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Corpay Reports Second Quarter Financial Results
Revenue growth and adjusted EPS growth both 13%1
Announced acquisition of Alpha Group and stablecoin partnerships

Atlanta, Ga., August 6, 2025 — Corpay, Inc. (NYSE: CPAY), a corporate payments company, today reported financial results for its second quarter ended June 30, 2025.

"Our second quarter results were slightly ahead of our expectations,” said Ron Clarke, chairman and chief executive officer, Corpay, Inc. “Second quarter 2025 organic revenue growth was 11%, with our Corporate Payments segment growing 18%. Our balance sheet is in great shape as we prepare for the recently announced Alpha Group acquisition. Additionally, we’re very excited about the opportunity to participate in the growing stablecoin and digital currency markets as a result of our existing capabilities in our cross border business.”

Financial Results for Second Quarter of 2025:

GAAP Results
•Revenues increased 13% to $1,102.0 million in the second quarter of 2025, compared with $975.7 million in the second quarter of 2024.
•Net income2 increased 13% to $284.2 million in the second quarter of 2025, compared with $251.6 million in the second quarter of 2024.
•Net income per diluted share2 increased 13% to $3.98 in the second quarter of 2025, compared with $3.52 per diluted share in the second quarter of 2024.

Non-GAAP Results1
•Organic revenue growth1 was 11% in the second quarter of 2025.
•Adjusted EBITDA1 increased 12% to $620.6 million in the second quarter of 2025, compared to $554.4 million in the second quarter of 2024.
•Adjusted net income1,2 increased 13% to $366.4 million in the second quarter of 2025, compared with $325.0 million in the second quarter of 2024.
•Adjusted net income per diluted share1,2 increased 13% to $5.13 in the second quarter of 2025, compared with $4.55 per diluted share in the second quarter of 2024.
"Total company organic growth improved 500 bps year over year to 11% in the second quarter, driven by improvement in our U.S. Vehicle Payments business,” said Peter Walker, chief financial officer, Corpay, Inc. “Our Corporate Payments segment delivered continued terrific performance driven by our broad geographic coverage and implementations, in addition to completing the integration of the GPS business into our cross border business.”

Updated Fiscal Year 2025 Outlook:

"We are raising our 2025 outlook as a result of our second quarter beat and continued benefit of improved foreign currency rates. Strong sales performance, excellent cost discipline and improving retention in our businesses gives us confidence in our ability to achieve our 2025 outlook,” concluded Walker.

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

•Total revenues between $4,405 million and $4,485 million;
•Net income between $1,171 million and $1,211 million;
•Net income per diluted share between $16.41 and $16.81;
•Adjusted net income between $1,488 million and $1,528 million; and
•Adjusted net income per diluted share between $20.86 and $21.26.

Corpay’s guidance assumptions are as follows:

•Weighted average U.S. fuel prices equal to $3.16 per gallon;










•Fuel price spreads lower than the 2024 average;
•Foreign exchange rates equal to the July 2025 forward consensus;
•Interest expense between $360 million and $390 million;
•Approximately 72 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.
Conference Call:

