Corpay (CPAY) FY2025 10-K Annual Report
Corpay (CPAY) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Corpay FY2025 10-K Analysis
Business Overview
- • Global B2B payments platform spanning Corporate Payments, Vehicle Payments, Lodging Payments — volume-driven recurring revenue across 4 continents
- • AI-enabled spend analytics and unified Spend Management platform (virtual + purchasing + T&E cards in single system) explicitly emphasized as new capability
- • Stablecoin integration for cross-border liquidity movement disclosed as active capability — unusual for a corporate payments filer
- • Technology spend $408M in 2025; 99.9%+ authorization uptime; ~11,800 employees across 34 countries, ~4,300 U.S.-based
- • New CFO Peter Walker appointed July 2025, replacing prior leadership — notable mid-year C-suite transition
Management Discussion & Analysis
- • Revenue $4,528M, up 13.9% YoY ($553.8M increase); organic growth 10%, acquisitions contributed 5%
- • Operating margin 44.0% vs 45.0%; adjusted EBITDA margin 56.6% vs 57.1%; effective tax rate rose to 30.5% vs 27.5%
- • Best segment: Corporate Payments revenue +33.8% to $1,635M; worst: Lodging Payments revenue -3.9% to $469.5M, operating income -12.8%
- • Operating cash flow $1,499.9M vs $1,940.6M; capex $200.8M; buybacks $505.2M (2,568,667 shares); no dividend noted
- • Key risks: Alpha acquisition ($2.4B) adds leverage; Mastercard put option exercisable Aug 2027; "One Big Beautiful Bill Act" tax impact still being evaluated; PayByPhone sale ($450M) pending H1 2026
Risk Factors
- • FTC Order (June 8, 2023, U.S. District Court Northern District of Georgia) mandates advertising, contracting, and reporting compliance for U.S. fuel card business; non-compliance risks significant fines
- • ~51% of revenue denominated in non-USD currencies (BRL, GBP, EUR, CAD, AUD, MXN, CZK, NZD); ~8% of consolidated revenue directly tied to absolute fuel prices
- • $10.0B debt outstanding under Credit Facility and Securitization Facility as of December 31, 2025; floating-rate exposure creates earnings sensitivity to rate volatility
- • Goodwill and intangibles ~41% of total assets at December 31, 2025; impairment losses already recorded, further write-downs possible
- • AI adoption by competitors risks disintermediation of Corpay's offerings; stablecoin/blockchain payments could erode cross-border solution reliant on traditional bank relationships
Corpay FY2025 Key Financial MetricsXBRL
Revenue
$4.5B
▲ +13.9% YoY
Net Income
$1.1B
▲ +6.6% YoY
Operating Margin
44.0%
▼ -93bp YoY
Net Margin
23.6%
▼ -163bp YoY
ROE
27.5%
▼ -460bp YoY
Total Assets
$26.4B
▲ +47.1% YoY
EPS (Diluted)
$15.03
▲ +7.6% YoY
Operating Cash Flow
$1.5B
▼ -22.7% YoY
Source: XBRL data from Corpay FY2025 10-K filing on SEC EDGAR. All figures in USD.
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