0001175454-26-000018 | 10-K | XBRL Viewer

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Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Accounts receivable, principally due to the allowance for credit losses	$ 34,419	$ 16,756
Accrued expenses not currently deductible for tax	20,552	13,263
Lease deferral	15,108	15,423
Interest rate swap	39,895	0
Stock-based compensation	29,300	29,425
Net operating loss carry forwards	174,478	159,603
Accrued escheat	3,656	3,897
163(j) interest limitation	139,056	88,139
Other	28,579	22,665
Deferred tax assets before valuation allowance	485,042	349,171
Valuation allowance	(127,150)	(113,223)
Deferred tax assets, net	357,892	235,948
Deferred tax liabilities:
Intangibles—including goodwill	(849,943)	(548,802)
Basis difference in investment in subsidiaries	(43,815)	(42,206)
Interest rate swap	0	(8,695)
Lease deferral	(13,507)	(13,536)
Accrued expense liability	(661)	(722)
Prepaid expenses	(690)	(1,172)
Withholding taxes	(7,837)	(18,472)
Property and equipment and other	(51,130)	(38,646)
Deferred tax liabilities	(967,584)	(672,251)
Net deferred tax liabilities	$ (609,692)	$ (436,303)

Accumulated Other Comprehensive Loss (AOCL) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 3,145,989	$ 3,282,359	$ 2,541,493
Total other comprehensive income (loss), net of tax	327,946	(430,673)	220,551
Ending balance	3,926,677	3,145,989	3,282,359
Comprehensive gain (loss) attributable to noncontrolling interes	7,707	(5,790)	0
Total Accumulated Other Comprehensive (Loss) Income Attributable to Corpay
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,713,996)	(1,289,099)	(1,509,650)
Other comprehensive income (loss) before reclassifications	286,484	(358,318)	125,105
Amounts reclassified from AOCL	(13,225)	(46,276)	80,868
Tax effect	48,583	(20,303)	14,578
Total other comprehensive income (loss), net of tax	321,842	(424,897)	220,551
Ending balance	(1,392,154)	(1,713,996)	(1,289,099)
Cumulative Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,749,040)	(1,258,282)	(1,518,640)
Other comprehensive income (loss) before reclassifications	453,459	(490,758)	140,089
Amounts reclassified from AOCL	0	0	120,269
Tax effect	0	0	0
Total other comprehensive income (loss), net of tax	453,459	(490,758)	260,358
Ending balance	(1,295,581)	(1,749,040)	(1,258,282)
Unrealized (Losses) Gains on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	35,044	(30,817)	8,990
Other comprehensive income (loss) before reclassifications	(166,975)	132,440	(14,984)
Amounts reclassified from AOCL	(13,225)	(46,276)	(39,401)
Tax effect	48,583	(20,303)	14,578
Total other comprehensive income (loss), net of tax	(131,617)	65,861	(39,807)
Ending balance	$ (96,573)	$ 35,044	$ (30,817)

Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Company's Segment Results

The Company's segment results, including significant segment expenses regularly provided to the CODM, are as follows for the

years ended December 31, 2025, 2024 and 2023 (in thousands)*:


	Year ended December 31, 2025
	Vehicle Payments	Corporate Payments	Lodging Payments	Other	Total
Revenues, net	$2,138,675	$1,635,065	$469,540	$285,123	$4,528,403
Expenses:
Processing	382,777	322,878	123,785	139,737	969,177
Selling	198,032	240,678	30,653	9,625	478,988
General and administrative	329,482	289,563	70,793	43,190	733,028
Depreciation	79,203	30,442	15,884	5,635	131,164
Amortization	114,854	111,539	33,723	2,023	262,139
Other operating, net	1,882	172	5	1	2,060
Gain on disposition, net	(42,261)	—	—	—	(42,261)
Operating income	$1,074,706	$639,793	$194,697	$84,912	1,994,108
Other expenses:
Other expense, net					46,985
Interest expense, net					403,848
Loss on extinguishment of debt					1,596
Total other expenses					452,429
Income before income taxes					$1,541,679


	Year ended December 31, 2025
	Vehicle Payments	Corporate Payments	Lodging Payments	Other	Total
Other segment disclosures:
Capital expenditures	$129,434	$40,859	$22,025	$8,438	$200,756
Long-lived assets (excluding goodwill and investments)	$308,546	$99,199	$45,376	$19,189	$472,310


	Year Ended December 31, 2024
	Vehicle Payments2	Corporate Payments	Lodging Payments	Other	Total
Revenues, net	$2,008,799	$1,221,915	$488,589	$255,286	$3,974,589
Expenses:
Processing	365,457	264,298	119,645	119,685	869,085
Selling	175,750	172,365	24,317	8,474	380,906
General and administrative	311,784	192,853	72,526	39,711	616,874
Depreciation	70,178	29,949	13,205	6,774	120,106
Amortization	129,988	63,367	35,494	2,133	230,982
Goodwill impairment	—	—	—	90,000	90,000
Other operating, net	82	686	14	7	789
Gain on disposition	(121,310)	—	—	—	(121,310)
Operating income (loss)	$1,076,870	$498,397	$223,388	$(11,498)	1,787,157
Other expenses:
Other expense, net					13,961
Interest expense, net					383,043
Loss on extinguishment of debt					5,040
Total other expenses					402,044
Income before income taxes					$1,385,113


	Year ended December 31, 2024
	Vehicle Payments	Corporate Payments	Lodging Payments	Other	Total
Other segment disclosures:
Capital expenditures	$117,410	$32,587	$19,622	$5,557	$175,176
Long-lived assets (excluding goodwill and investments)	$258,942	$67,379	$35,105	$16,279	$377,705


	Year ended December 31, 2023
	Vehicle Payments2,3	Corporate Payments	Lodging Payments	Other	Total
Revenues, net	$2,005,510	$981,127	$520,216	$250,866	$3,757,719
Expenses:
Processing	377,603	212,144	117,203	112,958	819,908
Selling	167,614	137,512	24,597	10,435	340,157
General and administrative	314,892	170,075	77,219	41,237	603,424
Depreciation	69,886	22,356	11,070	6,671	109,983
Amortization	132,019	56,323	35,833	2,446	226,621
Other operating, net	98	629	25	1	753
Operating income	$943,399	$382,085	$254,270	$77,119	1,656,873
Other expenses:
Other income, net					(16,739)
Interest expense, net					348,607
Total other expenses					331,868
Income before income taxes					$1,325,005


	Year ended December 31, 2023
	Vehicle Payments	Corporate Payments	Lodging Payments	Other	Total
Other segment disclosures:
Capital expenditures	$108,592	$25,387	$13,705	$6,138	$153,822
Long-lived assets (excluding goodwill and investments)	$252,499	$48,822	$24,697	$17,136	$343,154

*Columns may not calculate due to rounding.

1 Results from Gringo acquired in the first quarter of 2025, are reported in the Vehicle Payments segment from the date of

acquisition. Results from Alpha acquired in the fourth quarter of 2025 are included in the Corporate Payments segment from the

date of acquisition.

2 Results of our merchant solutions business disposed of in December 2024, are included in the Vehicle Payments segment for

all periods prior to disposition.

3 Results of the Company's Russian business disposed of in August 2023, are included in the Vehicle Payments segment for all

periods prior to disposition.

Schedule of Long-Lived Assets by Geographical Area

The following table presents the Company's long-lived assets by major geography (excluding

goodwill, other intangible assets and investments) at December 31 (in thousands):


	2025	2024
Long-lived assets (excluding goodwill, other intangible assets and investments):
United States (country of domicile)	$263,479	$228,233
Brazil	$80,634	$64,912
United Kingdom	$53,206	$46,174

Leases Leases - Schedule of Supplemental Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Cash paid for operating lease liabilities	$ 30,404	$ 29,913	$ 31,388
ROU assets obtained in exchange for new operating lease obligations	$ 30,430	$ 10,505	$ 22,764
Weighted-average remaining lease term (years)	5 years 9 months 14 days	5 years 3 months 29 days	5 years 7 months 13 days
Weighted-average discount rate	5.03%	5.17%	5.19%

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Stockholders' Equity [Abstract]
Redeemable noncontrolling interest (Note 2)	$ 302,000	$ 0

Stock-Based Compensation - Summary of Changes in Number of Shares of Restricted Stock and Restricted Stock Units (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Shares
Shares, outstanding, beginning balance (in shares)	460	542	435
Shares, granted (in shares)	260	367	441
Shares, cancelled (in shares)	(60)	(55)	(24)
Shares, issued (in shares)	(317)	(394)	(310)
Shares, outstanding, ending balance (in shares)	343	460	542
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, outstanding, beginning balance (in dollars per share)	$ 260.23	$ 219.61	$ 237.68
Weighted average grant date fair value, granted (in dollars per share)	320.15	277.87	213.36
Weighted average grant date fair value, cancelled (in dollars per share)	277.13	229.11	230.11
Weighted average grant date fair value, issued (in dollars per share)	258.03	225.22	235.25
Weighted average grant date fair value, outstanding, ending balance (in dollars per share)	$ 304.83	$ 260.23	$ 219.61

Acquisitions and Investments - Summary of Pro Forma Information (Details) - Alpha Group International plc - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Business Combination [Line Items]
Revenues	$ 4,807,000	$ 4,257,000
Net income attributable to Corpay	$ 1,012,000	$ 905,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment

solutions are primarily focused on specific spend categories, including Vehicle Payments, Corporate Payments, Lodging

Payments and Other. The Company provides solutions that help businesses of all sizes control, simplify and secure payment of

various domestic and cross-border payables using specialized payment products. The Company also provides other payment

solutions for fleet maintenance, employee benefits and long-haul transportation-related services.

Payment Services

The Company’s primary performance obligation for the majority of its payment solutions (Vehicle Payments, Corporate

Payments, Lodging Payments and Other) is to stand-ready to provide authorization and processing services (payment services)

for an unknown or unspecified quantity of transactions and the consideration received is contingent upon the customer’s use

(e.g., number of transactions submitted and processed) of the related payment services. Accordingly, the total transaction price

is variable. Payment services involve a series of distinct daily services that are substantially the same, with the same pattern of

transfer to the customer. As a result, the Company directly allocates and recognizes variable consideration in the period it has

the contractual right to invoice the customer. Similarly, for the toll product within Vehicle Payments, the Company's primary

performance obligation is to stand-ready each month to provide access to the toll network and process toll transactions. Each

period of access is determined to be distinct and substantially the same as the customer benefits over the period of access.

The Company records revenue for its payment services net of (i) the cost of the underlying products and services; (ii)

assessments and other fees charged by the credit and debit payment networks (along with any rebates provided by them); (iii)

customer rebates and other discounts; and (iv) taxes assessed (e.g., VAT and VAT-like taxes) by a government, imposed

concurrent with a revenue-producing transaction. Variability arising from rebates is generally resolved and/or reset within the

reporting period to which the variable consideration is allocated. As such, the Company is able to directly allocate net

adjustments against revenue in the reporting period in which they are invoiced and does not materially constrain revenue

recognition as a significant reversal of revenue is not probable at invoicing.

The majority of the transaction price the Company receives for fulfilling the payment services performance obligation are

comprised of one or a combination of the following: 1) interchange fees earned from the payment networks; 2) discount fees

earned from merchants; 3) fees calculated based on a number of transactions processed; 4) fees calculated based upon a

percentage of the transaction value for the underlying goods or services (i.e. fuel, food, toll, lodging and transportation cards

and vouchers); and 5) monthly access fees.

The Company recognizes revenue when the underlying transactions are complete and as its performance obligations are

satisfied. Transactions are considered complete depending upon the related payment solution but generally when the Company

has authorized the transaction, validated that the transaction has no errors and accepted and posted the data to the Company’s

records.

In the Company's cross-border payments business, a portion of revenue is from exchanges of currency at spot rates, which

enables customers to make cross-currency payments. The Company's performance obligation for its foreign exchange payment

services is providing a foreign currency payment to a customer’s designated recipient and therefore, the Company recognizes

revenue on foreign exchange payment services when the underlying payment is made. Revenues from foreign exchange

payment services are primarily comprised of the difference between the exchange rate set by the Company to the customer and

the rate available in the wholesale foreign exchange market.

Gift Card Products and Services

The Company’s Gift solutions deliver both stored value cards and e-cards (cards) and card-based services primarily in the form

of gift cards to retailers. These activities each represent performance obligations that are separate and distinct. Revenue for

stored value cards is recognized (gross of the underlying cost of the related card, recorded in processing expenses within the

Consolidated Statements of Income) at the point in time when control passes to the Company's customer, which is generally

upon shipment.

Card-based services consist of transaction processing and reporting of gift card transactions where the Company recognizes

revenue based on the passage of time as it stands ready to process an unknown or unspecified quantity of transactions. As a

result, the Company directly allocates and recognizes variable consideration over the estimated period of time over which the

performance obligation is satisfied.

Other

The Company accounts for revenue from late fees and finance charges, in jurisdictions where permitted under local regulations,

primarily in the U.S., Canada and Brazil, in accordance with ASC 310, "Receivables." Such fees are recognized net of a

provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided

and represent approximately 3% and 4% of total consolidated revenues, net for the years ended December 31, 2025 and 2024,

respectively. The Company ceases billing and accruing for late fees and finance charges approximately 30 - 40 days after the

customer’s balance becomes delinquent.

In addition, in its cross-border payments business, the Company writes foreign currency forwards, option contracts and swaps

for its customers primarily to facilitate future payments in foreign currencies. The duration of these derivative contracts at

inception is generally less than one year. The Company aggregates its foreign exchange exposures arising from customer

contracts, including forwards, options and spot exchanges of currency, as necessary, and economically hedges the net currency

risks by entering into offsetting derivatives with established financial institution counterparties. The Company accounts for the

derivatives in its cross-border payments business in accordance with ASC 815, "Derivatives and Hedging." Revenues earned on

the currency spread inherent in the instruments on date of execution, as well as changes in fair value related to these instruments

prior to settlement, represented approximately 10% and 8% of consolidated revenues, net, for the years ended December 31,

2025 and 2024, respectively.

Revenue is also derived from the sale of equipment and cards in certain of the Company’s businesses, which is recognized at

the time the device or card is sold and control has passed to the customer. This revenue is recognized gross of the cost of sales

related to the equipment and cards in revenues, net within the Consolidated Statements of Income. The Company has recorded

$89.3 million, $74.8 million and $76.3 million of expenses related to sales of equipment and cards in processing expenses

within the Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023, respectively.

Revenues from contracts with customers, within the scope of Topic 606, represent approximately 84% and 85% of consolidated

revenues, net, for the years ended December 31, 2025 and 2024, respectively.

The Company's remaining revenue primarily represents float revenue earned on invested customer funds in jurisdictions where

permitted. Such revenue represented approximately 3% of consolidated revenues, net for the years ended December 31, 2025

and 2024, and was not significant for the year ended December 31, 2023.

Disaggregation of Revenues

The Company provides its services to customers across different payment solutions and geographies. Revenues, net by solution

for the years ended December 31 (in millions) are as follows:


Revenues by Segment	2025	2024	2023
Vehicle Payments	$2,138.7	$2,008.8	$2,005.5
Corporate Payments	1,635.1	1,221.9	981.1
Lodging Payments	469.5	488.6	520.2
Other	285.1	255.3	250.9
Consolidated revenues, net	$4,528.4	$3,974.6	$3,757.7

Revenues, net by geography for the years ended December 31 (in millions) are as follows:


Revenues by Geography*	2025	2024	2023
United States (country of domicile)	$2,204.6	$2,078.6	$2,045.2
Brazil	713.3	594.3	526.1
United Kingdom	642.3	542.0	478.5
Other	968.2	759.7	707.9
Consolidated revenues, net	$4,528.4	$3,974.6	$3,757.7

*Columns may not calculate due to rounding.

