Corpay, Inc.NYSE: CPAY

2026 Q1 Earnings Release Supplement

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Watch Corpay explain itCorpay, Inc. (CPAY) Q2 2026 Earnings Call · Replay · Aug 5


Earnings Release Supplement Q1 2026

Refer to earnings release dated May 7, 2026 for further information





Agenda

  1. Q1 2026 Results

  2. 2026 Guidance

  3. Appendix



3 © 2026 Corpay. All rights reserved.





Q1 2026 Results

Q1 2026 Results

Our Take on the Quarter

Q1 revenue and adjusted EPS2 finished well ahead of our guide, growing 25% and 29% YoY

Organic revenue growth2 of 11%, with strong performance across all segments

Revenues ahead of expectations1, up 25%:

  • Revenues $1.26 billion, up 25% YOY

    • Core revenue out-performance across all segments

    • Macro tailwind

  • Adjusted EPS2 $5.80, up 29% YOY

  • Adjusted EBITDA2 $689 million, up 24% YOY

    Fundamental trends:

  • Organic revenue growth2 of 11%

    • Corporate Payments grew 16%, 18% ex-float

    • Vehicle Payments grew 10%

  • Sales growth of 24%

  • Same store sales flat YOY

  • Revenue retention at 93.5%3

  1. All comparisons are versus Q1 2025

  2. Non-GAAP financial measures. See appendix for reconciliation of non-GAAP measures to GAAP

  3. Starting in Q4 2025, calculation includes the impact of our cross-border business, which is "retention accretive" to our overall retention measure. Retention, other than for cross-border, is calculated 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 businesses owned less than a year. Retention in our cross-border business is calculated using dollar-based revenue retention, which divides the revenue we earned in the TTM by the revenue we earned from the corresponding period the previous year, excluding the impact/revenue from new sales during the period



5 © 2026 Corpay. All rights reserved.



Q1 2026 Results

Revenue and Cash EPS1 Bridge vs Prior Year

$79

$1,261

$64

$(3)

$115

$1,006

+25%

YoY

Revenue

($ in millions)

1Q25 Core Growth Macro 2

Acquisitions 3

Divestiture 4

1Q26

$0.41

$0.22

$0.08

$(0.10)

$0.43

+29%

YoY

$4.51

Adjusted Net Income Per Diluted Share1

$0.25

$5.80

1Q25 Core Growth

Acquisitions Interest 5

Rate

Macro 6

Share Count

Tax Rate 1Q26

  1. Non-GAAP financial measures. See appendix for reconciliation of non-GAAP measures to GAAP

  2. Macro consists of the positive impact of movements in foreign exchange rates of approximately $62 million, positive impact from fuel prices of approximately $4 million and the negative impact of fuel price spreads of approximately $2 million

  3. Represents 2025 proforma revenue of Alpha Group of $72 million and Gringo of $7 million

  4. Primarily represents proforma impact of BP fuel card portfolio disposition

  5. Includes impact of interest rates on both interest expense and interest income

  6. Consists of the impact in footnote 2, with partial offset from impact of foreign exchange rates on expenses



6 © 2026 Corpay. All rights reserved.



Q1 2026 Results

Organic Revenue1 Performance Trends

Four consecutive quarters of 11% organic growth

2025

2026

1Q25

2Q25

3Q25

4Q25

1Q26

Corporate Payments

19%

19%

18%

15%

16%

Vehicle Payments

8%

9%

9%

10%

10%

Lodging Payments

(1)%

(2)%

(5)%

(7)%

-%

Other2

(7)%

13%

16%

21%

7%

Total Organic Revenue Growth

9%

11%

11%

11%

11%

Consolidated 1Q26 organic growth of 11% versus guide of 9% Corporate Payments 1Q26 organic growth of 16% vs. guide of 15%, and 18% ex-float revenue

  1. Non-GAAP financial measures. Organic revenue for 2025 has been recast to reflect segment changes made in 2026. See appendix for reconciliation of non-GAAP measures to GAAP. Prior periods have been recast to reflect current segment presentation

  2. Other includes Gift, Outsourced Card Processing and Payroll Card



7 © 2026 Corpay. All rights reserved.



Q1 2026 Results

Stable Retention*

Overall retention stepped up in 4Q 2025, with the addition of our cross-border business, which is retention accretive

93.7%*

Lorem

91.8%

92.3%

92.4%



9ip3s.5u%m* X%

1Q25

2Q25

3Q25

4Q25

1Q26

*Starting in Q4 2025, calculation includes the impact of our cross-border business, which is "retention accretive" to our overall retention measure. Retention, other than for cross-border, is calculated 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 businesses owned less than a year. Retention in our cross-border business is calculated using dollar-based revenue retention, which divides the revenue we earned in the TTM by the revenue we earned from the corresponding period the previous year, excluding the impact/revenue from new sales during the period

8 Corpay"

© 2026 Corpay. All rights reserved.

