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Corpay posts stronger adjusted earnings while shrinking GAAP net income
The company also agreed to sell a UK fleet software business and raised its 2026 revenue and adjusted EPS outlook after the quarter.
Corpay (CPAY) reported second-quarter results that beat its own targets, with revenue up 21% to $1,338.8 million and adjusted earnings per share rising 36% to $7.00. Adjusted EBITDA increased 24% to $767.2 million and adjusted net income climbed 27% to $464.4 million, helped by organic revenue growth of 10% for a fifth straight quarter of double-digit gains.
Despite the stronger adjusted picture, GAAP net income fell 13% to $248.3 million from $284.2 million, according to the company’s disclosure of a one-time regulatory charge. CFO Peter Walker pointed to 16% organic revenue growth in the Corporate Payments segment, with lodging also improving sequentially.
Corpay also moved to streamline its portfolio by agreeing to sell its UK-based epyx fleet software platform, along with related sister companies, to OEConnection, a Francisco Partners portfolio company. The deal is expected to close this fall, and management said proceeds are earmarked for share buybacks rather than reinvestment.
Separately, Corpay refinanced its debt facilities, expanded its revolving credit line to $3.7 billion, and ended the quarter with leverage of 2.55 times while repurchasing 1 million shares for $321 million. Management raised its full-year 2026 guidance to revenue of $5.290 billion to $5.330 billion and adjusted diluted EPS of $27.15 to $27.55.