Corpay, Inc. (CPAY)

Corpay is a corporate payments company. It gives a business the means to pay its suppliers, its staff's expenses, its fuel and toll bills and its hotel bills, with controls and reporting attached to each. The range covers accounts payable automation and cross-border payments including foreign exchange spot, forward and option transactions, commercial card programmes such as purchasing, business and virtual cards, vehicle payment solutions such as fuel cards and toll payments, and lodging payment solutions. It was incorporated in 2000, has been a member of the S&P 500 since 2018, and trades on the New York Stock Exchange under the ticker CPAY. There are four reportable segments: Corporate Payments, Vehicle Payments, Lodging Payments and Other.

Corporate Payments

The filing's starting point is that many businesses still approve and pay for business-to-business purchases with manual, paper-based processes, at a cost in unauthorised spending, fraud, data entry errors and reconciliation mistakes. Against that, the segment covers cross-border payments, spend management, accounts payable automation, virtual cards and purchasing and travel and entertainment cards.

The cross-border product is used to pay international vendors, foreign office and personnel expenses, and to repatriate profit and pay dividends, structured with foreign currency spot trades, forward contracts and option contracts. Liquidity moves over the company's own proprietary network, the SWIFT international payments network, and stablecoins. Settlement and delivery run through a global network of correspondent banks, in-country payment gateways and technology providers, reaching recipients in close to 200 countries and 145 currencies. Alongside the payment sit hedging and risk management services for customers managing foreign exchange exposure. The trading and payments platform can be white labelled for a financial institution wanting to add cross-border capability, and a suite of programming interfaces lets the whole capability be embedded inside a customer's or partner's own technology. The company also offers multi-currency bank accounts, including alternative bank account arrangements built for private equity, real estate and hedge fund customers.

Vehicle Payments

Cards and services for vehicle-related expense: fuel, tolls and related products. For a business customer the value is control and visibility compared with cash or a general-purpose credit card, through user-level controls, programmable alerts and detailed transaction reporting reached from web portals and mobile applications, which the company frames as a way to combat employee misuse and fraud and streamline expense administration. For consumers it is a mobile-first way to pay for particular vehicle expenses. Delivery runs on two kinds of network. Proprietary networks, geographically distinct and unique to each market, process transactions on the company's own applications and operating systems at merchants it has contracted with directly; the filing says these give better economics because the company controls more of the transaction, and richer data because of how the point-of-sale software is configured. Third-party networks, operated by independent parties such as Mastercard and Visa, are more broadly accepted. The segment also runs maintenance and tire services, including tire repair and management for leasing companies and large fleets covering over one million vehicles across approximately 25,000 tire centres in Germany, Austria, Switzerland, Norway, Sweden, Finland, the Czech Republic and Hungary.

Lodging Payments

Managing and controlling what businesses spend on rooms, across three verticals. Workforce covers businesses in North America and the United Kingdom whose employees travel overnight for work. Airlines covers airlines and cruise lines globally, accommodating both travelling crews and stranded passengers. Insurance covers North American residential property insurance policyholders displaced from their homes by damage or catastrophe, on behalf of the property insurance carriers. The size of that combined customer base lets the company negotiate nightly rates below what most companies could negotiate on their own and below public rates, on proprietary and third-party networks, with rooms also secured outside those networks including private homes in the insurance vertical.

Other

In Mexico and Brazil the company offers prepaid food vouchers or cards, given to employees by their employer and spent at restaurants and grocery stores, and in Brazil prepaid transportation cards and vouchers for commuting employees to use on public transport.

How it reaches a customer

Digital channels where a customer can buy, onboard and manage an account without a salesperson; a direct sales force working in person or by telephone; and indirect channels, among them major oil companies and fuel marketers for fuel, retail establishments for tolls and vehicle manufacturers for consumer electric vehicle products. Much of the range is also available on a branded or white label basis through resellers and partners.

From Corpay's annual report on Form 10-K for the year ended 31 December 2025. The filing