Corpay (CPAY) Financials

Here are the key trend observations for Corpay (NYSE: CPAY) based on the latest quarterly data across the last four years. The focus is on how revenue, profitability, cash flow, and the balance sheet have evolved.

• Revenue growth with strong gross margins: CPAY’s operating revenue has trended up from roughly $0.90B in early 2023 to about $1.25B in Q4 2025, while gross margins have remained in the high 70s to ~80% range. This suggests a durable core business with healthy product profitability.
• Healthy operating margin and steady profitability: In 2025 quarters, operating margins hovered in the mid-40% range (operating income as a share of revenue around 43–45%), indicating efficient cost control relative to topline growth.
• Robust cash generation in 2025: Net cash from continuing operating activities turned strongly positive in 2025, with about $1.14B in Q2 and roughly $0.81B in Q4 from continuing operations, supporting solid free cash flow potential when capital expenditures are modest.
• Earnings per share and net income positive trend: Diluted earnings per share (EPS) consistently around $3.7–$3.95 in 2025 quarters, and net income attributable to common shareholders hovered near $260–$280M per quarter, signaling solid earnings delivery alongside revenue growth.
• Consistent, but occasionally volatile working capital: The cash flow statement shows notable quarterly swings in changes in operating assets and liabilities, which can create fluctuations in cash from operations even when earnings are growing. This is a normal pattern for a growing payments/fintech business, but worth watching quarter-to-quarter.
• Capex appears moderate relative to cash flow: Purchase of property, plant & equipment has generally been in the tens of millions per quarter, suggesting sustained investment without excessive capital spread, which can help maintain a healthy cash conversion cycle.
• Margin stability with occasional quarterly noise: Gross margin has remained fairly stable across the period, but there are minor quarterly variations due to mix and other operating factors. Overall, the trend supports a durable margin profile.

• High leverage and sizable liabilities: As of late 2025, long-term debt approached several billion dollars and total liabilities were substantial (long-term and current liabilities together around the mid-teens of billions). This level of leverage reduces financial flexibility and increases interest expense risk if financing conditions worsen.
• Interest burden and financing activity: Interest expense remains meaningful (roughly $90–113M per quarter in 2025), which pressures net income margins and increases the sensitivity of results to rate movements. In some periods, financing activities also show net cash outflows due to debt repayments and share repurchases.