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Corpay — Oct 31, 2025 release

Fiscal 2025 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001175454-25-000025
Open on SEC.gov ↗
Showing in the filing
Fully diluted shares outstanding
“Approximately 71 million”
Period
FY2025
Measure
Company-defined measure
Source
Prose
All guidance in this release · 12
Total revenues for FY2025
“$4,505 million and $4,525 million”
Net income for FY2025
“$1,130 million and $1,150 million”
Net income per diluted share for FY2025
“$15.88 and $16.08”
Adjusted net income for FY2025
“$1,503 million and $1,523 million”
Adjusted net income per diluted share for FY2025
“$21.14 and $21.34”
Weighted average U.S. fuel prices for Q4 FY2025
“equal to $3.07 per gallon”
Fuel price spreads for Q4 FY2025
“lower than the 2024 average”
Foreign exchange rates for Q4 FY2025
“equal to the October 2025 forward curves”
Interest expense for FY2025
“between $395 million and $415 million”
Fully diluted shares outstanding for FY2025
“Approximately 71 million”
Effective tax rate for FY2025
“approximately 25.5% to 26.5%”
Impact related to acquisitions or divestitur… for FY2025
“No impact”
Exhibit 99.1 · full document
Exhibit 99.1 Corpay Reports Third Quarter Financial Results Revenue and adjusted EPS growth both 14% 1 , organic revenue growth 11% Completed AvidXchange Investment and Alpha Group acquisition Atlanta, Ga., November 5, 2025 — Corpay, Inc. (NYSE: CPAY), the corporate payments company, today reported financial results for its third quarter ended September 30, 2025. "Our third quarter results finished ahead of our expectations for both revenue and adjusted EPS,” said Ron Clarke, chairman and chief executive officer, Corpay, Inc. “Additionally, third quarter 2025 organic revenue growth was 11%, supported by our Corporate Payments segment growing 17%. We've closed both the AvidXchange investment and Alpha Group acquisition, and currently expect to complete the Mastercard investment in our cross-border business before year end,” concluded Clarke. Financial Results for Third Quarter of 2025: GAAP Results • Revenues increased 14% to $1,172.5 million in the third quarter of 2025, compared with $1,029.2 million in the third quarter of 2024. • Net income 2 was $277.9 million in the third quarter of 2025, a slight increase compared with $276.4 million in the third quarter of 2024. • Net income per diluted share 2 increased slightly to $3.91 in the third quarter of 2025, compared with $3.90 per diluted share in the third quarter of 2024. Non-GAAP Results 1 • Organic revenue growth 1 was 11% in the third quarter of 2025. • Adjusted EBITDA 1 increased 14% to $676.7 million in the third quarter of 2025, compared to $594.7 million in the third quarter of 2024. • Adjusted net income 1,2 increased 14% to $405.2 million in the third quarter of 2025, compared with $354.5 million in the third quarter of 2024. • Adjusted net income per diluted share 1,2 increased 14% to $5.70 in the third quarter of 2025, compared with $5.00 per diluted share in the third quarter of 2024. "Total company organic growth improved 500 bps year over year, almost doubling, to 11% in the third quarter, led by improvement in our Vehicle Payments segment and specifically our U.S. Vehicle Payments business,” said Peter Walker, chief financial officer, Corpay, Inc. “Our Corporate Payments segment continued to deliver strong organic revenue growth of 17%, inclusive of a 100 basis point drag from float revenue compression due to lower interest rates,” concluded Walker. Updated Fiscal Year 2025 Outlook: "We are raising our 2025 outlook as a result of our third quarter beat, the continued benefit of improved foreign currency rates and the inclusion of our recently closed acquisition and investment. Our continued execution with strong sales performance and excellent cost discipline gives us confidence in our ability to achieve our 2025 outlook, and it sets us up well as we look to 2026,” concluded Walker. For fiscal year 2025, Corpay, Inc.'s updated financial guidance 1 is as follows: • Total revenues between $4,505 million and $4,525 million; • Net income between $1,130 million and $1,150 million; • Net income per diluted share between $15.88 and $16.08; • Adjusted net income between $1,503 million