The Company will host a conference call to discuss second 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 (800)-445-7795 or (785)-424-1699; 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 11159525. The replay will be available through Wednesday, August 13, 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.
These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements largely on preliminary information, internal estimates and management assumptions, expectations and plans about future conditions, events and results. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as risks related to the completion of the acquisition of a partnership interest in AvidXchange, and the acquisition of Alpha, including, in each case, the satisfaction of any conditions thereto; our ability to successfully execute our strategic plan, manage our growth and achieve our performance targets; the impact of macroeconomic conditions, including any recession or economic downturn that has occurred or may occur in the future, and whether expected trends, including retail fuel prices, fuel price spreads, fuel transaction patterns, electric vehicle, retail lodging price, foreign exchange rates and interest rates trends develop as anticipated and we are able to develop successful strategies in light of these trends; our ability to attract new and retain existing partners, fuel merchants, and lodging providers, their promotion and support of our products, and their financial performance; our ability to successfully manage the derivative financial instruments that we use in our Cross-Border solution to reduce our exposure to various market risks, including changes in foreign exchange rates; the failure of management assumptions and estimates, as well as differences in, and changes to, economic, market, interest rate, interchange fees, foreign exchange rates, and credit conditions, including changes in borrowers’ credit risks and payment behaviors; the risk of higher borrowing costs and adverse financial market conditions impacting our funding and liquidity, and any reduction in our credit ratings; our ability to successfully manage our credit risks and the sufficiency of our allowance for expected credit losses; our ability to securitize our trade receivables; the occurrence of fraudulent activity, data breaches or failures of our information security controls or cybersecurity-related incidents that may compromise our systems or customers’ information; any disruptions in the operations of our computer systems and data centers; the international operational and political risks and compliance and regulatory risks and costs associated with international operations; the impact of international conflicts, including between Russia and Ukraine, as well as within the Middle East, on the global economy or our business and operations; the impact of changes in global tariff and trade policies and potential retaliatory actions by affected countries; our ability to develop and implement new technology, products, and services; any alleged infringement of intellectual property rights of others and our ability to protect our intellectual property; the regulation, supervision, and examination of our business by foreign and domestic governmental authorities, as well as litigation and regulatory actions, including the lawsuit filed by the Federal Trade Commission (FTC); the impact of regulations and related requirements relating to privacy, information security and data protection; derivative and hedging activities; use of third-party vendors and ongoing third-party business relationships; and failure to comply with anti-money laundering (AML) and anti-terrorism financing laws; changes in our senior management team and our ability to attract, motivate and retain qualified personnel consistent with our strategic plan; tax legislation initiatives or challenges to our tax positions and/or interpretations, and state sales tax rules and regulations; the


risks of mergers, acquisitions and divestitures, including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; our ability to remediate material weaknesses and the ongoing effectiveness of internal control over financial reporting, as well as the other risks and uncertainties identified under the caption "Risk Factors" in the 2024 Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025 and subsequent filings with the SEC made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement made herein. The forward-looking statements included in this press release are made only as of the date hereof and we do not undertake, and specifically disclaim, any obligation to update any such statements as a result of new information, future events or developments, except as specifically stated or to the extent required by law. You may access Corpay’s SEC filings for free by visiting the SEC web site at www.sec.gov.
About Non-GAAP Financial Measures:
This press release includes non-GAAP financial measures, which are used by the Company as supplemental measures to evaluate its overall operating performance. The Company’s definitions of the non-GAAP financial measures used herein may differ from similarly titled measures used by others, including within our industry. By providing these non-GAAP financial measures, together with reconciliations to the most directly comparable GAAP financial measures, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives. See the appendix for additional information regarding these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure.
The Company refers to free cash flow, cash net income and adjusted net income attributable to Corpay interchangeably, a non-GAAP financial measure. Adjusted net income attributable to Corpay is calculated as net income attributable to Corpay, adjusted to eliminate (a) non-cash stock-based compensation expense related to stock-based compensation awards, (b) amortization of deferred financing costs, discounts, intangible assets, amortization of the premium recognized on the purchase of receivables and amortization attributable to the Company's noncontrolling interest, (c) integration and deal related costs, and (d) other non-recurring items, including unusual credit losses, certain discrete tax items, the impact of business dispositions, impairment losses, asset write-offs, restructuring costs, loss on extinguishment of debt, taxes associated with stock-based compensation programs, losses and gains on foreign currency transactions and legal settlements and related legal fees. We adjust net income for the tax effect of adjustments using our effective income tax rate, exclusive of certain discrete tax items. We calculate adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay to eliminate the effect of items that we do not consider indicative of our core operating performance.
Adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay are supplemental measures of operating performance that do not represent and should not be considered as an alternative to net income, net income per diluted share or cash flow from operations, as determined by U.S. generally accepted accounting principles, or U.S. GAAP. We believe it is useful to exclude non-cash stock-based compensation expense from adjusted net income because non-cash equity grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time and stock-based compensation expense is not a key measure of our core operating performance. We also believe that amortization expense can vary substantially from company to company and from period to period depending upon their financing and accounting methods, the fair value and average expected life of their acquired intangible assets, their capital structures and the method by which their assets were acquired; therefore, we have excluded amortization expense from our adjusted net income. Integration and deal related costs represent business acquisition transaction costs, professional services fees, short-term retention bonuses and system migration costs, etc., that are not indicative of the performance of the underlying business. We also believe that certain expenses, discrete tax items, gains on business disposition, recoveries (e.g. legal settlements, write-off of customer receivable, etc.), gains and losses on investments, taxes related to stock-based compensation programs and impairment losses do not necessarily reflect how our investments and business are performing. We adjust net income for the tax effect of each of these adjustments using the effective tax rate during the period, exclusive of discrete tax items.
Organic revenue growth is calculated as revenue growth in the current period adjusted for the impact of changes in the macroeconomic environment (to include fuel price, fuel price spreads and changes in foreign exchange rates) over revenue in the comparable prior period adjusted to include or remove the impact of acquisitions and/or divestitures and non-recurring items that have occurred subsequent to that period. We believe that organic revenue growth on a macro-neutral, one-time item, and consistent acquisition/divestiture/non-recurring item basis is useful to investors for understanding the performance of Corpay.