Q1 2026 Results

Improving Leverage and Upsized Credit Facilities

Robust cash flow and opportunistic buybacks

  • Reported $689 million of adjusted EBITDA1

  • Generated $397 million of free cash flow1,2

  • Repurchased 2.4 million shares for $786 million

    • Includes ~$450 million to repurchase shares in advance of

      Leverage Ratio3

      receiving PayByPhone proceeds on March 31st closing

      Leverage ratio in target range

  • Leverage ratio of 2.71x3

  • Undrawn borrowing capacity of $1.4 billion under current revolver

    Received lender commitments for incremental $1 billion+ on Credit Facility in May 2026

  • Expecting to extend maturity of revolver and Term Loan A for five years and reduce interest rate by 10bps, and

  • Utilize $1 billion to partially pay down outstanding Term Loan B and further reduce interest expense

Board of Directors increased share repurchases authorization by $1 billion in April 2026

  1. Non-GAAP financial measures. See appendix for reconciliation of non-GAAP measures to GAAP

    2.83



    4Q25

    (X)

    2.71

    1Q26

  2. The Company refers to free cash flow, cash net income and adjusted net income interchangeably, a non-GAAP financial measure. See appendix for reconciliation of non-GAAP measures to GAAP

  3. Calculated in accordance with the terms of our Credit Facility

  4. Excludes borrowings under Securitization Facility of $2.1 billion and $1.8 billion as of March 31, 2026 and December 31, 2025, respectively

    9 Corpay"

    © 2026 Corpay. All rights reserved.



    Updated 2026 Guidance

    2026 Guidance

    Guidance Bridge

    Updating 2026 guidance to flow through the Q1 beat, PaybyPhone sale, and the expected improved rest-of-year macro and strong business fundamentals

    Guidance Bridge - FY 2026

    Revenue

    EPS

    February Guidance

    $5,265

    $26.00

    Q1'26 Beat - Flow Through

    50

    0.35

    PaybyPhone Divestiture*

    (75)

    -

    Rest of Year Raise - Macro & Core Business

    50

    0.35

    May Guidance

    $5,290

    $26.70

    ($ in millions, except per share data)

    * Impact of divestiture offset by repurchase of shares with sale proceeds, in advance of closing

    Guidance assumes that lower share count from year to date share buybacks offsets higher expected interest expense from updated SOFR assumption

    1. Guidance based on midpoint

    2. A reconciliation of GAAP guidance to non-GAAP guidance is provided in Appendix



11 © 2026 Corpay. All rights reserved.



2026 Guidance

FY26 and 2Q26 Updated Guidance

($ in millions, except per share data and %)

Full year 2026 guidance revised to $5.290 billion and $26.70 at the midpoint

February Guidance Midpoint

Guidance Ranges1

Range

Midpoint

YoY Growth

Full Year 2026

GAAP Revenues

$5,265

$5,250 - $5,330

$5,290

+17%

Adjusted Net Income per Diluted Share2

$26.00

$26.30 - $27.10

$26.70

+25%

Q2 2026

GAAP Revenues

$1,285 - $1,305

$1,295

+18%

Adjusted Net Income per Diluted Share2

$6.45 - $6.65

$6.55

+28%

ASSUMPTIONS

  • Weighted average U.S. fuel prices equal to $4.17 per gallon based on the April 2026 EIA short-term energy outlook;

  • Fuel price spreads flat with the 2025 average;

  • Foreign exchange rates unchanged from our prior guidance in February 2026;

  • Interest expense between $415 million and $445 million, based on the SOFR forward curve as of April 29, 2026;

  • Free cashflow is used to pay down debt;

  • Approximately 67 million fully diluted shares outstanding;

  • An adjusted effective tax rate of approximately 25% to 27%; and

  • No impact related to material acquisitions or divestitures not closed.

  1. Growth rates at the midpoint

  2. A reconciliation of GAAP guidance to non-GAAP guidance is provided in Appendix



12 © 2026 Corpay. All rights reserved.



Q1 2026 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. Adjusted net income attributable to Corpay is calculated as net income attributable to Corpay, adjusted to eliminate (a) non-cash stock-based compensation expense related to stock-based compensation awards, (b) amortization of deferred financing costs, discounts, intangible assets, amortization of the premium recognized on the purchase of receivables and amortization attributable to the Company's noncontrolling interest, (c) integration and deal related costs, and (d) other non-recurring items, including unusual credit losses, certain discrete tax items, the impact of business dispositions, impairment losses, asset write-offs, restructuring costs, loss on extinguishment of debt, taxes associated with stock-based compensation programs, losses and gains on foreign currency transactions, redemption value adjustment for a non-controlling interest and legal settlements and related legal fees. We adjust net income for the tax effect of adjustments using our effective income tax rate, exclusive of certain discrete tax items. We calculate adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay to eliminate the effect of items that we do not consider indicative of our core operating performance.

Adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay are supplemental measures of operating performance that do not represent and should not be considered as an alternative to net income, net income per diluted share or cash flow from operations, as determined by U.S. generally accepted accounting principles, or U.S. GAAP. We believe it is useful to exclude non-cash stock-based compensation expense from adjusted net income because non-cash equity grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time and stock-based compensation expense is not a key measure of our core operating performance. We also believe that amortization expense can vary substantially from company to company and from period to period depending upon their financing and accounting methods, the fair value and average expected life of their acquired intangible assets, their capital structures and the method by which their assets were acquired; therefore, we have excluded amortization expense from our adjusted net income. Integration and deal related costs represent business acquisition transaction costs, professional services fees, short-term retention bonuses and system migration costs, etc., that are not indicative of the performance of the underlying business. We also believe that certain expenses, discrete tax items, gains on business disposition, recoveries (e.g. legal settlements, write-off of customer receivable, etc.), gains and losses on investments, taxes related to stock-based compensation programs and impairment losses do not necessarily reflect how our investments and business are performing. We adjust net income for the tax effect of each of these adjustments using the effective tax rate during the period, exclusive of discrete tax items.

Organic revenue growth is calculated as revenue growth in the current period adjusted for the impact of changes in the macroeconomic environment (to include fuel price, fuel price spreads and changes in foreign exchange rates) over revenue in the comparable prior period adjusted to include or remove the impact of acquisitions, divestitures and/or business, inclusive of changes in operational and capital structure, and non-recurring items that have occurred subsequent to that period. We believe that organic revenue growth on a macro-neutral, one-time item, and consistent acquisition/divestiture/non-recurring item basis is useful to investors for understanding the performance of Corpay.

EBITDA is defined as earnings before interest, income taxes, interest expense, net, other expense (income), depreciation and amortization, loss on extinguishment of debt, goodwill impairment, investment loss/gain and other operating, net. Adjusted EBITDA is defined as EBITDA further adjusted for stock-based compensation expense and other one-time items including certain legal expenses, restructuring costs and integration and deal related costs and other items as listed above for adjusted net income. EBITDA and adjusted EBITDA margin are defined as EBITDA and adjusted EBITDA as a percentage of revenue.

Management uses adjusted net income attributable to Corpay, adjusted net income per diluted share attributable to Corpay, organic revenue growth, EBITDA and adjusted EBITDA:

  • as a measurement of operating performance because it assists us in comparing performance on a consistent basis;

  • for planning purposes including the preparation of internal annual operating budget;

  • to allocate resources to enhance the financial performance of our business; and

  • to evaluate the performance and effectiveness of operational strategies

We believe adjusted net income attributable to Corpay, adjusted net income per diluted share attributable to Corpay, organic revenue growth, EBITDA and adjusted EBITDA are key measures used by the Company and investors as supplemental measures to evaluate the overall operating performance of companies in our industry. By providing these non-GAAP financial measures, together with reconciliations, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives.

Reconciliations of GAAP results to non-GAAP results are provided in the attached Appendix.



13 © 2026 Corpay. All rights reserved.



Q1 2026 Segment Changes

Segment Changes

In the first quarter of 2026, we've refined our segment composition to reflect how we organize and manage our global business. The presentation of segment information has been recast for prior periods.

Corporate Payments

  • Excludes outsourced card processing business

  • Includes enterprise clients using our spend management product for vehicle and corporate payments

Vehicle Payments

  • Excludes enterprise clients using our spend management product for vehicle and corporate payments

Lodging Payments

  • No changes1

Other

  • Includes outsourced card processing business



1. The segment composition changes resulted in changes to allocated corporate overhead costs amongst all segments. Our corporate overhead allocation methodology was performed consistently for all periods



14 © 2026 Corpay. All rights reserved.



Q1 2026 Appendix

Reconciliation of Net Income to Adjusted Net Income

($ in millions, except per share amounts)

Three Months Ended March 31,

2026

2025

Net income attributable to Corpay

$ 350

$ 243

Stock-based compensation

27

18

Amortization1

83

66

Loss on extinguishment of debt

-

2

Integration and deal related costs

17

11

Restructuring and related costs

4

3

Gain on disposition, net

(121)

-

Adjustments at equity method investment, net of tax

21

-

Other2

11

7

Total pre-tax adjustments

$ 43

$ 107

Income tax impact of pre-tax adjustments at the effective tax rate3

(40)

(28)

Discrete taxes4

44

-

Adjusted net income attributable to Corpay

$ 397

$ 323

Adjusted net income per diluted share attributable to Corpay5

$ 5.80

$ 4.51

Diluted shares

68

72

  1. Includes consolidated amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts

  2. Includes losses and gains on foreign currency transactions, certain legal expenses, amortization expense attributable to the Company's noncontrolling interest and taxes associated with stock-based compensation programs

  3. Represents provision for income taxes of pre-tax adjustments. Adjustments related to our equity method investment are tax effected at the effective tax rate of the investment as stated

  4. For 2026, represents discrete taxes on net gain realized upon disposition of our PaybyPhone business within Vehicle Payments of $40.0 million and taxes related to our equity method investment

  5. Excludes the impact on earnings per share of the adjustment of a non-controlling interest to its maximum redemption value of $3.0 million



15 © 2026 Corpay. All rights reserved.



