to be $7.15 at the midpoint. Guidance remains tied to fuel prices, fuel-price spreads, foreign exchange rates, interest expense, tax rate assumptions, and no impact from material undisclosed acquisitions or divestitures.
Management, verbatim
Our second quarter results were excellent and exceeded our expectations, with revenue growth of 21% and adjusted net income per share growth of 36%.
Ron Clarke, chairman and chief executive officer, Corpay, Inc.
We delivered another quarter of 16% organic revenue growth in our Corporate Payments segment and lodging continued sequential organic revenue improvement.
Peter Walker, chief financial officer, Corpay, Inc.
We are raising our full-year outlook to reflect our strong second quarter performance, favorable macro conditions and continued confidence in the underlying strength of our business.
Peter Walker, chief financial officer, Corpay, Inc.
Not in the filing
stated, not guessed- Gross margin and gross-margin comparisons.
- Operating income and operating-income comparisons.
- Operating expenses and operating-expense comparisons.
- Operating cash flow.
- Reported free cash flow for the second quarter.
- Cash balance.
- Total debt balance.
- Dividend amount or dividend declaration.
- Segment revenue, prior-period segment revenue, and segment profitability for Corporate Payments.
- Segment revenue and organic revenue-growth figure for lodging.
- Prior-quarter comparisons for reported revenue, net income, EPS, adjusted EBITDA, adjusted net income, and adjusted EPS.
- Prior guidance figures and comparison with actual results.
- Fiscal-year 2026 gross-margin guidance.
- Fiscal-year 2026 operating-expense guidance.
- Third-quarter 2026 gross-margin, operating-expense, and tax-rate guidance.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC Form 8-K (Item 2.02) with Corpay’s Q2 2026 results, revised FY2026 outlook, and Q3 midpoint expectations.
Ticker impact
Corpay reported Q2 results and raised FY2026 outlook, including revised revenue and adjusted EPS guidance plus a $100M FTC settlement charge.
Bias toward upside revisions and supportive trading into the earnings call, with investors watching for any further FTC-related developments.
The filing discloses concrete Q2 performance (revenue +21%, adjusted EPS +36%), revised FY2026 ranges, and a specific $100M charge tied to an FTC matter, all of which directly affect forward expectations.
Market effects
Corporate payments and expense management peers may see read-across on demand durability and organic growth momentum.
Limited direct regional impact; guidance is company-specific.
FX and interest-rate assumptions are explicitly referenced, which can matter for cross-border payments sentiment.
Counterpoint
The $100M FTC settlement charge could signal broader regulatory risk, and guidance assumptions (fuel prices, FX, SOFR) may prove sensitive.
Key entities
- companyCorpay, Inc.
Corporate payments and expense management company reporting Q2 results and revised FY2026 outlook.
- regulatorFTC Bureau of Consumer Protection
Regulator referenced for a previously disclosed matter with a preliminary settlement charge of $100M.
- executiveRon Clarke
Chairman and CEO quoted on Q2 performance and organic growth.
- executivePeter Walker
CFO quoted on balance sheet actions and revised guidance.