EBITDA is defined as earnings before interest, income taxes, interest expense, net, other expense (income), depreciation and amortization, loss on extinguishment of debt, goodwill impairment, investment loss/gain and other operating, net. Adjusted EBITDA is defined as EBITDA further adjusted for stock-based compensation expense and other one-time items including certain legal expenses, restructuring costs and integration and deal related costs. EBITDA and adjusted EBITDA margin are defined as EBITDA and adjusted EBITDA as a percentage of revenue.

Management uses adjusted net income attributable to Corpay, adjusted net income per diluted share attributable to Corpay, organic revenue growth, EBITDA and adjusted EBITDA:
•as measurements of operating performance because they assist us in comparing our operating performance on a consistent basis;
•for planning purposes, including the preparation of our internal annual operating budget;
•to allocate resources to enhance the financial performance of our business; and
•to evaluate the performance and effectiveness of our operational strategies.

About Corpay

Corpay (NYSE: CPAY), the Corporate Payments Company, is a global S&P 500 provider of commercial cards (e.g, business cards, fleet cards, virtual cards) and AP automation solutions (e.g., invoice and payments automation, cross border payments) to businesses worldwide. Our solutions “keep business moving” and result in our customers better controlling purchases, mitigating fraud, and ultimately spending less. To learn more visit www.corpay.com.

Contact:

Investor Relations
Jim Eglseder, 770-417-4697
Jim.Eglseder@corpay.com
__________________________________________________________________________________
1 Reconciliations of GAAP results to non-GAAP results are provided in Exhibit 1, 5 and 6 attached. Additional supplemental data is provided in Exhibits 2-4. A reconciliation of GAAP guidance to non-GAAP guidance is provided in Exhibit 7.
2 Net income, net income per diluted share, adjusted net income and adjusted net income per diluted share is amount attributable to Corpay.




Corpay, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Income
(In thousands, except per share amounts and percentages)
 
 Three Months Ended June 30,Six Months Ended June 30,
 20252024% Change20252024% Change
Revenues, net$1,102,030 $975,710 13 %$2,107,697 $1,910,961 10 %
Expenses:
Processing238,517 209,199 14 %460,361 416,610 11 %
Selling115,777 95,044 22 %223,334 189,232 18 %
General and administrative176,994 153,777 15 %333,953 305,039 9 %
Depreciation and amortization91,350 84,342 8 %183,538 169,102 9 %
Other operating, net2 9 NM(3)301 NM
Total operating expense622,640 542,371 15 %1,201,183 1,080,284 11 %
Operating income479,390 433,339 11 %906,514 830,677 9 %
Other expenses:
Other (income) expense, net(10,572)4,460 NM(6,477)7,420 NM
Interest expense, net96,872 94,677 2 %190,794 183,765 4 %
Loss on extinguishment of debt— — — %1,596 — NM
Total other expenses, net 86,300 99,137 (13)%185,913 191,185 (3)%
Income before income taxes393,090 334,202 18 %720,601 639,492 13 %
Provision for income taxes109,012 82,539 32 %192,648 158,026 22 %
Net income284,078 251,663 13 %527,953 481,466 10 %
Less: Net (loss) income attributable to noncontrolling interest(90)38 NM552 72 NM
Net income attributable to Corpay$284,168 $251,625 13 %$527,401 $481,394 10 %
Basic earnings per share$4.03 $3.59 12 %$7.49 $6.79 10 %
Diluted earnings per share$3.98 $3.52 13 %$7.38 $6.64 11 %
Weighted average shares outstanding:
Basic shares70,546 70,107 70,432 70,934 
Diluted shares71,429 71,497 71,494 72,516 
NM - Not Meaningful













