Corpay (CPAY) 10-K Summary — Year Ended Dec 31, 2025
Corpay, Inc. filed its annual report for the most recent fiscal year. The company reported growth in revenue, operating income, net income, and operating cash flow compared to the prior period.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Corpay, Inc. filed its annual report for the most recent fiscal year. The company reported growth in revenue, operating income, net income, and operating cash flow compared to the prior period.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$4.5B
Revenue reported for the fiscal year.
Operating income
$2B
Income from operations reported for the year.
Net income
$1.1B
Net income reported for the year.
Operating cash flow
$1.5B
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 |
|---|---|---|
| Sep 30, 2023 | $2.8B | +52.5% |
| Dec 31, 2023 | $3.8B | +33.2% |
| Dec 31, 2024 | $4B | +5.8% |
| Dec 31, 2025 | $4.5B | +13.9% |
Business overview
Corpay provides payment solutions and related services, with a significant portion of its Vehicle Payments revenue tied to fuel purchases. The company's revenue is influenced by fuel price levels and spreads, as fees and transaction-based income vary with fuel costs.
Financial performance
Revenue increased from the prior year, while operating income and net income also rose. Operating cash flow improved compared to the previous period.
Material risks
Fuel price volatility directly affects a portion of revenue, as fees based on a percentage of customer purchases fluctuate with retail fuel prices. Fuel price spread volatility also impacts revenue from transactions where the company profits from the difference between customer charges and merchant payments. Changes in fuel prices may further affect unpaid account balances and related late fees.
Liquidity and capital
The company discusses its use of cross-currency interest rate swaps as part of its liquidity and capital resources management. No other capital allocation themes are detailed in the supplied context.
What to watch
Monitor how fuel price trends and spreads affect revenue and account balances in the next filing.