Corpay (CPAY) Q4 FY2025 earnings: revenue $1.2 billion, up 20.7% on the year

Corpay, Inc. (CPAY) reported revenue of $1.2 billion for Q4 FY2025, the quarter ended 31 December 2025, up 20.7% on the same quarter a year earlier. Net income was $264 million, up 7.5% on the year, and diluted earnings per share $3.75. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue

$1.2 billion

+20.7% on the year · +6.5% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

45.2%

47.2% a year earlier

Q1 FY2024Q4 FY2025

Net income

$264 million

+7.5% on the year · -4.8% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$3.75

+9.0% on the year · -4.1% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 16 new.

Fourth-quarter revenue grew 21%: Revenue rose to $1,248.2 million, with organic revenue growth of 11% and adjusted EBITDA up 18% to $712.4 million.
Full-year organic growth 10%: Full-year revenue reached $4.5 billion, up 14%, with organic growth of 10% and adjusted EPS of $21.38, up 12%.
Corporate Payments led growth: Segment revenue rose 39% to $480.8 million, and segment operating income rose 21% to $165.2 million in the quarter.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	1,248	1,172	1,034	+6.5%	+20.7%
Operating income	564	523	488	+7.9%	+15.6%
Operating margin	45.2%	44.6%	47.2%
Interest expense	113	100	94.8	+13.0%	+19.2%
Pre-tax income	399	422	387	-5.3%	+3.1%
Income tax	134	143	141	-6.7%	-5.4%
Effective tax rate	33.5%	34.0%	36.5%
Net income	264	278	246	-4.8%	+7.5%
Net margin	21.2%	23.7%	23.8%
Diluted EPS	$3.75	$3.91	$3.44	-4.1%	+9.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	813	-379	649		+25.3%
Capital expenditure	52.4	50.9	44.1	+3.0%	+18.9%
Free cash flow	760	-430	605		+25.8%
Free cash flow margin	60.9%	-36.7%	58.4%
Cash from investing	1,510	-60.3	-429
Cash from financing	1,664	-181	229		+627.4%
Depreciation and amortisation	117	93.2	92.4	+25.2%	+26.1%
Share-based compensation	27.8	27.6	36.1	+0.8%	-23.0%
Buybacks	500	192	249	+160.9%	+101.1%
Diluted shares, weighted	70m	71m	71m	-1.4%	-1.9%
Shares outstanding at period end	68m	70m	70m	-2.4%	-2.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	3,884	4,076	3,122	-4.7%	+24.4%
Non-controlling interest	42.8	43.4	23.6	-1.4%	+81.1%
Redeemable equity	302	n/a	0.0
Debt	10,002	8,123	7,996	+23.1%	+25.1%
Operating lease liabilities	85.3	n/a	64.7		+31.8%
Other liabilities	12,092	7,503	6,750	+61.2%	+79.1%
Total liabilities and equity	26,408	19,745	17,957	+33.7%	+47.1%
Fixed assets	472	453	378	+4.2%	+25.0%
Goodwill	7,565	6,337	5,985	+19.4%	+26.4%
Intangible assets	3,238	2,311	2,410	+40.1%	+34.3%
Cash and equivalents	2,408	2,006	1,554	+20.1%	+55.0%
Receivables	2,146	2,657	2,090	-19.3%	+2.6%
Other assets	10,579	5,981	5,540	+76.9%	+91.0%
Total assets	26,408	19,745	17,957	+33.7%	+47.1%

Questions

What was Corpay's revenue in Q4 FY2025?

Corpay (CPAY) reported revenue of $1.2 billion for Q4 FY2025, the quarter ended 31 December 2025, up 20.7% on the same quarter a year earlier.

How much did Corpay earn in Q4 FY2025?

Net income for Q4 FY2025 was $264 million, up 7.5% on the year, and diluted earnings per share $3.75.

When did Corpay report Q4 FY2025 results?

Corpay filed its 10-K for the year that ended with the quarter on 27 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	802	789	861	893	884	901	948	971	937	935	976	1,029	1,034	1,006	1,102	1,172	1,248	1,261	1,339	1,382
Operating income	340	318	370	389	369	375	413	445	424	397	433	468	488	427	479	523	564	636	472	621
Operating margin	42%	40%	43%	44%	42%	42%	44%	46%	45%	42%	44%	45%	47%	42%	44%	45%	45%	50%	35%	45%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	88.5	88.3	n/a	89.1	94.7	104	94.8	93.9	96.9	100	113	110	115	109
Pre-tax income	302	295	344	340	297	295	327	370	333	305	334	358	387	328	393	422	399	505	345	502
Tax rate	26%	26%	24%	27%	24%	27%	27%	27%	23%	25%	25%	23%	36%	26%	28%	34%	33%	30%	27%	24%
Net income	225	218	262	249	225	215	240	271	256	230	252	276	246	243	284	278	264	350	248	378
Net margin	28%	28%	30%	28%	25%	24%	25%	28%	27%	25%	26%	27%	24%	24%	26%	24%	21%	28%	19%	27%
Diluted EPS	$2.74	$2.75	$3.35	$3.29	$3.03	$2.88	$3.20	$3.64	$3.48	$3.12	$3.52	$3.90	$3.44	$3.40	$3.98	$3.91	$3.75	$5.07	$3.70	$5.66
Operating cash flow	598	-112	154	397	316	328	499	77.2	1,197	350	541	401	649	-74.2	1,140	-379	813	-56.6	1,470	-697
Capital expenditure	37.1	31.4	35.2	41.0	43.8	36.7	42.2	38.2	36.7	41.2	44.1	45.8	44.1	44.8	52.6	50.9	52.4	51.1	54.4	37.9
Free cash flow	560	-144	119	356	272	291	457	39.0	1,161	309	497	355	605	-119	1,088	-430	760	-108	1,416	-735
Buybacks	533	423	373	500	110	9.6	2.4	535	140	289	658	92.2	249	58.7	32.2	192	500	786	327	707
Shares outstanding	79m	77m	76m	74m	73m	74m	74m	72m	72m	71m	69m	70m	70m	70m	71m	70m	68m	66m	66m	64m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 27 February 2026: the filing.