Corpay第二季收入增21.5%至13.39億美元 惟淨利潤跌11.4%

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Table of Contents

 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 __________________________________________________________
FORM 10-Q 
 _________________________________________________________________________________________________
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026 
or 
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     
Commission File Number: 001-35004 
 __________________________________________________________
Corpay, Inc.
(Exact name of registrant as specified in its charter)
 __________________________________________________________
Delaware72-1074903
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification No.)

3280 Peachtree Road, Suite 2400
AtlantaGeorgia30305
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (770) 449-0479 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockCPAY
NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding at 7/31/2026
Common Stock, $0.001 par value65,659,599

Table of Contents

Corpay, Inc. and Subsidiaries
FORM 10-Q
For the Three and Six Months Ended June 30, 2026 
INDEX
 
Page
PART I—FINANCIAL INFORMATION

Item 1.FINANCIAL STATEMENTS

Consolidated Balance Sheets at June 30, 2026 (unaudited) and December 31, 2025
1

Unaudited Consolidated Statements of Income for the Three and Six Months Ended June 30, 2026 and 2025
2

Unaudited Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2026 and 2025
3

Unaudited Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2026 and 2025
4

Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025
5

Notes to Unaudited Consolidated Financial Statements
6

Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
27

Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
51

Item 4.CONTROLS AND PROCEDURES
51

PART II—OTHER INFORMATION

Item 1.LEGAL PROCEEDINGS
52

Item 1A.RISK FACTORS
52

Item 2.UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS AND ISSUER PURCHASE OF EQUITY SECURITIES
52

Item 3.DEFAULTS UPON SENIOR SECURITIES
53

Item 4.MINE SAFETY DISCLOSURES
53

Item 5.OTHER INFORMATION
53

Item 6.EXHIBITS
54

SIGNATURES
55

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

Corpay, Inc. and Subsidiaries
Consolidated Balance Sheets
(In Thousands, Except Share and Par Value Amounts)
June 30, 2026December 31, 2025
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$3,163,539 $2,408,097 
Restricted cash7,004,803 6,583,843 
Accounts and other receivables (less allowance for credit losses of $176,244 at June 30, 2026 and $170,957 at December 31, 2025)
2,656,036 2,145,679 
Securitized accounts receivable—restricted for securitization investors2,300,000 1,823,000 

Prepaid expenses and other current assets1,359,614 1,002,621 

Total current assets16,483,992 13,963,240 
Property and equipment, net472,324 472,310 
Goodwill7,149,978 7,564,822 
Other intangibles, net2,919,689 3,237,729 
Investments576,175 601,942 
Other assets622,009 568,092 
Total assets$28,224,167 $26,408,135 
Liabilities and equity

Current liabilities:
Accounts payable$2,275,799 $1,564,548 
Accrued expenses568,426 606,600 
Customer deposits8,915,786 8,118,566 
Securitization facility2,300,000 1,823,000 
Current portion of notes payable and lines of credit2,225,389 1,522,530 

Other current liabilities673,699 661,433 
Total current liabilities16,959,099 14,296,677 
Notes payable and other obligations, less current portion6,098,142 6,656,157 
Deferred income taxes599,773 614,345 
Other noncurrent liabilities665,201 612,279 
Total noncurrent liabilities7,363,116 7,882,781 
Commitments and contingencies (Note 12)
Redeemable noncontrolling interest
314,000 302,000 
Stockholders’ equity:
Common stock, $0.001 par value; 475,000,000 shares authorized; 132,878,962 shares issued and 65,655,113 shares outstanding at June 30, 2026; and 132,186,610 shares issued and 68,362,289 shares outstanding at December 31, 2025
133 132 
Additional paid-in capital4,116,011 3,970,077 
Retained earnings10,857,309 10,264,751 
Accumulated other comprehensive loss(1,356,551)(1,392,154)
Less treasury stock, 67,223,849 shares at June 30, 2026 and 63,824,321 shares at December 31, 2025
(10,075,018)(8,958,942)
Total Corpay stockholders’ equity
3,541,884 3,883,864 
Noncontrolling interest46,068 42,813 
Total equity
3,587,952 3,926,677 
Total liabilities, redeemable noncontrolling interest and equity
$28,224,167 $26,408,135 

See accompanying notes to unaudited consolidated financial statements.

