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

Company evolution and market positioning

• Transitioned from fleet card niche to comprehensive corporate payments provider since 2000.

• Public since 2010, with major acquisitions expanding into corporate payments.

• Operates in a $150 trillion total addressable market, with banks as main competitors.

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

• Maintains mid-50s EBITDA margins, CapEx at 4% of revenue, and 90% free cash flow conversion.

Product offerings and innovation

• Focuses on non-people business expenses, offering profit-sharing models to clients.

• Provides business cards, fleet cards, tolls in Brazil, lodging, spend management, AP automation, and cross-border payments.

• Recent innovations include global and multi-currency bank accounts, AP monetization, and stablecoin integration.

• Acquired Alpha for global bank account alternatives, targeting asset managers and private equity.

• Investing in AI for product innovation and operational efficiency, with deployments in the UK, EU, and Brazil.

Financial performance and growth

• 2025 revenue at $4.5 billion, projected to reach $5.3 billion in 2026, with 10% organic growth.

• Adjusted net income expected to grow from $1.5 billion in 2025 to $1.8 billion in 2026.

• Over 800,000 business clients, 4 million merchants, and 30+ proprietary networks.

• Largest non-bank FX provider, with over $250 billion annual spend processed in corporate payments.

• Consistent 10%+ organic revenue growth for most of the past five years.