Corpay (CPAY) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 17.9% YoY to $1.382B; organic growth was 11%, and adjusted diluted EPS increased 32% to $7.54, ahead of expectations.

• Adjusted EBITDA increased 17% to $793.8M; attributable net income rose 36.2% to $378.4M.

Financial highlights

• Q3 operating income rose 18.8% to $621.3M; adjusted net income was $500.7M versus $405.2M a year earlier.

• Reported revenue increased $209.4M YoY, including $79M core growth, $32M macro impact, $126M acquisitions and $(28)M divestiture impact.

• Adjusted EBITDA margin was 57.4%, versus 57.7% YoY; operating costs rose 9% excluding FX, M&A, stock compensation, amortization and a prior-year $11M other operating loss.

• Q3 free cash flow was $501M; sales/new bookings increased 24%, same-store sales rose 2% and retention was 92.2%.

• Adjusted EPS growth reflected operating performance, accretive M&A, buybacks and a 23.9% adjusted effective tax rate; excess tax benefits from grandfathered stock options exercised lowered the rate.

Outlook and guidance

• FY26 revenue guidance is $5.340B–$5.360B and adjusted EPS guidance is $27.90–$28.10, or 18% and 31% growth at the midpoints; guidance includes ~$120M from completed divestitures.

• Q4 midpoint guidance is $1.37B revenue, up 10%, and $7.65 adjusted EPS, up 27%; expected organic growth is 10%, with Corporate Payments in the high teens.

• 2027 organic revenue growth outlook is 9%–11%; Corporate Payments is expected to grow mid-teens or better, supported by over $500M of 2026 new sales and a 7%–8% revenue ramp into 2027.

• Long-term plan targets adjusted EPS compounding above 20% annually, from $28 in 2026 to ~$50 per share by 2029, supported by organic growth, profit expansion, buybacks and accretive M&A.

• FY26 assumptions include adjusted tax of 24%–26%, interest expense of $435M–$455M, ~66M diluted shares and $4.90 per gallon U.S. fuel prices for the rest of the year.