Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ FORM 10-K __________________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission File Number 001-35004 __ ...

Corpay, Inc. (NYSE:CPAY) is one of the 12 Cheap Technology Stocks to Invest In According to Hedge Funds. On February 11, Corpay, Inc. (NYSE:CPAY) announced that its Cross-Border business has signed a multi-year agreement with LIV Golf, extending its successful and exclusive partnership as LIV’s official corporate foreign exchange (FX) provider. Is Corpay, Inc. (CPAY) One of the Cheap Technology Stocks to Invest In According to Hedge Funds? Corpay Cross-Border has been offering a range of corporate FX pa ...

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Core Insights - Shares of Corpay, Inc. (CPAY) have increased by 7.8% over the past month, outperforming the industry which declined by 6.7% [1][10] - The company anticipates a 20.2% year-over-year earnings growth for Q1 2026, with projected earnings growth of 19.6% in 2026 and 15.7% in 2027 [1][10] - Revenue growth is expected to be 16.5% in 2026 and 9.4% in 2027 [1] Revenue Growth Factors - CPAY's revenue growth is supported by a multi-channel approach to marketing and selling its commercial payment solutions, utilizing digital channels, direct sales forces, and partner relationships [2] - The company employs specialized sales forces across various channels, including field sales, telesales, and digital marketing, while also leveraging partnerships with major oil companies and other entities [3] Geographic Performance - CPAY has shown strong results in its vehicle payment businesses across the United States, Europe, and Brazil, with the U.S. being the most successful market [4] - The company has recently acquired a second local vehicle debt company in Brazil to enhance non-toll revenue growth [4] Strategic Acquisitions - CPAY is actively pursuing acquisitions to enhance performance and expand its customer base, including the acquisition of AvidXchange for accounts payable automation solutions [5] - The company also acquired Alpha Group International plc to strengthen its global customer reach and made a minority investment in Mastercard [6] Financial Position - CPAY's current ratio stands at 0.98, which is below the industry average of 1.14, indicating potential challenges in meeting short-term obligations [7]

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market strategies and confidence in investing [1] Zacks Style Scores - Zacks Style Scores are indicators that help investors select stocks likely to outperform the market in the next 30 days, rated from A to F based on value, growth, and momentum characteristics [2] - The Style Scores consist of four categories: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [3][4][5][6] Value Score - The Value Score identifies stocks trading below their true value using ratios like P/E, PEG, Price/Sales, and Price/Cash Flow to find attractive investment opportunities [3] Growth Score - The Growth Score emphasizes a company's financial health and future outlook, analyzing projected and historical earnings, sales, and cash flow to identify stocks with sustainable growth potential [4] Momentum Score - The Momentum Score focuses on stocks with upward or downward price trends, utilizing recent price changes and earnings estimate shifts to identify favorable buying opportunities [5] VGM Score - The VGM Score combines the three Style Scores to identify stocks with the best value, growth forecasts, and momentum, serving as a strong indicator alongside the Zacks Rank [6] Zacks Rank - The Zacks Rank is a proprietary model that uses earnings estimate revisions to simplify portfolio building, with 1 (Strong Buy) stocks achieving an average annual return of +23.83% since 1988, significantly outperforming the S&P 500 [7][8] Stock Selection Strategy - Investors are encouraged to select stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B to maximize potential success, while stocks with lower ranks should also have strong Style Scores to ensure upside potential [9][10] Company Spotlight: Corpay, Inc. - Corpay, Inc. is a global commercial payments solution provider, helping businesses automate and control payments across various regions [11] - Corpay holds a Zacks Rank of 3 (Hold) with a VGM Score of B and a Momentum Style Score of B, having seen a 7.6% increase in shares over the past four weeks [11][12] - Recent upward revisions in earnings estimates by analysts have increased the Zacks Consensus Estimate for Corpay to $25.58 per share, with an average earnings surprise of +0.8% [12]

