Revenue growth accelerated to 25.4% in 2026Q1, supported by a resilient 43.1% operating margin that demonstrates effective scaling of the company's B2B payment infrastructure.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 4.78B | 4.53B | 3.97B | 3.76B | 3.43B | 2.83B | 2.39B | 2.65B | 2.43B | 2.25B | 1.83B | 1.7B | 1.2B | 895.17M |
| Revenue Growth % | 18.26% | 13.93% | 5.77% | 9.65% | 20.94% | 18.62% | -9.82% | 8.85% | 8.18% | 22.82% | 7.56% | 41.98% | 33.98% | - |
| Cost of Goods Sold | 1.3B | 1.36B | 869.09M | 819.91M | 764.71M | 559.82M | 596.36M | 530.67M | 487.69M | 429.61M | 355.41M | 331.07M | 173.34M | 134.03M |
| COGS % of Revenue | - | 30.09% | 21.87% | 21.82% | 22.31% | 19.76% | 24.96% | 20.03% | 20.04% | 19.1% | 19.41% | 19.44% | 14.45% | 14.97% |
| Gross Profit | 3.48B | 3.17B | 3.11B | 2.94B | 2.66B | 2.27B | 1.79B | 2.12B | 1.95B | 1.82B | 1.48B | 1.37B | 1.03B | 761.14M |
| Gross Margin % | 72.79% | 69.91% | 78.13% | 78.18% | 77.69% | 80.24% | 75.04% | 79.97% | 79.96% | 80.9% | 80.59% | 80.56% | 85.55% | 85.03% |
| Gross Profit Growth % | - | 1.95% | 5.71% | 10.34% | 17.09% | 26.86% | -15.38% | 8.86% | 6.92% | 23.29% | 7.61% | 33.7% | 34.8% | - |
| Operating Expenses | 1.43B | 1.21B | 1.32B | 1.28B | 1.22B | 1.03B | 820.23M | 886.75M | 855.1M | 936.16M | 721.98M | 704.26M | 460.6M | 340.51M |
| OpEx % of Revenue | - | 26.81% | 33.17% | 34.09% | 35.48% | 36.4% | 34.34% | 33.48% | 35.14% | 41.62% | 39.42% | 41.36% | 38.4% | 38.04% |
| Selling, General & Admin | 1.3B | 1.21B | 997.78M | 943.58M | 893.22M | 747.95M | 567.41M | 612.02M | 571.76M | 671.54M | 519.41M | 406.79M | 281.49M | 193.63M |
| SG&A % of Revenue | - | 26.76% | 25.1% | 25.11% | 26.06% | 26.39% | 23.75% | 23.11% | 23.5% | 29.85% | 28.36% | 23.89% | 23.47% | 21.63% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 2.06M | 320.57M | 337.36M | 322.56M | 283.41M | 252.82M | 274.73M | 283.33M | 264.62M | 202.57M | 189.21M | 82.86M | 72.74M |
| Operating Income | 2.06B | 1.95B | 1.79B | 1.66B | 1.45B | 1.24B | 972.26M | 1.23B | 1.09B | 883.76M | 754.15M | 667.53M | 565.45M | 420.63M |
| Operating Margin % | 42.99% | 43.1% | 44.96% | 44.09% | 42.21% | 43.85% | 40.7% | 46.49% | 44.82% | 39.29% | 41.18% | 39.2% | 47.14% | 46.99% |
| Operating Income Growth % | - | 9.22% | 7.86% | 14.53% | 16.42% | 27.8% | -21.05% | 12.9% | 23.42% | 17.19% | 12.98% | 18.05% | 34.43% | - |
| EBITDA | 2.47B | 2.35B | 2.14B | 1.99B | 1.77B | 1.53B | 1.23B | 1.51B | 1.37B | 1.15B | 952.24M | 857.74M | 672.7M | 486.83M |
| EBITDA Margin % | 51.69% | 51.79% | 53.8% | 53.05% | 51.62% | 53.88% | 51.37% | 56.84% | 56.1% | 51.05% | 51.99% | 50.37% | 56.09% | 54.38% |
| EBITDA Growth % | 13.66% | 9.68% | 7.26% | 12.69% | 15.86% | 24.42% | -18.5% | 10.28% | 18.9% | 20.59% | 11.02% | 27.51% | 38.18% | - |
| D&A (Non-Cash Add-back) | 415.94M | 393.3M | 351.09M | 336.6M | 322.28M | 284.2M | 254.8M | 274.21M | 274.61M | 264.56M | 198.09M | 190.2M | 107.25M | 66.2M |
