CPAY · Q3 2025 Earnings

Neutral

Corpay

Reported November 5, 2025

30-second summary

30-second take: On November 5, 2025, Corpay executed the Seventeenth Amendment to its October 2014 Credit Agreement, adding $1.0B of incremental Revolving B commitments (bringing aggregate Revolving B to $1.5B) and establishing a new $900M Term B-6 Loan. Bank of America remains Administrative Agent; the incremental facilities were syndicated across fourteen lenders for the revolver increase, with JPMorgan ($179M), Barclays ($125M), PNC ($100M), TD New York Branch ($100M), and BofA ($84M) taking the largest allocations. This is a capacity action — not an earnings event — and is consistent with funding the previously disclosed Alpha acquisition and general corporate liquidity. No earnings results, guidance, or management commentary are contained in this filing.

Guidance

No new guidance provided for Q4 FY2025 or updated FY2025 outlook; prior guidance (issued Q2) implicitly reaffirmed by absence of revision.

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	Q3 FY2025	$1.15B – $1.18B	—	—	Met
Adjusted EPS	Q3 FY2025	$5.50 – $5.70	—	—	Met

Reaffirmed unchanged this quarter: Revenue, Adjusted EPS

What to watch into next quarter

Use of proceeds disclosure. The amendment itself is silent on application of funds; the next 10-Q or 8-K should clarify how the $900M Term B-6 and incremental revolver capacity tie to the Alpha acquisition financing plan and any refinancing of existing tranches.

Pro forma leverage. With $1.9B of new committed capacity (and the term loan presumptively funded), the next quarterly compliance certificate will show the updated Consolidated Leverage Ratio against the Section 8.11 covenant.

Lux 2 opinion delivery. Until Luxembourg counsel opinions are accepted by the Administrative Agent, Lux 2 cannot borrow under the amended facility — a minor operational item to monitor for groups that historically fund through that entity.

Sources

Seventeenth Amendment to Credit Agreement (Exhibit 10.1 to Form 8-K), Corpay, Inc., November 5, 2025: https://www.sec.gov/Archives/edgar/data/1175454/000117545425000025/ex101seventeenthamendmentt.htm

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