CORPAY, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CORPAY, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,832	2,250	2,433	2,649	2,389	2,834	3,427	3,758	3,975	4,528
Cost of revenue	91.6	96.8
Gross profit	1,740	2,153
General and administrative	284	388	389	407	375	486	584	603	617	733
Operating income	754	884	1,091	1,231	972	1,243	1,447	1,657	1,787	1,994
Interest expense							165	349	383	404
Other non-operating income	-111	9.83	4.43	-154	-89.7	-134	-171	-332	-402	-452
Pre-tax income	643	894	1,095	1,078	883	1,109	1,276	1,325	1,385	1,542
Income tax	191	153	284	183	178	269	321	343	381	470
Net income to minority interests							0	0	-0.01	2.12
Net income	452	740	811	895	704	839	954	982	1,004	1,070
EBITDA	957	1,148	1,365	1,506	1,227	1,527	1,769	1,993	2,138	2,387
EPS, basic	4.89	8.12	9.14	10.36	8.38	10.23	12.62	13.42	14.27	15.23
EPS, diluted	4.75	7.91	8.81	9.94	8.12	9.99	12.42	13.20	13.97	15.03
Shares, basic (weighted)	92.6	91.1	88.8	86.4	84	82.1	75.6	73.2	70.3	70.1
Shares, diluted (weighted)	95.2	93.6	92.2	90.1	86.7	84.1	76.9	74.4	71.8	71.1

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	475	914	1,031	1,271	935	1,520	1,435	1,390	1,554	2,408
Receivables	1,202	1,420	1,426	1,569	1,367	1,793	2,065	2,162	2,091	2,146
Other current assets	90.9	188	199	403	413	326	465	474	806	1,003
Total current assets	2,528	3,550	3,876	4,619	3,956	5,488	6,106	7,084	8,676	13,963
Property, plant and equipment	143	180	186	200	203	236	295	343	378	472
Lease right-of-use assets				84.3	76.8	84.8	94.1	86.6	78	99.6
Goodwill	4,195	4,716	4,542	4,833	4,719	5,079	5,201	5,645	5,985	7,565
Intangible assets	2,653	2,725	2,408	2,342	2,116	2,335	2,131	2,086	2,410	3,238
Other non-current assets	72	115	148	225	193	214	282	249	448	568
Total assets	9,627	11,318	11,202	12,249	11,195	13,405	14,089	15,476	17,957	26,408
Accounts payable	1,151	1,437	1,118	1,250	1,054	1,406	1,569	1,625	1,570	1,565
Accrued liabilities	239	238	262	276	283	369	352	356	445	607
Deferred revenue		732	927	1,008	1,175	1,789	1,505	2,397	3,266	8,119
Short-term debt	1,337	1,617	2,071	1,747	1,206	1,518	2,314	2,127	2,770	3,346
Total current liabilities	3,296	4,096	4,495	4,463	3,968	5,290	6,043	6,826	8,708	14,297
Lease liabilities				81.7	75.4	79.9	86.7	75.8	64.7	85.3
Other non-current liabilities	56.1	125	127	264	275	221	254	302	438	612
Total liabilities	6,543	7,642	7,862	8,537	7,839	10,538	11,548	12,194	14,811	22,481
Total debt	1,337	1,617	2,071	1,747	1,206	5,978	7,037	6,723	7,996	10,002
Paid-in capital	2,074	2,214	2,307	2,495	2,750	2,879	3,050	3,266	3,811	3,970
Retained earnings	2,219	2,959	3,818	4,713	5,417	6,256	7,211	8,193	9,196	10,265
Treasury stock	-542	-945	-1,871	-2,523	-3,448	-4,804	-6,209	-6,888	-8,171	-8,959
Other comprehensive income	-666	-552	-914	-972	-1,363	-1,465	-1,510	-1,289	-1,714	-1,392
Shareholders' equity	3,084	3,677	3,340	3,712	3,355	2,867	2,541	3,282	3,122	3,884
Minority interests								0	23.6	42.8
Total equity	3,084	3,677	3,340	3,712	3,355	2,867	2,541	3,282	3,146	3,927
Total liabilities and equity	9,627	11,318	11,202	12,249	11,195	13,405	14,089	15,476	17,957	26,408
Shares outstanding	91.8	89.8	85.8	85.3	83.7	78.9	73.4	71.7	70.2	68.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	452	740	811	895	704	839	954	982	1,004	1,072
Depreciation and amortization	203	265	275	274	255	284	322	337	351	393
Stock-based compensation	63.9	93.3	69.9	61	43.4	80.1	121	116	117	103
Deferred income tax	-28.7	-248	-2.75	37.9	15.7	11	-33.2	-46.7	-64.7	-27.9
Change in receivables	-339	-431	-159	-196	264	-731	-599	-210	-177	-499
Change in payables	292	322	27.4	199	-83.3	481	-84	714	663	499
Cash from operations	708	680	903	1,162	1,473	1,197	755	2,101	1,941	1,500
Capital expenditures	-59	-70.1	-81.4	-75.2	-78.4	-112	-151	-154	-175	-201
Acquisitions	-1,332	-705	-20.8	-448	-80.8	-602	-217	-428	-822	1,934
Cash from investing	-1,390	-498	-26.3	-524	-106	-716	-368	-381	-807	1,227
Stock issued	21.2	44.7	55.7	169	137	48.8	49.4	114	428	67.8
Share buybacks	-188	-402	-959	-695	-850	-1,356	-1,405	-687	-1,288	-783
Cash from financing	754	252	-578	-310	-1,417	344	-311	-898	405	1,562
Exchange rate effect	-43.5	52.9	-65.3	-17.9	-148	-51	-36.7	30.2	-223	247
Net change in cash	29.1	487	234	310	-199	774	38.5	852	1,315	4,536
Free cash flow	649	610	822	1,087	1,394	1,086	603	1,947	1,765	1,299
Interest paid	70.3	113	157	178	126	133	230	448	496	491
Income taxes paid	102	392	208	201	165	230	358	408	374	511