Contract Liabilities

Deferred revenue contract liabilities for customers subject to ASC 606 were $43.1 million and $39.0 million as of

December 31, 2025 and 2024, respectively. We expect to recognize approximately $37.2 million of these amounts in revenues

within 12 months and the remaining $5.9 million over the next five years as of December 31, 2025. The amount and timing of

revenue recognition is affected by several factors, including contract modifications and terminations, which could impact the

estimate of amounts allocated to remaining performance obligations and when such revenues could be recognized. Revenue

recognized for the year ended December 31, 2025, that was included in the deferred revenue contract liability as of January 1,

2025, was approximately $27.8 million.

Costs to Obtain or Fulfill a Contract and/or Customer Incentives

In accordance with ASC 606, the Company capitalizes the incremental costs of obtaining a contract with a customer if the

Company expects to recover those costs. The incremental costs of obtaining a contract are those that the Company incurs to

obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, a sales

commission).

Costs incurred to fulfill a contract are capitalized if those costs meet all of the following criteria:

a.The costs relate directly to a contract or to an anticipated contract that the Company can specifically identify.

b.The costs generate or enhance resources of the Company that will be used in satisfying (or in continuing to satisfy)

performance obligations in the future.

c.The costs are expected to be recovered.

In order to determine the appropriate amortization period for contract costs, the Company considers a combination of factors,

including customer attrition rates, estimated terms of customer relationships, the useful lives of technology used by the

Company to provide products and services to its customers, whether further contract renewals are expected and if there is any

incremental commission to be paid on a contract renewal. Contract acquisition and fulfillment costs are amortized using the

straight-line method over the expected period of benefit (ranging from five to ten years). Costs to obtain a contract with an

expected period of benefit of one year or less are recognized as an expense when incurred. The amortization of contract

acquisition costs associated with sales commissions that qualify for capitalization is recorded as selling expense in the

Company’s Consolidated Statements of Income.

Amortization of capitalized contract costs recorded in selling expense was $20.6 million, $18.9 million and $16.7 million for

the years ended December 31, 2025, 2024 and 2023, respectively.

Costs to obtain or fulfill a contract are classified as contract cost assets within prepaid expenses and other current assets and

other assets in the Company’s Consolidated Balance Sheets. The Company had capitalized contract costs of $25.3 million and

$19.7 million within prepaid expenses and other current assets and $52.9 million and $43.8 million within other assets in the

Company’s Consolidated Balance Sheets, as of December 31, 2025 and 2024, respectively.

Further, the Company on occasion may make a cash payment to a customer as a contract incentive. We defer these costs as

payments to a customer if recoverable and amortize them over the benefit period, including anticipated customer renewals. The

amortization of costs associated with cash payments for client incentives is included as a reduction of revenues in the

Company’s Consolidated Statements of Income. The Company had deferred customer incentives of $4.4 million and

$5.5 million as of December 31, 2025 and 2024, respectively. Amortization of deferred customer incentives was immaterial for

the years ended December 31, 2025, 2024 and 2023.

Practical Expedients

ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations;

however, as allowed by ASC 606, the Company elected to exclude this disclosure for contracts with performance obligations of

one year or less and contracts with variable consideration that is directly allocated to a single performance obligation such as a

stand-ready series. As described above, the Company's most significant single performance obligations consist of variable

consideration directly allocated under a stand-ready series of distinct days of service. Such direct allocation of variable

consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of

transaction price that is allocated to unsatisfied performance obligations is variable consideration that is not required for this

disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one

year is not material.

The Company elected to exclude all sales taxes and other similar taxes from the transaction price. Accordingly, the Company

presents all collections from customers for these taxes on a net basis, rather than having to assess whether the Company is

acting as an agent or a principal in each taxing jurisdiction.

In certain arrangements with customers, the Company has determined that certain promised services and products are

immaterial in the context of the contract, both quantitatively and qualitatively.

As a practical expedient, the Company is not required to adjust the promised amount of consideration for the effects of a

significant financing component if the Company expects, at contract inception, that the period between when the Company

transfers a promised service or product to a customer and when the customer pays for the service or product will be one year or

less. As of December 31, 2025, the Company’s contracts with customers contain standard pricing where the timing on control

transfer is dependent upon the customer in a stand-ready environment and therefore did not contain a significant financing

component.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stock-Based Compensation - Narrative (Details) - USD ($) shares in Thousands, $ in Millions					12 Months Ended
	Jun. 18, 2025	Oct. 23, 2024	Oct. 25, 2021	Sep. 30, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefits recorded on stock based compensation					$ 38.1	$ 60.7	$ 22.1
Aggregate intrinsic value of options exercisable					$ 178.4
Weighted average remaining contractual term of options exercisable (in years)					2 years 9 months 18 days
Weighted-average remaining contractual life for options outstanding (in years)					5 years 1 month 6 days
Shares, granted (in shares)					598	169	411
Share-based payment arrangement, plan modification, incremental cost		$ 10.3
Performance Option Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, granted (in shares)			30	850
Share-based payment arrangement, plan modification, incremental cost	$ 1.1
Restricted Stock And Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock and restricted stock units vested					$ 112.5	$ 112.3	$ 66.6
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to issue grants (in shares)					20,650

Accumulated Other Comprehensive Loss (AOCL)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Accumulated Other Comprehensive Loss (AOCL)

The changes in the components of AOCL, net of tax and noncontrolling interest, for the years ended December 31, 2025, 2024

and 2023 are as follows (in thousands):


	Cumulative Foreign Currency Translation	Unrealized (Losses) Gains on Derivative Instruments	Total Accumulated Other Comprehensive (Loss) Income Attributable to Corpay
	Cumulative Foreign Currency Translation	Unrealized (Losses) Gains on Derivative Instruments
Balance at December 31, 2022	$(1,518,640)	$8,990	$(1,509,650)
Other comprehensive income (loss) before reclassifications	140,089	(14,984)	125,105
Amounts reclassified from AOCL	120,269	(39,401)	80,868
Tax effect	—	14,578	14,578
Other comprehensive income (loss), net of tax	260,358	(39,807)	220,551
Balance at December 31, 2023	(1,258,282)	(30,817)	(1,289,099)
Other comprehensive (loss) income before reclassifications	(490,758)	132,440	(358,318)
Amounts reclassified from AOCL	—	(46,276)	(46,276)
Tax effect	—	(20,303)	(20,303)
Other comprehensive (loss) income, net of tax	(490,758)	65,861	(424,897)
Balance at December 31, 2024	(1,749,040)	35,044	(1,713,996)
Other comprehensive income (loss) before reclassifications	453,459	(166,975)	286,484
Amounts reclassified from AOCL	—	(13,225)	(13,225)
Tax effect	—	48,583	48,583
Other comprehensive income (loss), net of tax	453,459	(131,617)	321,842
Balance at December 31, 2025	$(1,295,581)	$(96,573)	$(1,392,154)

Amounts reclassified from AOCL that relate to foreign currency translation during the year ended December 31, 2023 are

related to the Company's Russia business disposed of during the third quarter of 2023. See Note 19 for further information.

Income tax effects are released from accumulated other comprehensive loss to retained earnings, when applicable, on an

individual item basis as those items are reclassified into income.

Other comprehensive loss attributable to the Company's noncontrolling interest, which are not included in the table above, for

the years ended December 31, 2025 and 2024 consisted of foreign currency translation gains of $7.7 million and losses of

$5.8 million, respectively .

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Leased Assets [Line Items]
Total lease costs	$ 28.0	$ 26.9	$ 29.7
Minimum
Operating Leased Assets [Line Items]
Remaining lease term	1 year
Lease renewable period (in years)	1 year
Maximum
Operating Leased Assets [Line Items]
Remaining lease term	30 years
Lease renewable period (in years)	5 years

Stock-Based Compensation - Schedule of Stock Options Exercise Price (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Class of Stock [Line Items]
Exercise price, options outstanding (in shares)	2,593
Exercise price, options exercisable (in shares)	1,551
$133.40 – $150.74
Class of Stock [Line Items]
Exercise price, minimum (in dollars per share) \| $ / shares	$ 133.40
Exercise price, maximum (in dollars per share) \| $ / shares	$ 150.74
Exercise price, options outstanding (in shares)	895
Weighted Average Remaining Vesting Life in Years	0 days
Exercise price, options exercisable (in shares)	895
$165.96 – $225.45
Class of Stock [Line Items]
Exercise price, minimum (in dollars per share) \| $ / shares	$ 165.96
Exercise price, maximum (in dollars per share) \| $ / shares	$ 225.45
Exercise price, options outstanding (in shares)	518
Weighted Average Remaining Vesting Life in Years	1 hour
Exercise price, options exercisable (in shares)	381
$231.70 – $261.07
Class of Stock [Line Items]
Exercise price, minimum (in dollars per share) \| $ / shares	$ 231.70
Exercise price, maximum (in dollars per share) \| $ / shares	$ 261.07
Exercise price, options outstanding (in shares)	426
Weighted Average Remaining Vesting Life in Years	17 days
Exercise price, options exercisable (in shares)	205
$272.38 – $319.61
Class of Stock [Line Items]
Exercise price, minimum (in dollars per share) \| $ / shares	$ 272.38
Exercise price, maximum (in dollars per share) \| $ / shares	$ 319.61
Exercise price, options outstanding (in shares)	462
Weighted Average Remaining Vesting Life in Years	1 year 8 months 1 day
Exercise price, options exercisable (in shares)	68
$328.16 – $377.31
Class of Stock [Line Items]
Exercise price, minimum (in dollars per share) \| $ / shares	$ 328.16
Exercise price, maximum (in dollars per share) \| $ / shares	$ 377.31
Exercise price, options outstanding (in shares)	292
Weighted Average Remaining Vesting Life in Years	1 year 10 months 2 days
Exercise price, options exercisable (in shares)	2

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Goodwill by Reportable Business Segment

A summary of changes in the Company’s goodwill by reportable segment is as follows (in thousands):


	December 31, 2024	Acquisitions1	Dispositions	Impairments	Acquisition Accounting Adjustments	Foreign Currency	December 31, 2025
Segment
Vehicle Payments	$2,626,055	$129,885	$—	$—	$58	$166,608	$2,922,606
Corporate Payments	2,687,354	1,206,424	—	—	1,717	68,260	3,963,755
Lodging Payments	413,438	—	—	—	—	6,231	419,669
Other2	257,820	—	—	—	—	972	258,792
	$5,984,667	$1,336,309	$—	$—	$1,775	$242,071	$7,564,822

1 Reflects the recognition of preliminary goodwill related to acquisitions completed by the Company during the year ended December 31, 2025.
2 Goodwill for the Company's Payroll Card reporting unit is presented net of accumulated impairment losses of $90.0 million, all of which were recorded during the year ended December 31, 2024.


	December 31, 2023	Acquisitions	Dispositions1	Impairments2	Acquisition Accounting Adjustments	Foreign Currency	December 31, 2024
Segment
Vehicle Payments	$2,803,990	$73,217	$(58,220)	$—	$—	$(192,932)	$2,626,055
Corporate Payments	2,074,736	637,332	—	—	1,058	(25,772)	2,687,354
Lodging Payments	416,952	—	—	—	—	(3,514)	413,438
Other	349,280	—	—	(90,000)	—	(1,460)	257,820
	$5,644,958	$710,549	$(58,220)	$(90,000)	$1,058	$(223,678)	$5,984,667

1 Reflects goodwill derecognized in connection with the disposition of the Company's merchant solutions business in the U.S. See Note 19 for further information.
2 Represents the partial impairment of the goodwill within the Company's Payroll Card reporting unit during the year ended December 31, 2024. See Note 2 for further information.

Schedule of Other Intangible Assets

Other intangible assets consisted of the following at December 31 (in thousands):


		2025			2024
	Weighted- Avg Useful Life (Years)1	Gross Carrying Amounts	Accumulated Amortization	Net Carrying Amount	Gross Carrying Amounts	Accumulated Amortization	Net Carrying Amount
Customer and vendor relationships	16.1	$4,541,001	$(1,908,916)	$2,632,085	$3,476,642	$(1,624,079)	$1,852,563
Trade names and trademarks—indefinite lived	N/A	442,814	—	442,814	410,391	—	410,391
Trade names and trademarks—other	7.2	92,939	(21,403)	71,536	66,047	(13,055)	52,992
Technology	7.5	327,925	(259,748)	68,177	306,296	(245,038)	61,258
Non-compete agreements	3.8	51,836	(28,719)	23,117	52,412	(19,174)	33,238
Total other intangibles		$5,456,515	$(2,218,786)	$3,237,729	$4,311,788	$(1,901,346)	$2,410,442
N/A = Not Applicable
1 The weighted-average useful life calculation excludes fully amortized intangible assets.

Schedule of Future Estimated Amortization of Intangibles

The future estimated amortization of intangible assets at December 31, 2025 is as follows (in thousands):


2026		$326,618
2027		312,877
2028		301,072
2029		277,456
2030		264,741
Thereafter		1,312,151

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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+ Details

Segments - Narrative (Details) - segment	12 Months Ended
Segments - Narrative (Details) - segment	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Number of operating segments	3
Number of reportable segments	3
Sales Revenue, Net \| Partner Concentration Risk \| Vehicle Payments
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%	10.00%	10.00%

- Definition

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- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Earnings Per Share - Additional Information (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted earnings per share excludes antidilutive effect (in shares)	0.7	0.1	2.0
Performance options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted earnings per share excludes antidilutive effect (in shares)	0.0	0.0	0.0

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Other Assets and Other Liabilities

Other assets include ROU assets, other current liabilities include short-term operating lease liabilities and other non-current

liabilities include long-term lease liabilities at December 31, 2025 and 2024 as follows (in thousands):


	2025	2024
ROU assets	$99,641	$77,998
Short term lease liabilities	$29,237	$24,340
Long term lease liabilities	$85,288	$64,718

Supplementary Cash and Non-cash disclosures

The supplementary cash and non-cash disclosures for the years ended December 31, 2025, 2024 and 2023 are as follows (in

thousands):


	2025	2024	2023
Cash paid for operating lease liabilities	$30,404	$29,913	$31,388
ROU assets obtained in exchange for new operating lease obligations	$30,430	$10,505	$22,764
Weighted-average remaining lease term (years)	5.79	5.33	5.62
Weighted-average discount rate	5.03%	5.17%	5.19%

Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2025 were as follows (in thousands):


2026		$30,076
2027		26,965
2028		18,002
2029		14,459
2030		11,659
Thereafter		28,702
Total lease payments		129,863
Less imputed interest		15,338
Present value of lease liabilities		$114,525

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Spot Trades (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Liabilities
Net	$ 829,224	$ 739,377
Spot Trade
Assets
Gross	5,285,700	2,305,600
Offset on the Balance Sheet	(5,086,500)	(2,131,800)
Net	199,200	173,800
Liabilities
Gross	5,194,100	2,218,300
Offset on the Balance Sheet	(5,086,500)	(2,131,800)
Net	$ 107,600	$ 86,500

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+ Details

Leases - Operating Lease ROU Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
ROU assets	$ 99,641	$ 77,998
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Short term lease liabilities	$ 29,237	$ 24,340
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Long term lease liabilities	$ 85,288	$ 64,718
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other noncurrent liabilities	Other noncurrent liabilities

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2025
Accounting Policies [Abstract]
Description of Business	Description of Business Corpay is a global corporate payments company that helps businesses and consumers better manage and pay their expenses in a simple, controlled manner. Corpay provides a broad suite of payment and spend management solutions, including accounts payable automation and cross-border payment solutions (including foreign exchange spot, forward and option transactions), commercial card programs (e.g., purchasing cards, business cards and virtual cards), vehicle payment solutions (e.g., fuel cards, toll payments and related services) and lodging payment solutions (e.g., hotel and extended stay bookings). Corpay’s vision is that every payment is digital, every purchase is controlled and every related decision is informed. The Company's wide range of modern, digitized solutions generally provides control, reporting and automation benefits superior to many of the payment methods businesses often use, such as cash, paper checks, general purpose credit cards, as well as employee pay and reclaim processes. The Company has the following reportable segments: Corporate Payments, Vehicle Payments, Lodging Payments and Other. The Company reports these segments to reflect how it organizes and manages its global employee base, manages operating performance and executes on strategic initiatives. The Company's Corporate Payments solutions simplify and automate vendor payments and includes accounts payable (AP) automation, virtual cards, cross-border payments and purchasing and travel and entertainment ("T&E") cards. The Company's Vehicle Payments solutions help control and monitor spending and include fuel card offerings, tolls and other complementary products. The Company's Lodging Payments solutions help businesses manage their lodging costs, while simplifying the management of hotels and housing, both short and longer-term, while also providing traveler and end customer support. The Company also provides other payments solutions, including Gift and Payroll Cards. The Company's solutions provide customers with control capabilities including customizable user-level controls, programmable alerts and detailed transaction reporting, among others. The Company's customers can use the data, controls and tools to combat employee misuse and fraud, streamline expense administration and potentially lower their operating costs. The Company utilizes both proprietary and third-party payment acceptance networks to deliver its solutions. In the Company's proprietary networks, which tend to be geographically distinct, transactions are processed on applications and operating systems owned and operated by the Company and only at select participating merchants with whom it has contracted directly for acceptance. Third-party networks are operated by independent parties and tend to be more broadly accepted, which is the primary benefit compared with the Company's proprietary networks. Mastercard and VISA are the Company's primary third- party network partners in North America and Europe, respectively. The Company actively markets and sells its solutions to current and prospective customers using a multi-channel, go-to-market strategy, which includes comprehensive digital channels, direct sales forces and strategic partner relationships. The Company sells stand-alone products and services and is currently deploying platforms where a single customer can use multiple products from one user interface. The Company competes with financial institutions that provide general purpose commercial card, accounts payable and cross-border payment products, as well as specialized providers offering more targeted solutions; and also with traditional payment methods such as cash, checks and manual processes. The Company supplements its organic growth strategy and sales efforts by pursuing attractive acquisition opportunities, which serve to strengthen and extend our market positions and create value faster. With a long, proven operating history, Corpay facilitates payments to or on behalf of millions of businesses around the world through multiple modalities.