Corpay, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
 
June 30, 2025December 31, 2024
 (Unaudited) 
Assets
Current assets:
Cash and cash equivalents$2,192,849 $1,553,642 
Restricted cash3,338,509 2,902,703 
Accounts and other receivables (less allowance)2,601,292 2,090,500 
Securitized accounts receivable — restricted for securitization investors1,639,000 1,323,000 
Prepaid expenses and other current assets987,593 806,024 
Total current assets10,759,243 8,675,869 
Property and equipment, net434,319 377,705 
Goodwill and other intangibles, net8,706,323 8,395,109 
Other assets535,341 508,348 
Total assets$20,435,226 $17,957,031 
Liabilities and Equity
Current liabilities:
Customer deposits4,143,205 3,266,126 
Accounts payable, accrued expenses and other current liabilities3,247,947 2,671,781 
Securitization facility1,639,000 1,323,000 
Current portion of notes payable and lines of credit609,617 1,446,974 
Total current liabilities9,639,769 8,707,881 
Notes payable and other obligations, less current portion5,869,083 5,226,106 
Deferred income taxes379,240 439,176 
Other noncurrent liabilities579,955 437,879 
Total noncurrent liabilities6,828,278 6,103,161 
Commitments and contingencies
Stockholders’ equity:
Common stock132 131 
Additional paid-in capital3,902,867 3,811,131 
Retained earnings9,723,806 9,196,405 
Accumulated other comprehensive loss(1,436,386)(1,713,996)
Treasury stock(8,261,846)(8,171,329)
Total Corpay stockholders’ equity3,928,573 3,122,342 
Noncontrolling interest38,606 23,647 
Total equity3,967,179 3,145,989 
Total liabilities and equity$20,435,226 $17,957,031 




Corpay, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
 Six Months Ended June 30,
 20252024
Operating activities
Net income$527,953 $481,466 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation58,177 58,443 
Stock-based compensation47,234 52,087 
Provision for credit losses on accounts and other receivables62,162 53,485 
Amortization of deferred financing costs and discounts4,842 4,080 
Amortization of intangible assets and premium on receivables125,361 110,659 
Loss on extinguishment of debt 1,596 — 
Deferred income taxes (25,499)(9,675)
Other non-cash operating (income) expense, net(8,700)98 
Changes in operating assets and liabilities (net of acquisitions/disposition)272,970 140,462 
Net cash provided by operating activities1,066,096 891,105 
Investing activities
Acquisitions, net of cash acquired(154,648)(59,871)
Purchases of property and equipment(97,407)(85,289)
Proceeds from sale of cost method investment14,843 — 
Other14,572 (1,453)
Net cash used in investing activities(222,640)(146,613)
Financing activities
Proceeds from issuance of common stock55,962 100,241 
Repurchase of common stock(90,877)(947,074)
Borrowings on securitization facility, net316,000 102,000 
Deferred financing costs(10,827)(3,176)
Proceeds from notes payable750,000 325,000 
Principal payments on notes payable(98,570)(51,063)
Borrowings from revolver 4,490,000 4,153,000 
Payments on revolver (5,357,000)(3,811,000)
Borrowings (payments) on swing line of credit, net24,000 (109,247)
Other(333)2,081 
Net cash provided by (used in) financing activities78,355 (239,238)
Effect of foreign currency exchange rates on cash153,202 (99,493)
Net increase in cash and cash equivalents and restricted cash1,075,013 405,761 
Cash and cash equivalents and restricted cash, beginning of period4,456,345 3,141,535 
Cash and cash equivalents and restricted cash, end of period$5,531,358 $3,547,296 
Supplemental cash flow information
Cash paid for interest, net$238,796 $237,912 
Cash paid for income taxes, net$261,987 $185,333 