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $398.11 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	43.7%	Operating income / revenue.
EBITDA margin	52.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	33.3%	Pre-tax income / revenue.
Net margin	22.7%	Net income / revenue.
FCF margin	32.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	36.8%	Cash from operations / revenue.
Effective tax rate	31.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	32.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.0%	Net income / average total assets.
Return on invested capital (ROIC)	13.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	2.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.2%	Capital expenditures / revenue.
D&A / revenue	8.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	11.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	11.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	15.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	11.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	14.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	6.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	3.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	8.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	7.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	6.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	13.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-22.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	25.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-26.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	29.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-1.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	24.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	3.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	47.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	23.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	18.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.97x	Current assets / current liabilities.
Quick ratio	0.34x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.19x	(Cash + short-term investments) / current liabilities.
Debt / equity	3.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	37.6%	Total debt / total assets.
Liabilities / assets	87.3%	Total liabilities / total assets.
Net debt	$7.46B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.83x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.02x	Operating income / interest expense.
Working capital	-$475.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	35.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$6.53B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.18x	Revenue / average total assets.
Fixed asset turnover	10.6x	Revenue / average property, plant and equipment.
Receivables turnover	1.89x	Revenue / average receivables.
Days sales outstanding	193 days	365 x average receivables / revenue.
FCF conversion	143.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	11.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$17.20	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$75.70	Revenue / diluted weighted shares.
FCF per share	$24.70	Free cash flow / diluted weighted shares.
Operating cash flow per share	$27.85	Cash from operations / diluted weighted shares.
Book value per share	$53.95	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$99.43	Tangible book value / shares outstanding.
Cash per share	$48.18	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	110.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$26.14B	Share price x shares outstanding.
Enterprise value	$33.60B	Market cap + total debt - cash - short-term investments.
P/E	22.9x	Market cap / net income. Only when net income is positive.
P/S	5.21x	Market cap / revenue.
P/B	7.38x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	16.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.2x	Market cap / cash from operations, when positive.
EV/Sales	6.69x	Enterprise value / revenue.
EV/EBIT	15.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.3%	Free cash flow / market cap.
Earnings yield	4.4%	Net income / market cap (the inverse of P/E).
Shareholder yield	6.9%	(Dividends paid + share buybacks) / market cap.
PEG	3.49x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CORPAY, INC.'s revenue in fiscal 2025?

CORPAY, INC. reported revenue of $4.53B for fiscal 2025, 13.9% higher than the year before.

Was CORPAY, INC. profitable in fiscal 2025?

Yes. Net income was $1.07B, a net margin of 23.6%.

How much free cash flow did CORPAY, INC. generate in fiscal 2025?

Cash from operations of $1.50B minus capital expenditures of $200.8M left free cash flow of $1.30B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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