Short answer
Corpay (CPAY) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $4.5B (+13.9% year over year) and net income of $1.1B.
- Top risk flagged: 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
FY2025 key financial metrics · XBRL
- Revenue
- $4.5B
- +13.9% YoY
- Net income
- $1.1B
- +6.6% YoY
- Operating margin
- 44.0%
- −0.9 pp YoY
- EPS (diluted)
- $15.03
- +7.6% YoY
- ROE
- 27.5%
- −4.6 pp YoY
- Operating cash flow
- $1.5B
- −22.7% YoY
Source: XBRL data from the Corpay (CPAY) FY2025 10-K on SEC EDGAR. USD.
Corpay FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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