Third quarter 2026
Filed Nov 4, 2026Corpay Reports Third Quarter Financial Results 18% revenue growth, 11% organic revenue growth, and 32% adjusted EPS growth
Third-quarter revenue grew 18%, organic revenue growth was 11%, adjusted EBITDA increased 17% to $793.8 million, and adjusted net income per diluted share increased 32% to $7.54. The company raised its full-year 2026 outlook.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 revenues, netGAAP | $1.38B | – | 18% |
| Nine months 2026 revenues, netGAAP | $3,981,727 | – | 21% |
| Q3 2026 organic revenue growthnon-GAAP | 11% | – | – |
| Q3 2026 processing expenseGAAP | $298,105 | – | 20% |
| Q3 2026 selling expenseGAAP | $145,429 | – | 24% |
| Q3 2026 general and administrative expenseGAAP | $204,164 | – | 14% |
| Q3 2026 depreciation and amortizationGAAP | $115.7M | – | 24% |
| Q3 2026 operating incomeGAAP | $621.3M | – | 19% |
| Nine months 2026 operating incomeGAAP | $1,729,700 | – | 21% |
| Q3 2026 interest expense, netGAAP | $108.8M | – | 9% |
| Q3 2026 net income attributable to CorpayGAAP | $378.4M | – | 36% |
| Nine months 2026 net income attributable to CorpayGAAP | $976,795 | – | 21% |
| Q3 2026 diluted earnings per share attributable to CorpayGAAP | $5.66 | – | 45% |
| Nine months 2026 diluted earnings per share attributable to CorpayGAAP | $14.44 | – | 28% |
| Q3 2026 adjusted EBITDAnon-GAAP | $793.8M | – | 17% |
| Q3 2026 adjusted EBITDA marginnon-GAAP | 57.4% | – | – |
| Nine months 2026 adjusted EBITDAnon-GAAP | $2.25B | – | – |
| Nine months 2026 adjusted EBITDA marginnon-GAAP | 56.5% | – | – |
| Q3 2026 adjusted net income attributable to Corpaynon-GAAP | $500.7M | – | 24% |
| Nine months 2026 adjusted net income attributable to Corpaynon-GAAP | $1,362,258 | – | – |
| Q3 2026 adjusted net income per diluted share attributable to Corpaynon-GAAP | $7.54 per diluted share | – | 32% |
| Nine months 2026 adjusted net income per diluted share attributable to Corpaynon-GAAP | $20.34 | – | – |
| Nine months 2026 net cash provided by operating activitiesGAAP | $716,283 | – | – |
| Nine months 2026 purchases of property and equipmentGAAP | $(143,382) | – | – |
| Nine months 2026 repurchase of common stockGAAP | $(1,819,060) | – | – |
| September 30, 2026 cash and cash equivalentsGAAP | $3,072,988 | – | – |
| September 30, 2026 restricted cashGAAP | $6,339,902 | – | – |
| September 30, 2026 current portion of notes payable and lines of creditGAAP | $2,861,372 | – | – |
| September 30, 2026 notes payable and other obligations, less current portionGAAP | $6,071,735 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Corporate PaymentsSpend volume was $95,301, compared with $65,592; pro forma and macro adjusted revenue was $567.5 million compared with $480.5 million, an 18% increase. Management cited strong performance in both spend management and cross-border. | $571.3M | – | 41% |
| Vehicle PaymentsTransactions were 152.4 compared with 207.3; pro forma and macro adjusted revenue was $522.7 million compared with $485.7 million, an 8% increase. | $579.8M | – | 8% |
| Lodging PaymentsRoom nights were 7.7 compared with 8.9, while revenues, net per room night were $17.06 compared with $14.20. | $131.1M | – | 3% |
| OtherTransactions were 398.0 compared with 384.2; revenues, net per transaction were $0.25 compared with $0.26. | $99.7M | – | (2)% |
Fiscal year 2026 and fourth quarter 2026 outlook
- RevenueFiscal year 2026 total revenues between $5.340 billion and $5.360 billion; fourth quarter 2026 revenue of approximately $1.37 billion at the midpoint
- Tax rateA full year adjusted effective tax rate of approximately 24% to 26%
- NoteFiscal year 2026 net income between $1.337 billion and $1.357 billion
- NoteFiscal year 2026 net income per diluted share between $20.03 and $20.23
- NoteFiscal year 2026 adjusted net income between $1.847 billion and $1.867 billion
- NoteFiscal year 2026 adjusted net income per diluted share between $27.90 and $28.10
- NoteFourth quarter 2026 net income attributable to Corpay between $361 million and $381 million
- NoteFourth quarter 2026 net income per diluted share between $5.59 and $5.79
- NoteFourth quarter 2026 adjusted net income between $485 million and $505 million
- NoteFourth quarter 2026 adjusted net income per diluted share between $7.55 and $7.75
- NoteInterest expense between $435 million and $455 million for the full year
- NoteWeighted average U.S. fuel prices equal to $4.90 per gallon for the rest of the year
- NoteFuel price spreads for the rest of the year approximately flat with the 2025 full year average
- NoteApproximately 66 million fully diluted shares outstanding for the full year
- NoteFree cash flow is used to pay down debt
- NoteProceeds from the sale of the maintenance business are used to delever
Capital returns
- Through the end of the quarter, the company repurchased 5.25 million shares for $1.85 billion.
- The company repurchased 1.9 million shares for $747 million in the third quarter.