Q1 2026 Appendix

Reconciliation of Net Income to EBITDA

($ in millions, except per share amounts)

Three Months Ended March 31,

2026

2025

Net income from operations

$ 354

$ 244

Provision for income taxes

151

84

Interest expense, net

110

94

Other expense, net

21

4

Depreciation and amortization

115

92

Loss on extinguishment of debt

-

2

Gain on disposition

(121)

-

Other operating, net

7

-

EBITDA1

$ 637

$ 519

Stock-based compensation

27

18

Other addbacks2

24

18

Adjusted EBITDA2

$ 689

$ 555

Revenue

$ 1,261

$ 1,006

EBITDA margin

50.5%

51.6%

Adjusted EBITDA margin

54.6%

55.2%

*Columns may not calculate due to rounding.

  1. EBITDA is defined as earnings before interest, income taxes, interest expense, net, other expense, depreciation and amortization, other operating, net, loss on extinguishment of debt and gain on disposition of business and assets, net

  2. Adjusted EBITDA is adjusted for stock-based compensation and other one-time items including certain legal expenses, restructuring costs and integration and deal related costs



16 © 2026 Corpay. All rights reserved.



Q1 2026 Appendix

Calculation of Organic Revenue Growth* (Recast)

($ in millions, except %)

1Q26 Organic Growth

2026

Macro Adj3

2025 Pro

Forma2

%

Corporate Payments

$ 482

$ 417

16%

Vehicle Payments

524

478

10%

Lodging Payments

110

110

-%

Other1

81

76

7%

Consolidated Revenues, net

$1,196

$1,081

11%

1Q25 Organic Growth

2Q25 Organic Growth

3Q25 Organic Growth

4Q25 Organic Growth

2025

Macro Adj3

2024 Pro %

Forma2

2025

Macro Adj3

2024 Pro %

Forma2

2025

Macro Adj3

2024 Pro %

Forma2

2025

Macro Adj3

2024 Pro %

Forma2

Corporate Payments $ 351 $ 295 19%

Vehicle Payments 519 482 8%

Lodging Payments 111 111 (1)%

Other1 77 82 (7)%

Consolidated Revenues, net $1,057 $ 971 9%

$ 385 $ 324 19%

534 492 9%

120 122 (2)%

82 73 13%

$1,121 $1,012 11%

$ 404 $ 342 18%

538 492 9%

127 134 (5)%

101 87 16%

$1,170 $1,054 11%

$ 459 $ 400 15%

532 485 10%

112 121 (7)%

109 90 21%

$1,211 $1,096 11%

*Columns may not calculate due to rounding.

  1. Other includes Gift, Outsourced Card Processing and Payroll Card

  2. Pro forma to include acquisitions and exclude dispositions, inclusive of changes in operational and capital structure, consistent with the comparable period's ownership. Organic revenue for 2025 has been recast to reflect segment changes made in 2026. See reconciliation on subsequent slides

  3. Adjusted to remove the impact of changes in the macroeconomic environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates. See reconciliation on subsequent slides



17 © 2026 Corpay. All rights reserved.



Q1 2026 Appendix

Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2026

($ in millions)

Macro Adjusted1

Pro Forma2

1Q26

1Q25

Corporate Payments:

Pro forma and macro adjusted

$ 482

$ 417

Impact of acquisitions/dispositions

-

(72)

Impact of fuel prices/spread

1

-

Impact of foreign exchange rates

22

-

As reported

$ 504

$ 345

Vehicle Payments:

Pro forma and macro adjusted

$ 524

$ 478

Impact of acquisitions/dispositions

1

(3)

Impact of fuel prices/spread

1

-

Impact of foreign exchange rates

38

-

As reported

$ 564

$ 474

Lodging Payments:

Pro forma and macro adjusted

$ 110

$ 110

Impact of acquisitions/dispositions

-

-

Impact of fuel prices/spread

-

-

Impact of foreign exchange rates

1

-

As reported

$ 111

$ 110

*Columns may not calculate due to rounding.

  1. Adjusted to remove the impact of changes in the macroeconomic environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates. See reconciliation on subsequent slides

  2. Pro forma to include acquisitions and exclude dispositions, inclusive of changes in operational and capital structure, consistent with the comparable period's ownership. See reconciliation on subsequent slides



18 © 2026 Corpay. All rights reserved.