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated

Balance Sheets to amounts within the Consolidated Statements of Cash Flows (in thousands).


	December 31, 2025	December 31, 2024	December 31, 2023
Cash and cash equivalents	$2,408,097	$1,553,642	$1,389,648
Restricted cash	6,583,843	2,902,703	1,751,887
Total cash and cash equivalents and restricted cash	$8,991,940	$4,456,345	$3,141,535

Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated

Balance Sheets to amounts within the Consolidated Statements of Cash Flows (in thousands).


	December 31, 2025	December 31, 2024	December 31, 2023
Cash and cash equivalents	$2,408,097	$1,553,642	$1,389,648
Restricted cash	6,583,843	2,902,703	1,751,887
Total cash and cash equivalents and restricted cash	$8,991,940	$4,456,345	$3,141,535

Schedule of Foreign Exchange Gains (Losses)

The Company recognized net foreign exchange losses, which are recorded within Other expense

(income), net in the Consolidated Statements of Income for the years ended December 31 as follows (in millions):


	2025	2024	2023
Foreign exchange losses	$29.8	$9.2	$4.8

Schedule of Foreign Currency Losses on Long-Term Intra-entity Transactions

The Company recorded foreign currency losses and gains on long-term intra-entity transactions included as a component of

foreign currency translation losses (gains), net of tax, in the Consolidated Statements of Comprehensive Income for the years

ended December 31 as follows (in millions):


	2025	2024	2023
Foreign currency losses (gains) on long-term intra-entity transactions	$78.2	$132.0	$(29.0)

Schedule of Derivative Assets at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value for the years ended

December 31, 2025 and 2024 (in millions):


	December 31, 2025			December 31, 2024
	Gross	Offset on the Balance Sheet	Net	Gross	Offset on the Balance Sheet	Net
Assets
Accounts Receivable	$5,285.7	$(5,086.5)	$199.2	$2,305.6	$(2,131.8)	$173.8
Liabilities
Accounts Payable	$5,194.1	$(5,086.5)	$107.6	$2,218.3	$(2,131.8)	$86.5

The following table presents the fair value of the Company’s derivative assets and

liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of December 31, 2025 and

December 31, 2024 (in millions):


		2025	2024
	Balance Sheet Classification	Fair Value

Derivative Assets	Prepaid expenses and other current assets	$660.4	$630.2
Derivative Assets	Other assets	$288.7	$203.5
Derivative Liabilities	Other current liabilities	$450.0	$538.6
Derivative Liabilities	Other noncurrent liabilities	$205.1	$185.7

Company's Accounts Receivable and Securitized Accounts Receivable

The Company’s accounts receivable and securitized accounts receivable include the following at December 31 (in thousands):


	2025	2024
Gross domestic unsecuritized accounts receivable	$661,167	$945,714
Gross domestic securitized accounts receivable	1,823,000	1,323,000
Gross foreign receivables	1,655,469	1,278,543
Total gross receivables	4,139,636	3,547,257
Less allowance for credit losses	(170,957)	(133,757)
Net accounts and securitized accounts receivable	$3,968,679	$3,413,500

Allowance for Doubtful Accounts Related to Accounts Receivable

A rollforward of the Company’s allowance for credit losses related to accounts receivable for the years ended December 31 is

as follows (in thousands):


	2025	2024	2023
Allowance for credit losses beginning of year	$133,757	$180,163	$149,846
Provision for credit losses	122,642	103,133	125,152
Write-offs	(104,750)	(139,110)	(115,631)
Recoveries	7,692	11,380	13,596
Impact of foreign currency	11,616	(21,809)	7,200
Allowance for credit losses end of year	$170,957	$133,757	$180,163

Schedule of Changes in Redeemable Noncontrolling Interest

The following table presents a reconciliation of the changes in the redeemable

noncontrolling interest balance (in thousands):


		Redeemable Noncontrolling Interest
Balance at December 31, 2024		$—
Cash contribution from redeemable noncontrolling interest		300,000
Net income attributable to redeemable noncontrolling interest		520
Adjustment to redemption value		1,480
Balance at December 31, 2025		$302,000

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following at December 31 (in thousands):


	2025	2024
Accrued bonuses	$35,152	$21,581
Accrued payroll and severance	69,511	54,493
Accrued taxes	239,496	129,314
Accrued commissions/rebates	155,354	126,932
Other1	107,087	112,618
	$606,600	$444,938

1Other accrued expenses include several types of amounts due to our merchants, vendors and other third parties.

Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Derivative liability	$ 829,224	$ 739,377
Foreign exchange, interest rate and commodity contracts
Derivative [Line Items]
Derivative assets, fair value, gross	1,709,200	1,406,700
Derivative liabilities, fair value, gross	1,415,200	1,297,300
Derivative assets, fair value, net	949,000	833,700
Derivative liability	$ 655,000	$ 724,300

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-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

+ Details

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Income Tax Benefit [Roll Forward]
Beginning balance, unrecognized tax benefits	$ 95,460	$ 63,106	$ 60,669
Additions based on tax positions related to the current year	40,799	21,689	8,821
Deductions based on tax positions related to the prior year			(1,913)
Additions based on tax positions related to the prior year	9,846	14,206
Deductions based on settlement of prior year tax positions		(178)	(104)
Deductions based on expiration of prior year tax positions	(11,187)	(3,362)
Addition for cumulative federal benefit of state tax deductions			(4,235)
Change due to OCI	1	(1)	(132)
Ending balance, unrecognized tax benefits	$ 134,919	$ 95,460	$ 63,106

Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value and Balance Sheet Location (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Swap contracts
Derivative [Line Items]
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets	Prepaid expenses and other current assets
Derivative asset, current	$ 1.0	$ 9.7
Derivative asset, noncurrent	0.3	10.0
Derivative liability, current	$ 17.3	$ 3.9
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
Derivative liability, noncurrent	$ 7.2	$ 6.0
Cross-currency interest rate swap \| Net Investment Hedging
Derivative [Line Items]
Derivative asset, current	13.4	22.6
Derivative asset, noncurrent	0.0	8.0
Derivative liability, current	58.1	0.0
Derivative liability, noncurrent	$ 91.6	$ 5.2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the Company’s consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may differ from those estimates.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of Corpay, Inc. and all of its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. The Company’s fiscal year ends on December 31. In certain of the Company’s U.K. businesses, the Company records the operating results using a 4-4-5 week accounting cycle with the fiscal year ending on the Friday on or immediately preceding December 31. Fiscal years 2025, 2024 and 2023 include 52 weeks for the businesses reporting using a 4-4-5 accounting cycle.
Financial Instruments - Credit Losses	Financial Instruments-Credit Losses The Company accounts for financial assets' expected credit losses in accordance with Accounting Standards Codification (ASC) 326, "Financial Instruments - Credit Losses". The Company’s financial assets subject to credit losses are primarily trade receivables. The Company utilizes a combination of aging and loss-rate methods to develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool, based on product, size of customer and historical losses. Expected credit losses are estimated based upon an assessment of risk characteristics, historical payment experience and the age of outstanding receivables, adjusted for forward-looking economic conditions. The allowances for remaining financial assets measured at amortized cost basis are evaluated based on underlying financial condition, credit history and current and forward-looking economic conditions. The estimation process for expected credit losses includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, economic trends and relevant environmental factors. The Company's provision for credit losses is recorded within processing expenses in the Consolidated Statements of Income. At both December 31, 2025 and 2024, approximately 87% of outstanding accounts receivable were less than 30 days past due. Accounts receivable deemed uncollectible are removed from accounts receivable and the allowance for credit losses when internal collection efforts have been exhausted and accounts have been turned over to a third-party collection agency. Recoveries from the third-party collection agency are not significant.
Business Combinations	Business Combinations Business combinations completed by us have been accounted for under the acquisition method of accounting, which requires that the acquired assets and liabilities, including contingencies, be recorded at fair value determined as of the acquisition date. The excess of the purchase price over the fair values of the tangible and intangible assets acquired and liabilities assumed represents goodwill. Amounts assigned to goodwill are primarily attributable to buyer-specific synergies expected to arise after the acquisition (e.g., enhanced reach of the combined organization and other synergies) and the assembled work force of the acquiree. The results of the acquired businesses are included in our results of operations beginning from the completion date of the transaction. The estimates the Company uses to determine the fair value of long-lived assets, such as intangible assets, can be complex and require significant judgments. The Company uses information available to us to make fair value determinations and engages independent valuation specialists, when necessary, to assist in the fair value determination of significant acquired long-lived and indefinite-lived assets. The estimated fair values of customer-related and contract-based intangible assets are generally determined using the income approach, which is based on projected cash flows discounted to their present value using discount rates that consider the timing and risk of the forecasted cash flows (excess earnings method). The discount rates used represent a risk-adjusted market participant weighted-average cost of capital, derived using customary market metrics. These measures of fair value also require considerable judgments about future events, including forecasted revenue growth rates, forecasted customer attrition rates and technology changes. Acquired technologies are generally valued using the replacement cost method, which requires us to estimate the costs to construct an asset of equivalent utility at prices available at the time of the valuation analysis, with adjustments in value for physical deterioration and functional and economic obsolescence. Trademarks and trade names are generally valued using the "relief-from-royalty" approach. This method assumes that trademarks and trade names have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires the Company to estimate the future revenues for the related brands, the appropriate royalty rate and the weighted-average cost of capital. This measure of fair value requires considerable judgment about the value a market participant would be willing to pay in order to achieve the benefits associated with the trade name. Non-compete arrangements are measured at fair value separately from the business combination using a cash flow method based on the Company's best estimate of the probability of competition and its business effect absent the non-compete arrangement. While the Company uses its best estimates and assumptions to determine the fair values of the assets acquired and the liabilities assumed, its estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in the Company's Consolidated Statements of Income. The Company also estimates the useful lives of intangible assets to determine the period over which to recognize the amount of acquisition-related intangible assets as an expense. Certain assets may be considered to have indefinite useful lives. The Company periodically reviews the indefinite nature of these assets. The Company also periodically reviews the estimated useful lives assigned to its intangible assets to determine whether such estimated useful lives continue to be appropriate.
Impairment of Long-Lived Assets, Goodwill, Intangibles and Investments	Impairment of Long-Lived Assets, Goodwill, Intangibles and Investments The Company regularly evaluates whether events and circumstances have occurred that indicate the carrying amount of property and equipment and intangible assets with finite lives may not be recoverable. When factors indicate that these long- lived assets should be evaluated for possible impairment, the Company assesses the potential impairment by determining whether the carrying amount of such long-lived assets will be recovered through the future undiscounted cash flows expected from use of the asset and its eventual disposition. If the carrying amount of the asset is determined not to be recoverable, a write-down to fair value is recorded. Fair values are determined based on quoted market prices or discounted cash flow analyses as applicable. The Company regularly evaluates whether events and circumstances have occurred that indicate the useful lives of property and equipment and intangible assets with finite lives may warrant revision. The Company completes an impairment test of goodwill at least annually or more frequently if facts or circumstances indicate that goodwill might be impaired. Goodwill is tested for impairment at the reporting unit level. When the Company believes it is appropriate, the Company may elect to first perform the optional qualitative assessment for certain of its reporting units. Factors considered in the qualitative assessment include general macroeconomic conditions, industry and market conditions, cost factors, overall financial performance of our reporting units, events or changes affecting the composition or carrying amount of the net assets of our reporting units, sustained decrease in our share price and other relevant entity-specific events. If the Company elects to bypass the optional qualitative assessment or if it determines, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, a quantitative test would be required. The Company then performs the quantitative goodwill impairment test for the applicable reporting units by comparing the reporting unit’s carrying amount, including goodwill, to its fair value, which is measured based upon, among other factors, a discounted cash flow analysis and, to a lesser extent, market multiples for comparable companies. If the carrying amount of the reporting unit is greater than its fair value, goodwill is considered impaired. As of October 1, 2024, as a result of the annual evaluation, the Company determined the goodwill within the Payroll Card reporting unit, a component of its “Other” category, was partially impaired. Accordingly, the Company recognized a goodwill impairment loss of $90 million within goodwill impairment in the Consolidated Statements of Income during the year ended December 31, 2024. Factors that led to this conclusion included i) decreased use of the card and its core component for the Company's target customers, ii) the impact of historic and sustained increases in inflation and interest rates on the reporting unit’s weighted average costs of capital, which was beyond the Company's control and iii) inability to achieve forecasted operating results at historical underwritten values, all of which resulted in revised mid to long-term projections during the fourth quarter of 2024, including reevaluation of the Company's anticipated capital investment in the reporting unit and which negatively impacted the reporting unit's fair value. The Company engaged a third-party valuation firm to assist with the performance of its goodwill quantitative impairment test. The estimation of the net present value of future cash flows was based upon varying economic assumptions, including assumptions such as revenue, net growth rates, operating costs, EBITDA margins, capital expenditures, tax rates, long-term growth rates and discount rates. Of these assumptions, EBITDA margins and discount rates were the most sensitive, subjective and/or complex. These assumptions were based on risk-adjusted discount factors accommodating viewpoints that consider the full range of variability contemplated in the current and potential future economic situations. There is approximately $57 million of goodwill remaining related to the Payroll card reporting unit as of December 31, 2025 and 2024. The results of the 2025 impairment test for the Company's reporting units indicated that the estimated fair value of each of the Company's reporting units was in excess of the corresponding carrying amount as of October 1, 2025 and no impairment of goodwill existed. No events or changes in circumstances have occurred since the date of this most recent annual impairment test that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company also evaluates indefinite-lived intangible assets (primarily trademarks and trade names) for impairment annually. The Company also tests for impairment at an interim date if events and circumstances indicate that it is more likely than not that an impairment exists. An impairment loss is recognized if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value on the measurement date. Estimates critical to the Company’s evaluation of indefinite-lived intangible assets for impairment include the discount rate, royalty rates used in its evaluation of trade names and projected revenue growth. Based on the indefinite-lived intangible asset impairment analyses performed as of October 1, 2025, the Company determined no impairment existed. No events or changes in circumstances have occurred since the date of this most recent annual impairment analysis that would more likely than not reduce the fair value of an indefinite-lived intangible asset below its carrying amount. The Company has elected the alternative to measure certain investments in equity instruments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes for similar investments of the issuer. The Company reassesses these investments each reporting period to evaluate whether these investments continue to qualify for the alternative measurement at cost minus impairment, rather than requiring measurement at fair value on a recurring basis. The Company evaluates these equity investments without readily determinable fair values for impairment based on qualitative indicators (e.g., significant deterioration in investee's financial performance, adverse regulation, etc.). Investments classified as trading securities are carried at fair value with any unrealized gain or loss recorded within investment (gain) loss in the Consolidated Statements of Income. During 2021, the Company made an investment of $37.4 million in a 20-year joint venture with a third-party Brazilian bank. The Company determined that it exercises significant influence, but does not control, the joint venture and/or intermediary and records its allocable share of the joint ventures earnings/losses as an equity method investment under ASC 323, "Investments— Equity Method and Joint Ventures". Additionally, during 2025, the Company made an investment of $578 million for approximately 35% of the equity in a limited partnership with TPG in connection with the acquisition of AvidXChange Holdings, Inc. The Company determined that it does not control the limited partnership and records its allocable share of the partnership's earnings/losses as an equity method investment under ASC 323. See Note 7 for further information regarding the Company's investment in AvidXChange. The Company recognized net losses related to its equity method investments of $25.4 million for the year ended December 31 2025, which were recorded within Other expense (income), net in the Consolidated Statements of Income. The impact of the Company's equity method investments was not material for the years ended December 31, 2024 and 2023. The Company monitors its equity method investments qualitatively for other than temporary impairment. The Company recorded no impairment charges on its investments for the years ended December 31, 2025, 2024 and 2023.
Property and Equipment and Definite-Lived Intangible Assets	Property and Equipment and Definite-Lived Intangible Assets Property and equipment are stated at cost and depreciated on the straight-line basis. Intangible assets with finite lives, consisting primarily of customer relationships, are stated at fair value upon acquisition and are amortized over their estimated useful lives. Customer and merchant relationship useful lives are estimated using historical attrition rates. The Company develops internal-use software that is used in providing processing and information management services to customers. A significant portion of the Company’s capital expenditures are devoted to the development of such internal-use computer software. Software development costs are capitalized once application development stage of the software has been established. Costs incurred during preliminary project stage prior to the application development stage are expensed as incurred. Application development stage is established when the Company has completed all planning, designing, coding and testing activities that are necessary to determine that the software can be produced to meet its design specifications, including functions, features and technical performance requirements. Capitalization of costs ceases when the software is ready for its intended use. Software development costs are amortized using the straight-line method over the estimated useful life of the software. The Company capitalized software costs of $174.3 million, $136.3 million and $128.0 million in 2025, 2024 and 2023, respectively. Amortization expense for software totaled $102.9 million, $78.8 million and $77.5 million in 2025, 2024 and 2023, respectively.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. The Company has elected to treat the Global Intangible Low Taxed Income (GILTI) inclusion as a current period expense. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the associated temporary differences become deductible. The Company evaluates on a quarterly basis whether it is more likely than not that its deferred tax assets will be realized in the future and concludes whether a valuation allowance must be established. The Company recognizes the impact of an uncertain income tax position on the income tax return at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. The Company includes any estimated interest and penalties on tax related matters in income tax expense.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents primarily consist of a) cash on hand, b) highly liquid investments with original maturities of three months or less, such as certificates of deposit, treasury bills and money market funds, and c) customer deposits repayable on demand without legal restrictions. Restricted cash represents a) customer deposits repayable on demand held in certain geographies with legal restrictions contractually set aside to fulfill payment obligations on a customer's behalf, b) collateral received from customers for cross-currency transactions in our cross-border payments business, which are restricted from use other than to repay customer deposits and secure and settle cross-currency transactions, and c) collateral posted with banks for hedging positions in our cross-border payments business.
Foreign Currency Translation	Foreign Currency Translation Assets and liabilities of foreign subsidiaries as well as intra-entity balances denominated in foreign-currency and designated for long-term investment are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are recorded to accumulated other comprehensive loss. Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income.
Derivatives	Derivatives The Company uses derivatives to minimize its exposures related to changes in interest rates and economic changes in the value of certain foreign-denominated net assets. The Company also uses derivatives to facilitate cross-currency corporate payments by writing derivatives to customers and enters into cross-currency derivative contracts with banking partners to mitigate foreign exchange risk associated with customer derivative contracts. The Company is exposed to the risk of changing interest rates because its borrowings are subject to variable interest rates. In order to mitigate this risk, the Company utilizes derivative instruments. Interest rate swap contracts designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company hedges interest payments on an unspecified portion of its variable rate debt utilizing derivatives designated as cash flow hedges. Changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recorded to the derivative assets/ liabilities and offset against accumulated other comprehensive loss. Derivative fair value changes that are recorded in accumulated other comprehensive loss are reclassified to earnings in the same period or periods that the hedged item affects earnings, to the extent the derivative is highly effective in offsetting the change in cash flows attributable to the hedged risk. In the Company's cross-border payments business, the Company uses derivatives to facilitate cross-currency corporate payments by writing derivatives, primarily foreign currency forward contracts, option contracts and swaps, for its customers. The Company derives a currency spread from this activity. The Company recognizes current cross-border payments derivatives in prepaid expenses and other current assets and recognizes other current liabilities and derivatives greater than one year in other assets and other noncurrent liabilities in the accompanying Consolidated Balance Sheets at their fair value. Any gains/ losses associated with these derivatives are recorded through earnings. The Company also utilizes cross-currency interest rate swaps designated as net investment hedges of its investments in foreign- denominated operations, which effectively converts a specified U.S. dollar notional equivalent to an obligation denominated in foreign currency and partially offsets the impact of changes in currency rates on the Company's foreign-denominated net investments. Such contracts also create a positive interest differential on the U.S. dollar-denominated portion of the swap, resulting in interest rate savings on the USD notional. All cash flows associated with the Company's foreign currency and interest rate swap derivatives are included in cash flows from operating activities in the Consolidated Statements of Cash Flows.
Spot Trade Offsetting	Spot Trade Offsetting The Company uses spot trades to facilitate cross-currency corporate payments. The Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements with the same counterparty, as a right of offset exists, which the Company believes to be enforceable. As such, the Company has netted spot trade liabilities against spot trade receivables at the counter-party level. The Company recognizes all spot trade assets, net in accounts receivable and all spot trade liabilities, net in accounts payable, each net at the counterparty level, in its Consolidated Balance Sheets at their fair value.
Stock Based Compensation	Stock-Based Compensation The Company routinely grants employee stock options and restricted stock awards/units as part of employee compensation plans. Stock options are granted with an exercise price equal to the fair market value of the underlying Company share on the date of grant. Options granted have vesting provisions ranging from one to four years, and vesting of the options is generally based on the passage of time, performance or market conditions, or a combination of these. Stock option grants are subject to forfeiture if employment terminates prior to vesting. The Company has selected the Black-Scholes option pricing model for estimating the grant date fair value of stock option awards. The Company has considered the retirement and forfeiture provisions of the options and utilized its historical experience to estimate the expected term of the options. Option forfeitures are accounted for upon occurrence. The Company bases the risk-free interest rate on the yield of a zero coupon U.S. Treasury security with a maturity equal to the expected term of the option from the date of the grant. Expected volatility is based on the Company's historical volatility. Awards of restricted stock and restricted stock units are independent of stock option grants and are subject to forfeiture if employment terminates prior to vesting. The vesting of shares granted is generally based on the passage of time, performance or market conditions, or a combination of these. Shares generally have graded vesting provisions of one to four years. The fair value of restricted stock where the shares vest based on the passage of time or performance is based on the grant date fair value of the Company’s stock. The fair value of stock options and restricted stock units granted with market-based vesting conditions is estimated using the Monte Carlo simulation valuation model. The risk-free interest rate and volatility assumptions used within the Monte Carlo simulation valuation model are calculated consistently with those applied in the Black-Scholes options pricing model utilized in determining the fair value of the market-based stock option awards. For performance-based restricted stock awards/units and performance-based stock option awards, the Company must also make assumptions regarding the likelihood of achieving performance goals. If actual results differ significantly from these estimates, stock-based compensation expense and the Company’s results of operations could be materially affected. Stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the requisite service period based on the number of years over which the requisite service is expected to be rendered.
Deferred Financing Costs/Debt Discounts	Deferred Financing Costs/Debt Discounts Costs incurred to obtain financing are amortized over the term of the related debt using the effective interest method and are included within interest expense, net. The Company capitalized additional debt issuance costs of $38.8 million in 2025 and $8.5 million in 2024. These debt issuance costs were primarily associated with the refinancing of the Company's Credit Facility and Securitization Facility, and for 2025 also included approximately $10 million in commitment and arrangement fees related to the bridge term loan the Company entered into in connection with the acquisition of Alpha. At December 31, 2025 and 2024, the Company had deferred financing costs of $11.2 million and $4.2 million, respectively, related to the revolver under the Credit Facility and the Securitization Facility, each recorded within prepaid expenses and other current assets, on the Consolidated Balance Sheets. The Company had deferred financing costs and debt discounts of $26.5 million and $16.6 million at December 31, 2025 and 2024, respectively, related to the term notes under the Credit Facility, which were recorded as a discount to the term debt outstanding within the current portion of notes payable and lines of credit and within notes payable and other obligations, less current portion on the Consolidated Balance Sheets.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) is defined as the total of net income and all other changes in equity that result from transactions and other economic events of a reporting period other than transactions with owners.
Accounts Receivable	Accounts Receivable The Company, through Corpay Technologies Operating Company, LLC ("CTOC") and certain of its other subsidiaries, maintains a $2.3 billion revolving accounts receivable securitization facility (as amended from time to time, the "Securitization Facility"). On November 3, 2025, CTOC and others entered into the Sixth Amended and Restated Receivables Purchase Agreement (the "RPA") in connection with the Securitization Facility. The RPA and related documents, among other things, (i) increased the Securitization Facility commitment from $1.8 billion to $2.3 billion, (ii) extended the outside maturity date of the Securitization Facility to November 3, 2028, (iii) added three U.K.-based originators and one U.K.-based guarantor and (iv) lowered the drawn program pricing by 9 basis points. Accounts receivable collateralized within our Securitization Facility relate to trade accounts receivable resulting primarily from charge card activity and other customer receivables in the U.S and the U.K. Pursuant to the terms of the Securitization Facility, certain U.S.-based originators transfer in the form of a sale certain of their domestic receivables, on a revolving basis, to FLEETCOR Funding LLC ("Funding"), a wholly-owned bankruptcy remote consolidated subsidiary. In turn, Funding transfers in the form of a sale, on a revolving basis, a proportionate undivided ownership interest in this pool of accounts receivable to unrelated transferees (i.e., multi-seller banks and asset-backed commercial paper conduits). Funding retains a residual, subordinated interest in cash flow distribution from the transferred receivables and provides to the transferees an incremental pledge of unsold receivables as a form of over-collateralization to enhance the credit of the transferred receivables. Purchases by the banks and conduits may be financed with the sale of highly-rated commercial paper. The Company utilizes proceeds from the securitized assets as an alternative to other forms of financing to reduce its overall borrowing costs. CTOC has agreed to continue servicing the sold receivables for the transferees at market rates, which approximates the CTOC’s cost of servicing. Funding determines the level of funding achieved by the sale of accounts receivable, subject to a maximum amount. As the Company maintains certain continuing involvement in the transferred/sold receivables, it does not derecognize the receivables from its Consolidated Balance Sheets. Instead, the Company records cash proceeds and any residual interest received as a Securitization Facility liability. The Company’s Consolidated Balance Sheets and Statements of Income reflect the activity related to securitized accounts receivable and the corresponding securitized debt, including interest income, fees generated from late payments, provision for losses on accounts receivable and interest expense. The cash flows from borrowings and repayments associated with the securitized debt are presented as cash flows from financing activities. The maturity date for the Securitization Facility is the earlier of November 3, 2028 or the first maturity date of any loan under the Company's Credit Agreement, which is June 24, 2027.
Advertising	AdvertisingThe Company expenses advertising costs as incurred.
Earnings Per Share	Earnings Per Share The Company reports basic and diluted earnings per share. Basic earnings per share is calculated using the weighted average of common stock and non-vested, non-forfeitable restricted shares outstanding, unadjusted for dilution and net income attributable to common shareholders. Diluted earnings per share is calculated using the weighted average shares outstanding and contingently issuable shares less weighted average shares recognized during the period. The net outstanding shares have been adjusted for the dilutive effect of common stock equivalents, which consist of outstanding stock options and unvested forfeitable restricted stock units. As illustrated further in Note 17, for the year ended December 31, 2025, Mastercard's noncontrolling interest is redeemable at a fixed price (i.e., not fair value) and therefore is treated as a participating security, requiring application of the two-class method.
Adoption of New Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted	Adoption of New Accounting Standards Income Taxes In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). The amendments require disclosure of specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold and further disaggregation of income taxes paid for individually significant jurisdictions. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted. The Company adopted this ASU during the year ended December 31, 2025 and applied the amendments prospectively to all periods presented in our consolidated financial statements. See Note 13 for further information. Recent Accounting Pronouncements Not Yet Adopted Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU No. 2024-03, "Disaggregation of Income Statement Expenses" ("ASU 2024-03"). ASU 2024-03, among other items, requires additional financial statement disclosures in tabular format disaggregating information about prescribed categories (including employee compensation, depreciation and amortization) underlying any relevant income statement expense captions. ASU 2024-03 is effective on a prospective basis for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption and retrospective application permitted. We are currently evaluating the impact this guidance will have on the disclosures within our consolidated financial statements. Financial Instruments - Credit Losses In July 2025, the FASB issued ASU No. 2025-05, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets" ("ASU 2025-05"). ASU 2025-05 provides a practical expedient that allows entities to assume conditions existing as of the balance sheet date remain unchanged over the life of the asset when estimating credit losses for current trade receivables and current contract assets arising from transactions accounted for under Topic 606. ASU 2025-05 is effective on a prospective basis for fiscal years beginning after December 15, 2025, and for interim periods within those fiscal years, with early adoption permitted. We are currently evaluating this guidance and believe that adoption will not have a material effect on our consolidated financial statements or related disclosures. Internal-use Software In September 2025, the FASB issued ASU No. 2025-06, "Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" ( "ASU 2025-06"). ASU 2025-06 updates requirements for capitalizing internal-use software costs by replacing the current stage-based model with a principles-based approach. Under ASU 2025-06, the prescriptive software development stages (e.g., preliminary project stage, application development stage) are eliminated, and instead capitalization must begin when management authorizes and commits to funding the project and it is probable the project will be completed and used as intended. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. ASU 2025-06 may be applied prospectively, on a modified retrospective basis for in-process projects, or retrospectively. We are currently evaluating the impact this guidance will have on our consolidated financial statements and related disclosures. Derivatives and Other Scoping and Hedging Improvements In September 2025, the FASB issued ASU No. 2025-07, "Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract" ("ASU 2025-07"). ASU 2025-07 excludes from derivative accounting certain non- exchange-traded contracts, the underlyings of which are based on operations or activities of the parties to the contract, with various notable exceptions including puts and calls on debt instruments.ASU 2025-07 also clarifies that the noncash consideration guidance of Topic 606 should apply initially to noncash share-based consideration received from a customer for transferred goods or services until the right to receive such consideration becomes unconditional. ASU 2025-07 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption permitted. ASU 2025-07 may be applied prospectively or on a modified retrospective basis. We are currently evaluating the impact this guidance will have on our consolidated financial statements and related disclosures. In November 2025, the FASB issued ASU No. 2025-09, "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements" ("ASU 2025-09"). ASU 2025-09 includes five amendments to hedge accounting intended to better enable entities to achieve and maintain hedge accounting. These amendments include, but are not limited to, the FASB's expansion of hedged risks permitted to be aggregated in a group of forecasted transactions in a cash flow hedge from having a shared risk to similar risk exposure and the establishment of a hedging model for "choose your rate debt." ASU 2025-09 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption permitted. ASU 2025-09 is applied prospectively. We are currently evaluating the impact this guidance will have on our consolidated financial statements and related disclosures.
Revenue	The Company provides payment solutions to our business, merchant, consumer and payment network customers. Our payment solutions are primarily focused on specific spend categories, including Vehicle Payments, Corporate Payments, Lodging Payments and Other. The Company provides solutions that help businesses of all sizes control, simplify and secure payment of various domestic and cross-border payables using specialized payment products. The Company also provides other payment solutions for fleet maintenance, employee benefits and long-haul transportation-related services. Payment Services The Company’s primary performance obligation for the majority of its payment solutions (Vehicle Payments, Corporate Payments, Lodging Payments and Other) is to stand-ready to provide authorization and processing services (payment services) for an unknown or unspecified quantity of transactions and the consideration received is contingent upon the customer’s use (e.g., number of transactions submitted and processed) of the related payment services. Accordingly, the total transaction price is variable. Payment services involve a series of distinct daily services that are substantially the same, with the same pattern of transfer to the customer. As a result, the Company directly allocates and recognizes variable consideration in the period it has the contractual right to invoice the customer. Similarly, for the toll product within Vehicle Payments, the Company's primary performance obligation is to stand-ready each month to provide access to the toll network and process toll transactions. Each period of access is determined to be distinct and substantially the same as the customer benefits over the period of access. The Company records revenue for its payment services net of (i) the cost of the underlying products and services; (ii) assessments and other fees charged by the credit and debit payment networks (along with any rebates provided by them); (iii) customer rebates and other discounts; and (iv) taxes assessed (e.g., VAT and VAT-like taxes) by a government, imposed concurrent with a revenue-producing transaction. Variability arising from rebates is generally resolved and/or reset within the reporting period to which the variable consideration is allocated. As such, the Company is able to directly allocate net adjustments against revenue in the reporting period in which they are invoiced and does not materially constrain revenue recognition as a significant reversal of revenue is not probable at invoicing. The majority of the transaction price the Company receives for fulfilling the payment services performance obligation are comprised of one or a combination of the following: 1) interchange fees earned from the payment networks; 2) discount fees earned from merchants; 3) fees calculated based on a number of transactions processed; 4) fees calculated based upon a percentage of the transaction value for the underlying goods or services (i.e. fuel, food, toll, lodging and transportation cards and vouchers); and 5) monthly access fees. The Company recognizes revenue when the underlying transactions are complete and as its performance obligations are satisfied. Transactions are considered complete depending upon the related payment solution but generally when the Company has authorized the transaction, validated that the transaction has no errors and accepted and posted the data to the Company’s records. In the Company's cross-border payments business, a portion of revenue is from exchanges of currency at spot rates, which enables customers to make cross-currency payments. The Company's performance obligation for its foreign exchange payment services is providing a foreign currency payment to a customer’s designated recipient and therefore, the Company recognizes revenue on foreign exchange payment services when the underlying payment is made. Revenues from foreign exchange payment services are primarily comprised of the difference between the exchange rate set by the Company to the customer and the rate available in the wholesale foreign exchange market. Gift Card Products and Services The Company’s Gift solutions deliver both stored value cards and e-cards (cards) and card-based services primarily in the form of gift cards to retailers. These activities each represent performance obligations that are separate and distinct. Revenue for stored value cards is recognized (gross of the underlying cost of the related card, recorded in processing expenses within the Consolidated Statements of Income) at the point in time when control passes to the Company's customer, which is generally upon shipment. Card-based services consist of transaction processing and reporting of gift card transactions where the Company recognizes revenue based on the passage of time as it stands ready to process an unknown or unspecified quantity of transactions. As a result, the Company directly allocates and recognizes variable consideration over the estimated period of time over which the performance obligation is satisfied. Other The Company accounts for revenue from late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S., Canada and Brazil, in accordance with ASC 310, "Receivables." Such fees are recognized net of a provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided and represent approximately 3% and 4% of total consolidated revenues, net for the years ended December 31, 2025 and 2024, respectively. The Company ceases billing and accruing for late fees and finance charges approximately 30 - 40 days after the customer’s balance becomes delinquent. In addition, in its cross-border payments business, the Company writes foreign currency forwards, option contracts and swaps for its customers primarily to facilitate future payments in foreign currencies. The duration of these derivative contracts at inception is generally less than one year. The Company aggregates its foreign exchange exposures arising from customer contracts, including forwards, options and spot exchanges of currency, as necessary, and economically hedges the net currency risks by entering into offsetting derivatives with established financial institution counterparties. The Company accounts for the derivatives in its cross-border payments business in accordance with ASC 815, "Derivatives and Hedging." Revenues earned on the currency spread inherent in the instruments on date of execution, as well as changes in fair value related to these instruments prior to settlement, represented approximately 10% and 8% of consolidated revenues, net, for the years ended December 31, 2025 and 2024, respectively. Revenue is also derived from the sale of equipment and cards in certain of the Company’s businesses, which is recognized at the time the device or card is sold and control has passed to the customer. This revenue is recognized gross of the cost of sales related to the equipment and cards in revenues, net within the Consolidated Statements of Income. The Company has recorded $89.3 million, $74.8 million and $76.3 million of expenses related to sales of equipment and cards in processing expenses within the Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023, respectively. Contract Liabilities Deferred revenue contract liabilities for customers subject to ASC 606 were $43.1 million and $39.0 million as of December 31, 2025 and 2024, respectively. We expect to recognize approximately $37.2 million of these amounts in revenues within 12 months and the remaining $5.9 million over the next five years as of December 31, 2025. The amount and timing of revenue recognition is affected by several factors, including contract modifications and terminations, which could impact the estimate of amounts allocated to remaining performance obligations and when such revenues could be recognized. Revenue recognized for the year ended December 31, 2025, that was included in the deferred revenue contract liability as of January 1, 2025, was approximately $27.8 million. Costs to Obtain or Fulfill a Contract and/or Customer Incentives In accordance with ASC 606, the Company capitalizes the incremental costs of obtaining a contract with a customer if the Company expects to recover those costs. The incremental costs of obtaining a contract are those that the Company incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, a sales commission). Costs incurred to fulfill a contract are capitalized if those costs meet all of the following criteria: a.The costs relate directly to a contract or to an anticipated contract that the Company can specifically identify. b.The costs generate or enhance resources of the Company that will be used in satisfying (or in continuing to satisfy) performance obligations in the future. c.The costs are expected to be recovered. In order to determine the appropriate amortization period for contract costs, the Company considers a combination of factors, including customer attrition rates, estimated terms of customer relationships, the useful lives of technology used by the Company to provide products and services to its customers, whether further contract renewals are expected and if there is any incremental commission to be paid on a contract renewal. Contract acquisition and fulfillment costs are amortized using the straight-line method over the expected period of benefit (ranging from five to ten years). Costs to obtain a contract with an expected period of benefit of one year or less are recognized as an expense when incurred. The amortization of contract acquisition costs associated with sales commissions that qualify for capitalization is recorded as selling expense in the Company’s Consolidated Statements of Income. Amortization of capitalized contract costs recorded in selling expense was $20.6 million, $18.9 million and $16.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. Costs to obtain or fulfill a contract are classified as contract cost assets within prepaid expenses and other current assets and other assets in the Company’s Consolidated Balance Sheets. The Company had capitalized contract costs of $25.3 million and $19.7 million within prepaid expenses and other current assets and $52.9 million and $43.8 million within other assets in the Company’s Consolidated Balance Sheets, as of December 31, 2025 and 2024, respectively. Further, the Company on occasion may make a cash payment to a customer as a contract incentive. We defer these costs as payments to a customer if recoverable and amortize them over the benefit period, including anticipated customer renewals. The amortization of costs associated with cash payments for client incentives is included as a reduction of revenues in the Company’s Consolidated Statements of Income. The Company had deferred customer incentives of $4.4 million and $5.5 million as of December 31, 2025 and 2024, respectively. Amortization of deferred customer incentives was immaterial for the years ended December 31, 2025, 2024 and 2023. Practical Expedients ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations; however, as allowed by ASC 606, the Company elected to exclude this disclosure for contracts with performance obligations of one year or less and contracts with variable consideration that is directly allocated to a single performance obligation such as a stand-ready series. As described above, the Company's most significant single performance obligations consist of variable consideration directly allocated under a stand-ready series of distinct days of service. Such direct allocation of variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to unsatisfied performance obligations is variable consideration that is not required for this disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material. The Company elected to exclude all sales taxes and other similar taxes from the transaction price. Accordingly, the Company presents all collections from customers for these taxes on a net basis, rather than having to assess whether the Company is acting as an agent or a principal in each taxing jurisdiction. In certain arrangements with customers, the Company has determined that certain promised services and products are immaterial in the context of the contract, both quantitatively and qualitatively. As a practical expedient, the Company is not required to adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised service or product to a customer and when the customer pays for the service or product will be one year or less. As of December 31, 2025, the Company’s contracts with customers contain standard pricing where the timing on control transfer is dependent upon the customer in a stand-ready environment and therefore did not contain a significant financing component.

