CPAY · Q2 2026 Earnings

Bullish

Corpay

Reported August 5, 2026

30-second summary

30-second take: Q2 revenue grew 21% YoY to $1.339B, beating consensus of $1.30B by 3.0% and the prior-quarter guide midpoint of $1.295B by $44M; non-GAAP EPS of $7.00 beat consensus $6.58 by 6.4% and the $6.55 guide midpoint by $0.45. Corpay raised FY2026 revenue midpoint by $20M to $5.31B (17% YoY, unchanged) and lifted FY adjusted EPS midpoint to $27.35 (+$0.65 vs prior $26.70, now +28% YoY vs prior +25%) — the EPS raise is the real story, signaling operating leverage and buyback accretion are compounding faster than the topline. Corporate Payments revenue reached $549M (+42% reported / +16% organic), $321M was returned via buyback in the quarter, and leverage held at 2.55x.

Headline numbers

EPS

Q2 FY2026

$7.00

+6.4% vs est.

Revenue

Q2 FY2026

$1.34B

+21.0% YoY

+3.0% vs est.

Operating margin

Q2 FY2026

35.3%

Key financials

Q2 FY2026

Metric	Q2 FY2026	Q2 FY2025	YoY	Q1 FY2026	QoQ
Revenue	$1.34B	$1.10B	+21.5%	$1.26B	+6.2%
EPS	$7.00	$5.13	+36.5%	$5.80	+20.7%
Operating margin	35.3%	43.5%	-820bps	50.5%	-1520bps

Guidance

Corpay raises full-year FY2026 guidance after Q2 beat; F

Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Revenue	Q2 FY2026	$1.295 billion	$1.3388 billion	+$44M (+3.4%) above guide	Beat
Adjusted EPS	Q2 FY2026	$6.55	$7.00	+$0.45 (+6.9%) above guide	Beat
Organic Revenue Growth	Q2 FY2026	9% to 11%	10%	at top of guide range	Beat
Revenue YoY Growth	Q2 FY2026	18%	21%	+3pts above guide	Beat
Adjusted EPS YoY Growth	Q2 FY2026	28%	28%	in-line	Met

New guidance

Metric	Period	Guide	YoY
Revenue	Q3 FY2026	$1.345B to $1.365B (midpoint $1.355B)	16%
Adjusted EPS	Q3 FY2026	$7.07 to $7.23 (midpoint $7.15)	26%

Changes to prior guidance

Metric	Period	Prior guide	New guide	Δ	Result
Revenue	FY2026	$5.25B to $5.33B (midpoint $5.29B)	$5.29B to $5.33B (midpoint $5.31B)	+$20M at midpoint	Raised
Adjusted EPS	FY2026	$26.30 to $27.10 (midpoint $26.70)	$27.15 to $27.55 (midpoint $27.35)	+$0.65 at midpoint (+2.4%)	Raised
Adjusted EPS YoY Growth	FY2026	25%	28%	+3pts	Raised

Reaffirmed unchanged this quarter: Revenue YoY Growth (17%), Organic Revenue Growth (10%)

Segment performance

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Corporate Payments	$0.549B	$0.392B	+40.0%
Vehicle Payments	$0.58B	$0.526B	+10.3%
Lodging Payments	$0.123B	$0.12B	+2.7%
Other	$0.087B	$0.065B	+33.4%
Corporate Payments Organic Revenue Growth	16%	—	—

Capital & returns

Q2 FY2026

Segment	Q2 FY2026
Leverage Ratio	2.55x
Share Repurchases	$321M (1.0M shares)

Other KPIs

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Organic Revenue Growth	10%	11%	—
Adjusted EBITDA	$767.2M	$620.6 million	—
Adjusted EBITDA Margin	57.3%	56.3%	—
Operating Margin	35.3%	—	—
Corporate Payments Spend Volume	$94.6B	$58,114 million	—

Management tone

Narrative arc: Q2 2025 portfolio rotation under pressure → Q3 capacity-building credit amendment → Q4 macro flips to tailwind → Q1 FY2026 "blowout quarter" → Q2 FY2026 durable double-digit organic and EPS acceleration.