| EBIT | 2.07B | 1.95B | 1.77B | 1.67B | 1.44B | 1.22B | 1.01B | 1.23B | 1.23B | 1B | 714.82M | 607.34M | 541.8M | 420.03M |
| Net Interest Income | -420.03M | -403.85M | -383.04M | -348.61M | -164.66M | -113.7M | -129.8M | -150.05M | -138.49M | -107.15M | -71.9M | -71.34M | -28.86M | -16.46M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 420.03M | 403.85M | 383.04M | 348.61M | 164.66M | 113.7M | 129.8M | 150.05M | 138.49M | 107.15M | 71.9M | 71.34M | 28.86M | 16.46M |
| Other Income/Expense | -337.43M | -410.17M | -402.04M | -331.87M | -170.98M | -133.75M | -89.74M | -153.61M | -9.3M | 9.83M | -111.23M | -131.53M | -52.51M | -23.06M |
| Pretax Income | 1.72B | 1.54B | 1.39B | 1.33B | 1.28B | 1.11B | 882.52M | 1.08B | 1.1B | 893.59M | 642.92M | 536M | 512.94M | 403.57M |
| Pretax Margin % | 35.94% | 34.04% | 34.85% | 35.26% | 37.22% | 39.13% | 36.94% | 40.69% | 45% | 39.72% | 35.1% | 31.48% | 42.77% | 45.08% |
| Income Tax | 537.4M | 469.73M | 381.38M | 343.12M | 321.33M | 269.31M | 178.31M | 182.75M | 283.64M | 153.39M | 190.53M | 173.57M | 144.24M | 119.07M |
| Effective Tax Rate % | 31.26% | 30.47% | 27.53% | 25.9% | 25.19% | 24.29% | 20.2% | 16.96% | 25.9% | 17.17% | 29.64% | 32.38% | 28.12% | 29.5% |
| Net Income | 1.18B | 1.07B | 1B | 981.89M | 954.33M | 839.5M | 704.22M | 895.07M | 811.48M | 740.2M | 452.38M | 362.43M | 368.71M | 284.5M |
| Net Margin % | 24.6% | 23.62% | 25.25% | 26.13% | 27.85% | 29.63% | 29.48% | 33.79% | 33.35% | 32.9% | 24.7% | 21.28% | 30.74% | 31.78% |
| Net Income Growth % | 15.68% | 6.58% | 2.23% | 2.89% | 13.68% | 19.21% | -21.32% | 10.3% | 9.63% | 63.62% | 24.82% | -1.7% | 29.6% | - |
| Net Income (Continuing) | 1.18B | 1.07B | 1B | 981.89M | 954.33M | 839.5M | 704.22M | 895.07M | 811.48M | 740.2M | 452.38M | 362.43M | 368.71M | 284.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 353.37M | 344.81M | 23.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 17.19 | 15.03 | 13.97 | 13.20 | 12.42 | 9.99 | 8.12 | 9.94 | 8.81 | 7.91 | 4.75 | 3.85 | 4.24 | 3.36 |
| EPS Growth % | 17.18% | 7.59% | 5.83% | 6.28% | 24.32% | 23.03% | -18.31% | 12.83% | 11.38% | 66.53% | 23.38% | -9.2% | 26.19% | - |
| EPS (Basic) | - | 15.25 | 14.27 | 13.42 | 12.62 | 10.23 | 8.38 | 10.36 | 9.14 | 8.12 | 4.89 | 3.85 | 4.24 | 3.36 |
| Diluted Shares Outstanding | 68.44M | 71.06M | 71.85M | 74.39M | 76.86M | 84.06M | 86.72M | 90.07M | 92.15M | 93.59M | 95.21M | 94.14M | 86.98M | 84.66M |
| Basic Shares Outstanding | 67.54M | 70.14M | 70.33M | 73.16M | 75.6M | 82.06M | 84M | 86.4M | 88.75M | 91.13M | 92.6M | 94.14M | 86.96M | 84.66M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Macro-sensitive credit loss exposure
According to recent financial disclosures, Corpay's revenue growth has accelerated significantly, reaching 25.4% in 2026Q1 compared to 20.7% in the prior quarter, suggesting that the company's strategic pivot toward corporate payments and away from legacy fleet-only dependencies is gaining meaningful traction in the current market environment.
