Corpay (CPAY) J.P. Morgan 54th Annual Global Technology, Media and Communications Conference summary

Business performance and macro environment

• Achieved 11% organic growth for the fourth consecutive quarter, with 24% year-over-year sales growth and 93.5% revenue retention, leading to raised full-year revenue and EPS guidance.

• Higher fuel prices and a weaker U.S. dollar have been beneficial, especially for cross-border operations, with FX volatility supporting growth.

• Overperformance was broad-based across all segments, with corporate payments as a key driver; two-thirds of the outperformance attributed to business fundamentals.

Strategic focus and growth initiatives

• Corporate payments are being prioritized, with a target to reach 40% of revenue and mid-teens growth, mainly by capturing share from regional banks.

• Retention rates are high (97%), driven by wallet share gains and a comprehensive product suite, including global bank accounts and risk management.

• Partnership with Mastercard enables selling capabilities to tier 2–4 banks, expanding reach through white-label solutions.

Product and client strategy

• Ideal clients are mid-market firms expanding internationally, private capital market clients, and financial institutions, all benefiting from fast account setup and risk management services.

• Over 85% of revenue comes from G20 currencies, with value creation focused on services beyond money movement, such as risk management and liquidity.

• AI is being integrated into products, including AI agents for purchasing cards and internal productivity, with ongoing exploration of monetization opportunities.