Corpay, Inc. · NYSE:CPAY
Corpay — Q4 2025 Earnings Presentation
30 slides from Corpay's earnings presentation, Feb 4, 2026
Slide 1: Q4 2025 Earnings Release Supplement
Q4 2025 Earnings Release Supplement Refer to earnings release dated February 4, 2026 for further information
Slide 2: Safe Harbor Provision
Q4 2025 Safe Harbor Provision This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about Corpay’s beliefs, assumptions, expectations and future performance, are forward-looking statemen
Slide 3: Agenda
Q4 2025 Agenda ^ Q4 2025 Results FY 2025 Results 2026 Guidance Appendix
Slide 4: Q4 2025 Results
Corpay”* ey Q4 2025 Results
Slide 5: Our Take on the Quarter
Q4 2025 Our Take on the Quarter ^ Q4 revenue and Revenues ahead of expectations1, up 21%: adjusted EPS2 • Revenues $1.25 billion, up 21% YOY finished ahead of • Adjusted EPS2 $6.04, up 13% YOY our guide, growing • Adjusted EBITDA2 $712 million, up 18% YOY 21% and 13% YoY Fundamental trends: • Organi
Slide 6: Revenue and Cash EPS Bridge vs Prior Year
Q4 2025 Revenue and Cash EPS1 Bridge vs Prior Year ^ $70 $1,248 $36 $(7) $115 2019 Revenue $1,034 +21% ($ in millions) YoY 2 3 4Q24 Core Growth Macro Acquisitions Divestiture 4Q25 $0.11 $0.22 $0.10 $6.04 $0.25 $0.39 $(0.39) Adjusted Net Income Per $5.36 +13% Diluted Share1 YoY 4 5 4Q24 Core Acquisit
Slide 7: Organic Revenue Growth
Q4 2025 Organic Revenue Growth1,2 ($ in millions) ^ VEHICLE PAYMENTS CORPORATE PAYMENTS $545 $497 $473 $409 10% 16% +19% +32% 4Q24 4Q25 4Q24 4Q25 Total LODGING PAYMENTS 11% OTHER3 $121 $81 $112 $70 (7)% 17% +9% +39% 4Q24 4Q25 4Q24 4Q25 1. Non-GAAP financial measures. See appendix for reconciliation
Slide 8: Organic Revenue Growth and Same Store Sales Trends
Q4 2025 Organic Revenue Growth1 and Same Store Sales Trends ^ 2024 2025 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 Vehicle Payments 4% 5% 4% 8% 5% 8% 9% 10% 10% 9% Corporate Payments 17% 18% 18% 26% 20% 19% 18% 17% 16% 17% Lodging Payments (9)% (10)% (5)% 1% (6)% (1)% (2)% (5)% (7)% (4)% Othe
Slide 9: Stable Retention
Q4 2025 Stable Retention* ^ 92.4% 92.3% 92.3% 92.0% 91.8% 4Q24 1Q25 2Q25 3Q25 4Q25 *Based on volume or revenue relevant to business or product (e.g., gallons, spend, etc.) weighted by revenue; excludes European Private Label businesses, where Corpay is a processor instead of an issuer; excludes busi
Slide 10: Balance Sheet Structured for Flexibility and Capacity
Q4 2025 Balance Sheet Structured for Flexibility and Capacity ^ Robust cash flow and opportunistic capital allocation Leverage Ratio3 (X) • Reported $712 million of adjusted EBITDA1 2.83 • Generated $424 million of free cash flow1,2 2.75 • Repurchased 1.7 million shares for $500 million Leverage rat
Slide 11: FY 2025 Updates
^ FY FY 2025 Updates 2025
Slide 12: Our Take on the Year - 2025
FY 2025 Our Take on the Year - 2025 ^ Record 2025 Results1: • Record revenues of $4.53 billion, up 14% Record FY results • Adjusted EPS2 $21.38, up 12% YOY with revenue of • Adjusted EBITDA2 $2.6 billion, up 13% $4.5 billion and • Record free cash flow2,3 of $1.5 billion adjusted EPS2 of Active Capi
Slide 13: Revenue and Cash EPS Bridge vs Prior Year
FY 2025 Revenue and Cash EPS Bridge vs Prior Year $195 $4,528 ^ $426 $(35) $(32) +14% 2019 $3,975 YoY Revenue ($ in millions) FY24 Core Change Macro 2 Acquisitions Divestiture FY25 $0.44 $0.25 $0.43 $2.39 $21.38 $(0.33) $(0.81) Adjusted Net Income Per Share1 $19.01 +12% YoY 3 4 FY24 Core Change Acqu
Slide 14: Long Record of Compounding
FY 2025 Long Record of Compounding ^ Revenue1 Adjusted Net Income per Share2 ($ in millions) $5,265 $26.00 2014-2026G 2014-2026G 2019 CAGR = CAGR = $4,528 13% 14% $21.38 $3,975 $3,758 $19.01 $3,427 $16.92 $16.10 $2,834 $2,649 $13.21 $2,433 $2,389 $2,250 $11.79 $11.09 $10.53 $1,832 $1,703 $8.54 $1,19
Slide 15: Consistent Organic Revenue Growth
FY 2025 Consistent Organic Revenue Growth1 Organic revenue growth1 10% or higher four of the last five years ^ 13% 2019 12% 10% 10% 10% 8% FY21 FY22 FY23 FY24 FY25 FY26G 1. Non-GAAP financial measures. See appendix for reconciliation of non-GAAP measures to GAAP Corpay | 15
Slide 16: 2025 Capital Deployed
FY 2025 2025 Capital Deployed ($ in millions) We transacted over $4.3 billion of capital in 2025 via deals and share buybacks ^ $359 Divestitures/ Investments Acquisitions and Investments $ 3,158 $782 Share Gringo $ 164 Buybacks Avid1 $ 578 Alpha $ 2,416 Share Buybacks (2.6M shares) $ 782 Divestitur
Slide 17: Robust Cash Flows Support Balanced Capital Allocation