1

Corpay, Inc. and Subsidiaries
Unaudited Consolidated Statements of Income
(In Thousands, Except Per Share Amounts)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues, net$1,338,809 $1,102,030 $2,599,796 $2,107,697 
Expenses:
Processing275,165 238,517 547,227 460,361 
Selling150,607 115,777 298,814 223,334 
General and administrative223,674 176,994 427,473 333,953 
Depreciation and amortization118,297 91,350 233,123 183,538 
Other operating, net99,891 2 107,242 (3)
Gain on disposition, net
1,099 — 122,522 — 
Operating income472,274 479,390 1,108,439 906,514 
Other expenses:
Other expense (income), net6,278 (10,572)27,326 (6,477)
Interest expense, net114,719 96,872 224,819 190,794 
Loss on extinguishment of debt6,557 — 6,557 1,596 
Total other expenses, net
127,554 86,300 258,702 185,913 
Income before income taxes344,720 393,090 849,737 720,601 
Provision for income taxes92,932 109,012 244,235 192,648 
Net income251,788 284,078 605,502 527,953 
Less: Net income (loss) attributable to noncontrolling interest3,481 (90)7,129 552 
Net income attributable to Corpay$248,307 $284,168 $598,373 $527,401 
Earnings per share:
Basic earnings per share attributable to Corpay*
$3.75 $4.03 $8.91 $7.49 
Diluted earnings per share attributable to Corpay*
$3.70 $3.98 $8.79 $7.38 
Weighted average shares outstanding:
Basic shares65,542 70,546 66,536 70,432 
Diluted shares66,325 71,429 67,379 71,494 

*Basic and diluted earnings per share amounts are determined under the two-class method. 
See accompanying notes to unaudited consolidated financial statements.

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Table of Contents

Corpay, Inc. and Subsidiaries
Unaudited Consolidated Statements of Comprehensive Income
(In Thousands)
 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net income$251,788 $284,078 $605,502 $527,953 
Other comprehensive income:

Foreign currency translation (losses) gains, net of tax
(5,578)271,331 (16,698)424,941 
Reclassification of accumulated foreign currency translation losses to net income as a result of the sale of a foreign entity (Note 15)
— — 6,249 — 
Net change in derivative contracts, net of tax8,288 (103,265)48,363 (144,384)
Total other comprehensive income, net of tax
2,710 168,066 37,914 280,557 
Total comprehensive income 254,498 452,144 643,416 808,510 
Comprehensive income (loss) attributable to noncontrolling interests695 (1,640)3,256 3,500 
Comprehensive income attributable to Corpay$253,803 $453,784 $640,160 $805,010 

See accompanying notes to unaudited consolidated financial statements.

3

Corpay, Inc. and Subsidiaries
Unaudited Consolidated Statements of Equity
(In Thousands)

Common
StockAdditional
Paid-In
CapitalRetained
EarningsAccumulated
Other
Comprehensive
LossTreasury
StockTotal Corpay Stockholders' Equity
Non-controlling Interest1
Total Equity

Balance at December 31, 2025
$132 $3,970,077 $10,264,751 $(1,392,154)$(8,958,942)$3,883,864 $42,813 $3,926,677 
Net income— — 350,066 — — 350,066 625 350,691 
Other comprehensive income, net of tax— — — 33,268 — 33,268 1,936 35,204 

