Latest revenue
$1.26B
as of 2026-03-31
Latest net income
$350.1M
as of 2026-03-31
Net margin
27.8%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $29.14B
- Enterprise value
- $34.71B
- P/E (trailing)
- 27.2×
- Forward P/E
- —
- P/B
- 7.15×
- Dividend yield
- 0.0%
- 52-wk high
- $361.99
- 52-wk low
- $252.84
- Beta
- —
- Shares out
- 83.8M
5-year trend
What this company does
Corpay runs a global corporate payments platform, providing fuel cards, lodging cards, cross-border B2B payments, and accounts-payable automation for businesses and fleets. It earns revenue from transaction fees, interchange, foreign exchange spreads, and interest on customer deposits, with Q3 2025 revenue of $1.17 billion up 14% year-over-year. The company is shifting its mix toward Corporate Payments and cross-border, funding the pivot through acquisitions while sustaining heavy share repurchases and carrying roughly $6.4 billion in debt.
Generated from CPAY's filing dated 2026-02-27
Key risks
- Heavy leverage: $6.37B total notes payable plus $1.76B securitization facility against just $4.12B equity, with $290.8M nine-month interest expense.
- Credit deterioration: allowance for credit losses jumped 25% to $166.9M; nine-month provision rose to $89.8M from $81.6M year-ago.
- Operating cash flow halved to $687M from $1.29B as receivables ballooned $933M, pressuring float economics and free cash flow conversion.
Generated from CPAY's filing dated 2026-02-27
Profitability
Operating margin
44.0%
2.1%Net margin
23.6%
6.5%Return on equity
27.5%
14.3%Return on assets
4.1%
27.5%Leverage
Debt / equity
5.80×
22.1%Long-term debt / equity
1.71×
2.4%Debt / assets
85.3%
3.2%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $1.26B | +25.4% | $350.1M | +43.9% | 27.8% |
Q4 2025 2025-12-31 | $1.25B | +20.7% | $264.5M | +7.5% | 21.2% |
Q3 2025 2025-09-30 | $1.17B | +13.9% | $277.9M | +0.6% | 23.7% |
Q2 2025 2025-06-30 | $1.10B | +12.9% | $284.2M | +12.9% | 25.8% |
Q1 2025 2025-03-31 | $1.01B | +7.5% | $243.2M | +5.9% | 24.2% |
Q4 2024 2024-12-31 | $1.03B | — | $246.0M | — | 23.8% |
Q3 2024 2024-09-30 | $1.03B | +6.0% | $276.4M | +1.8% | 26.9% |
Q2 2024 2024-06-30 | $975.7M | +2.9% | $251.6M | +5.0% | 25.8% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Services-Business Services, NEC · SIC 7389
Your notes
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Insider activity
Insider buying
$2.5M
Insider selling
$1.8M
Net activity
+$672.8K
Distinct insiders
3
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns CPAY
Institutional value
$9.67B
Total shares held
33.8M
Distinct holders
467
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 6.2M | $1.80B | — | New |
| 2 | JPMORGAN CHASE & CO | 4.8M | $1.40B | — | New |
| 3 | VANGUARD CAPITAL MANAGEMENT LLC | 4.4M | $1.29B | — | New |
| 4 | VANGUARD PORTFOLIO MANAGEMENT LLC | 3.0M | $870.6M | — | New |
| 5 | Boston Partners | 2.4M | $704.6M | — | New |
| 6 | Invesco Ltd. | 897.0K | $261.0M | — | New |
| 7 | DIMENSIONAL FUND ADVISORS LP | 782.5K | $227.7M | — | New |
| 8 | LYRICAL ASSET MANAGEMENT LP | 618.7K | $180.0M | — | New |
| 9 | Mawer Investment Management Ltd. | 513.5K | $149.4M | — | New |
| 10 | Allianz Asset Management GmbH | 481.3K | $140.1M | — | New |
| 11 | UBS Group AG | 430.6K | $125.3M | — | New |
| 12 | VANGUARD FIDUCIARY TRUST CO | 400.1K | $116.4M | — | New |
| 13 | Legal & General Group Plc | 371.0K | $108.0M | — | New |
| 14 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 345.1K | $100.4M | — | New |
| 15 | Bank of New York Mellon Corp | 343.1K | $99.8M | — | New |
| 16 | BloombergSen Inc. | 326.4K | $95.0M | — | New |
| 17 | Nuveen, LLC | 264.3K | $76.9M | — | New |
| 18 | WELLS FARGO & COMPANY/MN | 232.6K | $67.7M | — | New |
| 19 | ROYAL LONDON ASSET MANAGEMENT LTD | 218.0K | $63.4M | — | New |
| 20 | DEUTSCHE BANK AG\ | 196.3K | $57.1M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Operating cash flow fell to $687M from $1.29B despite higher net income—what's driving the $933M receivables build and is credit quality deteriorating?
- 2
Allowance for credit losses jumped 25% to $167M and provisions rose to $90M—which verticals or geographies are driving this and when does it stabilize?
- 3
With $6.4B total debt and tax rate spiking to 34% in Q3 versus 23% prior year, what's the normalized rate and refinancing plan?
Refreshed when CPAY files a new report · last from 2026-02-27