Corpay (CPAY) 10-K Summary — Year Ended Dec 31, 2024
Corpay, Inc. filed its annual report for the most recent fiscal year. The filing describes the company's business, risk factors, and financial condition.
Key takeaway
Year ended Dec 31, 2024 · FY2025 10-K
Corpay, Inc. filed its annual report for the most recent fiscal year. The filing describes the company's business, risk factors, and financial condition.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$4B
Revenue reported for the fiscal year.
Operating income
$1.8B
Income from operations reported for the year.
Net income
$1B
Net income reported for the year.
Operating cash flow
$1.9B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Jun 30, 2023 | $1.8B | n/a |
| Sep 30, 2023 | $2.8B | +52.5% |
| Dec 31, 2023 | $3.8B | +33.2% |
| Dec 31, 2024 | $4B | +5.8% |
Business overview
Corpay provides payment solutions and services, primarily for vehicle fuel purchases. Its revenue is influenced by fuel prices and fuel price spreads, as a portion of fees is based on transaction amounts or the difference between customer charges and merchant payments.
Financial performance
Revenue increased over the prior year, while operating income and net income were reported at substantial levels. Operating cash flow was also significant, reflecting the company's cash generation.
Material risks
Fuel price volatility directly impacts a portion of revenue, as fees tied to purchase amounts or spreads fluctuate with fuel costs. Changes in retail fuel prices can also affect customer payment balances and related late fees. The company's vehicle payments business is particularly sensitive to these price movements.
Liquidity and capital
The filing discusses liquidity and capital resources, including the use of cross currency interest rate swaps. Operating cash flow provides a source of funds for ongoing operations and capital allocation.
What to watch
Monitor the impact of fuel price changes on revenue and customer payment balances in the next filing.