Acquisition of common stock— — — — (793,306)(793,306)— (793,306)
Stock-based compensation — 27,495 — — — 27,495 — 27,495 
Issuance of common stock— 11,718 — — — 11,718 — 11,718 
Remeasurement to redemption value on redeemable noncontrolling interest
— — (2,977)— — (2,977)— (2,977)
Balance at March 31, 2026
$132 $4,009,290 $10,611,840 $(1,358,886)$(9,752,248)$3,510,128 $45,374 $3,555,502 
Net income— — 248,307 — — 248,307 319 248,626 
Other comprehensive income, net of tax
— — — 2,335 — 2,335 375 2,710 
Acquisition of common stock— — — — (322,770)(322,770)— (322,770)
Stock-based compensation— 32,014 — — — 32,014 — 32,014 
Issuance of common stock1 74,707 — — — 74,708 — 74,708 
Remeasurement to redemption value on redeemable noncontrolling interest— — (2,838)— — (2,838)— (2,838)
Balance at June 30, 2026
$133 $4,116,011 $10,857,309 $(1,356,551)$(10,075,018)$3,541,884 $46,068 $3,587,952 

Common
StockAdditional
Paid-In
CapitalRetained
EarningsAccumulated
Other
Comprehensive
LossTreasury
StockTotal Corpay Stockholders' EquityNon-controlling InterestTotal Equity
Balance at December 31, 2024
$131 $3,811,131 $9,196,405 $(1,713,996)$(8,171,329)$3,122,342 $23,647 $3,145,989 
Net income— — 243,233 — — 243,233 642 243,875 
Other comprehensive income, net of tax
— — — 107,994 — 107,994 4,497 112,491 
Change in controlling interest of investment, net
— (11,460)— — — (11,460)11,460 — 
Acquisition of common stock— — — — (58,718)(58,718)— (58,718)
Stock-based compensation— 18,366 — — — 18,366 — 18,366 
Issuance of common stock1 32,078 — — — 32,079 — 32,079 
Balance at March 31, 2025
$132 $3,850,115 $9,439,638 $(1,606,002)$(8,230,047)$3,453,836 $40,246 $3,494,082 
Net income— — 284,168 — — 284,168 (90)284,078 
Other comprehensive loss, net of tax
— — — 169,616 — 169,616 (1,550)168,066 
Acquisition of noncontrolling interest
— — — — — — — — 
Acquisition of common stock— — — — (31,799)(31,799)— (31,799)
Stock-based compensation— 28,868 — — — 28,868 — 28,868 
Issuance of common stock— 23,884 — — — 23,884 — 23,884 
Balance at June 30, 2025
$132 $3,902,867 $9,723,806 $(1,436,386)$(8,261,846)$3,928,573 $38,606 $3,967,179 

1 Excludes redeemable noncontrolling interest of $314 million classified as mezzanine equity at June 30, 2026. See Note 1 for additional information. 
See accompanying notes to unaudited consolidated financial statements.
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Table of Contents

Corpay, Inc. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
(In Thousands)
Six Months Ended June 30,
20262025
Operating activities
Net income$605,502 $527,953 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation72,100 58,177 
Stock-based compensation59,509 47,234 
Provision for credit losses on accounts and other receivables90,650 62,162 
Provision for legal settlement
100,000 — 
Amortization of deferred financing costs and discounts7,246 4,842 
Amortization of intangible assets and premium on receivables161,023 125,361 
Loss on extinguishment of debt6,557 1,596 

