Corpay Inc (CPAY) Q3 2026 Earnings Report
MX:CPAY Q3 2026 EPS Results
- Actual EPS
- MXN 139.91
- Consensus EPS
- MXN 133.64
- Beat/Miss
- Beat by +MXN 6.27
- One Year Ago EPS
- MXN 105.77
MX:CPAY Q3 2026 Revenue Results
- Actual Revenue
- MXN 25.64B
- Expected Revenue
- MXN 25.22B
- Beat/Miss
- Beat by +MXN 422.69M
- YoY Revenue Growth
- +17.86%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/04/2026
- Time
- After Close
- Conference Call
- Wednesday, November 4, 2026
Corpay Inc's next earnings date is estimated for February 10, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive. Corpay reported better-than-expected Q3 results, six consecutive quarters of double-digit organic growth, accelerating Corporate Payments performance, successful M&A integration, strong liquidity, raised 2026 guidance, and a favorable 2027 outlook. The company also highlighted progress in AI, international expansion, portfolio simplification, and capital allocation. The main negatives were normalization of some Q3 Corporate Payments growth, uneven lodging performance, slower financial-institution implementation, limited stablecoin volume, and a tougher Vehicle Payments comparison, but these issues were outweighed by the breadth and strength of the reported results.
Management raised Q4 revenue guidance at the midpoint to $1.37 billion and cash EPS at the midpoint to $7.65, that would be up 27%, with Q4 overall organic revenue growth of 10% at the midpoint and Corporate Payments growth expected to remain in the high teens; full year 2026 revenue is expected to finish at $5.35 billion at the midpoint, growing 18% year-over-year, and adjusted EPS at $28 at the midpoint, growing 31% year-over-year, while cash EPS would be up over 30% and $28 for the full year would be a full $2 higher than the initial $26 guide. For 2027, management is outlooking 9% to 11% organic revenue growth, Corporate Payments growth of mid-teens growth or better, and roughly $2 billion of free cash flow to work on spend management acquisitions or buybacks; Vehicle Payments is targeted to maintain high single-digit growth, Avid is expected to double earnings in 2026 and materially increase them again in 2027, and Avid expects to exit Q4 this year with double-digit organic revenue growth. The growth algorithm can compound adjusted EPS of more than 20% annually from $28 this year to approximately $50 per share by 2029, supported by sustained 10% organic revenue growth, while U.K. spend management volume is expected to reach over $1 billion annualized, exiting Q4, with a $15 million revenue run rate.
- Strong Third-Quarter Financial PerformanceQ3 revenue was $1.38 billion, up 18% year over year, and cash EPS was $7.54, up 32%. Both results exceeded expectations, supported by a slightly better macro environment and outperformance in spend management.
- Six Consecutive Quarters of Double-Digit Organic GrowthOverall organic revenue growth was 11% in Q3, marking six consecutive quarters of double-digit organic revenue growth.
- Corporate Payments AccelerationCorporate Payments organic revenue growth accelerated to 18%, or 20% excluding float. Growth was driven by cross-border and spend management, new sales, strong customer activity, and organic spend growth of 24% to $95 billion.
- Healthy Sales, Retention, and Same-Store TrendsSales or new bookings increased 24% year over year, retention was 92.2%, and same-store sales improved 2% during the quarter. Corporate Payments retention was closer to 95%, above the company average.
- Vehicle Payments Continued to GrowVehicle Payments delivered 8% organic growth, consistent with Q2 and in line with expectations. The company said it remains focused on investing in Vehicle Payments to maintain high single-digit growth across its geographies.
- Lodging Growth Improved SequentiallyLodging delivered 3% organic growth, improving sequentially for the third consecutive quarter. The larger workforce business was up double digit, and management said the overall lodging business was already a good business in Q3 and expected to improve further in Q4.
- Adjusted EBITDA and Margin ExpansionAdjusted EBITDA grew 17% to almost $800 million, while adjusted EBITDA margin was 57.4%. Management attributed the strong margin to high revenue flow-through and continued operating discipline.
- Raised Fourth-Quarter and Full-Year 2026 GuidanceQ4 revenue guidance was raised to approximately $1.37 billion and adjusted EPS guidance to $7.65 at the midpoint, with EPS growth of 27%. Full-year revenue guidance was raised to $5.35 billion, up 18%, and adjusted EPS guidance to $28, up 31%. Management said the full-year EPS outlook is $2 above the initial $26 guide issued in February.
- Positive 2027 Growth OutlookThe company expects 9% to 11% organic revenue growth in 2027, with Corporate Payments expected to deliver mid-teens growth or better. Corporate Payments sales in 2026 are expected to exceed $0.5 billion, creating an embedded revenue ramp for 2027, including an estimated 7% to 8% revenue growth contribution from prior-year sales.