Q1 2026 Appendix

Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2026

Macro Pro

Adjusted1 Forma2

1Q26 1Q25

Other3:

Pro forma and macro adjusted Impact of acquisitions/dispositions Impact of fuel prices/spread Impact of foreign exchange rates As reported

$

$

81

-

- 1

82

$

$

76

-

-

- 76

Corpay Consolidated Revenues:

($ in millions)

Pro forma and macro adjusted

$ 1,196

$1,081

Impact of acquisitions/dispositions

1

(75)

Impact of fuel prices/spread

2

-

Impact of foreign exchange rates

62

-

As reported

$ 1,261

$1,006

*Columns may not calculate due to rounding.

  1. Adjusted to remove the impact of changes in the macroeconomic environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates. See reconciliation on subsequent slides

  2. Pro forma to include acquisitions and exclude dispositions, inclusive of changes in operational and capital structure, consistent with the comparable period's ownership. See reconciliation on subsequent slides

  3. Other includes Gift, Outsourced Card Processing and Payroll Card



19 © 2026 Corpay. All rights reserved.



Q1 2026 Appendix

Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2025 (Recast)

($ in millions)

Macro Adjusted1

Pro Forma2

1Q25

2Q25

3Q25

4Q25

1Q24

2Q24

3Q24

4Q24

Corporate Payments:

Pro forma and macro adjusted

$ 351

$ 385

$ 404

$ 459

$ 295

$ 324

$ 342

$ 400

Impact of acquisitions/dispositions

-

-

-

-

(36)

(42)

(28)

(62)

Impact of fuel prices/spread

(1)

(1)

-

-

-

-

-

-

Impact of foreign exchange rates

(5)

3

2

8

-

-

-

-

As reported

$ 345

$ 387

$ 406

$ 467

$ 259

$ 282

$ 314

$ 338

Vehicle Payments:

Pro forma and macro adjusted

$ 519

$ 534

$ 538

$ 532

$ 482

$ 492

$ 492

$ 485

Impact of acquisitions/dispositions

-

-

-

1

1

6

3

1

Impact of fuel prices/spread

(8)

(12)

(10)

2

-

-

-

-

Impact of foreign exchange rates

(36)

(10)

9

25

-

-

-

-

As reported

$ 474

$ 512

$ 538

$ 559

$ 482

$ 498

$ 495

$ 486

Lodging Payments:

Pro forma and macro adjusted

$ 111

$ 120

$ 127

$ 112

$ 111

$ 122

$ 134

$ 121

Impact of acquisitions/dispositions

-

-

-

-

-

-

-

-

Impact of fuel prices/spread

-

-

-

-

-

-

-

-

Impact of foreign exchange rates

-

-

-

1

-

-

-

-

As reported

$ 110

$ 120

$ 127

$ 113

$ 111

$ 122

$ 134

$ 121

* Columns may not calculate due to impact of rounding

  1. Adjusted to remove the impact of changes in the macroeconomic environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates, as well as one-time items

  2. Pro forma to include acquisitions and exclude dispositions, inclusive of changes in operational and capital structure, consistent with the comparable period's ownership



20 © 2026 Corpay. All rights reserved.



Q1 2026 Appendix

Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2025 (Recast)

Macro Adjusted1

Pro Forma2

1Q25

2Q25

3Q25

4Q25

1Q24

2Q24

3Q24

4Q24

As reported

$ 76

$ 83

$ 101

$ 110

$ 82

$ 73

$ 87

$ 90

Corpay Consolidated Revenue:

($ in millions)

Other3:

Pro forma and macro adjusted

$ 77

$ 82

$ 101

$ 109

$ 82

$ 73

$ 87

$ 90

Impact of acquisitions/dispositions

-

-

-

-

-

-

-

-

Impact of fuel prices/spread

-

-

-

-

-

-

-

-

Impact of foreign exchange rates

-

-

1

1

-

-

-

-

Pro forma and macro adjusted

$ 1,057

$ 1,121

$ 1,170

$ 1,211

$ 971

$ 1,012

$ 1,054

$ 1,096

Impact of acquisitions/dispositions

-

-

-

1

(36)

(36)

(25)

(62)

Impact of fuel prices/spread

(9)

(13)

(10)

2

-

-

-

-

Impact of foreign exchange rates

(42)

(7)

13

34

-

-

-

-

As reported

$ 1,006

$ 1,102

$ 1,172

$ 1,248

$ 935

$ 976

$ 1,029

$ 1,034

* Columns may not calculate due to impact of rounding

  1. Adjusted to remove the impact of changes in the macroeconomic environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates, as well as one-time items

  2. Pro forma to include acquisitions and exclude dispositions, inclusive of changes in operational and capital structure, consistent with the comparable period's ownership

  3. Other includes Gift, Outsourced Card Processing and Payroll Card



21 © 2026 Corpay. All rights reserved.