Core Insights - Corpay Cross-Border has extended its exclusive partnership with Rugby Australia, continuing as their Official Foreign Exchange (FX) Payments Partner for multiple years [1] - The partnership includes support for both the Men's and Women's Australian National Rugby Union Teams, the Wallabies and Wallaroos [1] - Corpay has been providing foreign exchange payment solutions to Rugby Australia since 2023, and this extension will enhance the financial services available to Rugby Australia's corporate partners [1] Company Overview - Corpay, Inc. (NYSE: CPAY) is a global leader in corporate payments, offering a range of financial solutions to help businesses manage expenses effectively [1] - The company specializes in corporate foreign exchange payment solutions and currency risk management [1] - Corpay's services aim to simplify payment processes for various expenses, including travel and vendor payments, ultimately saving customers time and money [1] Industry Context - Rugby Australia serves as the national governing body for rugby in Australia, overseeing all levels of the sport and managing domestic competitions [1] - The partnership with Corpay aligns with Rugby Australia's goals to enhance its financial operations and support its global business dealings [1] - The collaboration reflects a growing trend in sports organizations partnering with fintech companies to improve financial management and operational efficiency [1]

Company Overview - Corpay, Inc. is a global commercial payments solution provider based in Peachtree Corners, GA, helping companies automate, secure, digitize, and control payments for employees and suppliers [11] - The company serves businesses, partners, and merchants across North America, Latin America, Europe, and the Asia Pacific [11] Investment Ratings - Corpay has a Zacks Rank of 3 (Hold) and a VGM Score of B, indicating a moderate investment outlook [11] - The Value Style Score for Corpay is also rated B, supported by a forward P/E ratio of 14.04, which is attractive for value investors [12] Earnings Estimates - In the last 60 days, three analysts have revised their earnings estimates higher for fiscal 2026, with the Zacks Consensus Estimate increasing by $0.40 to $25.22 per share [12] - Corpay has an average earnings surprise of +0.8%, suggesting a positive trend in earnings performance [12] Investment Considerations - With a solid Zacks Rank and strong Value and VGM Style Scores, Corpay is recommended for investors' consideration [12]

Core Insights - Corpay, Inc. (CPAY) reported better-than-expected fourth-quarter 2025 results, with earnings per share of $6.04, beating the consensus mark by 1.5% and increasing 12.7% year over year. Total revenues reached $1.2 billion, exceeding the consensus estimate and rising 20.7% from the previous year [1][7]. Segmental Results - Vehicle payments generated revenues of $572.9 million, a 9.5% increase from the year-ago quarter, surpassing the consensus estimate of $550.3 million, driven by strong sales in the United States, Europe, and Brazil [2]. - Corporate payments revenues totaled $480.8 million, up 38.9% year over year, exceeding the consensus estimate of $475.8 million, supported by strength in the payables business and strategic investments [3]. - Lodging payments reported revenues of $113 million, a decline of 6.9% from the year-ago quarter, missing projections of $119.8 million [3]. CPAY's Margins - Adjusted EBITDA increased 17.7% year over year to $712 million, with an adjusted EBITDA margin of 57.1%, a decline of 40 basis points from the previous year [4]. Key Balance Sheet and Cash Flow Figures - At the end of Q4 2025, Corpay had cash and cash equivalents of $2.5 billion, up from $2 billion in Q3 2025. Long-term debt increased to $6.7 billion from $5.8 billion in the previous quarter. The company generated $812.8 million in cash from operating activities, with capital expenditures of $52.4 million [5]. CPAY's Q1 and 2026 Guidance - For Q1 2026, CPAY anticipates revenues between $1.20 billion and $1.22 billion, with adjusted net income per share expected to be between $5.38 and $5.52. For the full year 2026, revenues are projected to be between $5.22 billion and $5.32 billion, with adjusted net income per share expected in the range of $25.50 to $26.50 [6].