and $1,523 million; and • Adjusted net income per diluted share between $21.14 and $21.34. Corpay’s guidance assumptions are as follows for the fourth quarter: • Weighted average U.S. fuel prices equal to $3.07 per gallon; • Fuel price spreads lower than the 2024 average; and • Foreign exchange rates equal to the October 2025 forward curves. Corpay’s guidance assumptions are as follows for the 2025 fiscal year: • Interest expense between $395 million and $415 million; • Approximately 71 million fully diluted shares outstanding; • An effective tax rate of approximately 25.5% to 26.5%; and • No impact related to acquisitions or divestitures not closed. As always, guidance may change in the future based on several factors and therefore may not reflect actual results. Conference Call: The Company will host a conference call to discuss third quarter 2025 financial results today at 5:30 pm ET. Hosting the call will be Ron Clarke, chief executive officer, Peter Walker, chief financial officer and Jim Eglseder, investor relations. The conference call will be webcast live from the Company's investor relations website at http://investor.corpay.com. The conference call can also be accessed live over the phone by dialing (833)-316-2483 or (785)-838-9284; the Conference ID is CORPAY. A replay will be available one hour after the call and can be accessed by dialing (844)-512-2921 or (412)-317-6671 for international callers; the replay conference ID is 11160203. The replay will be available through Wednesday, November 12, 2025. Prior to the conference call, the Company will post supplemental financial information that will be discussed during the call and live webcast. Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about Corpay’s beliefs, assumptions, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project” or “expect,” “may,” “will,” “would,” “could” or “should,” the negative of these terms or other comparable terminology. These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements largely on preliminary information, internal estimates and management assumptions, expectations and plans about future conditions, events and results. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as risks related to our ability to successfully execute our strategic plan, manage our growth and achieve our performance targets; the impact of macroeconomic conditions, including any recession or economic downturn that has occurred or may occur in the future, and whether expected trends, including retail fuel prices, fuel price spreads, fuel transaction patterns, electric vehicle, retail lodging price, foreign exchange rates and interest rates trends develop as anticipated and we are able to develop successful strategies in light of these trends; our ability to attract new and retain existing partners, fuel merchants, and lodging providers, their promotion and support of our products, and their financial performance; our ability to successfully manage the derivative financial instruments that we use in our Cross-Border solution to reduce our exposure to various market risks, including changes in foreign exchange rates; the failure of management assumptions and estimates, as well as differences in, and changes to, economic, market, interest rate, interchange fees, foreign exchange rates, and credit conditions, including changes in borrowers’ credit risks and payment behaviors; the risk of higher borrowing costs and adverse financial market conditions impacting our funding and liquidity, and any reduction in our credit ratings; our ability to successfully manage our credit risks and the sufficiency of our allowance for expected credit losses; our ability to securitize our trade receivables; the occurrence of fraudulent activity, data breaches or failures of our information security controls or cybersecurity-related incidents that may compromise our systems or customers’ information; any disruptions in the operations of our computer systems and data centers; the international operational and political risks and compliance and regulatory risks and costs associated with international operations; the impact of international conflicts, including between Russia and Ukraine, as well as within the Middle East, on the global economy or our