Corpay Raises 2026 Revenue Outlook After Fifth Straight Organic Gain

The Tip Desk · August 6, 2026 · 3 min read

Second-quarter revenue reached $1.34 billion, up 21%, as organic growth held double digits and adjusted earnings per share rose 36% to $7.00.

Corpay, Inc. (CPAY), the corporate payments and expense management company, reported second-quarter revenue of $1,338.8 million, up 21% from a year earlier, after first-quarter growth of 25%. Organic revenue growth eased to 10% from 11% in the first quarter, remaining double digits for a fifth consecutive period.

Chairman and Chief Executive Officer Ron Clarke said the quarter exceeded the company’s expectations and that organic growth was driven by a further rotation into corporate payments and spend management. Adjusted net income per diluted share rose 36% to $7.00, accelerating from 29% growth to $5.80 in the first quarter. Adjusted EBITDA increased 24% to $767.2 million.

GAAP results told a different story. Net income attributable to Corpay decreased 13% to $248.3 million, and diluted earnings per share fell 7% to $3.70. The company recorded a $100 million charge for a preliminary settlement with the FTC’s Bureau of Consumer Protection on a previously disclosed matter, subject to customary approval expected later in the year. First-quarter net income had risen 44% to $350.1 million, including an $81 million gain on the sale of a business.

Corporate Payments was the mix shift Clarke described. Segment revenue rose 42% to $548.7 million, with 16% organic growth. Spend volume increased 70% to $94.6 billion. Revenue per spend dollar fell 17% to 0.58%, which the company attributed to new payables and cross-border enterprise clients. Corporate Payments operating income rose 27% to $199.6 million.

Vehicle Payments revenue increased 13% to $580.2 million. Transactions fell 29% to 147.6 million after the March 2026 sale of PayByPhone, which took parking transactions to zero. Revenue per transaction rose 59% to $3.93. Vehicle Payments operating income declined 21% to $190.1 million. Lodging Payments revenue rose 3% to $123.2 million; room nights declined 13% to 7.5 million and revenue per room night increased 18% to $16.34. Other revenue rose 5% to $86.7 million. Consolidated operating income declined 1% to $472.3 million.

Chief Financial Officer Peter Walker said Corporate Payments delivered another quarter of 16% organic revenue growth and that lodging continued sequential organic revenue improvement. The company repurchased 1 million shares for $321 million, after 2.4 million shares for $786 million in the first quarter. It refinanced debt facilities, including increasing its revolving credit facility to $3.7 billion, and exited the quarter with 2.55x leverage.

Walker said the company is raising its full-year outlook to reflect strong second-quarter performance, favorable macro conditions and continued confidence in the underlying business. Fiscal 2026 revenue guidance moved to $5.290 billion to $5.330 billion, growing 17% at the midpoint, from a prior range of $5.250 billion to $5.330 billion. Net income guidance was lowered to $1.285 billion to $1.325 billion from $1.352 billion to $1.432 billion. Adjusted net income per diluted share guidance is $27.15 to $27.55, growing 28% at the midpoint, from $26.30 to $27.10. Assumptions include weighted average U.S. fuel prices of $4.02 a gallon for the rest of the year, interest expense of $435 million to $465 million, and proceeds from the maintenance business sale used to repurchase shares.

For the third quarter of 2026, revenue is expected to be approximately $1.355 billion at the midpoint, growing 16% year over year, and adjusted net income per diluted share is expected to be $7.15 at the midpoint, growing 26% year over year.