Goodwill and Other Intangible Assets - Schedule of Future Estimated Amortization of Intangibles (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 326,618
2027	312,877
2028	301,072
2029	277,456
2030	264,741
Thereafter	$ 1,312,151

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 0
Proceeds from redeemable noncontrolling interest	300,000	$ 0	$ 0
Net income attributable to redeemable noncontrolling interest	520
Adjustment to redemption value	1,480	0	$ 0
Ending balance	$ 302,000	$ 0

Consolidated Statements of Equity - USD ($)
$ in Thousands

Total

Total Corpay Stockholders' Equity

Common Stock

Additional Paid-In Capital

Retained Earnings

Accumulated Other Comprehensive Loss

Treasury stock

Noncontrolling Interest

^[1]

Beginning balance at Dec. 31, 2022

$ 2,541,493

$ 128

$ 3,049,570

$ 7,210,769

$ (1,509,650)

$ (6,209,324)

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

981,890

Other comprehensive income (loss), net of tax

220,551

Acquisition of common stock

(691,403)

(13,212)

(678,191)

Stock-based compensation

116,086

Issuance of common stock

113,742

113,741

Ending balance at Dec. 31, 2023

3,282,359

129

3,266,185

8,192,659

(1,289,099)

(6,887,515)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

1,003,732

1,003,746

(14)

Other comprehensive income (loss), net of tax

(430,673)

(424,897)

(5,776)

Acquisition of noncontrolling interest

29,437

Acquisition of common stock

(1,283,814)

Stock-based compensation

116,724

Issuance of common stock

428,224

428,222

Ending balance at Dec. 31, 2024

3,145,989

3,122,342

131

3,811,131

9,196,405

(1,713,996)

(8,171,329)

23,647

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

1,071,948

Net income

1,071,428

1,069,826

1,602

Other comprehensive income (loss), net of tax

327,946

321,842

6,104

Acquisition of common stock

(787,613)

Stock-based compensation

102,637

Issuance of common stock

67,770

67,769

Remeasurement to redemption value on redeemable non-controlling interest

(1,480)

Change in controlling interest of investment, net

(11,460)

11,460

Ending balance at Dec. 31, 2025

$ 3,926,677

$ 3,883,864

$ 132

$ 3,970,077

$ 10,264,751

$ (1,392,154)

$ (8,958,942)

$ 42,813

[1]	1 Excludes redeemable noncontrolling interest of $302 million classified as mezzanine equity. See Note 2 for additional information.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The Company provides its services to customers across different payment solutions and geographies. Revenues, net by solution

for the years ended December 31 (in millions) are as follows:


Revenues by Segment	2025	2024	2023
Vehicle Payments	$2,138.7	$2,008.8	$2,005.5
Corporate Payments	1,635.1	1,221.9	981.1
Lodging Payments	469.5	488.6	520.2
Other	285.1	255.3	250.9
Consolidated revenues, net	$4,528.4	$3,974.6	$3,757.7

Revenue from External Customers by Geographic Areas

Revenues, net by geography for the years ended December 31 (in millions) are as follows:


Revenues by Geography*	2025	2024	2023
United States (country of domicile)	$2,204.6	$2,078.6	$2,045.2
Brazil	713.3	594.3	526.1
United Kingdom	642.3	542.0	478.5
Other	968.2	759.7	707.9
Consolidated revenues, net	$4,528.4	$3,974.6	$3,757.7

*Columns may not calculate due to rounding.

Leases Leases - Schedule of Lease Maturities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 30,076
2027	26,965
2028	18,002
2029	14,459
2030	11,659
Thereafter	28,702
Total lease payments	129,863
Less imputed interest	15,338
Present value of lease liabilities	$ 114,525

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued bonuses	$ 35,152	$ 21,581
Accrued payroll and severance	69,511	54,493
Accrued taxes	239,496	129,314
Accrued commissions/rebates	155,354	126,932
Other	107,087	112,618
Total	$ 606,600	$ 444,938

Consolidated Statements of Income - USD ($)
shares in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income Statement [Abstract]

Revenues, net

$ 4,528,403,000

$ 3,974,589,000

$ 3,757,719,000

Expenses:

Processing

969,177,000

869,085,000

819,908,000

Selling

478,988,000

380,906,000

340,157,000

General and administrative

733,028,000

616,874,000

603,424,000

Depreciation and amortization

393,303,000

351,088,000

336,604,000

Goodwill impairment

90,000,000

Other operating, net

2,060,000

789,000

753,000

Gain on disposition, net

(42,261,000)

(121,310,000)

Operating income

1,994,108,000

1,787,157,000

1,656,873,000

Other expense (income), net

46,985,000

13,961,000

(16,739,000)

Interest expense, net

403,848,000

383,043,000

348,607,000

Loss on extinguishment of debt

1,596,000

5,040,000

Total other expense, net

452,429,000

402,044,000

331,868,000

Income before income taxes

1,541,679,000

1,385,113,000

1,325,005,000

Provision for income taxes

469,731,000

381,381,000

343,115,000

Net income

1,071,948,000

1,003,732,000

981,890,000

Less: Net income (loss) attributable to noncontrolling interests

2,122,000

(14,000)

Net income attributable to Corpay

$ 1,069,826,000

$ 1,003,746,000

$ 981,890,000

Earnings per share:

Basic earnings per share attributable to Corpay (in dollars per share)

^[1]

$ 15.23

$ 14.27

$ 13.42

Diluted earnings per share attributable to Corpay (in dollars per share)

^[1]

$ 15.03

$ 13.97

$ 13.20

Weighted average shares outstanding:

Basic shares (in shares)

70,137

70,331

73,155

Diluted shares (in shares)

71,058

71,848

74,387

[1]	*For 2025, Basic and Diluted earnings per share amounts are determined under the two-class method

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events PayByPhone Disposition In February 2026, the Company signed a definitive agreement to sell PayByPhone, a mobile parking payments business within its Vehicle Payments segment (the "disposal group") to a third party for $450 million. The transaction is expected to close during the first half of 2026, subject to certain customary closing conditions. The Company determined that the disposal group met all of the required criteria to be classified as held for sale during the first quarter of 2026. The disposal group's fair value, based upon the estimated sales price less anticipated costs to sell, exceeds its carrying value. The Company is in the process of estimating the impact this transaction will have on its financial results, but expects to recognize a pre-tax gain on disposal.

Debt - Summary of Contractual Maturities of Notes Payable and Other Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total debt	$ 10,001,687	$ 7,996,080
Long-Term Debt Excluding Securitization Facility
Debt Instrument [Line Items]
2026	1,531,637
2027	2,795,203
2028	3,005,342
2029	9,000
2030	9,000
Thereafter	855,000
Total principal payments	8,205,182
Less: debt discounts and issuance costs included in debt	(26,495)
Total debt	$ 8,178,687

Acquisitions and Investments

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions and Investments

2025 Acquisitions

Gringo Acquisition

In February 2025, the Company acquired 100% of Gringo, a leading Brazil-based vehicle registration and compliance payment

company, for approximately $153.7 million, net of cash and cash equivalents acquired of approximately $10.2 million.

Immediately prior to the acquisition, the Company infused capital equal to the purchase price into Zapay, one of the Company's

less than wholly owned subsidiaries, in order for Zapay to complete the acquisition of Gringo. As a result of the capital infusion

by the Company, the Company's controlling interest in Zapay increased to approximately 86%. This transaction, which was

accounted for separately from the business acquisition, was recorded as an equity transaction. The Company financed the

acquisition using available cash. Results from the Gringo acquisition have been included in the Company's Vehicle Payments

segment from the date of acquisition.