business and operations; the impact of changes in global tariff and trade policies and potential retaliatory actions by affected countries; our ability to develop and implement new technology, products, and services; any alleged infringement of intellectual property rights of others and our ability to protect our intellectual property; the regulation, supervision, and examination of our business by foreign and domestic governmental authorities, as well as litigation and regulatory actions, including the lawsuit filed by the Federal Trade Commission (FTC); the impact of regulations and related requirements relating to privacy, information security and data protection; derivative and hedging activities; use of third-party vendors and ongoing third-party business relationships; and failure to comply with anti-money laundering (AML) and anti-terrorism financing laws; changes in our senior management team and our ability to attract, motivate and retain qualified personnel consistent with our strategic plan; tax legislation initiatives or challenges to our tax positions and/or interpretations, and state sales tax rules and regulations; the risks of mergers, acquisitions and divestitures, such as our recent acquisition of a partnership interest in AvidXchange and acquisition of Alpha, including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; our ability to remediate material weaknesses and the ongoing effectiveness of internal control over financial reporting, as well as the other risks and uncertainties identified under the caption "Risk Factors" in the 2024 Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025 and subsequent filings with the SEC made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement made herein. The forward-looking statements included in this press release are made only as of the date hereof and we do not undertake, and specifically disclaim, any obligation to update any such statements as a result of new information, future events or developments, except as specifically stated or to the extent required by law. You may access Corpay’s SEC filings for free by visiting the SEC web site at www.sec.gov. About Non-GAAP Financial Measures: This press release includes non-GAAP financial measures, which are used by the Company as supplemental measures to evaluate its overall operating performance. The Company’s definitions of the non-GAAP financial measures used herein may differ from similarly titled measures used by others, including within our industry. By providing these non-GAAP financial measures, together with reconciliations to the most directly comparable GAAP financial measures, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives. See the appendix for additional information regarding these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure. The Company refers to free cash flow, cash net income and adjusted net income attributable to Corpay interchangeably, a non-GAAP financial measure. Adjusted net income attributable to Corpay is calculated as net income attributable to Corpay, adjusted to eliminate (a) non-cash stock-based compensation expense related to stock-based compensation awards, (b) amortization of deferred financing costs, discounts, intangible assets, amortization of the premium recognized on the purchase of receivables and amortization attributable to the Company's noncontrolling interest, (c) integration and deal related costs, and (d) other non-recurring items, including unusual credit losses, certain discrete tax items, the impact of business dispositions, impairment losses, asset write-offs, restructuring costs, loss on extinguishment of debt, taxes associated with stock-based compensation programs, losses and gains on foreign currency transactions and legal settlements and related legal fees. We adjust net income for the tax effect of adjustments using our effective income tax rate, exclusive of certain discrete tax items. We calculate adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay to eliminate the effect of items that we do not consider indicative of our core operating performance. Adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay are supplemental measures of operating performance that do not represent and should not be considered as an