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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Corpay
Corpay (CPAY) investor relations material
Corpay Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Q4 2025 revenue reached $1.248 billion, up 21% year-over-year, with adjusted EPS of $6.04, up 13%, both ahead of guidance, driven by strong Cross-Border and Alpha performance.
Full year 2025 revenue was $4.53 billion, up 14%, with adjusted EPS of $21.38, up 12%, and organic revenue growth of 10% for the fourth time in five years.
New sales bookings rose 29% year-over-year in Q4, with same-store sales up 1% and revenue retention stable at 92%.
Major acquisitions included Alpha (second largest in company history) and strategic investments in Avid, with Mastercard investing $300 million in the cross-border business at a $13 billion valuation.
2026 guidance projects revenue of $5.265 billion (up 16%) and adjusted EPS of $26 (up 22%), driven by strong fundamentals, acquisitions, and favorable macro conditions.
Financial highlights
Q4 adjusted EBITDA was $712 million (+18% YoY), with a margin of 57.1%.
Free cash flow for Q4 was $424 million; FY 2025 free cash flow reached $1.5 billion.
Operating expenses in Q4 were $684 million, up 25% due to lower net gain on business dispositions, acquisitions, and FX; excluding these, expenses rose 8%.
Leverage ratio at year-end was 2.8x, in line with guidance.
Repurchased 1.7 million shares in Q4 for $500 million, with $1.5 billion remaining authorized for buybacks.
Outlook and guidance
2026 revenue guidance at $5.215–$5.315 billion (midpoint up 16% YoY), with 10% organic revenue growth expected.
2026 adjusted EPS guidance at $25.50–$26.50 (midpoint up 22% YoY).
Q1 2026 revenue guidance at $1.2–$1.22 billion (up 20% YoY), with 9% organic growth and adjusted EPS of $5.45 (up 21%).
Guidance assumes stable fuel prices, flat fuel spreads, and no material acquisitions or divestitures.
Expense rationalization initiatives are expected to deliver $75 million in savings, with $50 million already executed.
Explain Lodging Payments' persistent negative organic growth
Detail 2026 capital allocation priorities vs. 2025
Quantify 2026 guidance sensitivity to fuel prices
Alpha Group acquisition impact on Corporate Payments?
How does lower revenue per spend affect Corporate Payments?
How do interest rate trends impact 2026 revenue outlook?
Divestiture proceeds: CPAY buyback strategy
Payables monetization: 2026 revenue impact?
US Vehicle/Lodging: investment allocation decision?
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Next Corpay earnings date
Q1 20265 May, 2026
Corpay
Next Corpay earnings date
Q1 20265 May, 2026
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Frequently asked questions
Business Payment Solutions
Fleetcor Technologies Inc. is an American company with global operations that provides business payment solutions. The company specializes in fuel cards, corporate payments, tolls, and lodging management for businesses, merchants, and other customers. Its product portfolio includes branded fuel cards, corporate lodging discount cards, and toll payment solutions, among others. Fleetcor has a diverse customer base, with clients being found in transportation, government, construction, and more. The company is headquartered in Atlanta, Georgia, and its shares are listed on the NYSE.
Ron Clarke
Ron Clarke, the company’s long-term CEO and chairman, has taken Fleetcor from a $25 million company into one of the largest players within its industry since his hiring in 2000. Clarke had previously worked at General Electric and Booz Allen Hamilton, and he proved to be just the man for the job. Under his leadership, Fleetcor has grown both organically and through strategic acquisitions into one of the largest companies of its kind.
Fleet Payment Solutions
A bulk of the company’s revenue is generated through its fleet payment solutions. These offerings include specialized fuel cards and payment products that enable companies to manage and control fuel and transportation expenses. The fuel cards are used by fleet drivers to purchase fuel, maintenance services, and other vehicle-related expenses. FleetCor's system offers detailed reporting and analytics, which help businesses track spending patterns, monitor usage, and identify potential cost-saving opportunities. Fleetcor is one of the leaders in this sector together with WEX.
Other Services
FleetCor offers a diverse range of services beyond fleet payment solutions. The company provides corporate payment services, which include virtual cards and accounts payable automation, which helps manage corporate expenses and supplier payments. Additionally, it offers toll payment solutions, simplifying the process of paying toll charges for fleet vehicles. Its lodging solutions cater to businesses requiring accommodations for their mobile workforce, offering options for hotel bookings and expense management.
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