Corpay raises 2026 profit forecast after Q3 profit tops estimates

Corpay (CPAY) topped profit estimates for the third quarter ended Sept. 30 and raised its 2026 forecast, the company said in a press release on Nov. 4.

The company sells corporate and virtual card programs, cross-border currency solutions and vehicle payment products. It is an S&P 500 company.

Here's how the company did:

• Revenue: $1.38 billion vs. $1.17 billion a year earlier
• Adjusted EPS: $7.54 vs. $5.70 a year earlier, against a $7.35 consensus estimate
• GAAP diluted EPS: $5.66 vs. $3.91 a year earlier
• Net income attributable to Corpay: $378.4 million vs. $277.9 million a year earlier
• Adjusted EBITDA: $793.8 million vs. $676.7 million a year earlier

Revenue rose 18%, in line with the $1.39 billion consensus estimate. Adjusted EBITDA rose 17%, and its margin was 57.4%, the company said. Organic revenue growth, which adjusts for fuel prices, fuel price spreads, currency moves and acquisitions and disposals, was 11%.

Chairman and Chief Executive Officer Ron Clarke said: "Our third quarter results were excellent, with revenue growth of 18% and adjusted net income per diluted share growth of 32%, both ahead of our expectations." Clarke added that organic revenue growth for the quarter was 11%.

2026 guidance

Corpay raised its full-year 2026 revenue forecast to $5.34 billion to $5.36 billion, from the $5.29 billion to $5.33 billion range it gave on Aug. 5.

It raised its GAAP net income per diluted share forecast to $20.03 to $20.23, from $19.50 to $19.90. Its adjusted net income per diluted share forecast is $27.90 to $28.10, which the company said represents growth of 31% at the midpoint.

Interest expense is expected to be $435 million to $455 million for the full year, against $435 million to $465 million previously. The company also said proceeds from the sale of its maintenance business will be used to reduce debt.

For the fourth quarter, the company expects revenue of approximately $1.37 billion and adjusted EPS of $7.65 at the midpoint, within a range of $7.55 to $7.75 per diluted share.

Chief Financial Officer Peter Walker said: "We are raising our full-year 2026 outlook to reflect our strong third quarter results and improved expectations for the fourth quarter."

Segment results

Here's how other Corpay segments did during the quarter:

• Corporate Payments revenue: $571.3 million vs. $405.9 million a year earlier
• Vehicle Payments revenue: $579.8 million vs. $538.3 million a year earlier
• Lodging Payments revenue: $131.1 million vs. $127.0 million a year earlier
• Other revenue: $99.7 million vs. $101.3 million a year earlier

The company sold its PayByPhone parking business to a third party in March 2026. Parking transactions were zero in the third quarter, against 65.3 million a year earlier.

Costs and capital returns

Walker said the company had repurchased 5.25 million shares for $1.85 billion through the end of the quarter, including 1.9 million shares for $747 million in the third quarter.

Results for the nine months included a $100 million provision for a legal settlement, according to the company's cash flow statement.

Revenue has risen in each of the last three quarters, from $1.17 billion in the third quarter of 2025 to $1.34 billion in the second quarter of 2026, according to its SEC filings.

The company will host a conference call on Nov. 4 at 5:30 p.m. ET.