alternative to net income, net income per diluted share or cash flow from operations, as determined by U.S. generally accepted accounting principles, or U.S. GAAP. We believe it is useful to exclude non-cash stock-based compensation expense from adjusted net income because non-cash equity grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time and stock-based compensation expense is not a key measure of our core operating performance. We also believe that amortization expense can vary substantially from company to company and from period to period depending upon their financing and accounting methods, the fair value and average expected life of their acquired intangible assets, their capital structures and the method by which their assets were acquired; therefore, we have excluded amortization expense from our adjusted net income. Integration and deal related costs represent business acquisition transaction costs, professional services fees, short-term retention bonuses and system migration costs, etc., that are not indicative of the performance of the underlying business. We also believe that certain expenses, discrete tax items, gains on business disposition, recoveries (e.g. legal settlements, write-off of customer receivable, etc.), gains and losses on investments, taxes related to stock-based compensation programs and impairment losses do not necessarily reflect how our investments and business are performing. We adjust net income for the tax effect of each of these adjustments using the effective tax rate during the period, exclusive of discrete tax items. Organic revenue growth is calculated as revenue growth in the current period adjusted for the impact of changes in the macroeconomic environment (to include fuel price, fuel price spreads and changes in foreign exchange rates) over revenue in the comparable prior period adjusted to include or remove the impact of acquisitions and/or divestitures and non-recurring items that have occurred subsequent to that period. We believe that organic revenue growth on a macro-neutral, one-time item, and consistent acquisition/divestiture/non-recurring item basis is useful to investors for understanding the performance of Corpay. EBITDA is defined as earnings before interest, income taxes, interest expense, net, other expense (income), depreciation and amortization, loss on extinguishment of debt, goodwill impairment, investment loss/gain and other operating, net. Adjusted EBITDA is defined as EBITDA further adjusted for stock-based compensation expense and other one-time items including certain legal expenses, restructuring costs and integration and deal related costs. EBITDA and adjusted EBITDA margin are defined as EBITDA and adjusted EBITDA as a percentage of revenue. Management uses adjusted net income attributable to Corpay, adjusted net income per diluted share attributable to Corpay, organic revenue growth, EBITDA and adjusted EBITDA: • as measurements of operating performance because they assist us in comparing our operating performance on a consistent basis; • for planning purposes, including the preparation of our internal annual operating budget; • to allocate resources to enhance the financial performance of our business; and • to evaluate the performance and effectiveness of our operational strategies. About Corpay Corpay (NYSE: CPAY), the Corporate Payments Company, is a global S&P 500 provider of commercial cards (e.g, business cards, fleet cards, virtual cards) and AP modernization solutions (e.g., invoice and payments automation, cross border payments) to businesses worldwide. Our solutions “keep business moving” and result in our customers better controlling purchases, mitigating fraud, and ultimately spending less. To learn more visit www.corpay.com. Contact: Investor Relations Jim Eglseder, 770-417-4697 Jim.Eglseder@corpay.com __________________________________________________________________________________ 1 Reconciliations of GAAP results to non-GAAP results are provided in Exhibit 1, 5 and 6 attached. Additional supplemental data is provided in Exhibits 2-4. A reconciliation of GAAP guidance to non-GAAP guidance is provided in Exhibit 7. 