The Gringo acquisition was accounted for as a business combination. The related acquisition accounting is preliminary as the

Company is still completing the valuation of intangible assets, income taxes, working capital, and contingencies. None of the

goodwill attributable to the acquisition of Gringo is expected to be deductible for tax purposes. Noncompete agreements signed

in conjunction with this acquisition were accounted for separately from the business acquisition. There were no material

measurement period adjustments recorded during the year ended December 31, 2025 related to the Gringo acquisition.

The following table summarizes the preliminary acquisition accounting for the Gringo acquisition noted above (in thousands):


Trade and other receivables	$8,591
Prepaid expenses and other current assets	4,284
Other long term assets	847
Goodwill	129,885
Intangibles	24,270
Accounts payable	(1,370)
Other current liabilities	(5,036)
Other noncurrent liabilities	(8,557)
Total consideration paid	$152,914

The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in

thousands):


	Useful Lives (in Years)	Value
Trade names and trademarks - indefinite lived	N/A	$13,457
Proprietary technology	5	3,360
Customer and vendor relationships	2 to 20	7,453
		$24,270

Alpha Acquisition

In July 2025, the Company announced, pursuant to Rule 2.7 of the United Kingdom City Code on Takeovers and Mergers a

firm intention to make a cash offer to acquire 100% of Alpha Group International plc (LSE: ALPHA) ("Alpha") to be effected

by means of a court-sanctioned scheme of arrangement (the "Scheme") under Part 26 of the United Kingdom Companies Act

2006. Alpha is a leading provider of B2B cross-border foreign exchange solutions to corporations and investment funds in the

U.K. and Europe. Alpha pioneered alternative bank accounts as a simpler, faster way for investment managers to fund their

investments and pay expenses anywhere in Europe.

On October 31, 2025, Corpay completed the acquisition of all of the ordinary shares of Alpha for £42.50 in cash for each Alpha

share upon the terms as described in the Rule 2.7 Announcement, resulting in an aggregate purchase price of approximately

£1.8 billion, or $2.4 billion. The aggregate cash consideration paid in the transaction was funded with borrowings under the

Company's Credit Facility, as described further in Note 11.

Results from the Alpha acquisition have been included in the Company's Corporate Payments segment from the date of

acquisition. During the year ended December 31, 2025, the Company incurred $26.2 million of deal costs, including advisory,

legal, audit, valuation and other professional service fees in connection with the Alpha acquisition, which are included in

general and administrative expenses in the Consolidated Statements of Income. During the year ended December 31, 2025,

Alpha's revenues and net loss represented approximately 1% of the Company's total revenues and total net income, respectively,

within the Company's Consolidated Statements of Income.

The Alpha acquisition was accounted for as a business combination. Total consideration was approximately $2.1 billion, net of

cash and cash equivalents and restricted cash acquired of $4.5 billion. The primary areas of the preliminary acquisition

accounting that are not yet finalized relate to the following: (i) finalizing the review and valuation of intangible assets, including

key assumptions, inputs and estimates, and certain useful life assumptions, including customer attrition rates, (ii) finalizing the

Company's estimate of the impact of acquisition accounting on deferred income taxes or liabilities, (iii) finalizing the

Company's review of certain working capital accounts acquired, and (iv) finalizing the evaluation and valuation of certain legal

matters and/or other loss contingencies, including those that the Company may not yet be aware of but that meet the

requirement to qualify as a pre-acquisition contingency. None of the goodwill attributable to the acquisition of Alpha is

expected to be deductible for tax purposes.

The following table summarizes the preliminary acquisition accounting for the Alpha acquisition noted above (in thousands):


Trade and other receivables	$44,306
Prepaid expenses and other current assets	196,460
Other long term assets	104,436
Goodwill	1,206,424
Intangibles	994,605
Accounts payable and accrued expenses	(41,814)
Other current liabilities	(4,272,375)
Other noncurrent liabilities	(320,473)
Total consideration1	$(2,088,431)

1 The Alpha purchase price included approximately $4 billion in cash and cash equivalents and restricted cash, for which there were corresponding customer deposit liabilities assumed.

The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in

thousands):


	Useful Lives (in Years)	Value
Trade names and trademarks	5 to 10	$26,938
Proprietary technology	3 to 4	22,470
Customer and vendor relationships	11 to 20	945,197
		$994,605

Pro forma information

The following unaudited proforma consolidated condensed financial results of operations are presented as if the acquisition of

Alpha occurred on January 1, 2024. The unaudited proforma consolidated condensed financial results have been prepared from

the Company's and Alpha's historical consolidated statements of income for the years ended December 31, 2025 and 2024. The

unaudited pro forma information is presented for informational purposes only and is not necessarily indicative of future

operations or results had the acquisition occurred on January 1, 2024. The pro forma financial information does not include any

synergies or operating cost reductions that may be achieved from the combined operations. These amounts are presented in

accordance with GAAP, consistent with the Company's accounting policies (in millions):


	(Unaudited)
	Year Ended December 31,
	2025	2024
Revenues	$4,807	$4,257
Net income attributable to Corpay	$1,012	$905

Minority Investment

In May 2025, the Company formed a limited partnership with TPG that, through its wholly owned subsidiaries, entered into a

definitive agreement to acquire AvidXchange Holdings, Inc (NASDAQ: AVDX) (“AvidXchange”). AvidXchange is a provider

of AP automation solutions to lower middle market companies with a focus on several verticals including real estate,

homeowners associations, financial institutions and media. The take-private transaction was completed in October 2025.

In conjunction with the closing of the AvidXchange transaction in October 2025, the Company invested approximately

$578 million for approximately 35% of the equity in the limited partnership with TPG for an enterprise valuation of

approximately $1.9 billion. The limited partnership utilized approximately $450 million of debt financing to consummate the

transaction. TPG holds approximately 56% of the equity in the limited partnership, and the management team of AvidXchange

holds the remainder. In addition to other terms, the limited partnership agreement provides that, 33 months after the closing of

the AvidXchange acquisition, the Company will have the right to acquire, or call, all the remaining outstanding equity in the

limited partnership for approximately 2.5 times invested capital, which would result in the Company's consolidation of the

limited partnership. If the Company does not exercise such right to acquire all of the remaining outstanding equity of the

limited partnership and TPG decides to sell the limited partnership to a third party within a period of 15 months thereafter, the

Company is required to guarantee a return to its partners, subject to certain limitations, of approximately 1.6 times invested

capital (the minimum return). If the partnership sells AvidXchange in 2029 for an approximately similar valuation as at

acquisition, there will be no requirement to pay any minimum return.

Private Company Council adjustments are identified and removed to conform with the Company's accounting as appropriate.

Furthermore, the acquisition accounting is preliminary and not yet finalized, with regards to (i) the valuation of its customer

intangible assets, including key assumptions, inputs and estimates, and certain useful life assumptions, including customer

attrition rates, (ii) finalizing the estimate of the impact of acquisition accounting on deferred income taxes or liabilities, and (iii)

finalizing the review of certain working capital accounts acquired.

2024 Acquisitions

In March 2024, the Company acquired 70% of the outstanding stock of Zapay, a Brazil-based digital consumer mobility

solution for paying vehicle-related taxes and compliance fees, for approximately $59.5 million, net of cash. As part of the

agreement, the Company has the right to acquire the remainder of Zapay in four years from the acquisition date. The majority

investment in Zapay further scales the Company's Vehicle Payments business in Brazil. The Company recorded goodwill of

approximately $73.3 million representing the strategic benefits of the majority investment in Zapay. None of the goodwill

attributable to the acquisition of Zapay is deductible for tax purposes.

In July 2024, the Company acquired 100% of the stock of Paymerang, a U.S.-based leader in AP automation solutions, for

approximately $179.2 million, net of cash and cash equivalents and restricted cash acquired of $309 million. The Company

recorded goodwill of approximately $303.9 million representing the strategic benefits of the acquisition, which expands

Corpay's presence in several markets, including education, healthcare, hospitality and manufacturing. None of the goodwill

attributable to the acquisition of Paymerang is deductible for tax purposes.

In December 2024, the Company acquired 100% of GPS Capital Markets, LLC ("GPS") for approximately $577.1 million, net

of cash and cash equivalents and restricted cash acquired of $190.7 million. GPS provides B2B cross-border and treasury

management solutions to upper middle market companies, primarily in the U.S. As the Company acquired a single member

LLC, the acquisition allowed for all U.S. assets to be stepped-up to fair value at the acquisition date and goodwill to be

deductible for federal income tax purposes. The Company recorded goodwill of approximately $335.1 million representing the

strategic benefits of the acquisition of GPS, which further scales the Company's cross-border solution. All of the goodwill

attributable to the acquisition of GPS is deductible for tax purposes.

The aggregate consideration paid for these acquisitions was approximately $815.8 million, net of cash and cash equivalents and

restricted cash of $508.8 million. The Company financed the acquisitions using a combination of available cash and borrowings

under its existing credit facility. Results from these acquisitions have been included in the Company's consolidated results from

the respective date of each acquisition. Results from the Zapay acquisition have been included in the Company's Vehicle

Payments segment and the results of both Paymerang and GPS have been included in the Company's Corporate Payments

segment. In connection with certain of the 2024 acquisitions, the Company signed noncompete agreements valued at

approximately $26.6 million, which were accounted for separately from the business acquisition and recorded within other

intangibles, net in the Company’s Consolidated Balance Sheets.

All of the 2024 acquisitions are accounted for as business combinations. There were no material measurement period

adjustments recorded during the year ended December 31, 2025 related to the 2024 acquisitions.

The following table summarizes the acquisition accounting for the 2024 business acquisitions noted above (in thousands):


Trade and other receivables	$22,898
Prepaid expenses and other current assets	72,394
Other long term assets	40,909
Goodwill	712,324
Intangibles	584,102
Accounts payable	(55,504)
Other current liabilities	(463,627)
Other noncurrent liabilities	(94,803)
Total fair value of net assets acquired	818,693
Less: Noncontrolling interest	(29,437)
Total consideration paid	$789,256

The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in

thousands):


	Useful Lives (in Years)	Value
Trade names and trademarks - indefinite lived	N/A	$13,938
Trade names and trademarks - other	2 to 5	12,200
Proprietary technology	4 to 5	23,485
Customer relationships	2 to 20	534,479
		$584,102

During the year ended December 31, 2024, the Company also completed multiple asset acquisitions for approximately $6.7

million.

- Definition

The entire disclosure for business combination.

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+ Details

Dispositions (Details) - USD ($) $ in Thousands		12 Months Ended
Dispositions (Details) - USD ($) $ in Thousands	Aug. 15, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of productive assets		$ 53,400
Gain (loss) on disposition of business		42,261	$ 121,310	$ 13,712
Income before income taxes		1,541,679	1,385,113	1,325,005
Income (Loss) Before Income Taxes \| Geographic Concentration Risk \| RUSSIAN FEDERATION
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income before income taxes			62,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Vehicle Payments Disposal Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill held for sale			58,200
Proceeds from divestiture, net of cash disposed			185,500
Gain (loss) on disposal of business		$ (11,200)	$ 121,300
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]		Gain (loss) on disposition of business
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Russia Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposition of business				$ 13,700
Foreign exchange loss	$ 5,600
Proceeds from disposal of a business, net of cash disposed	$ 197,000

Stock-Based Compensation - Schedule of Weighted-Average Assumptions (Details) - Stock options	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.90%	4.28%	4.39%
Dividend yield	0.00%	0.00%	0.00%
Expected volatility	30.64%	35.68%	33.73%
Expected term (in years)	3 years 1 month 6 days	3 years 9 months 18 days	3 years 4 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Summary of Earnings Per Share, Basic and Diluted

The calculation and reconciliation of basic and diluted earnings per share for the years ended December 31 (in thousands,

except per share data) follows:


	2025	2024	2023
Net income attributable to Corpay	$1,069,826	$1,003,746	$981,890
Adjustment to redemption value of redeemable noncontrolling interest	(1,480)	—	—
Net income attributable to Corpay shareholders after adjustment to redemption value of redeemable noncontrolling interest	$1,068,346	$1,003,746	$981,890

Denominator for basic earnings per share	70,137	70,331	73,155
Dilutive securities	921	1,517	1,232
Denominator for diluted earnings per share	71,058	71,848	74,387
Basic earnings per share attributable to Corpay	$15.23	$14.27	$13.42
Diluted earnings per share attributable to Corpay	$15.03	$13.97	$13.20

Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The following table summarizes the fair value of derivatives reported in the Consolidated Balance Sheets as of December 31,

2025 and 2024 (in millions):


	December 31, 2025
	Fair Value, Gross		Fair Value, Net
	Derivative Assets	Derivative Liabilities	Derivative Assets	Derivative Liabilities
Derivatives - undesignated:
Foreign exchange, interest rate and commodity contracts	$1,709.2	$1,415.2	$949.0	$655.0


	December 31, 2024
	Fair Value, Gross		Fair Value, Net
	Derivative Assets	Derivative Liabilities	Derivative Assets	Derivative Liabilities
Derivatives - undesignated:
Foreign exchange contracts	$1,406.7	$1,297.3	$833.7	$724.3

The following table presents the fair value of the Company’s cross-currency interest rate swaps designated as net investment

hedges, as well as their classification on the accompanying Consolidated Balance Sheets, as of December 31, 2025 and

December 31, 2024 (in millions).


		2025	2024
	Balance Sheet Classification	Fair Value
Cross-currency interest rate swaps designated as net investment hedges:
Net investment hedge	Prepaid expenses and other current assets	$13.4	$22.6
Net investment hedge	Other assets	$—	$8.0
Net investment hedge	Other current liabilities	$58.1	$—
Net investment hedge	Other noncurrent liabilities	$91.6	$5.2

As of December 31, 2025, the estimated net amount of the existing benefit related to the Company's cross-currency interest rate

swaps designed as net investment hedges that is expected to be reclassified into earnings as a reduction to interest expense, net

within the next 12 months is approximately $17.7 million.

Schedule of Derivative Assets at Fair Value

The following table presents the Company’s spot trade assets and liabilities at their fair value for the years ended

December 31, 2025 and 2024 (in millions):


	December 31, 2025			December 31, 2024
	Gross	Offset on the Balance Sheet	Net	Gross	Offset on the Balance Sheet	Net
Assets
Accounts Receivable	$5,285.7	$(5,086.5)	$199.2	$2,305.6	$(2,131.8)	$173.8
Liabilities
Accounts Payable	$5,194.1	$(5,086.5)	$107.6	$2,218.3	$(2,131.8)	$86.5

The following table presents the fair value of the Company’s derivative assets and

liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of December 31, 2025 and

December 31, 2024 (in millions):


		2025	2024
	Balance Sheet Classification	Fair Value

Derivative Assets	Prepaid expenses and other current assets	$660.4	$630.2
Derivative Assets	Other assets	$288.7	$203.5
Derivative Liabilities	Other current liabilities	$450.0	$538.6
Derivative Liabilities	Other noncurrent liabilities	$205.1	$185.7

Schedule of Derivative Liabilities at Fair Value

The following table presents the fair value of the Company’s derivative assets and

liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of December 31, 2025 and

December 31, 2024 (in millions):


		2025	2024
	Balance Sheet Classification	Fair Value

Derivative Assets	Prepaid expenses and other current assets	$660.4	$630.2
Derivative Assets	Other assets	$288.7	$203.5
Derivative Liabilities	Other current liabilities	$450.0	$538.6
Derivative Liabilities	Other noncurrent liabilities	$205.1	$185.7

Schedule of Notional Amounts of Outstanding Derivative Positions

As of December 31, 2025, the Company had the following outstanding interest rate swap derivatives that qualify as hedging

instruments within designated cash flow hedges of variable interest rate risk (in millions):


Notional Amount	Weighted Average Fixed Rate	Maturity Date
$500	3.80%	1/31/2026
$1,500	4.15%	7/31/2026
$750	4.14%	1/31/2027
$500	4.19%	7/31/2027
$250	4.00%	1/31/2028
$500	3.19%	7/31/2028
$250	3.47%	1/31/2029
$250	3.47%	7/31/2029

At December 31, 2025, the Company had the following cross-currency interest rate swaps designated as net investment hedges

of our investments in foreign-denominated operations:


	U.S. dollar equivalent notional (in millions)	Fixed Rates	Maturity Date
Euro (EUR)	$500	2.15%	5/26/2026
Canadian Dollar (CAD)	$800	1.35%	1/24/2028
British Pound (GBP)	$750	0.317%	5/8/2028

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The table below presents the fair value of the Company’s interest rate swap contracts, as well as their classification on the

Consolidated Balance Sheets, as of December 31, 2025 and 2024 (in millions). See Note 4 for further information.


