Corpay (CPAY) financial statements
Corpay reported revenue of $4.5B in fiscal 2025, up 10.6% a year over 9 years.
Net income was $1.1B and the operating margin 44.0%, against 41.2% in 2016.
Free cash flow was $1.3B, and the company returned $783M in net buybacks.
The diluted share count fell 25% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Corpay's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B | $2.2B | $2.4B | $2.6B | $2.4B | $2.8B | $3.4B | $3.8B | $4.0B | $4.5B |
| Cost of revenue | $92M | $97M | — | — | — | — | — | — | — | — |
| Selling, general and admin | $415M | $558M | $572M | $612M | $567M | $748M | $893M | $944M | $998M | $1.2B |
| Operating income | $754M | $884M | $1.1B | $1.2B | $972M | $1.2B | $1.4B | $1.7B | $1.8B | $2.0B |
| Interest expense | — | — | — | — | — | — | $165M | $349M | $383M | $404M |
| Pre-tax income | $643M | $894M | $1.1B | $1.1B | $883M | $1.1B | $1.3B | $1.3B | $1.4B | $1.5B |
| Income tax | $191M | $153M | $284M | $183M | $178M | $269M | $321M | $343M | $381M | $470M |
| Net income | $452M | $740M | $811M | $895M | $704M | $839M | $954M | $982M | $1.0B | $1.1B |
| EPS (diluted) | $4.75 | $7.91 | $8.81 | $9.94 | $8.12 | $9.99 | $12.42 | $13.20 | $13.97 | $15.03 |
| Diluted shares | 95M | 94M | 92M | 90M | 87M | 84M | 77M | 74M | 72M | 71M |
| Operating margin | 41.2% | 39.3% | 44.8% | 46.5% | 40.7% | 43.8% | 42.2% | 44.1% | 45.0% | 44.0% |
| Net margin | 24.7% | 32.9% | 33.3% | 33.8% | 29.5% | 29.6% | 27.8% | 26.1% | 25.3% | 23.6% |
Balance sheet
Fiscal years, from Corpay's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $475M | $914M | $1.0B | $1.3B | $935M | $1.5B | $1.4B | $1.4B | $1.6B | $2.4B |
| Receivables | $1.2B | $1.4B | $1.4B | $1.6B | $1.4B | $1.8B | $2.1B | $2.2B | $2.1B | $2.1B |
| Total current assets | $2.5B | $3.5B | $3.9B | $4.6B | $4.0B | $5.5B | $6.1B | $7.1B | $8.7B | $14.0B |
| Property, plant and equipment | $143M | $180M | $186M | $200M | $203M | $236M | $295M | $343M | $378M | $472M |
| Goodwill | $4.2B | $4.7B | $4.5B | $4.8B | $4.7B | $5.1B | $5.2B | $5.6B | $6.0B | $7.6B |
| Total assets | $9.6B | $11.3B | $11.2B | $12.2B | $11.2B | $13.4B | $14.1B | $15.5B | $18.0B | $26.4B |
| Total current liabilities | $3.3B | $4.1B | $4.5B | $4.5B | $4.0B | $5.3B | $6.0B | $6.8B | $8.7B | $14.3B |
| Total liabilities | $6.5B | $7.6B | $7.9B | $8.5B | $7.8B | $10.5B | $11.5B | $12.2B | $14.8B | $22.5B |
| Shareholders' equity | $3.1B | $3.7B | $3.3B | $3.7B | $3.4B | $2.9B | $2.5B | $3.3B | $3.1B | $3.9B |
| Net debt | $861M | $703M | $1.0B | $475M | $271M | -$2M | $879M | $737M | $1.2B | $937M |
Cash flow
Fiscal years, from Corpay's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $708M | $680M | $903M | $1.2B | $1.5B | $1.2B | $755M | $2.1B | $1.9B | $1.5B |
| Capital spending | $59M | $70M | $81M | $75M | $78M | $112M | $151M | $154M | $175M | $201M |
| Free cash flow | $649M | $610M | $822M | $1.1B | $1.4B | $1.1B | $603M | $1.9B | $1.8B | $1.3B |
| Stock-based compensation | $64M | $93M | $70M | $61M | $43M | $80M | $121M | $116M | $117M | $103M |
| Share buybacks (net) | -$188M | -$402M | -$959M | -$695M | -$850M | -$1.4B | -$1.4B | -$687M | -$1.3B | -$783M |
| Free cash flow margin | 35.4% | 27.1% | 33.8% | 41.0% | 58.4% | 38.3% | 17.6% | 51.8% | 44.4% | 28.7% |
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Open CPAY in InvestinglyQuestions
What was Corpay's revenue in 2025?
$4.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Corpay generate?
$1.3B in fiscal 2025 (operating cash flow minus capital spending).
From Corpay's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.