CPAY on NYSE

Corpay

Logo: Brennanrobison, CC BY-SA 4.0, via Wikimedia Commons5

U.S. financial services company

Corpay, Inc. (formerly Fleetcor Technologies), headquartered in Atlanta, Georgia, provides payments and spend management systems and services that control expense-related purchasing and payment processes.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

2000Founded1

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  • TickerCPAY on NYSE1
  • IndustryServices-Business Services, NEC1
  • HeadquartersAtlanta1
  • Websitewww.corpay.com
  • Legal formS.A.1
  • Incorporated inDE6
  • Business address3280 Peachtree Road, Suite 2400, Atlanta, Ga 303056
  • Filer categoryLarge accelerated filer6
  • LEI549300DG6RR0NQSFLN744
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 28542984

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Terminus complex Atlanta
Photo: Keizers, CC BY-SA 3.0, via Wikimedia Commons8

Corpay, Inc. (formerly Fleetcor Technologies), headquartered in Atlanta, Georgia, provides payments and spend management systems and services that control expense-related purchasing and payment processes. The company focuses on vehicle-related expenses, lodging expenses, and corporate payments.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

44.0%Operating margin9
23.6%Net margin9
13.9%Revenue growth, 20259
27.5%Return on equity9
2.58×Debt to equity9
$1.3BFree cash flow9

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Vehicle Payments brought in 47% of the revenue Corpay broke down this way in fiscal 2025.

  1. Vehicle Payments$2.1B947%up 6% from 2024
  2. Corporate Payments$1.6B936%up 34% from 2024
  3. Lodging Payments$469.5M910%down 4% from 2024
  4. Product and Service, Other$285.1M96%up 12% from 2024
Products and services by year
Products and services202320242025
Vehicle Payments$2.0B$2.0B$2.1B
Corporate Payments$981.1M$1.2B$1.6B
Lodging Payments$520.2M$488.6M$469.5M
Product and Service, Other$250.9M$255.3M$285.1M

Business segments

Vehicle Payments brought in 47% of the revenue Corpay broke down this way in fiscal 2025.

  1. Vehicle Payments$2.1B947%up 6% from 2024
  2. Corporate Payments$1.6B936%up 34% from 2024
  3. Lodging Payments$469.5M910%down 4% from 2024
  4. Other Operating Segments$285.1M96%up 12% from 2024
Business segments by year
Business segments202320242025
Vehicle Payments$2.0B$2.0B$2.1B
Corporate Payments$981.1M$1.2B$1.6B
Lodging Payments$520.2M$488.6M$469.5M
Other Operating Segments$250.9M$255.3M$285.1M

Regions

United States brought in 49% of the revenue Corpay broke down this way in fiscal 2025.

  1. United States$2.2B949%up 6% from 2024
  2. Other Countries$968.2M921%up 27% from 2024
  3. Brazil$713.3M916%up 20% from 2024
  4. United Kingdom$642.3M914%up 19% from 2024
Regions by year
Regions202320242025
United States$2.0B$2.1B$2.2B
Other Countries$707.9M$759.7M$968.2M
Brazil$526.1M$594.3M$713.3M
United Kingdom$478.5M$542.0M$642.3M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs66¢$3.0B
  • Income tax10¢$469.7M
  • Profit24¢$1.1B

Out of $4.5B in revenue.9

Where each dollar of operating cash went, fiscal 2025

  • Capital spending13¢$200.8M
  • Share buybacks52¢$782.8M
  • Kept or used elsewhere34¢$516.3M

