Corpay Raises 2026 Outlook After Corporate Payments Surge

The Tip Desk · November 5, 2026 · 3 min read

The company lifted full-year revenue guidance to $5.340 billion–$5.360 billion and adjusted EPS to $27.90–$28.10 after third-quarter revenue of $1,381.9 million.

Corpay, Inc. (CPAY), the Global Spend Management Company, raised its full-year 2026 outlook after third-quarter revenue of $1,381.9 million, up 18% from $1,172.5 million a year earlier, and adjusted net income of $7.54 a share, up 32%.

That revenue growth rate slowed from 21% in the second quarter and 25% in the first. Organic revenue growth was 11%, matching the first quarter after 10% in the second. Chairman and chief executive officer Ron Clarke said both revenue growth and adjusted earnings growth were ahead of the company’s expectations and that organic growth of 11% had been delivered in five of the last six quarters.

GAAP net income attributable to Corpay was $378.4 million, or $5.66 a share, reversing a 13% decline in the second quarter. Adjusted EBITDA was $793.8 million.

Corporate Payments was the engine. Segment revenue rose 41% to $571.3 million, with 18% organic growth on a pro forma and macro-adjusted basis. Spend volume was $95.3 billion as reported, or 24% organic on that adjusted basis. Chief financial officer Peter Walker said Corporate Payments delivered 18% organic revenue growth driven by strong performance in both spend management and cross-border, and that the segment posted 57.4% EBITDA margins due to a high flow-through rate on revenue. Segment operating income was $226.6 million.

Vehicle Payments revenue was $579.8 million. On a pro forma and macro-adjusted basis, organic growth was 8%. Reported transactions fell 26% to 152.4 million after the March 2026 sale of PayByPhone; organic transactions rose 9%. Segment operating income was $297.4 million.

Lodging Payments revenue was $131.1 million, with 3% organic growth on the adjusted basis. Room nights were 7.7 million. Other, which includes Gift, Outsourced Card Processing and Payroll Card, was $99.7 million.

By geography, U.S. revenue was $624 million, Brazil $227 million, the U.K. $208 million and other markets $324 million.

The company again lifted the full-year 2026 range. Revenue guidance is now $5.340 billion to $5.360 billion, or 18% growth at the midpoint, from $5.290 billion to $5.330 billion, or 17% at the midpoint, after the second quarter. Adjusted net income per diluted share is now $27.90 to $28.10, or 31% growth at the midpoint, from $27.15 to $27.55, or 28% at the midpoint. Walker said the raise reflected strong third-quarter results and improved expectations for the fourth quarter. GAAP net income is guided at $1.337 billion to $1.357 billion, or $20.03 to $20.23 a share.

For the fourth quarter, Corpay expects revenue of approximately $1.37 billion and adjusted net income of $7.65 a share at the midpoint. Guidance assumptions include weighted average U.S. fuel prices of $4.90 a gallon for the rest of the year, interest expense of $435 million to $455 million, about 66 million fully diluted shares, and an adjusted effective tax rate of about 24% to 26%. Proceeds from the sale of the maintenance business are to be used to delever.

Through the end of the third quarter, Corpay had repurchased 5.25 million shares for $1.85 billion, including 1.9 million shares for $747 million in the quarter. Cash and cash equivalents were $3.07 billion at September 30.