- Nine months 2026 repurchase of common stock was $(1,819,060).
What drove it
- Consolidated pro forma and macro adjusted revenue was $1,320.9 million compared with $1,194.5 million, an 11% increase.
- Corporate Payments operating income increased 31% to $226,600.
- Vehicle Payments operating income increased 16% to $297,354.
- Management said Corporate Payments delivered 18% organic revenue growth driven by strong performance in both spend management and cross-border.
- The company reported a positive impact from movements in foreign exchange rates of approximately $16 million, a positive impact from fuel prices of approximately $22 million, and a negative impact of fuel price spreads of approximately $5 million.
Concerns
- Lodging Payments revenue increased 3% to $131.1 million while room nights declined 14% to 7.7.
- Other revenue declined 2% to $99.7 million.
- Adjusted EBITDA margin was 57.4%, compared with 57.7%.
- Nine months 2026 provision for legal settlement was $100,000.
- Q3 2026 interest expense, net increased 9% to $108,761.
What to watch
- Fourth-quarter execution against revenue of approximately $1.37 billion and adjusted net income per diluted share of $7.65 at the midpoint.
- Corporate Payments growth and the performance of spend management and cross-border.
- Vehicle Payments transaction trends, which were 152.4 compared with 207.3.
- Lodging Payments room nights, which were 7.7 compared with 8.9.
- The stated assumptions for fuel prices, fuel price spreads, foreign exchange rates, interest expense, deleveraging, and the adjusted effective tax rate.
Balance sheet and cash flow
- Cash and cash equivalents were $3,072,988 at September 30, 2026, compared with $2,408,097 at December 31, 2025.
- Restricted cash was $6,339,902 at September 30, 2026, compared with $6,583,843 at December 31, 2025.
- Current portion of notes payable and lines of credit was $2,861,372 at September 30, 2026, compared with $1,522,530 at December 31, 2025.
- Notes payable and other obligations, less current portion, were $6,071,735 at September 30, 2026, compared with $6,656,157 at December 31, 2025.
- Nine months 2026 net cash provided by operating activities was $716,283, compared with $687,163.
- Nine months 2026 net cash provided by investing activities was $247,283, compared with net cash used in investing activities of $(282,922).
- Nine months 2026 net cash used in financing activities was $(416,500), compared with $(102,285).
Analysis
Corpay reported third-quarter net revenue of $1,381.9 million, up 18% from $1,172.5 million, while organic revenue growth was 11%. GAAP net income attributable to Corpay rose 36% to $378.4 million and diluted earnings per share increased 45% to $5.66. Adjusted net income attributable to Corpay increased 24% to $500.7 million, and adjusted net income per diluted share increased 32% to $7.54.
Corporate Payments was the principal growth contributor, with revenue up 41% to $571.3 million and pro forma and macro adjusted revenue up 18% to $567.5 million. Management attributed Corporate Payments organic growth to spend management and cross-border. Vehicle Payments revenue increased 8% to $579.8 million, although reported transactions were 152.4 versus 207.3. Lodging Payments revenue increased 3% to $131.1 million as room nights declined 14% to 7.7, while Other revenue declined 2% to $99.7 million.
Profitability expanded in dollar terms. Operating income increased 19% to $621,261, and adjusted EBITDA increased 17% to $793.8 million. Adjusted EBITDA margin was 57.4%, compared with 57.7%. Q3 processing, selling, general and administrative, and depreciation and amortization expenses each increased year over year, while interest expense, net increased 9% to $108,761. The nine-month results included a $100,000 provision for legal settlement and a $125,534 gain on disposition, net.
The company returned capital through repurchases, reporting 5.25 million shares repurchased for $1.85 billion through the end of the quarter, including 1.9 million shares for $747 million in the third quarter. Nine-month operating cash flow was $716,283 and purchases of property and equipment were $(143,382). 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.
Corpay raised full-year 2026 guidance to total revenues of $5.340 billion to $5.360 billion and adjusted net income per diluted share of $27.90 to $28.10. The updated midpoint calls for full-year revenue of $5.35 billion and adjusted net income per diluted share of $28.00. Fourth-quarter guidance calls for approximately $1.37 billion of revenue and adjusted net income per diluted share of $7.65 at the midpoint, subject to stated fuel, foreign exchange, interest expense, tax-rate, share-count, acquisition and divestiture assumptions.
Management, verbatim
Our third quarter results were excellent, with revenue growth of 18% and adjusted net income per diluted share growth of 32%, both ahead of our expectations.
Ron Clarke, chairman and chief executive officer, Corpay, Inc.
Corporate Payments delivered 18% organic revenue growth driven by strong performance in both spend management and cross-border, and we delivered 57.4% EBITDA margins due to the high flow through rate on revenue.
Peter Walker, chief financial officer, Corpay, Inc.
We are raising our full-year 2026 outlook to reflect our strong third quarter results and improved expectations for the fourth quarter.
Peter Walker, chief financial officer, Corpay, Inc.
Not in the filing
stated, not guessed- Prior outlook was not provided, so comparison with prior guidance is unavailable.
- GAAP gross margin and non-GAAP gross margin were not reported.
- Quarterly operating cash flow was not reported.
- Quarterly free cash flow was not reported.
- A GAAP effective tax rate for the third quarter was not reported.
- A quarterly debt total was not reported as a single line item.
- No dividend amount was reported.
- Prior-quarter comparisons were not reported for the presented quarterly operating metrics.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.