Out of $1.5B of cash from operations.9

Financial statements

Revenue101112139$4.5B in 2025+71% since 2019
0$2.0B$4.0B$6.0B2019: $2.6B$2.6B20192020: $2.4B$2.4B2020−10%2021: $2.8B$2.8B2021+19%2022: $3.4B$3.4B2022+21%2023: $3.8B$3.8B2023+10%2024: $4.0B$4.0B2024+6%2025: $4.5B$4.5B2025+14%
Operating income101112139$2.0B in 2025+62% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $1.2B$1.2B20192020: $972.3M$972.3M2020−21%2021: $1.2B$1.2B2021+28%2022: $1.4B$1.4B2022+16%2023: $1.7B$1.7B2023+15%2024: $1.8B$1.8B2024+8%2025: $2.0B$2.0B2025+12%
Net income141112139$1.1B in 2025+20% since 2019
0$500.0M$1.0B$1.5B2019: $895.1M$895.1M20192020: $704.2M$704.2M2020−21%2021: $839.5M$839.5M2021+19%2022: $954.3M$954.3M2022+14%2023: $981.9M$981.9M2023+3%2024: $1.0B$1.0B2024+2%2025: $1.1B$1.1B2025+7%

Every line of the income statement as filed: the last 3 fiscal years, latest first.9

Period ending2025-12-312024-12-312023-12-31
Revenues, net$4.5B$4.0B$3.8B
Processing$969.2M$869.1M$819.9M
Selling$479.0M$380.9M$340.2M
General and administrative$733.0M$616.9M$603.4M
Depreciation and amortization$393.3M$351.1M$336.6M
Goodwill impairment$0$90.0M$0
Other operating, net$2.1M$789.0K$753.0K
Gain on disposition, net-$42.3M-$121.3M$0
Operating income$2.0B$1.8B$1.7B
Other expense (income), net$47.0M$14.0M-$16.7M
Interest expense, net$403.8M$383.0M$348.6M
Loss on extinguishment of debt$1.6M$5.0M$0
Total other expense, net$452.4M$402.0M$331.9M
Income before income taxes$1.5B$1.4B$1.3B
Provision for income taxes$469.7M$381.4M$343.1M
Net income$1.1B$1.0B$981.9M
Less: Net income (loss) attributable to noncontrolling interests$2.1M-$14.0K$0
Net income attributable to Corpay$1.1B$1.0B$981.9M
Basic earnings per share attributable to Corpay (in dollars per share)$15.23$14.27$13.42
Diluted earnings per share attributable to Corpay (in dollars per share)$15.03$13.97$13.20
Basic shares (in shares)70.1M shares70.3M shares73.2M shares
Diluted shares (in shares)71.1M shares71.8M shares74.4M shares

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The story

The predecessor of the company was founded in 1986.

In August 2000, Ronald F. Clarke was named CEO; at that time, the company was a provider of fuel cards to businesses and its estimated annual revenues were $25 million.

In November 2019, the company moved its headquarters to Terminus 100.

In October 2023, due to the Russian invasion of Ukraine, the company sold its businesses in Russia for $197 million; it had been criticized for not selling the interests earlier.

In 2019, the Federal Trade Commission sued the company for obscuring fees and misleading consumers about fuel card discounts; in 2023 it received an injunction against the company preventing it from continuing the practice.

In March 2024, the company changed its name to Corpay.

Financing

In June 2002, Summit Partners invested $45 million in the company.

In July 2005, Bain Capital invested $75 million in the company.

Read the full text

In November 2006, Advent invested $46 million in the company.

In December 2010, Fleetcor became a public company via an initial public offering, raising $335 million.

From Wikipedia’s article on Corpay, shared under CC BY-SA 4.0.7

Leadership

Who has led Corpay, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Andrew Blazye2010–2017
  2. Ronald Clarke2010–2014
  3. Armando Lins Netto2014–2024
  4. Ali Ashurov2014–2015
  5. David D. Maxsimic2015–2018

Chair

  1. Ronald Clarke2018–now

President

  1. Ronald Clarke2010–2017
  2. Charles Richard Freund2011–2014
  3. Michael H. Scarbrough2013–2015
  4. Todd House2015–2017
  5. Gregory L. Secord2015–2018
  6. Alexey Gavrilenya2015–2022
  7. Pedro Luiz Donda2016
  8. David J. Krantz2018–2020
  9. John Coughlin2020–2022
  10. Armando Lins Netto2024–now