The sharp uptick in top-line expansion indicates that the company's broader B2B payment platform is successfully capturing market share. Investors should monitor whether this growth is sustainable or if it reflects temporary tailwinds from interest-rate-sensitive float income rather than core organic volume expansion.
As reported in quarterly filings, Corpay maintains a robust operating margin of 43.1%, demonstrating that the company's high-fixed-cost infrastructure effectively scales as transaction volumes increase, despite the inherent volatility associated with its specialized payment networks and the competitive landscape of the broader B2B software sector.
The ability to sustain operating margins above 40% while scaling revenue suggests significant operating leverage within the business model. However, the recent compression in gross margins to 72.7% in 2026Q1 warrants further investigation into whether this reflects a shift in product mix toward lower-margin corporate payment solutions.
Based on the provided income statement data, Corpay has successfully managed its SG&A expenses relative to revenue growth, allowing operating income to scale to $543.1 million in 2026Q1, which suggests that the company is effectively leveraging its existing platform to support higher transaction volumes without proportional overhead increases.
The company's ability to keep SG&A growth contained while revenue accelerates is a positive indicator of operational discipline. This efficiency appears to be a core driver of the company's profitability, though investors should watch for any future spikes in marketing or customer acquisition costs as it competes with pure-play fintechs.
Analysis of the income statement reveals that stock-based compensation remains a recurring expense, with $27.8 million recorded in 2025Q4, which suggests that GAAP net income figures may be slightly understated relative to the company's underlying cash-generative capacity and operational performance during these specific reporting periods.
While the company shows strong EPS growth, the consistent presence of stock-based compensation requires analysts to adjust for non-cash items to understand true economic profitability. The variability in quarterly net income suggests that non-operating items or tax adjustments may be creating noise in the bottom-line results.
Based on reported figures, the company's reliance on extending credit to SMB customers introduces a structural risk, as evidenced by the potential for credit loss provisions to impact profitability during macro downturns, a factor that short-sellers often highlight when questioning the durability of the company's take-rate.
The sensitivity of the business to the financial health of its SMB customer base remains a primary concern that could lead to margin compression if delinquency rates rise. Investors should remain cautious about whether the current high-margin profile can be maintained if the company is forced to increase bad debt reserves.
Quick answers to the most common questions about buying CPAY stock.
For fiscal year 2025, Corpay, Inc. (CPAY) reported total revenue of $4.53B. This represents a 405.9% increase compared to $895.2M in 2013.
Corpay, Inc. (CPAY) is profitable, generating $1.07B in net income for the fiscal year ending 2025 with a net profit margin of 23.6%.
Corpay, Inc. (CPAY) reported an operating income of $1.95B, resulting in an operating profit margin of 43.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Corpay, Inc. (CPAY) generated $3.17B in gross profit for the year, representing a gross profit margin of 69.9%. This demonstrates the company's core pricing power and production efficiency.