Exhibit 1
RECONCILIATION OF NON-GAAP MEASURES
(In thousands, except per share amounts; shares in millions)
(Unaudited)
The following table reconciles net income attributable to Corpay to adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay.*
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Net income attributable to Corpay$284,168 $251,625 $527,401 $481,394 
Stock-based compensation28,868 27,108 47,234 52,087 
Amortization1
64,137 56,881 130,203 114,739 
Loss on extinguishment of debt— — 1,596 — 
Integration and deal related costs14,452 7,128 25,841 11,363 
Restructuring and related costs3,330 1,872 6,130 6,254 
Other2
(6,625)4,433 467 8,045 
Total adjustments104,162 97,422 211,471 192,488 
Income tax impact of pre-tax adjustments at the effective tax rate3
(27,840)(24,064)(55,456)(47,579)
Discrete tax items4
5,931 — 5,931 — 
Adjusted net income attributable to Corpay$366,421 $324,983 $689,347 $626,303 
Adjusted net income per diluted share attributable to Corpay$5.13 $4.55 $9.64 $8.64 
Diluted shares71.4 71.5 71.5 72.5 
 
1 Includes consolidated amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts.
2 Includes losses and gains on foreign currency transactions, certain legal expenses, amortization expense attributable to the Company's noncontrolling interest, taxes associated with stock-based compensation programs, a loss on an economic hedge of a foreign-denominated purchase price of an acquisition and a gain on sale of a cost method investment.
3 Represents provision for income taxes of pre-tax adjustments.
4 Represents discrete non-cash tax provision recognized in the second quarter of 2025 related to the remeasurement of deferred tax assets and liabilities as a result of a tax law change in California.
* Columns may not calculate due to rounding.




Exhibit 2
Key Performance Indicators, by Segment and Revenue Per Performance Metric on a GAAP Basis and Pro Forma and Macro Adjusted
(In millions except revenues, net per key performance metric and percentages)
(Unaudited)
The following table presents revenues, net and revenues, net per key performance metric by segment.*
As Reported
Pro Forma and Macro Adjusted2
Three Months Ended June 30,Three Months Ended June 30,
 20252024Change% 
Change		20252024Change% 
Change
VEHICLE PAYMENTS
'- Revenues, net
$525.5$510.3$15.23%$548.4$504.2$44.29%
'- Transactions
222.6207.315.37%222.6207.914.77%
'- Revenues, net per transaction
$2.36$2.46$(0.10)(4)%$2.46$2.42$0.042%
'- Tag transactions3
22.821.41.47%22.821.41.47%
'- Parking transactions
67.863.04.88%67.863.04.88%
'- Fleet transactions
118.7112.95.85%118.7113.55.25%
'- Other transactions
13.310.03.332%13.310.03.332%
CORPORATE PAYMENTS
'- Revenues, net
$391.9$288.5$103.436%$389.1$330.6$58.418%
'- Spend volume
$58,114$42,879$15,23636%$58,114$48,701$9,41319%
'- Revenues, net per spend $
0.67%0.67%—%—%0.67%0.68%(0.01)%(1)%
LODGING PAYMENTS
'- Revenues, net
$119.8$122.4$(2.6)(2)%$119.5$122.4$(2.9)(2)%
'- Room nights
8.78.8(0.1)(1)%8.78.8(0.1)(1)%
'- Revenues, net per room night
$13.84$13.97$(0.13)(1)%$13.80$13.97$(0.16)(1)%
OTHER1
'- Revenues, net
$64.8$54.6$10.219%$64.4$54.6$9.818%
'- Transactions
412.6356.755.916%412.6356.755.916%
'- Revenues, net per transaction
$0.16$0.15$—3%$0.16$0.15$—2%
CORPAY
CONSOLIDATED REVENUES
'- Revenues, net
$1,102.0$975.7$126.313%$1,121.4$1,011.8$109.511%
1 Other includes Gift and Payroll Card operating segments.
2 See Exhibit 5 for a reconciliation of Pro forma and Macro Adjusted revenue by segment and metrics, non-GAAP measures, to the GAAP equivalent.
3 Represents total tag subscription transactions in the quarter. Average monthly tag subscriptions for the second quarter of 2025 is 7.6 million.
* Columns may not calculate due to rounding.










