Corpay, Inc.

Company facts

Industry

Services-Business Services, NEC

Headquarters

Atlanta, Georgia

Most recent report

10-Q, filed Nov 5, 2026

Incorporated

Delaware

Filings on record

1,000+ filings

On EDGAR

CIK 1175454

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 4 of 13 sections worth reading, with 1 positive, 21 notable, and 1 negative flags.

• Financial Statements (Item 1)

  Notes show a $100M FTC settlement charge, a $1.9B buyback, and a $800M Maintenance sale.
  Notable

  • Mastercard can put its 2.3% stake back to Corpay starting Aug 2027 at cost plus 8% annual compounded return.
  • Corpay sold its Maintenance business for ~$800M in Nov 2026, expecting a pre-tax gain of $460M-$515M.
  Negative

  • Corpay recorded a $100M charge for a proposed FTC consent order in Q3 2026, resolving a long-running dispute.

• Management's Discussion (Item 2)

  FTC $100M charge, segment recast, large acquisitions, debt-funded buybacks, and Mastercard put/call.
  Notable

  • Segment recast in Q1 2026: outsourced card processing moved to Other, enterprise clients realigned.
  • Sold PayByPhone in March 2026 for $424.7M net proceeds, recording $125.5M pre-tax gain.
  • Gringo acquisition in Brazil for $153.7M in Feb 2025; increased controlling interest in Zapay to ~86%.
  • AvidXchange: invested $578M for ~35% stake; call option at 2.5x capital after 33 months, minimum return guarantee.
  • Alpha acquisition closed Oct 2025 for ~$2.4B, funded by debt; results in Corporate Payments segment.
  • Interest expense up $8.7M in Q3 2026 due to debt for acquisitions and buybacks, partly offset by lower rates.
  • Effective tax rate dropped to 23.9% in Q3 2026 from 34.0% due to geographic mix and stock option benefits.
  • Corporate Payments revenue surged 41% in Q3 2026, driven by 18% organic growth and acquisitions.
  • Vehicle Payments revenue up 8% in Q3 2026; organic growth 8%, but dispositions cut $26M.
  • Lodging Payments revenue grew only 3% in Q3 2026; room nights fell 14%, but revenue per room night rose 20%.
  • Total liquidity $4.0B at Sep 30, 2026: $0.9B undrawn credit facility + $3.1B cash (partly restricted).
  • Net cash from operations $716.3M in 9M 2026, up from $687.2M; investing cash positive due to PayByPhone sale.
  • Stock buyback: $1.5B more in 9M 2026 vs 2025; remaining authorization $0.6B at Sep 30, 2026.
  • Credit facility $9.95B; $3.3B Term Loan A, $2.95B Term Loan B, $3.7B revolver; all covenants met.
  • Securitization facility $2.3B; fully drawn at Sep 30, 2026; interest rate 4.80%.
  • Cross-currency swaps: added $1.7B EUR notional in Q3 2026 to hedge euro-denominated net investments.

• Legal Proceedings (Item 1)

  FTC settlement charge of $100M recorded; consent order pending approval.
  Notable

  • Eleventh Circuit affirmed liability in January 2026; en banc review denied in May 2026.
  • Consent order not yet final; if not approved, Corpay could incur additional redress or penalties.

• Unregistered Sales and Repurchases (Item 2)

  Buyback authorization raised twice in 2026, with $1.6B remaining; heavy Q3 repurchases at ~$403 avg.
  Positive

  • Board added $1.0B to buyback in April 2026 and another $1.0B in October 2026, total now $12.1B.
  Notable

  • 293,225 shares withheld in Q3 2026 at $416.55 avg for employee tax obligations, not open-market buybacks.

What changed: Sep 2026 vs. Jun 2026

About 4% of CPAY's Sep 2026 10-Q is new information. 15 paragraphs were added, 214 changed, and 27 removed. Below are the most important lines SECSift identified.

• Item 2 101
• Item 1 71
• Item 4 2
• Item 3 1