Corpay (CPAY) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $1.25 billion, up 21% year-over-year, with adjusted/cash EPS of $6.04, up 13%, both ahead of guidance.

• Full year 2025 revenue was $4.53 billion, up 14%, and adjusted/cash EPS was $21.38, up 12%.

• Organic revenue growth was 10–11% for the year, with Corporate Payments segment growing 16% organically in Q4.

• Revenue retention improved to 92.3% in Q4 and remained around 92% for the year.

• Closed the second largest acquisition in company history, invested in AvidXchange, and repurchased 1.7 million shares for $500 million in Q4.

Financial highlights

• Q4 adjusted EBITDA was $712 million (+18% YoY), with a margin of 57.1%.

• Free cash flow for Q4 was $424 million; FY 2025 free cash flow reached $1.5 billion.

• Q4 same store sales increased 1% YoY; new sales/bookings grew 29% for the year.

• Operating expenses for Q4 were $684 million, up 25% YoY, mainly due to lower net gain on business dispositions and acquisition-related costs.

• Leverage ratio at quarter-end was 2.8x, in line with guidance.

Outlook and guidance

• FY 2026 revenue guidance is $5.215–$5.315 billion (midpoint +16% YoY); adjusted/cash EPS guidance is $25.50–$26.50 (midpoint +22% YoY).

• Q1 2026 revenue guidance is $1.2–$1.22 billion (+20% YoY); adjusted EPS $5.38–$5.52 (+21% YoY).

• 2026 organic revenue growth expected at 10%, with Q1 organic growth at 9% due to float headwinds.

• Guidance assumes stable fuel prices, flat fuel spreads, and no major unclosed acquisitions or divestitures.

• Guidance excludes impact from expected divestitures and any major capital allocation actions beyond delevering.