Exhibit 3
Revenues by Geography and Segment
(In millions, except percentages)
(Unaudited)
Revenues, net by Geography*Three Months Ended June 30,Six Months Ended June 30,
2025%2024%2025%2024%
US$541 49 %$507 52 %$1,049 50 %$989 52 %
Brazil170 15 %150 15 %333 16 %298 16 %
UK148 13 %133 14 %294 14 %262 14 %
Other242 22 %186 19 %432 20 %362 19 %
Consolidated Revenues, net$1,102 100 %$976 100 %$2,108 100 %$1,911 100 %
*Columns may not calculate due to rounding.
Revenues, net by Segment*Three Months Ended June 30,Six Months Ended June 30,
2025%2024%2025%2024%
Vehicle Payments$526 48 %$510 52 %$1,013 48 %$1,004 53 %
Corporate Payments392 36 %288 30 %745 35 %554 29 %
Lodging Payments120 11 %122 13 %230 11 %234 12 %
Other65 6 %55 6 %120 6 %119 6 %
Consolidated Revenues, net$1,102 100 %$976 100 %$2,108 100 %$1,911 100 %
*Columns may not calculate due to rounding.

















Exhibit 4
Segment Results*
(In thousands, except percentages)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
20251
2024% Change
20251
20242
% Change
Revenues, net:
Vehicle Payments2
$525,525 $510,278 3 %$1,012,635 $1,004,339 1 %
Corporate Payments391,904 288,479 36 %744,563 553,875 34 %
Lodging Payments119,790 122,377 (2)%230,015 233,672 (2)%
Other3
64,811 54,576 19 %120,484 119,075 1 %
$1,102,030 $975,710 13 %$2,107,697 $1,910,961 10 %
Operating income:
Vehicle Payments2
$250,131 $242,025 3 %$480,357 $467,720 3 %
Corporate Payments161,205 120,556 34 %297,111 225,267 32 %
Lodging Payments49,576 56,391 (12)%92,871 103,668 (10)%
Other3
18,478 14,367 29 %36,175 34,022 NM
$479,390 $433,339 11 %$906,514 $830,677 9 %
Depreciation and amortization:
Vehicle Payments2
$46,027 $49,765 (8)%$93,302 $100,087 (7)%
Corporate Payments30,594 20,698 48 %60,752 41,501 46 %
Lodging Payments12,960 11,965 8 %25,784 23,595 9 %
Other3
1,769 1,914 (8)%3,700 3,919 (6)%
$91,350 $84,342 8 %$183,538 $169,102 9 %
Capital expenditures:
Vehicle Payments2
$34,917 $30,254 15 %$65,595 $58,448 12 %
Corporate Payments10,095 7,581 33 %17,675 14,857 19 %
Lodging Payments5,107 4,589 11 %9,836 9,415 4 %
Other3
2,517 1,673 50 %4,301 2,569 67 %
$52,636 $44,097 19 %$97,407 $85,289 14 %

1 Results from Gringo acquired in the first quarter of 2025 are reported in the Vehicle Payments segment from the date of acquisition.
2 The results of our merchant solutions business disposed of in December 2024 are included in our Vehicle Payments segment for all periods prior to disposition.
3 Other includes Gift and Payroll Card operating segments.
NM - Not Meaningful
*Columns may not calculate due to rounding.