Core Insights - Corpay (CPAY) reported $1.25 billion in revenue for the quarter ended December 2025, marking a year-over-year increase of 20.7% and an EPS of $6.04 compared to $5.36 a year ago, exceeding both revenue and EPS consensus estimates [1] Financial Performance - The reported revenue of $1.25 billion was a surprise of +0.63% over the Zacks Consensus Estimate of $1.24 billion, while the EPS surprise was +1.47% against the consensus estimate of $5.95 [1] - Corpay's shares have returned -8% over the past month, contrasting with the Zacks S&P 500 composite's +0.9% change, and the stock currently holds a Zacks Rank 4 (Sell) [3] Key Metrics - Corporate Payments spend volume reached 81.43 million, exceeding the estimated 67.64 million [4] - Lodging Payments room nights totaled 7.9 million, below the estimated 10.07 million [4] - Revenues per room night in Lodging Payments were $14.18, surpassing the $11.96 average estimate [4] - Revenues from Corporate Payments were $480.79 million, representing a +38.9% year-over-year change, and exceeded the average estimate of $475.81 million [4] - Revenues from Vehicle Payments were $572.85 million, reflecting a +15.1% year-over-year change, also surpassing the average estimate of $566.51 million [4] - Revenues from Lodging Payments were $112.51 million, which is a -6.9% year-over-year change and below the average estimate of $119.8 million [4] - Revenues from Other Payments were $82.07 million, exceeding the estimated $79.37 million and showing a +17.8% year-over-year change [4]

Financial Data and Key Metrics Changes - The company reported Q4 revenue of $1.248 billion, up 21% year-over-year, and cash EPS of $6.04, up 13% [3][4][13] - Full year revenue reached $4.528 billion, an increase of 14%, with cash EPS of $21.38, up 12% [4][14] - Organic revenue growth for the full year was 10%, marking four out of the last five years with similar growth rates [5][14] Business Line Data and Key Metrics Changes - Corporate payments segment achieved 16% organic growth in Q4, driven by a 44% increase in spend volumes [14][15] - Vehicle payments segment also saw 10% organic revenue growth, with strong results across the US, Europe, and Brazil [15][16] - The lodging segment decreased by 7% year-over-year, with expectations of low single-digit growth in 2026 [16] Market Data and Key Metrics Changes - Cross-border business continued to show resilience, with strong sales performance despite trade-related uncertainties [15] - The company noted a stable retention rate of 92.3% and a 29% increase in new sales year-over-year [4][14] Company Strategy and Development Direction - The company plans to simplify its portfolio, focusing on corporate payments and divesting non-core assets [8][19] - Key priorities for 2026 include enhancing USA sales, expanding payables, improving cross-border capabilities, and implementing AI solutions [10][11] - The company is optimistic about the macroeconomic environment, expecting favorable FX rates and lower SOFR rates to support growth [8][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2026 guidance, projecting revenue of $5.265 billion and cash EPS of $26, reflecting a 16% and 22% increase, respectively [7][20] - The company anticipates continued organic revenue growth of 10% in 2026, despite some headwinds from float revenue compression [20][22] - Management highlighted the importance of sales growth and the successful integration of acquisitions as key drivers for future performance [10][70] Other Important Information - The company repurchased 1.7 million shares in Q4 for $500 million, with a total of $1.5 billion authorized for future buybacks [18] - The company has remediated a material weakness related to user access, which will be formally reported in the upcoming 10-K [23] Q&A Session Summary Question: Can you elaborate on payables monetization initiatives? - Management acknowledged the need to diversify payment options beyond virtual cards and is testing new methods like e-checks and instant payments, expecting to see impacts by Q2 or Q3 [25][26] Question: What is the organic revenue growth for domestic vehicle payments versus Brazil? - The US vehicle payments business saw approximately 5% organic growth for the quarter, with consistent results across Europe and Brazil [27][28] Question: What is the sustainability of the vehicle payments growth rate? - Management indicated that sales efforts are crucial for sustaining growth, with recent improvements in retention and approval rates in the US vehicle business [31][32] Question: What is the expected contribution from recent acquisitions? - Management is confident in achieving $1 of cash EPS from the Alpha and Avid acquisitions, with synergies expected to materialize in the second half of the year [36][37] Question: How does the company view the impact of potential tariff rollbacks? - Management believes that tariff certainty would benefit the cross-border business, as uncertainty previously affected performance [74][76]