$CPAY

FLEETCOR TECHNOLOGIES INC

CIK:0001175454|SEC Filings

Unaudited Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Income Statement [Abstract]

Revenues, net

$ 1,338,809

$ 1,102,030

$ 2,599,796

$ 2,107,697

Expenses:

Processing

275,165

238,517

547,227

460,361

Selling

150,607

115,777

298,814

223,334

General and administrative

223,674

176,994

427,473

333,953

Depreciation and amortization

118,297

91,350

233,123

183,538

Other operating, net

99,891

107,242

(3)

Gain on disposition, net

1,099

122,522

Operating income

472,274

479,390

1,108,439

906,514

Other expenses:

Other expense (income), net

6,278

(10,572)

27,326

(6,477)

Interest expense, net

114,719

96,872

224,819

190,794

Loss on extinguishment of debt

6,557

1,596

Total other expenses, net

127,554

86,300

258,702

185,913

Income before income taxes

344,720

393,090

849,737

720,601

Provision for income taxes

92,932

109,012

244,235

192,648

Net income

251,788

284,078

605,502

527,953

Less: Net income (loss) attributable to noncontrolling interest

3,481

(90)

7,129

552

Net income attributable to Corpay

$ 248,307

$ 284,168

$ 598,373

$ 527,401

Earnings per share:

Basic earnings per share attributable to Corpay (in dollars per share)

^[1]

$ 3.75

$ 4.03

$ 8.91

$ 7.49

Diluted earnings per share attributable to Corpay (in dollars per share)

^[1]

$ 3.70

$ 3.98

$ 8.79

$ 7.38

Weighted average shares outstanding:

Basic shares (in shares)

65,542

70,546

66,536

70,432

Diluted shares (in shares)

66,325

71,429

67,379

71,494

[1]	Basic and diluted earnings per share amounts are determined under the two-class method.

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 605,502	$ 527,953
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	72,100	58,177
Stock-based compensation	59,509	47,234
Provision for credit losses on accounts and other receivables	90,650	62,162
Provision for legal settlement	100,000	0
Amortization of deferred financing costs and discounts	7,246	4,842
Amortization of intangible assets and premium on receivables	161,023	125,361
Loss on extinguishment of debt	6,557	1,596
Deferred income taxes	(53,612)	(25,499)
Gain on disposition of business	(122,522)	0
Other non-cash operating expense (income), net	28,860	(8,700)
Changes in operating assets and liabilities (net of acquisitions/disposition):
Accounts and other receivables	(1,082,858)	(740,361)
Prepaid expenses and other current assets	6,525	(35,197)
Derivative assets and liabilities, net	(12,511)	(43,775)
Other assets	(23,333)	20,903
Accounts payable, accrued expenses and customer deposits	1,570,343	1,071,400
Net cash provided by operating activities	1,413,479	1,066,096
Investing activities
Acquisitions, net of cash acquired	0	(154,648)
Purchases of property and equipment	(105,529)	(97,407)
Proceeds from disposal of a business, net of cash disposed	421,701	0
Proceeds from sale of cost method investment	30	14,843
Other	5,252	14,572
Net cash provided by (used in) investing activities	321,454	(222,640)
Financing activities
Proceeds from issuance of common stock	86,425	55,962
Repurchase of common stock	(1,112,526)	(90,877)
Borrowings on securitization facility, net	477,000	316,000
Deferred financing costs	(28,189)	(10,827)
Proceeds from notes payable	5,350,400	750,000
Principal payments on notes payable	(5,989,311)	(98,570)
Borrowings from revolver	7,947,000	4,490,000
Payments on revolver	(7,212,000)	(5,357,000)
Borrowings on subsidiary swingline, net	60,779	23,667
Other	756	0
Net cash (used in) provided by financing activities	(419,666)	78,355
Effect of foreign currency exchange rates on cash	(114,140)	153,202
Net increase in cash and cash equivalents and restricted cash	1,201,127	1,075,013
Net decrease in cash classified within current assets held for sale	(24,725)	0
Cash and cash equivalents and restricted cash, beginning of period	8,991,940	4,456,345
Cash and cash equivalents and restricted cash, end of period	10,168,342	5,531,358
Supplemental cash flow information
Cash paid for interest	281,019	238,796
Cash paid for income taxes	350,478	261,987
Fixed assets accrued at the end of the period	$ 23,032	$ 8,264

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 3,163,539	$ 2,408,097
Restricted cash	7,004,803	6,583,843
Accounts and other receivables (less allowance for credit losses of $176,244 at June 30, 2026 and $170,957 at December 31, 2025)	2,656,036	2,145,679
Securitized accounts receivable—restricted for securitization investors	2,300,000	1,823,000
Prepaid expenses and other current assets	1,359,614	1,002,621
Total current assets	16,483,992	13,963,240
Property and equipment, net	472,324	472,310
Goodwill	7,149,978	7,564,822
Other intangibles, net	2,919,689	3,237,729
Investments	576,175	601,942
Other assets	622,009	568,092
Total assets	28,224,167	26,408,135
Current liabilities:
Accounts payable	2,275,799	1,564,548
Accrued expenses	568,426	606,600
Customer deposits	8,915,786	8,118,566
Securitization facility	2,300,000	1,823,000
Current portion of notes payable and lines of credit	2,225,389	1,522,530
Other current liabilities	673,699	661,433
Total current liabilities	16,959,099	14,296,677
Notes payable and other obligations, less current portion	6,098,142	6,656,157
Deferred income taxes	599,773	614,345
Other noncurrent liabilities	665,201	612,279
Total noncurrent liabilities	7,363,116	7,882,781
Commitments and contingencies (Note 12)
Redeemable noncontrolling interest	314,000	302,000
Stockholders’ equity:
Common stock, $0.001 par value; 475,000,000 shares authorized; 132,878,962 shares issued and 65,655,113 shares outstanding at June 30, 2026; and 132,186,610 shares issued and 68,362,289 shares outstanding at December 31, 2025	133	132
Additional paid-in capital	4,116,011	3,970,077
Retained earnings	10,857,309	10,264,751
Accumulated other comprehensive loss	(1,356,551)	(1,392,154)
Less treasury stock, 67,223,849 shares at June 30, 2026 and 63,824,321 shares at December 31, 2025	(10,075,018)	(8,958,942)
Total Corpay stockholders’ equity	3,541,884	3,883,864
Noncontrolling interest	46,068	42,813
Total equity	3,587,952	3,926,677
Total liabilities, redeemable noncontrolling interest and equity	$ 28,224,167	$ 26,408,135