Corpay (CPAY) 47th Annual Raymond James Institutional Investor Conference summary

Company evolution and market positioning

• Transitioned from a fleet card niche to a comprehensive corporate payments provider since 2000, now addressing a $150 trillion total addressable market, with banks as primary competitors.

• Operates three main business segments: corporate payments, vehicle payments, and lodging payments, serving over 800,000 business clients and 4 million merchants in 150+ countries, with 51% of revenue international.

• Proprietary networks and specialized IT infrastructure provide a competitive advantage and are difficult to replicate.

• Corporate payments segment grew from 21% of revenue in 2021 to a projected 40% in 2026, with a 30% CAGR.

• Corporate payments represent 36% of revenue, processing ~$250B in annual spend and holding the position as the world's largest non-bank FX provider.

Product innovation and growth initiatives

• Launched global and multi-currency bank accounts, including the Alpha acquisition for cross-border business, and focused on AP monetization, stablecoin integration, and AI-driven analytics.

• Focused on digitizing AP processes, reducing paper checks, and introducing monetizable products like debit cards and instant payments.

• Investing in stablecoin and digital wallets to enable 24/7 deal closings and future-proof payment infrastructure.

• AI deployed in the UK, EU, and Brazil to drive product innovation and productivity gains.

Business segments and performance

• Corporate payments include spend management, AP automation, cross-border payments, and bank accounts.

• Vehicle payments account for 47% of revenue, supporting over 10 billion annual fuel gallons and 1 million EV charge points, with strong growth in Brazil.

• Lodging payments facilitate workforce travel management and expense control.

• Projected $4.5 billion revenue in 2025, growing to $5.3 billion in 2026, with 10% organic growth and $1.5 billion in adjusted net income.

• Revenue retention at 92%, with consistent 10% organic growth and cash EPS compounding at 14%–15%.