2 Net income, net income per diluted share, adjusted net income and adjusted net income per diluted share is amount attributable to Corpay. Corpay, Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Income (In thousands, except per share amounts and percentages)     Three Months Ended September 30, Nine Months Ended September 30,   2025 2024 % Change 2025 2024 % Change Revenues, net $ 1,172,480  $ 1,029,197  14  % $ 3,280,177  $ 2,940,158  12  % Expenses: Processing 248,761  223,695  11  % 709,122  640,305  11  % Selling 117,628  94,160  25  % 340,962  283,392  20  % General and administrative 178,611  153,659  16  % 512,564  458,698  12  % Depreciation and amortization 93,163  89,546  4  % 276,701  258,648  7  % Other operating, net 11,197  5  NM 11,194  306  3558  % Total operating expense 649,360  561,065  16  % 1,850,543  1,641,349  13  % Operating income 523,120  468,132  12  % 1,429,634  1,298,809  10  % Other expenses: Other expense (income), net 1,383  368  NM (5,094) 7,788  NM Interest expense, net 100,035  104,441  (4) % 290,829  288,206  1  % Loss on extinguishment of debt —  5,040  —  % 1,596  5,040  (68) % Total other expenses, net 101,418  109,849  (8) % 287,331  301,034  (5) % Income before income taxes 421,702  358,283  18  % 1,142,303  997,775  14  % Provision for income taxes 143,323  82,021  75  % 335,971  240,047  40  % Net income 278,379  276,262  1  % 806,332  757,728  6  % Less: Net income (loss) attributable to noncontrolling interest 438  (135) NM 990  (63) NM Net income attributable to Corpay $ 277,941  $ 276,397  1  % $ 805,342  $ 757,791  6  % Basic earnings per share $ 3.95  $ 3.98  (1) % $ 11.44  $ 10.75  6  % Diluted earnings per share $ 3.91  $ 3.90  —  % $ 11.28  $ 10.53  7  % Weighted average shares outstanding: Basic shares 70,318  69,518  70,393  70,460  Diluted shares 71,131  70,901  71,373  71,976  NM - Not Meaningful Corpay, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands)   September 30, 2025 December 31, 2024   (Unaudited)   Assets Current assets: Cash and cash equivalents $ 2,005,508  $ 1,553,642  Restricted cash 2,908,885  2,902,703  Accounts and other receivables (less allowance) 2,657,279  2,090,500  Securitized accounts receivable — restricted for securitization investors 1,755,000  1,323,000  Prepaid expenses and other current assets 781,482  806,024  Total current assets 10,108,154  8,675,869  Property and equipment, net 453,101  377,705  Goodwill and other intangibles, net 8,648,072  8,395,109  Other assets 535,510  508,348  Total assets $ 19,744,837  $ 17,957,031  Liabilities and Equity Current liabilities: Customer deposits 3,501,046  3,266,126  Accounts payable, accrued expenses and other current liabilities 3,109,944  2,671,781  Securitization facility 1,755,000  1,323,000  Current portion of notes payable and lines of credit 546,280  1,446,974  Total current liabilities 8,912,270  8,707,881  Notes payable and other obligations, less current portion 5,821,672  5,226,106  Deferred income taxes 371,959  439,176  Other noncurrent liabilities 519,804  437,879  Total noncurrent liabilities 6,713,435  6,103,161  Commitments and contingencies Stockholders’ equity: Common stock 132  131  Additional paid-in capital 3,937,515  3,811,131  Retained earnings 10,001,747  9,196,405  Accumulated other comprehensive loss (1,410,151) (1,713,996) Treasury stock (8,453,552) (8,171,329) Total Corpay stockholders’ equity 4,075,691  3,122,342  Noncontrolling interest 43,441  23,647  Total equity 4,119,132  3,145,989  Total liabilities and equity $ 19,744,837  $ 17,957,031  Corpay, Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Cash Flows (In thousands)   Nine Months Ended September 30,   2025 2024 Operating activities Net income $ 806,332  $ 757,728  Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 90,944  88,902  Stock-based compensation 74,826  80,593  Provision for credit losses on accounts and other receivables 89,841  81,561  Amortization of deferred financing costs and discounts 15,205  5,876  Amortization of intangible assets and premium on receivables 185,757  169,746  Loss on extinguishment of debt 1,596  5,040  Deferred income taxes (38,503) (18,985) Other non-cash operating (income) expense, net 3,149  572  Changes in operating assets and liabilities (net of acquisitions/disposition) (541,984) 120,860  Net cash provided by operating activities 687,163  1,291,893  