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Corpay Reports Third Quarter Financial Results

Staff Report From Georgia CEO

Wednesday, November 12th, 2025

Corpay, Inc. (NYSE: CPAY), the corporate payments company, today reported financial results for its third quarter ended September 30, 2025.

 

"Our third quarter results finished ahead of our expectations for both revenue and adjusted EPS," said Ron Clarke, chairman and chief executive officer, Corpay, Inc. "Additionally, third quarter 2025 organic revenue growth was 11%, supported by our Corporate Payments segment growing 17%. We've closed both the AvidXchange investment and Alpha Group acquisition, and currently expect to complete the Mastercard investment in our cross-border business before year end," concluded Clarke.

Financial Results for Third Quarter of 2025:

GAAP Results

  • Revenues increased 14% to $1,172.5 million in the third quarter of 2025, compared with $1,029.2 million in the third quarter of 2024.

  • Net income2 was $277.9 million in the third quarter of 2025, a slight increase compared with $276.4 million in the third quarter of 2024.

  • Net income per diluted share2 increased slightly to $3.91 in the third quarter of 2025, compared with $3.90 per diluted share in the third quarter of 2024.

 

Non-GAAP Results1

  • Organic revenue growth1 was 11% in the third quarter of 2025.

  • Adjusted EBITDA1 increased 14% to $676.7 million in the third quarter of 2025, compared to $594.7 million in the third quarter of 2024.

  • Adjusted net income1,2 increased 14% to $405.2 million in the third quarter of 2025, compared with $354.5 million in the third quarter of 2024.

  • Adjusted net income per diluted share1,2 increased 14% to $5.70 in the third quarter of 2025, compared with $5.00 per diluted share in the third quarter of 2024.

"Total company organic growth improved 500 bps year over year, almost doubling, to 11% in the third quarter, led by improvement in our Vehicle Payments segment and specifically our U.S. Vehicle Payments business," said Peter Walker, chief financial officer, Corpay, Inc. "Our Corporate Payments segment continued to deliver strong organic revenue growth of 17%, inclusive of a 100 basis point drag from float revenue compression due to lower interest rates," concluded Walker.

 

Updated Fiscal Year 2025 Outlook:

"We are raising our 2025 outlook as a result of our third quarter beat, the continued benefit of improved foreign currency rates and the inclusion of our recently closed acquisition and investment. Our continued execution with strong sales performance and excellent cost discipline gives us confidence in our ability to achieve our 2025 outlook, and it sets us up well as we look to 2026," concluded Walker.

For fiscal year 2025, Corpay, Inc.'s updated financial guidance1 is as follows:

  • Total revenues between $4,505 million and $4,525 million;

  • Net income between $1,130 million and $1,150 million;

  • Net income per diluted share between $15.88 and $16.08;

  • Adjusted net income between $1,503 million and $1,523 million; and

  • Adjusted net income per diluted share between $21.14 and $21.34.

Corpay’s guidance assumptions are as follows for the fourth quarter:

  • Weighted average U.S. fuel prices equal to $3.07 per gallon;

  • Fuel price spreads lower than the 2024 average; and

  • Foreign exchange rates equal to the October 2025 forward curves.

Corpay’s guidance assumptions are as follows for the 2025 fiscal year:

  • Interest expense between $395 million and $415 million;

  • Approximately 71 million fully diluted shares outstanding;

  • An effective tax rate of approximately 25.5% to 26.5%; and

  • No impact related to acquisitions or divestitures not closed.

As always, guidance may change in the future based on several factors and therefore may not reflect actual results.

Conference Call:

The Company will host a conference call to discuss third quarter 2025 financial results today at 5:30 pm ET. Hosting the call will be Ron Clarke, chief executive officer, Peter Walker, chief financial officer and Jim Eglseder, investor relations. The conference call will be webcast live from the Company's investor relations website at http://investor.corpay.com. The conference call can also be accessed live over the phone by dialing (833)-316-2483 or (785)-838-9284; the Conference ID is CORPAY. A replay will be available one hour after the call and can be accessed by dialing (844)-512-2921 or (412)-317-6671 for international callers; the replay conference ID is 11160203. The replay will be available through Wednesday, November 12, 2025. Prior to the conference call, the Company will post supplemental financial information that will be discussed during the call and live webcast.

 

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about Corpay’s beliefs, assumptions, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project" or "expect," "may," "will," "would," "could" or "should," the negative of these terms or other comparable terminology.