Q1 2026 Segment Changes

Segments Recast by Quarter - 2025 and 2024

($ in millions)

As Recast

1Q25

2Q25

3Q25

4Q25

FY 2025

FY 2024

Revenues, net:

Corporate Payments $ 345.1

$ 387.3

$ 405.9

$ 466.6

$ 1,604.8

$ 1,192.8

Vehicle Payments 474.3

512.0

538.3

559.1

2,083.7

1,960.9

Lodging Payments 110.2

119.8

127.0

112.5

469.5

488.6

Other1 76.0

82.9

101.3

110.1

370.4

332.3

$ 1,005.7

$ 1,102.0

$ 1,172.5

$ 1,248.2

$ 4,528.4

$ 3,974.6

Operating Income:

Corporate Payments $ 129.8

$ 156.9

$ 173.4

$ 156.6

$ 616.7

$ 476.2

Vehicle Payments 222.8

241.6

256.5

315.5

1,036.3

1,041.6

Lodging Payments 43.0

49.3

56.9

45.5

194.7

224.2

Other1 31.5

31.5

36.4

47.0

146.3

45.1

$ 427.1

$ 479.4

$ 523.1

$ 564.5

$ 1,994.1

$ 1,787.2

Depreciation and Amortization:

Corporate Payments $ 29.7

$ 30.4

$ 30.2

$ 49.9

$ 140.2

$ 90.4

Vehicle Payments 46.9

45.7

47.8

52.4

192.8

200.0

Lodging Payments 12.8

13.0

12.6

11.2

49.6

48.5

Other1 2.8

2.4

2.6

3.1

10.9

12.2

$ 92.2

$ 91.4

$ 93.2

$ 116.6

$ 393.3

$ 351.1

*Columns may not calculate due to rounding.

  1. Other includes Gift, Outsourced Card Processing and Payroll Card



22 © 2026 Corpay. All rights reserved.



Q1 2026 Appendix

KPIs* by Segment (Recast)

Three Months Ended March 31,

2026

2025

Change

% Change

($ in millions, except revenues, net per key performance indicator)

Corporate Payments:

- Revenues, net

$503.9

$345.1

$158.8

46%

- Spend volume

$81,850

$47,846

$34,005

71%

- Revenues, net per spend $

0.62%

0.72%

(0.11)%

(15)%

Vehicle Payments:

- Revenues, net

$563.9

$474.3

$89.6

19%

- Transactions

209.0

200.7

8.3

4%

- Revenues, net per transaction

$2.70

$2.36

$0.33

14%

- Tag transactions1

24.1

22.9

1.2

5%

- Parking transactions

66.3

65.1

1.2

2%

- Fleet transactions

101.7

99.6

2.1

2%

- Other transactions

17.0

13.1

4.0

30%

Lodging Payments:

- Revenues, net

$111.0

$110.2

$0.8

1%

- Room nights

7.4

9.8

(2.4)

(25)%

- Revenues, net per spend $

$15.06

$11.26

$3.79

34%

Other2:

- Revenues, net

$82.2

$76.0

$6.2

8%

- Transactions

465.0

429.0

36.0

8%

- Revenues, net per transaction

$0.18

$0.18

$-

-%

Corpay Consolidated Revenues:

- Revenues, net

$1,261.0

$1,005.7

$255.3

25%

* Columns may not calculate due to impact of rounding

  1. Represents total tag subscription transactions in the quarter. Average monthly tags for the first quarter of 2026 is 8.0 million

  2. Other includes Gift, Outsourced Card Processing and Payroll Card



23 © 2026 Corpay. All rights reserved.



Q1 2026 Appendix

KPIs* by Segment (Recast)

($ in millions, except revenues, net per key performance indicator)

As Recast

Q1 2025

Q2 2025

Q3 2025

Q4 2025

2025

Q1 2024

Q2 2024

Q3 2024

Q4 2024

2024

Corporate Payments:

- Revenues, net

$345.1

$387.3

$405.9

$466.6

$1,604.8

$259.2

$282.2

$313.9

$337.5

$1,192.8

- Spend volume

$47,846

$55,673

$65,592

$78,221

$247,332

$34,725

$40,062

$40,725

$45,198

$160,710

- Revenues, net per spend $

0.72%

0.70%

0.62%

0.60%

0.65%

0.75%

0.70%

0.77%

0.75%

0.74%

Vehicle Payments:

- Revenues, net

$474.3

$512.0

$538.3

$559.1

$2,083.7

$482.5

$498.1

$494.7

$485.7

$1,960.9

- Transactions

200.7

207.3

207.3

205.6

820.9

188.6

195.7

195.0

195.3

774.5

- Revenues, net per transaction

$2.36

$2.47

$2.60

$2.72

$2.54

$2.56

$2.55

$2.54

$2.49

$2.53

- Tag transactions1

22.9

22.8

22.9

23.4

92.0

21.3

21.4

21.6

22.1

86.5

- Parking transactions

65.1

67.8

65.3

65.6

263.8

60.9

63.0

61.7

63.3

249.0

- Fleet transactions

99.6

103.4

104.4

101.2

408.6

96.8

101.2

101.7

98.9

398.6

- Other transactions

13.1

13.3

14.8

15.4

56.5

9.6

10.0

10.0

11.0

40.6

Lodging Payments:

- Revenues, net

$110.2

$119.8

$127.0

$112.5

$469.5

$111.3

$122.4

$134.0

$120.9

$488.6

- Room nights

9.8

8.7

8.9

7.9

35.3

8.2

8.8

10.1

10.6

37.7

- Revenues, net per spend $

$11.26

$13.84

$14.20

$14.18

$13.29

$13.51

$13.97

$13.26

$11.37

$12.95

Other2:

- Revenues, net

$76.0

$82.9

$101.3

$110.1

$370.4

$82.4

$73.0

$86.6

$90.3

$332.3

- Transactions

429.0

420.1

384.2

515.5

1,748.8

381.4

364.1

361.1

495.9

1,602.5

- Revenues, net per transaction

$0.18

$0.20

$0.26

$0.21

$0.21

$0.22

$0.20

$0.24

$0.18

$0.21

Corpay Consolidated Revenues:

- Revenues, net

$1,005.7

$1,102.0

$1,172.5

$1,248.2

$4,528.4

$935.3

$975.7

$1,029.2

$1,034.4

$3,974.6

* Columns may not calculate due to impact of rounding

  1. Represents total tag subscription transactions in the quarter

  2. Other includes Gift, Outsourced Card Processing and Payroll Card



24 © 2026 Corpay. All rights reserved.



Q1 2026 Appendix

KPIs* by Segment - 2025 and 2024 (Recast)

($ in millions, except revenues, net per key performance indicator)

Pro Forma and Macro Adjusted, as recast3

Q1 2025

Q2 2025

Q3 2025

Q4 2025

2025

Q1 2024

Q2 2024

Q3 2024

Q4 2024

2024

Corporate Payments:

- Revenues, net

$351.0

$385.3

$403.8

$458.6

$1,598.7

$258.7

$283.5

$313.3

$338.6

$1,194.1

- Spend volume

$47,846

$55,673

$65,592

$78,221

$247,332

$34,725

$40,062

$40,725

$45,198

$160,710

- Revenues, net per spend $

0.73%

0.69%

0.62%

0.59%

0.65%

0.74%

0.71%

0.77%

0.75%

0.74%

Vehicle Payments:

- Revenues, net

$518.6

$534.1

$538.5

$531.7

$2,122.8

$479.9

$506.0

$509.0

$529.5

$2,024.4

- Transactions

200.7

207.3

207.3

204.8

820.1

188.6

195.7

195.0

195.3

774.5

- Revenues, net per transaction

$2.58

$2.58

$2.60

$2.60

$2.59

$2.54

$2.59

$2.61

$2.71

$2.61

- Tag transactions1

22.9

22.8

22.9

23.4

92.0

21.3

21.4

21.6

22.1

86.5

- Parking transactions

65.1

67.8

65.3

65.6

263.8

60.9

63.0

61.7

63.3

249.0

- Fleet transactions

99.6

103.4

104.4

100.4

407.8

96.8

101.2

101.7

98.9

398.6

- Other transactions

13.1

13.3

14.8

15.4

56.5

9.6

10.0

10.0

11.0

40.6

Lodging Payments:

- Revenues, net

$110.6

$119.5

$126.7

$111.9

$468.7

$111.2

$122.5

$133.9

$120.9

$488.4

- Room nights

9.8

8.7

8.9

7.9

35.3

8.2

8.8

10.1

10.6

37.7

- Revenues, net per spend $

$11.30

$13.80

$14.16

$14.11

$13.27

$13.50

$13.98

$13.24

$11.37

$12.94

Other2:

- Revenues, net

$76.5

$82.5

$100.7

$109.3

$369.0

$82.1

$73.1

$86.6

$90.5

$332.3

- Transactions

429.0

420.1

384.2

515.5

1,748.8

381.4

364.1

361.1

495.9

1,602.5

- Revenues, net per transaction

$0.18

$0.20

$0.26

$0.21

$0.21

$0.22

$0.20

$0.24

$0.18

$0.21

Corpay Consolidated Revenues:

- Revenues, net

$1,056.8

$1,121.4

$1,169.7

$1,211.4

$4,559.2

$931.8

$985.1

$1,042.8

$1,079.5

$4,039.2

* Columns and rows may not calculate due to impact of rounding

  1. Represents total tag subscription transactions in the quarter

  2. Other includes Gift, Outsourced Card Processing and Payroll Card

  3. Refer to appendix for a reconciliation of Pro forma and Macro Adjusted revenue by segment and metrics, non-GAAP measures, to the GAAP equivalent



25 © 2026 Corpay. All rights reserved.