- Significant Free Cash Flow Deployment CapacityManagement expects to put roughly $2 billion of free cash flow to work in 2027 through spend management acquisitions or share buybacks, depending on the best returns. The company generated approximately $500 million of free cash flow in Q3.
- Successful Portfolio Transformation and Capital AllocationCorpay divested two noncore businesses in 2026 for approximately $1.2 billion and used the proceeds to repurchase more than 3 million shares, or roughly 5% of the company. Following the maintenance divestiture, pro forma leverage was approximately 2.47x, total liquidity was approximately $2.6 billion, and the company had $1.7 billion of undrawn revolver capacity.
- Expanded Share Repurchase AuthorizationThe company repurchased $750 million of stock, or approximately 1.9 million shares, during the quarter. The Board approved a $1 billion increase to the share repurchase authorization, bringing total remaining capacity to approximately $1.6 billion.
- Alpha and Avid M&A OutperformanceAlpha and Avid exceeded their 2026 accretion targets and are expected to contribute more than $1.40 of cash EPS accretion in 2026 versus the initial $1 target. Alpha's cross-border corporate payments migration was substantially complete, while Avid's EBITDA doubled year over year to a record level and is expected to double its earnings in 2026 and increase them materially again in 2027.
- Avid Operating Improvements and GrowthAvid benefited from increased sales investment, monetization initiatives, and a rightsized cost structure. Management expects Avid to exit Q4 with double-digit organic revenue growth, which would be the first time in a long time, and said the likelihood of acquiring the remaining stake is higher than when Corpay closed the initial investment, although it is not certain.
- Brazil Expansion and Strong GrowthThe two Brazil vehicle debt acquisitions are expected to grow more than 30% in 2026 and represent approximately 20% of Brazil consumer revenue. The vehicle debt adjacency has reached about 5% share of its market and was described as compounding at 30%. The Vale-Pedagio product's sales growth was approximately 40%, and Brazil's broader business continued to perform well.
- AI Producing Client and Productivity BenefitsAI is providing tangible client and productivity benefits through conversational virtual assistants, AI tools used in client-facing IT development, and proprietary AI agents. The company highlighted its Super Dealer clone, which analyzes and recommends hedging solutions and identifies risk-mitigation opportunities.
- U.K. Spend Management TractionCorpay's U.K. spend management volume exceeded $1 billion annualized exiting Q4, with a $15 million revenue run rate. Management said this demonstrates that its U.S. technology platform can travel internationally and plans to increase U.K. selling investment, while pursuing additional international organic expansion and acquisitions.
- Blockchain and Tokenized Currency InvestmentManagement said it is investing in tokenized fiat and blockchain rails, with volume moving from SWIFT onto private blockchain rails. The company has partnered with BVNK for stablecoin rails and JPMorgan's Kinexys network for tokenized currency, and expects blockchain-rail usage to increase substantially next year.
- Corporate Payments Operating Leverage OpportunityManagement said Corporate Payments has better processing economics because it uses fewer systems, with more volume running through a single processing platform. The company expects scale against the number of processing systems to improve flow-through margins, while noting that selling investment may increase as the business grows.
- Long-Term EPS Compounding ObjectiveThe company outlined an objective to compound adjusted EPS at more than 20% annually from $28 in 2026 to approximately $50 per share by 2029, supported by sustained 10% organic revenue growth, cash profit expansion, disciplined buybacks, and accretive Corporate Payments M&A.
MX:CPAY Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 10, 2027 | 2026 (Q4) | 141.10- | 112.08 | ― | ― |
| Nov 04, 2026 | 2026 (Q3) | 133.64139.91 | 105.77 | 32.28% (+34.14) | |
| Aug 05, 2026 | 2026 (Q2) | 122.19129.89 | 95.19 | 36.45% (+34.70) | |
| May 07, 2026 | 2026 (Q1) | 101.50107.62 | 83.69 | 28.60% (+23.94) | |
| Feb 04, 2026 | 2025 (Q4) | 110.26112.08 | 99.46 | 12.69% (+12.62) | |
| Nov 05, 2025 | 2025 (Q3) | 104.53105.77 | 92.78 | 14.00% (+12.99) | |
| Aug 06, 2025 | 2025 (Q2) | 95.0695.19 | 84.43 | 12.75% (+10.76) | |
| May 06, 2025 | 2025 (Q1) | 83.7683.69 | 76.08 | 10.00% (+7.61) | |
| Feb 05, 2025 | 2024 (Q4) | 99.2299.46 | 82.39 | 20.72% (+17.07) | |
| Nov 07, 2024 | 2024 (Q3) | 92.3792.78 | 83.32 | 11.36% (+9.46) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
