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Sentiment · FY2026 Q2
Corpay delivered a blowout Q1 with revenue of $1.26 billion, up 25%, and cash EPS of $5.80, up 29%. Overall organic revenue growth reached 11% for the fourth consecutive quarter, with Corporate Payments reaching 40% of revenue on 16% organic growth. Full-year 2026 guidance was raised to $5.290 billion revenue and $26.70 cash EPS at the midpoints, implying 25% EPS growth. Lodging dramatically improved with same-store sales turning positive at 6%, and the company sold PayByPhone while pursuing additional divestitures.
Revenue Growth | Demand | M&A | Capital Allocation | Competitive Dynamics | Product Launch | Guidance Reliability | Geographic Expansion | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 7 | 3 | 2 | 5 | 5 | 2 | 2 |
| 2025Q1 | 8 | 6 | 5 | 2 | 3 | 1 | 1 | |
| 2025Q2 | 13 | 8 | 2 | 4 | 2 | 2 | 3 | 1 |
| 2025Q3 | 11 | 5 | 6 | 3 | 2 | 2 | 4 | |
| 2025Q4 | 11 | 4 | 6 | 4 | 2 | 3 | 1 | 2 |
| 2026Q1 | 8 | 3 | 4 | 2 | 1 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 7 | 8 | 13 | 11 | 11 | 8 |
| Demand | 7 | 6 | 8 | 5 | 4 | 3 |
| M&A | 3 | 5 | 2 | 6 | 6 | 4 |
| Capital Allocation | 2 | 2 | 4 | 3 | 4 | 2 |
| Competitive Dynamics | 5 | 3 | 2 | 2 | 2 | 1 |
| Product Launch | 5 | 2 | 2 | 3 | ||
| Guidance Reliability | 2 | 1 | 3 | 4 | 1 | 1 |
| Geographic Expansion | 2 | 1 | 1 | 2 | 2 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Tien-Tsin Huang | JPMorgan | 14 (0%) |
| Sanjay Sakhrani | KBW | 13 (0%) |
| Darrin Peller | Wolfe Research | 12 (0%) |
| Andrew Jeffrey | William Blair | 10 (0%) |
| Nate Svensson | Deutsche Bank | 10 (0%) |
| Ramsey El-Assal | Cantor Fitzgerald | 10 (0%) |
| Dave Koning | Robert W. Baird | 9 (11%) |
| Trevor Williams | Jefferies | 7 (0%) |
| Mihir Bhatia | Bank of America | 7 (0%) |
| Ken Suchoski | Autonomous Research | 5 (40%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 | 14 (0%) |
| KBW | 1 | 13 (0%) |
| Wolfe Research | 1 | 12 (0%) |
| William Blair | 1 |
| 10 (0%) |
| Cantor Fitzgerald | 1 | 10 (0%) |
| Deutsche Bank | 1 | 10 (0%) |
| Robert W. Baird | 1 | 9 (11%) |
| Jefferies | 1 | 7 (0%) |
What CPAY and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We've had a little weird thing with Google, some keyword in our vehicle debt business kind of nicked us for maybe 1 point or something, I think, in Q1.”
A Google keyword/search issue negatively affected Corpay's Brazil vehicle business by roughly one point of growth in Q1, implying Google search dependence as an ad-channel supplier.
“the premise of Mastercard introducing us to their client base and our people explaining the expertise we have, the formula is working.”
Corpay's cross-border partnership with Mastercard is producing signed contracts and a growing pipeline, with Mastercard introducing Corpay to its FI client base.
“We just signed JPMorgan and BVNK agreements, to speed the addition of blockchain rails to our global settlement network.”
Corpay signed an agreement with blockchain-payments firm BVNK to help add blockchain rails to its global settlement network.
“We just signed JPMorgan and BVNK agreements, to speed the addition of blockchain rails to our global settlement network.”
Corpay signed an agreement with JPMorgan to add blockchain settlement rails to its cross-border global settlement network, positioning JPMorgan as a fiat-tokenization/blockchain partner.
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.03B | +10.4% | $3.44 | -1.1% | 77.9% | 47.2% | 23.8% | $605M |
| FY2025 Q1 | $1.01B | +7.5% | $3.40 | +9.0% | 77.9% | 42.5% | 24.2% | $-119M |
| FY2025 Q2 | $1.10B | +12.9% | $3.98 | +13.1% | 78.4% | 43.5% | 25.8% | $1.09B |
| FY2025 Q3 | $1.17B | +13.9% | $3.91 | +0.3% | 70.8% | 44.6% | 23.7% | $-430M |
| FY2025 Q4 | $1.25B | +20.7% | $3.75 | +9.0% | 69.8% | 40.9% | 21.2% | $760M |
| FY2026 Q1 | $1.26B | +25.4% | $5.07 | +49.1% | 72.7% | 43.1% | 27.8% | $-108M |
| FY2026 Q2 | $1.34B | +21.5% | $3.70 | -7.0% | 79.4% | 35.2% | 18.5% | $1.42B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
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|---|---|---|---|
CPAY Corpay | 8 | +25.4% | |
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| CRWD CrowdStrike | 9 | +23.3% | |
| CRWV CoreWeave, Inc. Class A Common Stock | 8 | +111.7% | |
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| MSFT Microsoft Corporation | 9 | +18.3% | |
| NET Cloudflare, Inc. | 10 | +33.5% | |
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