Investing activities Acquisitions, net of cash acquired (154,648) (245,719) Purchases of property and equipment (148,315) (131,067) Proceeds from sale of cost method investment 14,843  —  Other 5,198  (1,453) Net cash used in investing activities (282,922) (378,239) Financing activities Proceeds from issuance of common stock 63,018  184,668  Repurchase of common stock (282,583) (1,039,248) Borrowings on securitization facility, net 432,000  7,000  Deferred financing costs (10,827) (8,493) Proceeds from notes payable 750,000  825,000  Principal payments on notes payable (147,855) (92,625) Borrowings from revolver 6,435,000  7,167,000  Payments on revolver (7,341,000) (6,743,000) Borrowings (payments) on swing line of credit, net 692  (140,713) Other (730) 16,647  Net cash provided by (used in) financing activities (102,285) 176,236  Effect of foreign currency exchange rates on cash 156,092  (76,414) Net increase in cash and cash equivalents and restricted cash 458,048  1,013,476  Cash and cash equivalents and restricted cash, beginning of period 4,456,345  3,141,535  Cash and cash equivalents and restricted cash, end of period $ 4,914,393  $ 4,155,011  Supplemental cash flow information Cash paid for interest, net $ 357,377  $ 369,804  Cash paid for income taxes, net $ 381,403  $ 264,559  Exhibit 1 RECONCILIATION OF NON-GAAP MEASURES (In thousands, except per share amounts; shares in millions) (Unaudited) The following table reconciles net income attributable to Corpay to adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay.* Three Months Ended September 30, Nine Months Ended September 30,   2025 2024 2025 2024 Net income attributable to Corpay $ 277,941  $ 276,397  $ 805,342  $ 757,791  Stock-based compensation 27,592  28,506  74,826  80,593  Amortization 1 70,759  60,883  200,962  175,622  Loss on extinguishment of debt —  5,040  1,596  5,040  Integration and deal related costs 15,699  5,071  41,540  16,434  Restructuring and related costs 3,427  2,190  9,557  8,444  Loss on disposition of business 11,171  —  11,171  —  Other 2 2,171  (399) 2,638  7,646  Total adjustments 130,819  101,291  342,290  293,779  Income tax impact of pre-tax adjustments at the effective tax rate 3 (34,739) (23,179) (90,195) (70,682) Discrete tax items 4 31,201  —  37,132  —  Adjusted net income attributable to Corpay $ 405,222  $ 354,509  $ 1,094,569  $ 980,888  Adjusted net income per diluted share attributable to Corpay $ 5.70  $ 5.00  $ 15.34  $ 13.63  Diluted shares 71.1  70.9  71.4  72.0    1 Includes consolidated amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts. 2 Includes losses and gains on foreign currency transactions, certain legal expenses, amortization expense attributable to the Company's noncontrolling interest, taxes associated with stock-based compensation programs, a loss on an economic hedge of a foreign-denominated purchase price of an acquisition and a gain on sale of a cost method investment. 3 Represents provision for income taxes of pre-tax adjustments. 4 Represents discrete tax provision recognized in the third quarter of 2025 as a result of legal entity and tax restructuring actions taken by the Company to facilitate Cross Border transactions and discrete non-cash tax provision recognized in the second quarter of 2025 related to the remeasurement of deferred tax assets and liabilities as a result of a tax law change in California. * Columns may not calculate due to rounding. Exhibit 2 Key Performance Indicators, by Segment and Revenue Per Performance Metric on a GAAP Basis and Pro Forma and Macro Adjusted (In millions except revenues, net per key performance metric and percentages) (Unaudited) The following table presents revenues, net and revenues, net per key performance metric by segment.