Deferred income taxes(53,612)(25,499)
Gain on disposition of business(122,522)— 
Other non-cash operating expense (income), net28,860 (8,700)
Changes in operating assets and liabilities (net of acquisitions/disposition):
Accounts and other receivables(1,082,858)(740,361)
Prepaid expenses and other current assets6,525 (35,197)
Derivative assets and liabilities, net(12,511)(43,775)
Other assets(23,333)20,903 
Accounts payable, accrued expenses and customer deposits1,570,343 1,071,400 
Net cash provided by operating activities1,413,479 1,066,096 
Investing activities
Acquisitions, net of cash acquired
— (154,648)
Purchases of property and equipment(105,529)(97,407)
Proceeds from disposal of a business, net of cash disposed421,701 — 
Proceeds from sale of cost method investment30 14,843 
Other5,252 14,572 
Net cash provided by (used in) investing activities
321,454 (222,640)
Financing activities
Proceeds from issuance of common stock86,425 55,962 
Repurchase of common stock(1,112,526)(90,877)
Borrowings on securitization facility, net477,000 316,000 
Deferred financing costs(28,189)(10,827)
Proceeds from notes payable5,350,400 750,000 
Principal payments on notes payable(5,989,311)(98,570)
Borrowings from revolver7,947,000 4,490,000 
Payments on revolver(7,212,000)(5,357,000)
Borrowings on subsidiary swingline, net60,779 23,667 

Other756 — 
Net cash (used in) provided by financing activities(419,666)78,355 
Effect of foreign currency exchange rates on cash(114,140)153,202 
Net increase in cash and cash equivalents and restricted cash1,201,127 1,075,013 
Net decrease in cash classified within current assets held for sale
(24,725)— 
Cash and cash equivalents and restricted cash, beginning of period
8,991,940 4,456,345 
Cash and cash equivalents and restricted cash, end of period
$10,168,342 $5,531,358 
Supplemental cash flow information
Cash paid for interest$281,019 $238,796 
Cash paid for income taxes$350,478 $261,987 
Fixed assets accrued at the end of the period
$23,032 $8,264 

See accompanying notes to unaudited consolidated financial statements.

5

Corpay, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
June 30, 2026

1. Summary of Significant Accounting Policies
Basis of Presentation
Throughout this Quarterly Report on Form 10-Q, the terms "our," "we," "us," and the "Company" refer to Corpay, Inc. and its subsidiaries. The Company prepared the accompanying unaudited interim consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. In our opinion, the unaudited interim consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates. 
The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Except as disclosed in these accompanying notes, there have been no material changes to the information disclosed in the Notes contained within our Annual Report on Form 10-K for the year ended December 31, 2025. 
Use of estimates 
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. These financial statements were prepared using information reasonably available to us as of June 30, 2026 and through the date of this Quarterly Report. The accounting estimates used in the preparation of the Company’s interim consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may differ from these estimates.
Foreign Currency Translation        
Assets and liabilities of foreign subsidiaries as well as intra-entity balances denominated in foreign currency and designated for long-term investment are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are recorded to accumulated other comprehensive loss. Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. The Company recognized net foreign exchange gains and losses, which are recorded within other expense, net in the Unaudited Consolidated Statements of Income, for the three and six months ended June 30, 2026 and 2025 as follows (in millions):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Foreign exchange (gains) losses$— $(1.0)$0.8 $2.7 

The Company recorded foreign currency gains and losses on long-term intra-entity transactions included as a component of foreign currency translation (gains) losses, net of tax, in the Unaudited Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025 as follows (in millions):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Foreign currency (gains) losses on long-term intra-entity transactions$(3.2)$83.3 $(66.9)$111.0 

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Table of Contents

Cash and Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets to amounts within the Unaudited Consolidated Statements of Cash Flows (in thousands):

June 30, 20261
December 31, 2025June 30, 2025December 31, 2024
Cash and cash equivalents$3,163,539 $2,408,097 $2,192,849 $1,553,642 
Restricted cash7,004,803 6,583,843 3,338,509 2,902,703 
Total cash and cash equivalents and restricted cash$10,168,342 $8,991,940 $5,531,358 $4,456,345 
1 Amounts exclude $24.7 million of cash held for sale related to the Maintenance disposition. See Note 15 for further information. 

Financial Instruments - Credit Losses
The Company accounts for financial assets' expected credit losses in accordance with Accounting Standards Codification (ASC) 326, "Financial Instruments - Credit Losses." The Company’s financial assets subject to credit losses are primarily trade receivables. The Company utilizes a combination of aging and loss-rate methods to develop an estimate of current expected credit losses, depending o