Chief financial officer

  1. Eric Dey2010–2020
  2. Charles Richard Freund2020–2022
  3. Thomas E. Panther2023–2025
  4. Peter Walker2025–now
20052010201520202025
Board members and other officers (26)

Products and brands

  • fuel card

Listed on Wikidata.1

Subsidiaries and ownership

Subsidiaries

From Wikidata.1

Former names

  • FLEETCOR TECHNOLOGIES INCJun 3, 2002 to Mar 14, 20246

Timeline

  1. Mar 2024Went public Listed on NYSE1
  2. Jan 15, 2015New chief executive David D. Maxsimic becomes CEO18
  3. Dec 15, 2014New chief executive Ali Ashurov becomes CEO20
  4. Jun 12, 2014New chief executive Armando Lins Netto becomes CEO19
  5. Dec 14, 2010New chief executive Andrew Blazye becomes CEO21
  6. Dec 14, 2010New chief executive Ronald Clarke becomes CEO22
  7. 2000Founded Founded1

Filings

359 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 52 major events, 188 insider forms, 43 large holders, 55 other. The latest 20:

  1. Oct 15, 2026SCHEDULE 13G/A EDGAR
  2. Aug 25, 20264 EDGAR
  3. Aug 25, 20264 EDGAR
  4. Aug 24, 2026144 EDGAR
  5. Aug 21, 2026144 EDGAR
  6. Aug 21, 20264 EDGAR
  7. Aug 21, 20264 EDGAR
  8. Aug 20, 2026144 EDGAR
  9. Aug 20, 2026144 EDGAR
  10. Aug 20, 20264 EDGAR
  11. Aug 19, 2026144 EDGAR
  12. Aug 18, 2026144 EDGAR
  13. Aug 18, 2026144 EDGAR
  14. Aug 18, 20264 EDGAR
  15. Aug 14, 2026144 EDGAR
  16. Aug 14, 20264 EDGAR
  17. Aug 14, 2026SCHEDULE 13G/A EDGAR
  18. Aug 12, 2026144 EDGAR
  19. Aug 10, 202610-Q EDGAR
  20. Aug 6, 2026SCHEDULE 13G EDGAR

The 359 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

37 open-market trades by officers, directors and large owners since October 2021: 1 buys and 36 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 25, 2026Clarke RonaldCEO & Chairman of BODSale119,486$412.40$49.3MForm 4
Aug 24, 2026Clarke RonaldCEO & Chairman of BODSale94,374$415.77$39.2MForm 4
Aug 21, 2026King AlanGroupPresident IntlVehiclePmtsSale3,805$416.61$1.6MForm 4
Aug 20, 2026Stull Steven TDirectorSale2,357$413.62$974.9KForm 4
Aug 20, 2026King AlanGroupPresident IntlVehiclePmtsSale18,423$414.64$7.6MForm 4
Aug 19, 2026Stull Steven TDirectorSale4,000$410.66$1.6MForm 4
Aug 18, 2026Stull Steven TDirectorSale643$410.68$264.1KForm 4
Aug 18, 2026King AlanGroupPresident IntlVehiclePmtsSale18,663$410.57$7.7MForm 4
Aug 14, 2026King AlanGroupPresident IntlVehiclePmtsSale7,122$419.58$3.0MForm 4
Aug 13, 2026Farrelly Joseph WDirectorSale1,751$415.03$726.7KForm 4
Aug 12, 2026Farrelly Joseph WDirectorSale3,549$407.52$1.4MForm 4
Jun 15, 2026Netto Armando LinsGroupPresident Brazil&USVehPmtSale70,476$352.13$24.8MForm 4
Jun 11, 2026Netto Armando LinsGroupPresident Brazil&USVehPmtSale4,560$351.60$1.6MForm 4
Jun 2, 2026Stull Steven TDirectorSale1,000$360.78$360.8KForm 4
May 29, 2026Netto Armando LinsGroupPresident Brazil&USVehPmtSale2,694$357.02$961.8KForm 4
May 28, 2026Netto Armando LinsGroupPresident Brazil&USVehPmtSale14,089$356.05$5.0MForm 4
May 27, 2026Netto Armando LinsGroupPresident Brazil&USVehPmtSale418$355.08$148.4KForm 4
Feb 17, 2026Sloan Jeffrey StevenDirectorSale3,600$343.62$1.2MForm 4
Feb 10, 2026Vickery Alissa BChief Accounting OfficerSale1,701$358.65$610.1KForm 4
Dec 12, 2025Stull Steven TDirectorBuy8,000$314.98$2.5MForm 4