Exhibit 5
Reconciliation of Non-GAAP Revenue and Key Performance Metric
by Segment to GAAP
(In millions)
(Unaudited)
Revenues, netKey Performance Metric
Three Months Ended June 30,Three Months Ended June 30,
2025*2024*2025*2024*
VEHICLE PAYMENTS - TRANSACTIONS
Pro forma and macro adjusted$548.4 $504.2 222.6 207.9 
Impact of acquisitions/dispositions— 6.0 — (0.6)
Impact of fuel prices/spread(12.6)— — — 
Impact of foreign exchange rates(10.3)— — — 
As reported$525.5 $510.3 222.6 207.3 
CORPORATE PAYMENTS - SPEND
Pro forma and macro adjusted$389.1 $330.6 $58,114 $48,701 
Impact of acquisitions/dispositions— (42.1)— (5,823)
Impact of fuel prices/spread— — — — 
Impact of foreign exchange rates2.9 — — — 
As reported$391.9 $288.5 $58,114 $42,879 
LODGING PAYMENTS - ROOM NIGHTS
Pro forma and macro adjusted$119.5 $122.4 8.7 8.8 
Impact of acquisitions/dispositions— — — — 
Impact of fuel prices/spread— — — — 
Impact of foreign exchange rates0.3 — — — 
As reported$119.8 $122.4 8.7 8.8 
OTHER1- TRANSACTIONS
Pro forma and macro adjusted$64.4 $54.6 412.6 356.7 
Impact of acquisitions/dispositions— — — — 
Impact of fuel prices/spread— — — — 
Impact of foreign exchange rates0.4 — — — 
As reported$64.8 $54.6 412.6 356.7 
CORPAY CONSOLIDATED REVENUES
Pro forma and macro adjusted$1,121.4 $1,011.8 Intentionally Left Blank
Impact of acquisitions/dispositions— (36.1)
Impact of fuel prices/spread2
(12.6)— 
Impact of foreign exchange rates2
(6.7)— 
As reported$1,102.0 $975.7 
1 Other includes Gift and Payroll Card operating segments.
2 Revenues reflect the negative impact of movements in foreign exchange rates of approximately $7 million, negative fuel price spreads of approximately $7 million, and approximately $6 million negative impact from fuel prices.
* Columns may not calculate due to rounding.











Exhibit 6
RECONCILIATION OF NON-GAAP EBITDA AND ADJUSTED EBITDA MEASURES
(In millions, except percentages)
(Unaudited)
The following table reconciles EBITDA, Adjusted EBITDA and Adjusted EBITDA margin to net income from operations.*

Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Net income from operations$284.1 $251.7 $528.0 $481.5 
Provision for income taxes109.0 82.5 192.6 158.0 
Interest expense, net96.9 94.7 190.8 183.8 
Other (income) expense, net(10.6)4.5 (6.5)7.4 
Depreciation and amortization91.4 84.3 183.5 169.1 
Loss on extinguishment of debt— — 1.6 — 
Other operating, net— — — 0.3 
EBITDA$570.7 $517.7 $1,090.0 $1,000.1 
Stock-based compensation$28.9 $27.1 $47.2 $52.1 
Other addbacks1
21.0 9.6 38.7 18.7 
Adjusted EBITDA$620.6 $554.4 $1,176.0 $1,070.9 
Revenues, net$1,102.0 $975.7 $2,107.7 $1,911.0 
Adjusted EBITDA margin56.3 %56.8 %55.8 %56.0 %
1 Includes certain legal expenses, restructuring costs and integration and deal related costs
* Columns may not calculate due to rounding.


Exhibit 7
RECONCILIATION OF NON-GAAP GUIDANCE MEASURES
(In millions, except per share amounts)
(Unaudited)
The following table reconciles full year 2025 and third quarter 2025 financial guidance for net income to adjusted net income and adjusted net income per diluted share, at both ends of the range.
2025 GUIDANCE
Low*High*
Net income$1,171 $1,211 
Net income per diluted share$16.41 $16.81 
Stock-based compensation97 97 
Amortization256 256 
Other71 71 
Total pre-tax adjustments424 424 
Income taxes (107)(107)
Adjusted net income$1,488 $1,528 
Adjusted net income per diluted share$20.86 $21.26 
Diluted shares72 72 
Q3 2025 GUIDANCE
Low*High*
Net income$318 $328 
Net income per diluted share$4.42 $4.62 
Stock-based compensation25 25 
Amortization63 63 
Other17 17 
Total pre-tax adjustments105 105 
Income taxes (27)(27)
Adjusted net income$396 $406 
Adjusted net income per diluted share$5.50 $5.70 
Diluted shares72 72 
* Columns may not calculate due to rounding.