Transcript not available for this filing; tone analysis is limited to press-release commentary. The two management quotes disclosed anchor the current posture:

"Organic revenue grew double digits for the fifth consecutive quarter, driven by our further rotation into a corporate payments and spend management company." Five-quarter double-digit organic streak is the longest since the rotation thesis was articulated in Q2 2025, and management is now anchoring the corporate narrative on it. The "spend management company" framing continues the Q1 FY2026 repositioning against pure spend-management peers (Brex, Ramp, Coupa) rather than fleet/lodging legacy peers.

"We are raising our full-year outlook to reflect our strong second quarter performance, favorable macro conditions and continued confidence in the underlying strength of our business." The explicit call-out of "favorable macro conditions" as a raise driver echoes Q4 2025's "macro is our friend" language and Q1 FY2026's split of the raise between macro-attributable and fundamentals-attributable dollars. Management continues to inoculate the guide against a fuel-price/SOFR reversal by naming macro as a separate contributor.

Corporate Payments organic held at 16% for the third consecutive quarter (Q4 2025 → Q1 FY2026 → Q2 FY2026). The mid-teens organic guide for FY2026 that felt aspirational at Q4 initiation is now a demonstrated run-rate. The segment is now $549M in a single quarter — nearly matching Vehicle Payments at $580M — and the crossover to Corporate Payments becoming the largest segment (targeted for 40% of revenue by 2026 per Q2 2025 commentary) is quantitatively within reach in H2.

Answers to last quarter's watch list

Q2 FY2026 organic growth vs. 9–11% guide. Q2 printed 10% — at the top of the range but not above it, so the FY organic guide was reaffirmed at 10% rather than raised. The Q1 11% did not repeat, which is why management refused to lift the FY organic figure. Status: Continue monitoring

Additional divestiture announcements and proceeds deployment. No new divestiture announcements in the press release; buyback pace normalized to $321M in Q2 from Q1's $786M (which had included Pay by Phone proceeds), consistent with running-out-the-clock on the Q1 windfall rather than a new capital return event. Status: Continue monitoring

MasterCard run-rate trajectory. No update in the press release; transcript would have been the venue for this disclosure. Status: Continue monitoring

JPM and BBNK blockchain settlement integration. No update in the press release; transcript would have been the venue. Status: Continue monitoring

Lodging H2 inflection sustainability. Q2 lodging revenue +3% reported (vs Q1 +1%), and management commentary confirmed "lodging continued sequential organic revenue improvement." The mid-to-high single-digit H2 guide from Q1 remains on track; the divestiture conversation stays closed. Status: Resolved positively

Net interest expense vs. $415–445M FY guide. Not addressed in the press release; the FY interest expense range was not re-tabled. Status: Continue monitoring

What to watch into next quarter

Q3 FY2026 organic growth print vs. 9–11% (implied) range. Q3 revenue guide of +16% YoY reported implies further deceleration in reported growth from Q2's 21% (likely divestiture-mix driven); organic will be the cleaner read. A Q3 organic print at 11%+ would finally force an FY organic raise above the 10% floor.

Corporate Payments crossing Vehicle Payments as the largest segment. Corporate Payments at $549M vs Vehicle Payments at $580M in Q2 — a $31M gap. Watch whether Q3 shows the crossover; if Corporate grew ~+40% reported again and Vehicle continued to be dragged by divestitures, the segments flip in Q3.

Buyback pace with $321M Q2 run rate. With Pay by Phone proceeds fully deployed by Q1 and leverage now at 2.55x, watch whether Q3 buyback holds at $300M+ or steps down as cash flow constraints tighten.

FY revenue guide low-end movement. Low end was raised $40M (from $5.25B to $5.29B) while midpoint moved only $20M — the range narrowed, signaling higher conviction. A Q3 raise that lifts the midpoint above $5.35B would mark a genuine topline inflection beyond the EPS-only raises of Q1 and Q2.

MasterCard and JPM/BBNK partnership disclosure at Q3. Two consecutive quarters without update on these Q4 2025 / Q1 FY2026 disclosures is starting to look like management de-emphasizing the channel. Watch for either quantification or a quiet retreat in narrative airtime.

Any resurfacing of vehicle divestitures. Q1 called out "teasing out" additional non-core vehicle divestitures; Q2 press release is silent. If Q3 goes without disclosure the pipeline that management flagged at Q1 has stalled.

Sources

Corpay Q2 FY2026 Press Release (Form 8-K Ex. 99.1), SEC filing dated 2026-08-05: https://www.sec.gov/Archives/edgar/data/1175454/000117545426000045/ex991q2_2026.htm

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