Short answer
Corpay (CPAY) filed its fiscal 2024 10-K annual report with the SEC on Feb 27, 2025. It reported revenue of $4.0B (+5.8% year over year) and net income of $1.0B.
- Top risk flagged: Regulatory risk: ongoing compliance with cybersecurity standards enforced by regulators, monitored via third-party assessments and reported to Board
FY2024 key financial metrics · XBRL
- Revenue
- $4.0B
- +5.8% YoY
- Net income
- $1.0B
- +2.2% YoY
- Operating margin
- 45.0%
- +0.9 pp YoY
- EPS (diluted)
- $13.97
- +5.8% YoY
- ROE
- 32.1%
- +2.2 pp YoY
- Operating cash flow
- $1.9B
- −7.6% YoY
Source: XBRL data from the Corpay (CPAY) FY2024 10-K on SEC EDGAR. USD.
Corpay FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: global corporate payments platform offering vehicle, corporate, lodging payment solutions and related spend management tools
- New emphasis on electric vehicle (EV) fueling integration and home charging software in vehicle payments segment for mixed fleet management
- Strategic shift: rebranded from FLEETCOR to Corpay with new NYSE ticker "CPAY" to reflect broader payment technology focus beyond fleet fuel cards
- 7.5 million toll tagholders in Brazil on proprietary Sem Parar network covering all RFID toll roads, plus expansion into EV charging networks in US, UK, Europe
- Proprietary virtual card network with embedded ERP integration and vendor enrollment driving optimized corporate payments acceptance
Management Discussion & Analysis
- Revenue $3,974.6M in 2024, up 6% YoY from $3,757.7M in 2023, driven by 25% growth in Corporate Payments segment
- Adjusted EBITDA margin slightly increased to 53.6% in 2024 from 53.1% in 2023
- Best segment Corporate Payments revenue $1,221.9M, up 25%, worst segment Lodging Payments revenue $488.6M, down 6% YoY
- Disposed merchant solutions for $185.5M in Dec 2024, sold Russia business for $197M in Aug 2023, acquisitions totaled ~$962.9M in 2024
- Management expects acquisition integration and macroeconomic factors like fuel prices, FX fluctuations, and tax regulations to impact future results
Risk Factors
- Regulatory risk: ongoing compliance with cybersecurity standards enforced by regulators, monitored via third-party assessments and reported to Board
- Operational risk: dependence on third-party service providers for cybersecurity, mitigated by annual risk assessments and continuous monitoring
- Governance risk: Board's Information Technology and Security Committee oversees IT modernization and information security strategy to maintain competitive technology
- Key-person risk: CISO with 20+ years experience directs cybersecurity and reports directly to CIO, central to risk management and incident response
Generated from the filing text; verify against the original. How to read a 10-K
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