Corpay (CPAY) Deutsche Bank 2026 Technology Conference summary

Business momentum and outlook

• Sustained strong performance with four consecutive quarters of beat and raise, and five quarters of double-digit organic growth; confidence in maintaining momentum through 2026 and beyond.

• Macro trends and customer activity are tracking as expected, with continued strength in sales and retention.

Segment performance and strategy

• Corporate payments delivered 16% organic growth in Q2, with similar or higher growth expected in the second half; focus remains on spend management, commercial card, AP automation, and cross-border solutions.

• Vehicle payments saw 8% organic growth, with Brazil performing in the mid-teens and Europe/rest of world around 9-10%; U.S. vehicle payments are being deprioritized in favor of higher-return corporate payments.

• Lodging returned to flat or slightly positive growth in Q2, with expectations for mid-single-digit growth by year-end as new sales ramp up.

Portfolio management and capital allocation

• Two divestitures announced this year (PayByPhone and epyx), with proceeds used for share buybacks to minimize EPS dilution; further divestitures of three to four businesses are likely over the next 18 months.

• Focus is on pruning TAM-constrained or lower-growth assets to concentrate on corporate payments and maximize shareholder value.