	Balance Sheet Classification	2025	2024
Derivatives designated as cash flow hedges:
Swap contracts	Prepaid expenses and other current assets	$1.0	$9.7
Swap contracts	Other assets	$0.3	$10.0
Swap contracts	Other current liabilities	$17.3	$3.9
Swap contracts	Other noncurrent liabilities	$7.2	$6.0

Segments - Schedule of Company's Segment Results (Details) - USD ($)		12 Months Ended
	Oct. 01, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues, net		$ 4,528,403,000	$ 3,974,589,000	$ 3,757,719,000
Expenses:
Processing		969,177,000	869,085,000	819,908,000
Selling		478,988,000	380,906,000	340,157,000
General and administrative		733,028,000	616,874,000	603,424,000
Depreciation		131,164,000	120,106,000	109,983,000
Goodwill impairment	$ 0	0	90,000,000	0
Other operating, net		2,060,000	789,000	753,000
Gain on disposition, net		(42,261,000)	(121,310,000)	(13,712,000)
Operating income		1,994,108,000	1,787,157,000	1,656,873,000
Other expense, net		46,985,000	13,961,000	(16,739,000)
Interest expense, net		403,848,000	383,043,000	348,607,000
Loss on extinguishment of debt		1,596,000	5,040,000	0
Total other expense, net		452,429,000	402,044,000	331,868,000
Income before income taxes		1,541,679,000	1,385,113,000	1,325,005,000
Vehicle Payments
Expenses:
Goodwill impairment		0	0
Corporate Payments
Expenses:
Goodwill impairment		0	0
Lodging Payments
Expenses:
Goodwill impairment		0	0
Operating Segments
Segment Reporting Information [Line Items]
Revenues, net		4,528,403,000	3,974,589,000	3,757,719,000
Expenses:
Processing		969,177,000	869,085,000	819,908,000
Selling		478,988,000	380,906,000	340,157,000
General and administrative		733,028,000	616,874,000	603,424,000
Depreciation		131,164,000	120,106,000	109,983,000
Amortization		262,139,000	230,982,000	226,621,000
Goodwill impairment			90,000,000
Other operating, net		2,060,000	789,000	753,000
Gain on disposition, net		(42,261,000)	(121,310,000)
Operating income		1,994,108,000	1,787,157,000	1,656,873,000
Capital expenditures		200,756,000	175,176,000	153,822,000
Long-lived assets (excluding goodwill and investments)		472,310,000	377,705,000	343,154,000
Operating Segments \| Vehicle Payments
Segment Reporting Information [Line Items]
Revenues, net		2,138,675,000	2,008,799,000	2,005,510,000
Expenses:
Processing		382,777,000	365,457,000	377,603,000
Selling		198,032,000	175,750,000	167,614,000
General and administrative		329,482,000	311,784,000	314,892,000
Depreciation		79,203,000	70,178,000	69,886,000
Amortization		114,854,000	129,988,000	132,019,000
Goodwill impairment			0
Other operating, net		1,882,000	82,000	98,000
Gain on disposition, net		(42,261,000)	(121,310,000)
Operating income		1,074,706,000	1,076,870,000	943,399,000
Capital expenditures		129,434,000	117,410,000	108,592,000
Long-lived assets (excluding goodwill and investments)		308,546,000	258,942,000	252,499,000
Operating Segments \| Corporate Payments
Segment Reporting Information [Line Items]
Revenues, net		1,635,065,000	1,221,915,000	981,127,000
Expenses:
Processing		322,878,000	264,298,000	212,144,000
Selling		240,678,000	172,365,000	137,512,000
General and administrative		289,563,000	192,853,000	170,075,000
Depreciation		30,442,000	29,949,000	22,356,000
Amortization		111,539,000	63,367,000	56,323,000
Goodwill impairment			0
Other operating, net		172,000	686,000	629,000
Gain on disposition, net		0	0
Operating income		639,793,000	498,397,000	382,085,000
Capital expenditures		40,859,000	32,587,000	25,387,000
Long-lived assets (excluding goodwill and investments)		99,199,000	67,379,000	48,822,000
Operating Segments \| Lodging Payments
Segment Reporting Information [Line Items]
Revenues, net		469,540,000	488,589,000	520,216,000
Expenses:
Processing		123,785,000	119,645,000	117,203,000
Selling		30,653,000	24,317,000	24,597,000
General and administrative		70,793,000	72,526,000	77,219,000
Depreciation		15,884,000	13,205,000	11,070,000
Amortization		33,723,000	35,494,000	35,833,000
Goodwill impairment			0
Other operating, net		5,000	14,000	25,000
Gain on disposition, net		0	0
Operating income		194,697,000	223,388,000	254,270,000
Capital expenditures		22,025,000	19,622,000	13,705,000
Long-lived assets (excluding goodwill and investments)		45,376,000	35,105,000	24,697,000
Operating Segments \| Other
Segment Reporting Information [Line Items]
Revenues, net		285,123,000	255,286,000	250,866,000
Expenses:
Processing		139,737,000	119,685,000	112,958,000
Selling		9,625,000	8,474,000	10,435,000
General and administrative		43,190,000	39,711,000	41,237,000
Depreciation		5,635,000	6,774,000	6,671,000
Amortization		2,023,000	2,133,000	2,446,000
Goodwill impairment			90,000,000
Other operating, net		1,000	7,000	1,000
Gain on disposition, net		0	0
Operating income		84,912,000	(11,498,000)	77,119,000
Capital expenditures		8,438,000	5,557,000	6,138,000
Long-lived assets (excluding goodwill and investments)		$ 19,189,000	$ 16,279,000	$ 17,136,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 2,408,097	$ 1,553,642
Restricted cash	6,583,843	2,902,703
Accounts and other receivables (less allowance for credit losses of $170,957 at December 31, 2025 and $133,757 at December 31, 2024)	2,145,679	2,090,500
Securitized accounts receivable—restricted for securitization investors	1,823,000	1,323,000
Prepaid expenses and other current assets	1,002,621	806,024
Total current assets	13,963,240	8,675,869
Property and equipment, net	472,310	377,705
Goodwill	7,564,822	5,984,667
Other intangibles, net	3,237,729	2,410,442
Investments	601,942	60,088
Other assets	568,092	448,260
Total assets	26,408,135	17,957,031
Current liabilities:
Accounts payable	1,564,548	1,570,426
Accrued expenses	606,600	444,938
Customer deposits	8,118,566	3,266,126
Securitization facility	1,823,000	1,323,000
Current portion of notes payable and lines of credit	1,522,530	1,446,974
Other current liabilities	661,433	656,417
Total current liabilities	14,296,677	8,707,881
Notes payable and other obligations, less current portion	6,656,157	5,226,106
Deferred income taxes	614,345	439,176
Other noncurrent liabilities	612,279	437,879
Total noncurrent liabilities	7,882,781	6,103,161
Commitments and contingencies (Note 15)
Redeemable noncontrolling interest (Note 2)	302,000	0
Stockholders’ equity:
Common stock, $0.001 par value; $475,000,000 shares authorized; 132,186,610 shares issued and 68,362,289 shares outstanding at December 31, 2025; and 131,425,669 shares issued and 70,170,016 shares outstanding at December 31, 2024	132	131
Additional paid-in capital	3,970,077	3,811,131
Retained earnings	10,264,751	9,196,405
Accumulated other comprehensive loss	(1,392,154)	(1,713,996)
Less treasury stock (63,824,321 shares and 61,255,653 shares at December 31, 2025 and 2024, respectively)	(8,958,942)	(8,171,329)
Total Corpay stockholders’ equity	3,883,864	3,122,342
Noncontrolling interest	42,813	23,647
Total equity	3,926,677	3,145,989
Total liabilities, redeemable noncontrolling interest and equity	$ 26,408,135	$ 17,957,031

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

A summary of changes in the Company’s goodwill by reportable segment is as follows (in thousands):


	December 31, 2024	Acquisitions1	Dispositions	Impairments	Acquisition Accounting Adjustments	Foreign Currency	December 31, 2025
Segment
Vehicle Payments	$2,626,055	$129,885	$—	$—	$58	$166,608	$2,922,606
Corporate Payments	2,687,354	1,206,424	—	—	1,717	68,260	3,963,755
Lodging Payments	413,438	—	—	—	—	6,231	419,669
Other2	257,820	—	—	—	—	972	258,792
	$5,984,667	$1,336,309	$—	$—	$1,775	$242,071	$7,564,822

1 Reflects the recognition of preliminary goodwill related to acquisitions completed by the Company during the year ended December 31, 2025.
2 Goodwill for the Company's Payroll Card reporting unit is presented net of accumulated impairment losses of $90.0 million, all of which were recorded during the year ended December 31, 2024.


	December 31, 2023	Acquisitions	Dispositions1	Impairments2	Acquisition Accounting Adjustments	Foreign Currency	December 31, 2024
Segment
Vehicle Payments	$2,803,990	$73,217	$(58,220)	$—	$—	$(192,932)	$2,626,055
Corporate Payments	2,074,736	637,332	—	—	1,058	(25,772)	2,687,354
Lodging Payments	416,952	—	—	—	—	(3,514)	413,438
Other	349,280	—	—	(90,000)	—	(1,460)	257,820
	$5,644,958	$710,549	$(58,220)	$(90,000)	$1,058	$(223,678)	$5,984,667

1 Reflects goodwill derecognized in connection with the disposition of the Company's merchant solutions business in the U.S. See Note 19 for further information.
2 Represents the partial impairment of the goodwill within the Company's Payroll Card reporting unit during the year ended December 31, 2024. See Note 2 for further information.

Acquisition accounting adjustments recorded in 2025 and 2024 are a result of the Company completing its acquisition

accounting and working capital adjustments for certain prior year acquisitions. At December 31, 2025, goodwill is presented net

of accumulated impairment losses of $90.0 million,which was recorded during the year ended December 31, 2024 and are

included in our Other category as described above.

Other intangible assets consisted of the following at December 31 (in thousands):


		2025			2024
	Weighted- Avg Useful Life (Years)1	Gross Carrying Amounts	Accumulated Amortization	Net Carrying Amount	Gross Carrying Amounts	Accumulated Amortization	Net Carrying Amount
Customer and vendor relationships	16.1	$4,541,001	$(1,908,916)	$2,632,085	$3,476,642	$(1,624,079)	$1,852,563
Trade names and trademarks—indefinite lived	N/A	442,814	—	442,814	410,391	—	410,391
Trade names and trademarks—other	7.2	92,939	(21,403)	71,536	66,047	(13,055)	52,992
Technology	7.5	327,925	(259,748)	68,177	306,296	(245,038)	61,258
Non-compete agreements	3.8	51,836	(28,719)	23,117	52,412	(19,174)	33,238
Total other intangibles		$5,456,515	$(2,218,786)	$3,237,729	$4,311,788	$(1,901,346)	$2,410,442
N/A = Not Applicable
1 The weighted-average useful life calculation excludes fully amortized intangible assets.

Changes in foreign exchange rates resulted in $75.9 million and $69.6 million decreases to the carrying values of other

intangible assets in the years ended December 31, 2025 and 2024, respectively. Amortization expense related to intangible

assets for the years ended December 31, 2025, 2024 and 2023 was $261.9 million, $230.8 million and $225.4 million,

respectively. During the years ended December 31, 2025 and 2024, the Company wrote-off the gross carrying amounts and the

related accumulated amortization of fully amortized intangible assets of approximately $20.2 million and $70.3 million,

respectively, which were no longer being used. Due to rebranding activity during the year ended December 31, 2024, the

Company reassessed the useful lives of certain trademarks. This resulted in a reclassification of $13.3 million from indefinite to

finite-lived assets as of December 31, 2024. At the time of change in estimate, which was applied prospectively, the Company

tested these trademarks for impairment, which resulted in no impairment charge.

The future estimated amortization of intangible assets at December 31, 2025 is as follows (in thousands):


2026		$326,618
2027		312,877
2028		301,072
2029		277,456
2030		264,741
Thereafter		1,312,151

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

The Company reports basic and diluted earnings per share using the two-class method, which is an earnings allocation method

that determines EPS for common shares and participating securities. Basic earnings per share is computed by dividing net

income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the

reported period, further adjusted by the redeemable noncontrolling interest redemption value adjustment associated with the

Mastercard investment. Diluted earnings per share reflect the potential dilution related to equity-based incentives using the

treasury stock method.

The calculation and reconciliation of basic and diluted earnings per share for the years ended December 31 (in thousands,

except per share data) follows:


	2025	2024	2023
Net income attributable to Corpay	$1,069,826	$1,003,746	$981,890
Adjustment to redemption value of redeemable noncontrolling interest	(1,480)	—	—
Net income attributable to Corpay shareholders after adjustment to redemption value of redeemable noncontrolling interest	$1,068,346	$1,003,746	$981,890

Denominator for basic earnings per share	70,137	70,331	73,155
Dilutive securities	921	1,517	1,232
Denominator for diluted earnings per share	71,058	71,848	74,387
Basic earnings per share attributable to Corpay	$15.23	$14.27	$13.42
Diluted earnings per share attributable to Corpay	$15.03	$13.97	$13.20

Diluted earnings per share for the years ended December 31, 2025, 2024 and 2023 excludes the effect of 0.7 million, 0.1 million

and 2.0 million shares, respectively, of common stock that may be issued upon the exercise of employee stock options because

such effect would be antidilutive. Diluted earnings per share also excludes the effect of performance-based restricted stock for

which the performance criteria have not yet been achieved, which was immaterial for 2025, 2024 and 2023.

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States

(GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and

disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and

expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly,

accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the Company’s

consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is

obtained and as the Company’s operating environment changes. Actual results may differ from those estimates.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Corpay, Inc. and all of its wholly owned

subsidiaries. All significant intercompany balances and transactions have been eliminated.

The Company’s fiscal year ends on December 31. In certain of the Company’s U.K. businesses, the Company records the

operating results using a 4-4-5 week accounting cycle with the fiscal year ending on the Friday on or immediately preceding

December 31. Fiscal years 2025, 2024 and 2023 include 52 weeks for the businesses reporting using a 4-4-5 accounting cycle.

Financial Instruments-Credit Losses

The Company accounts for financial assets' expected credit losses in accordance with Accounting Standards Codification

(ASC) 326, "Financial Instruments - Credit Losses". The Company’s financial assets subject to credit losses are primarily trade

receivables. The Company utilizes a combination of aging and loss-rate methods to develop an estimate of current expected

credit losses, depending on the nature and risk profile of the underlying asset pool, based on product, size of customer and

historical losses. Expected credit losses are estimated based upon an assessment of risk characteristics, historical payment

experience and the age of outstanding receivables, adjusted for forward-looking economic conditions. The allowances for

remaining financial assets measured at amortized cost basis are evaluated based on underlying financial condition, credit history

and current and forward-looking economic conditions. The estimation process for expected credit losses includes consideration

of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms

and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, economic trends and relevant

environmental factors. The Company's provision for credit losses is recorded within processing expenses in the Consolidated

Statements of Income. At both December 31, 2025 and 2024, approximately 87% of outstanding accounts receivable were less

than 30 days past due. Accounts receivable deemed uncollectible are removed from accounts receivable and the allowance for

credit losses when internal collection efforts have been exhausted and accounts have been turned over to a third-party collection

agency. Recoveries from the third-party collection agency are not significant.

