Corpay (CPAY) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $1.26 billion, up 25% year-over-year, with adjusted EPS of $5.80, up 29% year-over-year, and net income up 44% to $350.1 million.

• Organic revenue growth was 11% for the fourth consecutive quarter, with strong performance across all major segments and geographies.

• Adjusted EBITDA was $689 million, up 24% year-over-year, with a margin of 54.6%.

• Retention rate reached 93.5%, and new sales bookings increased 24% year-over-year.

• Major acquisitions included Alpha Group and a minority stake in AvidXchange; PayByPhone was divested, contributing a gain to net income.

Financial highlights

• Q1 revenue of $1.26 billion, up 25% year-over-year; adjusted EPS of $5.80, up 29%; net income was $350.1 million, up 44%.

• Adjusted EBITDA margin was 54.6%; operating income rose 49% to $636.2 million.

• Free cash flow was $397 million; cash and equivalents at quarter-end were $2.54 billion.

• Repurchased 2.4 million shares for $786 million; board increased buyback authorization by $1 billion.

• Operating costs (ex-FX, M&A, stock comp) rose 10%, mainly from higher transaction volumes and bad debt.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $5.25–$5.33 billion; adjusted EPS guidance to $26.30–$27.10; net income guidance to $1.35–$1.43 billion.

• Q2 2026 revenue guidance is $1.295 billion (up 18% YoY); adjusted EPS guidance is $6.55 (up 28% YoY).

• Organic revenue growth expected at 10% for the year.

• Guidance reflects Q1 outperformance, PayByPhone divestiture, and improved macro/business fundamentals.

• Guidance assumes stable fuel prices, flat fuel price spreads, unchanged FX rates, and 67 million diluted shares.