All 37 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.5,709,856$1.9B0.0%−463,642
Orbis Allan Gray Ltd5,408,507$1.8B6.2%+63,082
Jpmorgan Chase & Co4,766,416$1.6B0.1%−55,024
Vanguard Capital Management LLC4,162,643$1.4B0.0%−264,819
Fmr LLC3,344,049$1.1B0.0%+647,123
State Street Corp2,831,554$943.7M0.0%−111,069
Boston Partners2,811,551$939.3M0.8%+390,774
Vanguard Portfolio Management LLC2,776,845$925.4M0.0%−215,046
Tiger Global Management LLC2,149,877$716.5M3.0%+397,731
Geode Capital Management, LLC1,775,827$605.8M0.0%−170,215
Invesco Ltd.963,155$321.0M0.0%+66,115
Van Lanschot Kempen Investment Management N.v.922,400$307.4M2.4%+10,293
Wellington Management Group Llp920,505$306.8M0.1%−103,498
Spruce House Investment Management LLC880,000$293.3M8.6%No change
Norges Bank865,723$288.5M0.0%New
Dimensional Fund Advisors LP827,929$275.9M0.1%+45,429
Morgan Stanley747,273$249.0M0.0%+61,262
Select Equity Group, L.P.717,626$239.2M1.3%−346,320
Aqr Capital Management LLC616,824$203.2M0.1%+242,680
Goldman Sachs Group Inc602,740$200.9M0.0%+8,013
Lyrical Asset Management LP592,382$197.4M2.5%−26,274
Northern Trust Corp557,131$185.7M0.0%−41,615
Hawk Ridge Capital Management LP551,756$183.9M6.0%+19,576
Charles Schwab Investment Management Inc441,646$147.2M0.0%−24,368
Allianz Asset Management GmbH481,353$140.1M0.1%+30

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

14 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Aug 7, 2026April McClain DelaneyDemocratic, HouseSale$15,001 - $50,000−1.9%Report
Aug 6, 2026April McClain DelaneyDemocratic, HousePartial sale$15,001 - $50,000+0.0%Report
Aug 3, 2026April McClain DelaneyDemocratic, HousePartial sale$1,001 - $15,000−1.8%Report
Jul 31, 2026April McClain DelaneyDemocratic, HousePartial sale$1,001 - $15,000−1.3%Report
Jul 30, 2026April McClain DelaneyDemocratic, HousePartial sale$1,001 - $15,000+1.6%Report
Jul 28, 2026April McClain DelaneyDemocratic, HousePartial sale$1,001 - $15,000+0.1%Report
Jul 17, 2026April McClain DelaneyDemocratic, HousePartial sale$1,001 - $15,000−5.5%Report
Jul 16, 2026April McClain DelaneyDemocratic, HousePartial sale$1,001 - $15,000−4.7%Report
Jul 15, 2026April McClain DelaneyDemocratic, HousePartial sale$1,001 - $15,000−7.9%Report
Jun 12, 2026April McClain DelaneyDemocratic, HousePartial sale$1,001 - $15,000−8.2%Report
Mar 13, 2025April McClain DelaneyDemocratic, HouseBuy$1,001 - $15,000−18.2%Report
Feb 28, 2025April McClain DelaneyDemocratic, HouseBuy$15,001 - $50,000−21.0%Report
Feb 22, 2025April McClain DelaneyDemocratic, HouseBuy$1,001 - $15,000−18.5%Report
Feb 6, 2025April McClain DelaneyDemocratic, HouseBuy$1,001 - $15,000−24.6%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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