Corpay (CPAY) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $1.34 billion, up 21% year-over-year, with adjusted EPS of $7.00, up 36%, both exceeding guidance; organic revenue growth was 10%, led by 16% in Corporate Payments and 8% in Vehicle Payments.

• Double-digit organic revenue growth has been delivered for five consecutive quarters and in five of the last six years.

• Retention held steady at 93%, with Corporate Payments retention closer to 96-97%.

• Net income declined 13% to $248.3 million due to a $100 million FTC settlement charge.

Financial highlights

• Adjusted EBITDA was $767 million, up 24% year-over-year, with a margin of 57.3%, up 100 bps.

• Free cash flow generated was $464 million, with a yield of ~7%.

• Leverage ratio ended at 2.55x, with $1.6 billion available under the revolver.

• $321 million in stock repurchased during the quarter; $1.4 billion remains authorized.

• Operating costs increased 9% (excluding FX, stock comp, amortization, and a $100M FTC settlement charge), mainly due to sales investments and higher credit losses.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $5.31 billion at midpoint, up 17% year-over-year, assuming 10% organic growth.

• Full-year adjusted net income per diluted share expected at $27.35, up 28% year-over-year; Q3 revenue guide is $1.355 billion (+16% YoY) and Q3 EPS guide is $7.15 (+26% YoY).

• Guidance reflects Q2 revenue beat, favorable macro conditions, and the sale of the maintenance business.

• Cash EBITDA for 2026 expected at ~$3 billion; free cash flow at $1.8 billion.

• Guidance assumes stable fuel prices, flat fuel spreads, and consensus FX rates.