* As Reported Pro Forma and Macro Adjusted 1 Three Months Ended September 30, Three Months Ended September 30,   2025 2024 Change %  Change 2025 2024 Change %  Change VEHICLE PAYMENTS ' - Revenues, net $553.2 $506.8 $46.4 9% $553.7 $504.0 $49.7 10% ' - Transactions 223.5 206.7 16.8 8% 223.5 207.2 16.2 8% ' - Revenues, net per transaction $2.48 $2.45 $0.02 1% $2.48 $2.43 $0.05 2% ' - Tag transactions 2 22.9 21.6 1.2 6% 22.9 21.6 1.2 6% ' - Parking transactions 65.3 61.7 3.6 6% 65.3 61.7 3.6 6% ' - Fleet transactions 120.5 113.3 7.2 6% 120.5 113.9 6.7 6% ' - Other transactions 14.8 10.0 4.8 48% 14.8 10.0 4.8 48% CORPORATE PAYMENTS 3 ' - Revenues, net $409.7 $321.9 $87.9 27% $407.3 $349.6 $57.7 17% ' - Spend volume $68,225 $43,562 $24,663 57% $68,225 $49,281 $18,944 38% ' - Revenues, net per spend $ 0.60% 0.74% (0.14)% (19)% 0.60% 0.71% (0.11)% (16)% LODGING PAYMENTS ' - Revenues, net $127.0 $134.0 $(7.0) (5)% $126.7 $134.0 $(7.4) (5)% ' - Room nights 8.9 10.1 (1.2) (12)% 8.9 10.1 (1.2) (12)% ' - Revenues, net per room night $14.20 $13.26 $0.94 7% $14.16 $13.26 $0.90 7% OTHER 4 ' - Revenues, net $82.6 $66.5 $16.0 24% $82.0 $66.5 $15.5 23% ' - Transactions 375.7 353.3 22.4 6% 375.7 353.3 22.4 6% ' - Revenues, net per transaction $0.22 $0.19 $0.03 17% $0.22 $0.19 $0.03 16% CORPAY CONSOLIDATED REVENUES ' - Revenues, net $1,172.5 $1,029.2 $143.3 14% $1,169.7 $1,054.2 $115.5 11% 1 See Exhibit 5 for a reconciliation of Pro forma and Macro Adjusted revenue by segment and metrics, non-GAAP measures, to the GAAP equivalent. 2 Represents total tag subscripti on transactions in the quarter . Average monthly tag subscriptions for the third quarter of 2025 is 7.6 million. 3 Corporate payments revenue per spend dollar decreased over the prior year due to new payables and cross-border enterprise clients. 4 Other includes Gift and Payroll Card operating segments. * Columns may not calculate due to rounding. Exhibit 3 Revenues by Geography and Segment (In millions, except percentages) (Unaudited) Revenues, net by Geography* Three Months Ended September 30, Nine Months Ended September 30, 2025 % 2024 % 2025 % 2024 % US $ 575  49  % $ 542  53  % $ 1,624  50  % $ 1,531  52  % Brazil 183  16  % 145  14  % 515  16  % 444  15  % UK 159  14  % 142  14  % 453  14  % 405  14  % Other 256  22  % 199  19  % 688  21  % 561  19  % Consolidated Revenues, net $ 1,172  100  % $ 1,029  100  % $ 3,280  100  % $ 2,940  100  % *Columns may not calculate due to rounding. Revenues, net by Segment* Three Months Ended September 30, Nine Months Ended September 30, 2025 % 2024 % 2025 % 2024 % Vehicle Payments $ 553  47  % $ 507  49  % $ 1,566  48  % $ 1,511  51  % Corporate Payments 410  35  % 322  31  % 1,154  35  % 876  30  % Lodging Payments 127  11  % 134  13  % 357  11  % 368  13  % Other 83  7  % 67  6  % 203  6  % 186  6  % Consolidated Revenues, net $ 1,172  100  % $ 1,029  100  % $ 3,280  100  % $ 2,940  100  % *Columns may not calculate due to rounding. Exhibit 4 Segment Results* (In thousands, except percentages) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 1 2024 % Change 2025 1 2024 2 % Change Revenues, net: Vehicle Payments 2 $ 553,192  $ 506,803  9  % $ 1,565,827  $ 1,511,142  4  % Corporate Payments 409,709  321,850  27  % 1,154,272  875,725  32  % Lodging Payments 127,012  134,023  (5) % 357,027  367,695  (3) % Other 3 82,567  66,521  24  % 203,051  185,596  9  % $ 1,172,480  $ 1,029,197  14  % $ 3,280,177  $ 2,940,158  12  % Operating income: Vehicle Payments 2 $ 265,740  $ 244,308  9  % $ 746,098  $ 712,028  5  % Corporate Payments 177,456  136,876  30  % 474,566  362,143  31  % Lodging Payments 57,093  65,501  (13) % 149,963  169,169  (11) % Other 3 22,831  21,447  6  % 59,007  55,469  6  % $ 523,120  $ 468,132  12  % $ 1,429,634  $ 1,298,809  10  % Depreciation and amortization: Vehicle Payments 2 $ 48,235  $ 50,635  (5) % $ 141,537  $ 150,722  (6) % Corporate Payments 30,444  23,845  28  % 91,197  65,346  40  % Lodging Payments 12,600  12,328  2  % 38,384  35,923  7  % Other 3 1,884  2,738  (31) % 5,583  6,657  (16) % $ 93,163  $ 89,546  4  % $ 276,701  $ 258,648  7  % Capital expenditures: Vehicle Payments 2 $ 31,353  $ 29,711  6  % $ 96,948  $ 88,159  10  % Corporate Payments 12,217  9,167  33  % 29,892  24,024  24  % Lodging Payments 5,325  5,012  6  % 15,161  14,427  5  % Other 3 2,013  1,888  7  % 6,314  4,457  42  % $ 50,908  $ 45,778  11  % $ 148,315  $ 131,067  13  % 1 Results from Gringo acquired in the first quarter of 2025 are reported in the Vehicle Payments segment from the date of acquisition. 2 The results of our merchant solutions business disposed of in December 2024 are included in our Vehicle Payments segment for all periods prior to disposition. 