Q1 2026 Appendix

Reconciliation of Non-GAAP KPIs by Segment - 2026

($ in millions)

Macro Pro

Adjusted1 Forma2

1Q26 1Q25

Corporate Payments - Spend:

Pro forma and macro adjusted Impact of acquisitions/dispositions Impact of fuel prices/spread Impact of foreign exchange rates As reported

Vehicle Payments - Transactions: Pro forma and macro adjusted Impact of acquisitions/dispositions Impact of fuel prices/spread

Impact of foreign exchange rates As reported

Lodging Payments - Room Nights: Pro forma and macro adjusted Impact of acquisitions/dispositions Impact of fuel prices/spread

Impact of foreign exchange rates As reported

Other3 - Transactions:

Pro forma and macro adjusted Impact of acquisitions/dispositions Impact of fuel prices/spread Impact of foreign exchange rates As reported

$81,850

-

-

-

$81,850

$57,371

(9,525)

-

-

$47,846

208

1

-

- 209

200

1

-

- 201

$7

-

-

-

$7

$10

-

-

-

$10

465

-

-

- 465

429

-

-

- 429

*Columns may not calculate due to rounding.

  1. Adjusted to remove the impact of changes in the macroeconomic environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates. See reconciliation on subsequent slides

  2. Pro forma to include acquisitions and exclude dispositions, inclusive of changes in operational and capital structure, consistent with the comparable period's ownership. See reconciliation on subsequent slides

  3. Other includes Gift, Outsourced Card Processing and Payroll Card



26 © 2026 Corpay. All rights reserved.



Q1 2026 Appendix

Reconciliation of Non-GAAP KPIs by Segment - 2025 (Recast)

($ in millions)

Corporate Payments - Spend:

Macro Adjusted1

1Q25 2Q25 3Q25 4Q25

Pro Forma2

1Q24 2Q24 3Q24 4Q24

Pro forma and macro adjusted $47,846 $55,673 $65,592 $78,221 Impact of acquisitions/dispositions - - - - Impact of fuel prices/spread - - - - Impact of foreign exchange rates - - - - As reported $47,846 $55,673 $65,592 $78,221 Vehicle Payments - Transactions:

Pro forma and macro adjusted 201 207 207 205

Impact of acquisitions/dispositions - - - 1

Impact of fuel prices/spread - - - - Impact of foreign exchange rates - - - - As reported 201 207 207 206

Lodging Payments - Room Nights:

Pro forma and macro adjusted $10 $9 $9 $8 Impact of acquisitions/dispositions - - - - Impact of fuel prices/spread - - - - Impact of foreign exchange rates - - - - As reported $10 $9 $9 $8 Other3 - Transactions:

Pro forma and macro adjusted 429 420 384 516

Impact of acquisitions/dispositions - - - - Impact of fuel prices/spread - - - - Impact of foreign exchange rates - - - - As reported 429 420 384 516

$40,663 $45,885 $46,444 $53,112 (5,938) (5,823) (5,719) (7,913)

- - - -

- - - -

$34,725 $40,062 $40,725 $45,198

190 196 196 195

(1) (1) (1) 1

- - - -

- - - -

189 196 195 195

$8 $9 $10 $11

- - - -

- - - -

- - - -

$8 $9 $10 $11

381 364 361 496

- - - -

- - - -

- - - -

381 364 361 496

*Columns may not calculate due to rounding.

  1. Adjusted to remove the impact of changes in the macroeconomic environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates. See reconciliation on subsequent slides

  2. Pro forma to include acquisitions and exclude dispositions, inclusive of changes in operational and capital structure, consistent with the comparable period's ownership. See reconciliation on subsequent slides

  3. Other includes Gift, Outsourced Card Processing and Payroll Card



27 © 2026 Corpay. All rights reserved.



Q1 2026 Appendix

Reconciliation of Non-GAAP Guidance Measures

($ in millions, except per share amounts)

2026 Guidance

Low*

High*

Net income $ 1,352 $ 1,432

Net income per diluted share

$ 20.39

$ 21.19

Stock-based compensation

127

127

Amortization

336

336

Gain on disposition, net

(121)

(121)

Other

155

155

Total pre-tax adjustments

$ 497

$ 497

Income taxes

(103)

(103)

Adjusted net income

$ 1,746

$ 1,826

Adjusted net income per diluted share

$ 26.30

$ 27.10

Diluted shares

67

67

Q2 2026 Guidance

Low*

High*

Net income

301

321

Net income per diluted share

$ 4.59

$ 4.79

Stock-based compensation

36

36

Amortization

88

88

Other

35

35

Total pre-tax adjustments

$ 160

$ 160

Income taxes

(36)

(36)

Adjusted net income

$ 424

$ 444

Adjusted net income per diluted share

$ 6.45

$ 6.65

Diluted shares

66

66

* Columns may not calculate due to rounding



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