FY 2025 Robust Cash Flows Support, Balanced Capital Allocation Corpay is a superb capital allocator - using free cash flow to acquire businesses and repurchase ^ shares, accelerating profit growth Acquisitions Buybacks Capital Shares Adjusted Deployed Invested in % of Capital Shares % of Capital Lev
Slide 18: 2026 Guidance
Corpay” 2028 2026 Guidance
Slide 19: FY26 and Q1'26 Guidance
FY 2026 FY26 and Q1'26 Guidance ($ in millions, except per share data and %) Guidance Ranges1 ^ Range Midpoint YoY Growth Full Year 2026 GAAP Revenues $5,215 - $5,315 $5,265 +16% Adjusted Net Income per Diluted Share2 $25.50 - $26.50 $26.00 +22% Q1'26 GAAP Revenues $1,200 - $1,220 $1,210 +20% Adjust
Slide 20: Consistent Historical Patterns Give Us Confidence in Our 2026 Guidance
^ FY Consistent Historical Patterns Give Us Confidence in Our Ability to 2026 Deliver Our 2026 Guidance (Revenue $ in millions) This pattern is driven by our client's highest business volumes occurring in Q2 and Q3, acquisition synergy realization increasing through the year, all over a relatively f
Slide 21: Appendix: About Non-GAAP Financial Measures
Q4 2025 Appendix About Non-GAAP Financial Measures This presentation includes certain measures described below that are non-GAAP financial measures. The Company refers to free cash flow, cash net income and adjusted net ^ income attributable to Corpay interchangeably, a non-GAAP financial measure. A
Slide 22: Reconciliation of Net Income to Adjusted Net Income
Q4 2025 Reconciliation of Net Income to Adjusted Net Income ($ in millions, except per share amounts) ^ Three Months Ended December 31, 2025 2024 Net income attributable to Corpay $264 $246 Stock based compensation 28 36 Amortization1 82 63 Integration and deal related costs 66 17 Restructuring and
Slide 23: Reconciliation of Net Income to Adjusted Net Income
FY 2025 Reconciliation of Net Income to Adjusted Net Income ($ in millions, except per share amounts) Year Ended December 31,1 ^ 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Net income attributable to Corpay $1,070 $1,004 $982 $954 $839 $704 $895 $811 $740 $452 $362 $369 Net income pe
Slide 24: Reconciliation of Net Income to EBITDA
Q4 2025 Reconciliation of Net Income to EBITDA* ($ in millions) ^ Three Months Ended December 31, 2025 2024 Net income from operations $266 $246 Provision for income taxes 134 141 Interest expense, net 113 95 Other expense, net 52 6 Depreciation and amortization 117 92 Goodwill impairment — 90 Gain
Slide 25: Calculation of Organic Revenue Growth
Q4 2025 Calculation of Organic Revenue Growth* ($ in millions, except %) ^ 1Q25 ORGANIC GROWTH 2Q25 ORGANIC GROWTH 3Q25 ORGANIC GROWTH 4Q25 ORGANIC GROWTH 2025 2024 Pro 2025 2024 Pro 2025 2024 Pro 2025 2024 Pro Macro Adj3 forma2 % Macro Adj3 forma2 % Macro Adj3 forma2 % Macro Adj3 forma2 % Vehicle P
Slide 26: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2025
^ Q4 Reconciliation of Organic Revenue to GAAP Revenue 2025 by Segment - 2025 ($ in millions) 2025 Organic Revenue Growth* 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 VEHICLE PAYMENTS Pro forma and macro adjusted $545 $554 $548 $532 $497 $504 $504 $493 Impact of acquisitions/dispositions 1 — — — 1 3 6 1
Slide 27: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2025
^ Q4 Reconciliation of Organic Revenue to GAAP Revenue 2025 by Segment - 2025 (continued, in millions) 2025 Organic Revenue Growth* 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 OTHER3 Pro forma and macro adjusted $81 $82 $64 $56 $70 $67 $55 $64 Impact of acquisitions/dispositions — — — — — — — — Impact o
Slide 28: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024
^ Q4 Reconciliation of Organic Revenue to GAAP Revenue 2025 by Segment - 2024 ($ in millions) Macro Adjusted1 Pro Forma2 2024 Organic Revenue Growth* 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 VEHICLE PAYMENTS Pro forma and macro adjusted $543 $522 $518 $492 $500 $501 $492 $475 Impact of acquisitions/d
Slide 29: Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024
^ Q4 Reconciliation of Organic Revenue to GAAP Revenue 2025 by Segment - 2024 (continued, in millions) Macro Adjusted1 Pro Forma2 2024 Organic Revenue Growth* 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 OTHER3 Pro forma and macro adjusted $70 $66 $55 $64 $67 $71 $56 $57 Impact of acquisitions/dispositio
Slide 30: Reconciliation of Non-GAAP Guidance Measures
FY 2025 Reconciliation of Non-GAAP Guidance Measures ($ in millions, except per share amounts) 2026 GUIDANCE ^ Low* High* Net income $ 1,344 $ 1,438 Net income per diluted share $ 19.49 $ 20.49 Stock based compensation 132 132 Amortization 310 310 Other 102 102 Total pre-tax adjustments $ 544 $ 544