3 Other includes Gift and Payroll Card operating segments. NM - Not Meaningful *Columns may not calculate due to rounding. Exhibit 5 Reconciliation of Non-GAAP Revenue and Key Performance Metric by Segment to GAAP (In millions) (Unaudited) Revenues, net Key Performance Metric Three Months Ended September 30, Three Months Ended September 30, 2025* 2024* 2025* 2024* VEHICLE PAYMENTS - TRANSACTIONS Pro forma and macro adjusted $ 553.7  $ 504.0  223.5  207.2  Impact of acquisitions/dispositions —  2.8  —  (0.6) Impact of fuel prices/spread (9.9) —  —  —  Impact of foreign exchange rates 9.4  —  —  —  As reported $ 553.2  $ 506.8  223.5  206.7  CORPORATE PAYMENTS - SPEND Pro forma and macro adjusted $ 407.3  $ 349.6  $ 68,225  $ 49,281  Impact of acquisitions/dispositions —  (27.8) —  (5,719) Impact of fuel prices/spread —  —  —  —  Impact of foreign exchange rates 2.4  —  —  —  As reported $ 409.7  $ 321.9  $ 68,225  $ 43,562  LODGING PAYMENTS - ROOM NIGHTS Pro forma and macro adjusted $ 126.7  $ 134.0  8.9  10.1  Impact of acquisitions/dispositions —  —  —  —  Impact of fuel prices/spread —  —  —  —  Impact of foreign exchange rates 0.3  —  —  —  As reported $ 127.0  $ 134.0  8.9  10.1  OTHER 1 - TRANSACTIONS Pro forma and macro adjusted $ 82.0  $ 66.5  375.7  353.3  Impact of acquisitions/dispositions —  —  —  —  Impact of fuel prices/spread —  —  —  —  Impact of foreign exchange rates 0.6  —  —  —  As reported $ 82.6  $ 66.5  375.7  353.3  CORPAY CONSOLIDATED REVENUES Pro forma and macro adjusted $ 1,169.7  $ 1,054.2  Intentionally Left Blank Impact of acquisitions/dispositions —  (25.0) Impact of fuel prices/spread 2 (9.9) —  Impact of foreign exchange rates 2 12.7  —  As reported $ 1,172.5  $ 1,029.2  1 Other includes Gift and Payroll Card operating segments. 2 Revenues reflect the positive impact of movements in foreign exchange rates of approximately $13 million, partially offset by the negative impact of fuel price spreads of approximately $7 million and approximately $3 million negative impact from fuel prices. * Columns may not calculate due to rounding. Exhibit 6 RECONCILIATION OF NON-GAAP EBITDA AND ADJUSTED EBITDA MEASURES (In millions, except percentages) (Unaudited) The following table reconciles EBITDA, Adjusted EBITDA and Adjusted EBITDA margin to net income from operations.* Three Months Ended September 30, Nine Months Ended September 30,   2025 2024 2025 2024 Net income from operations $ 278.4  $ 276.3  $ 806.3  $ 757.7  Provision for income taxes 143.3  82.0  336.0  240.0  Interest expense, net 100.0  104.4  290.8  288.2  Other expense (income), net 1.4  0.4  (5.1) 7.8  Depreciation and amortization 93.2  89.5  276.7  258.6  Loss on extinguishment of debt —  5.0  1.6  5.0  Other operating, net 11.2  —  11.2  0.3  EBITDA $ 627.5  $ 557.7  $ 1,717.5  $ 1,557.8  Stock-based compensation $ 27.6  $ 28.5  $ 74.8  $ 80.6  Other addbacks 1 21.6  8.5  60.4  27.2  Adjusted EBITDA $ 676.7  $ 594.7  $ 1,852.7  $ 1,665.6  Revenues, net $ 1,172.5  $ 1,029.2  $ 3,280.2  $ 2,940.2  Adjusted EBITDA margin 57.7  % 57.8  % 56.5  % 56.6  % 1 Includes certain legal expenses, restructuring costs and integration and deal related costs * Columns may not calculate due to rounding. Exhibit 7 RECONCILIATION OF NON-GAAP GUIDANCE MEASURES (In millions, except per share amounts) (Unaudited) The following table reconciles full year 2025 and fourth quarter 2025 financial guidance for net income to adjusted net income and adjusted net income per diluted share, at both ends of the range. 2025 GUIDANCE Low* High* Net income $ 1,130  $ 1,150  Net income per diluted share $ 15.88  $ 16.08  Stock-based compensation 105  105  Amortization 265  265  Other 88  88  Total pre-tax adjustments $ 458  $ 458  Income taxes (122) (122) Discrete tax items 37  37  Adjusted net income $ 1,503  $ 1,523  Adjusted net income per diluted share $ 21.14  $ 21.34  Diluted shares 71  71  Q4 2025 GUIDANCE Low* High* Net income $ 323  $ 343  Net income per diluted share $ 4.60  $ 4.80  Stock-based compensation 31  31  Amortization 63  63  Other $ 22  $ 22  Total pre-tax adjustments $ 116  $ 116  Income taxes (30) (30) Adjusted net income $ 409  $ 429  Adjusted net income per diluted share $ 5.80  $ 6.00  Diluted shares 71  71  * Columns may not calculate due to rounding.
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.