Business Combinations

Business combinations completed by us have been accounted for under the acquisition method of accounting, which requires

that the acquired assets and liabilities, including contingencies, be recorded at fair value determined as of the acquisition date.

The excess of the purchase price over the fair values of the tangible and intangible assets acquired and liabilities assumed

represents goodwill. Amounts assigned to goodwill are primarily attributable to buyer-specific synergies expected to arise after

the acquisition (e.g., enhanced reach of the combined organization and other synergies) and the assembled work force of the

acquiree. The results of the acquired businesses are included in our results of operations beginning from the completion date of

the transaction.

The estimates the Company uses to determine the fair value of long-lived assets, such as intangible assets, can be complex and

require significant judgments. The Company uses information available to us to make fair value determinations and engages

independent valuation specialists, when necessary, to assist in the fair value determination of significant acquired long-lived

and indefinite-lived assets. The estimated fair values of customer-related and contract-based intangible assets are generally

determined using the income approach, which is based on projected cash flows discounted to their present value using discount

rates that consider the timing and risk of the forecasted cash flows (excess earnings method). The discount rates used represent

a risk-adjusted market participant weighted-average cost of capital, derived using customary market metrics. These measures of

fair value also require considerable judgments about future events, including forecasted revenue growth rates, forecasted

customer attrition rates and technology changes. Acquired technologies are generally valued using the replacement cost method,

which requires us to estimate the costs to construct an asset of equivalent utility at prices available at the time of the valuation

analysis, with adjustments in value for physical deterioration and functional and economic obsolescence. Trademarks and trade

names are generally valued using the "relief-from-royalty" approach. This method assumes that trademarks and trade names

have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. This

method requires the Company to estimate the future revenues for the related brands, the appropriate royalty rate and the

weighted-average cost of capital. This measure of fair value requires considerable judgment about the value a market

participant would be willing to pay in order to achieve the benefits associated with the trade name. Non-compete arrangements

are measured at fair value separately from the business combination using a cash flow method based on the Company's best

estimate of the probability of competition and its business effect absent the non-compete arrangement.

While the Company uses its best estimates and assumptions to determine the fair values of the assets acquired and the liabilities

assumed, its estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which

may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities

assumed. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in the Company's

Consolidated Statements of Income. The Company also estimates the useful lives of intangible assets to determine the period

over which to recognize the amount of acquisition-related intangible assets as an expense. Certain assets may be considered to

have indefinite useful lives. The Company periodically reviews the indefinite nature of these assets. The Company also

periodically reviews the estimated useful lives assigned to its intangible assets to determine whether such estimated useful lives

continue to be appropriate.

Impairment of Long-Lived Assets, Goodwill, Intangibles and Investments

The Company regularly evaluates whether events and circumstances have occurred that indicate the carrying amount of

property and equipment and intangible assets with finite lives may not be recoverable. When factors indicate that these long-

lived assets should be evaluated for possible impairment, the Company assesses the potential impairment by determining

whether the carrying amount of such long-lived assets will be recovered through the future undiscounted cash flows expected

from use of the asset and its eventual disposition. If the carrying amount of the asset is determined not to be recoverable, a

write-down to fair value is recorded. Fair values are determined based on quoted market prices or discounted cash flow analyses

as applicable. The Company regularly evaluates whether events and circumstances have occurred that indicate the useful lives

of property and equipment and intangible assets with finite lives may warrant revision.

The Company completes an impairment test of goodwill at least annually or more frequently if facts or circumstances indicate

that goodwill might be impaired. Goodwill is tested for impairment at the reporting unit level. When the Company believes it is

appropriate, the Company may elect to first perform the optional qualitative assessment for certain of its reporting units. Factors

considered in the qualitative assessment include general macroeconomic conditions, industry and market conditions, cost

factors, overall financial performance of our reporting units, events or changes affecting the composition or carrying amount of

the net assets of our reporting units, sustained decrease in our share price and other relevant entity-specific events. If the

Company elects to bypass the optional qualitative assessment or if it determines, on the basis of qualitative factors, that the fair

value of the reporting unit is more likely than not less than the carrying amount, a quantitative test would be required. The

Company then performs the quantitative goodwill impairment test for the applicable reporting units by comparing the reporting

unit’s carrying amount, including goodwill, to its fair value, which is measured based upon, among other factors, a discounted

cash flow analysis and, to a lesser extent, market multiples for comparable companies. If the carrying amount of the reporting

unit is greater than its fair value, goodwill is considered impaired.

As of October 1, 2024, as a result of the annual evaluation, the Company determined the goodwill within the Payroll Card

reporting unit, a component of its “Other” category, was partially impaired. Accordingly, the Company recognized a goodwill

impairment loss of $90 million within goodwill impairment in the Consolidated Statements of Income during the year ended

December 31, 2024. Factors that led to this conclusion included i) decreased use of the card and its core component for the

Company's target customers, ii) the impact of historic and sustained increases in inflation and interest rates on the reporting

unit’s weighted average costs of capital, which was beyond the Company's control and iii) inability to achieve forecasted

operating results at historical underwritten values, all of which resulted in revised mid to long-term projections during the

fourth quarter of 2024, including reevaluation of the Company's anticipated capital investment in the reporting unit and which

negatively impacted the reporting unit's fair value. The Company engaged a third-party valuation firm to assist with the

performance of its goodwill quantitative impairment test. The estimation of the net present value of future cash flows was based

upon varying economic assumptions, including assumptions such as revenue, net growth rates, operating costs, EBITDA

margins, capital expenditures, tax rates, long-term growth rates and discount rates. Of these assumptions, EBITDA margins and

discount rates were the most sensitive, subjective and/or complex. These assumptions were based on risk-adjusted discount

factors accommodating viewpoints that consider the full range of variability contemplated in the current and potential future

economic situations. There is approximately $57 million of goodwill remaining related to the Payroll card reporting unit as of

December 31, 2025 and 2024.

The results of the 2025 impairment test for the Company's reporting units indicated that the estimated fair value of each of the

Company's reporting units was in excess of the corresponding carrying amount as of October 1, 2025 and no impairment of

goodwill existed. No events or changes in circumstances have occurred since the date of this most recent annual impairment test

that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

The Company also evaluates indefinite-lived intangible assets (primarily trademarks and trade names) for impairment annually.

The Company also tests for impairment at an interim date if events and circumstances indicate that it is more likely than not that

an impairment exists. An impairment loss is recognized if the carrying amount of an indefinite-lived intangible asset exceeds

the estimated fair value on the measurement date.

Estimates critical to the Company’s evaluation of indefinite-lived intangible assets for impairment include the discount rate,

royalty rates used in its evaluation of trade names and projected revenue growth. Based on the indefinite-lived intangible asset

impairment analyses performed as of October 1, 2025, the Company determined no impairment existed. No events or changes

in circumstances have occurred since the date of this most recent annual impairment analysis that would more likely than not

reduce the fair value of an indefinite-lived intangible asset below its carrying amount.

The Company has elected the alternative to measure certain investments in equity instruments that do not have readily

determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes for

similar investments of the issuer. The Company reassesses these investments each reporting period to evaluate whether these

investments continue to qualify for the alternative measurement at cost minus impairment, rather than requiring measurement at

fair value on a recurring basis. The Company evaluates these equity investments without readily determinable fair values for

impairment based on qualitative indicators (e.g., significant deterioration in investee's financial performance, adverse

regulation, etc.). Investments classified as trading securities are carried at fair value with any unrealized gain or loss recorded

within investment (gain) loss in the Consolidated Statements of Income.

During 2021, the Company made an investment of $37.4 million in a 20-year joint venture with a third-party Brazilian bank.

The Company determined that it exercises significant influence, but does not control, the joint venture and/or intermediary and

records its allocable share of the joint ventures earnings/losses as an equity method investment under ASC 323, "Investments—

Equity Method and Joint Ventures". Additionally, during 2025, the Company made an investment of $578 million for

approximately 35% of the equity in a limited partnership with TPG in connection with the acquisition of AvidXChange

Holdings, Inc. The Company determined that it does not control the limited partnership and records its allocable share of the

partnership's earnings/losses as an equity method investment under ASC 323. See Note 7 for further information regarding the

Company's investment in AvidXChange.

The Company recognized net losses related to its equity method investments of $25.4 million for the year ended December 31

2025, which were recorded within Other expense (income), net in the Consolidated Statements of Income. The impact of the

Company's equity method investments was not material for the years ended December 31, 2024 and 2023.

The Company monitors its equity method investments qualitatively for other than temporary impairment. The Company

recorded no impairment charges on its investments for the years ended December 31, 2025, 2024 and 2023.

Property and Equipment and Definite-Lived Intangible Assets

Property and equipment are stated at cost and depreciated on the straight-line basis. Intangible assets with finite lives, consisting

primarily of customer relationships, are stated at fair value upon acquisition and are amortized over their estimated useful lives.

Customer and merchant relationship useful lives are estimated using historical attrition rates.

The Company develops internal-use software that is used in providing processing and information management services to

customers. A significant portion of the Company’s capital expenditures are devoted to the development of such internal-use

computer software. Software development costs are capitalized once application development stage of the software has been

established. Costs incurred during preliminary project stage prior to the application development stage are expensed as incurred.

Application development stage is established when the Company has completed all planning, designing, coding and testing

activities that are necessary to determine that the software can be produced to meet its design specifications, including

functions, features and technical performance requirements. Capitalization of costs ceases when the software is ready for its

intended use. Software development costs are amortized using the straight-line method over the estimated useful life of the

software. The Company capitalized software costs of $174.3 million, $136.3 million and $128.0 million in 2025, 2024 and

2023, respectively. Amortization expense for software totaled $102.9 million, $78.8 million and $77.5 million in 2025, 2024

and 2023, respectively.

Income Taxes

The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized

for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets

and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to

apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on

deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. The

Company has elected to treat the Global Intangible Low Taxed Income (GILTI) inclusion as a current period expense.

The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in

which the associated temporary differences become deductible. The Company evaluates on a quarterly basis whether it is more

likely than not that its deferred tax assets will be realized in the future and concludes whether a valuation allowance must be

established.

The Company recognizes the impact of an uncertain income tax position on the income tax return at the largest amount that is

more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be

recognized if it has less than a 50% likelihood of being sustained. The Company includes any estimated interest and penalties

on tax related matters in income tax expense. See Note 13 for further information.

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents primarily consist of a) cash on hand, b) highly liquid investments with original maturities of three

months or less, such as certificates of deposit, treasury bills and money market funds, and c) customer deposits repayable on

demand without legal restrictions. Restricted cash represents a) customer deposits repayable on demand held in certain

geographies with legal restrictions contractually set aside to fulfill payment obligations on a customer's behalf, b) collateral

received from customers for cross-currency transactions in our cross-border payments business, which are restricted from use

other than to repay customer deposits and secure and settle cross-currency transactions, and c) collateral posted with banks for

hedging positions in our cross-border payments business.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated

Balance Sheets to amounts within the Consolidated Statements of Cash Flows (in thousands).


	December 31, 2025	December 31, 2024	December 31, 2023
Cash and cash equivalents	$2,408,097	$1,553,642	$1,389,648
Restricted cash	6,583,843	2,902,703	1,751,887
Total cash and cash equivalents and restricted cash	$8,991,940	$4,456,345	$3,141,535

Foreign Currency Translation

Assets and liabilities of foreign subsidiaries as well as intra-entity balances denominated in foreign-currency and designated for

long-term investment are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation

adjustments are recorded to accumulated other comprehensive loss. Income and expenses are translated at the average monthly

rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are

included in net income. The Company recognized net foreign exchange losses, which are recorded within Other expense

(income), net in the Consolidated Statements of Income for the years ended December 31 as follows (in millions):


	2025	2024	2023
Foreign exchange losses	$29.8	$9.2	$4.8

The Company recorded foreign currency losses and gains on long-term intra-entity transactions included as a component of

foreign currency translation losses (gains), net of tax, in the Consolidated Statements of Comprehensive Income for the years

ended December 31 as follows (in millions):


	2025	2024	2023
Foreign currency losses (gains) on long-term intra-entity transactions	$78.2	$132.0	$(29.0)

Derivatives

The Company uses derivatives to minimize its exposures related to changes in interest rates and economic changes in the value

of certain foreign-denominated net assets. The Company also uses derivatives to facilitate cross-currency corporate payments

by writing derivatives to customers and enters into cross-currency derivative contracts with banking partners to mitigate foreign

exchange risk associated with customer derivative contracts.

The Company is exposed to the risk of changing interest rates because its borrowings are subject to variable interest rates. In

order to mitigate this risk, the Company utilizes derivative instruments. Interest rate swap contracts designated as cash flow

hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments

over the life of the agreements without exchange of the underlying notional amount. The Company hedges interest payments on

an unspecified portion of its variable rate debt utilizing derivatives designated as cash flow hedges.

Changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recorded to the derivative assets/

liabilities and offset against accumulated other comprehensive loss. Derivative fair value changes that are recorded in

accumulated other comprehensive loss are reclassified to earnings in the same period or periods that the hedged item affects

earnings, to the extent the derivative is highly effective in offsetting the change in cash flows attributable to the hedged risk.

In the Company's cross-border payments business, the Company uses derivatives to facilitate cross-currency corporate

payments by writing derivatives, primarily foreign currency forward contracts, option contracts and swaps, for its customers.

The Company derives a currency spread from this activity. The Company recognizes current cross-border payments derivatives

in prepaid expenses and other current assets and recognizes other current liabilities and derivatives greater than one year in

other assets and other noncurrent liabilities in the accompanying Consolidated Balance Sheets at their fair value. Any gains/

losses associated with these derivatives are recorded through earnings.

The Company also utilizes cross-currency interest rate swaps designated as net investment hedges of its investments in foreign-

denominated operations, which effectively converts a specified U.S. dollar notional equivalent to an obligation denominated in

foreign currency and partially offsets the impact of changes in currency rates on the Company's foreign-denominated net

investments. Such contracts also create a positive interest differential on the U.S. dollar-denominated portion of the swap,

resulting in interest rate savings on the USD notional.

All cash flows associated with the Company's foreign currency and interest rate swap derivatives are included in cash flows

from operating activities in the Consolidated Statements of Cash Flows. Upon settlement of derivatives designated as net

investment hedges, the associated cash flows will be classified as investing activities in the Consolidated Statements of Cash

Flows. See Note 16 for further information.

Spot Trade Offsetting

The Company uses spot trades to facilitate cross-currency corporate payments. The Company applies offsetting to spot trade

assets and liabilities associated with contracts that include master netting agreements with the same counterparty, as a right of

offset exists, which the Company believes to be enforceable. As such, the Company has netted spot trade liabilities against spot

trade receivables at the counter-party level. The Company recognizes all spot trade assets, net in accounts receivable and all

spot trade liabilities, net in accounts payable, each net at the counterparty level, in its Consolidated Balance Sheets at their fair

value. The following table presents the Company’s spot trade assets and liabilities at their fair value for the years ended

December 31, 2025 and 2024 (in millions):


	December 31, 2025			December 31, 2024
	Gross	Offset on the Balance Sheet	Net	Gross	Offset on the Balance Sheet	Net
Assets
Accounts Receivable	$5,285.7	$(5,086.5)	$199.2	$2,305.6	$(2,131.8)	$173.8
Liabilities
Accounts Payable	$5,194.1	$(5,086.5)	$107.6	$2,218.3	$(2,131.8)	$86.5

Stock-Based Compensation

The Company routinely grants employee stock options and restricted stock awards/units as part of employee compensation

plans. Stock options are granted with an exercise price equal to the fair market value of the underlying Company share on the

date of grant. Options granted have vesting provisions ranging from one to four years, and vesting of the options is generally

based on the passage of time, performance or market conditions, or a combination of these. Stock option grants are subject to

forfeiture if employment terminates prior to vesting. The Company has selected the Black-Scholes option pricing model for

estimating the grant date fair value of stock option awards. The Company has considered the retirement and forfeiture

provisions of the options and utilized its historical experience to estimate the expected term of the options. Option forfeitures

are accounted for upon occurrence. The Company bases the risk-free interest rate on the yield of a zero coupon U.S. Treasury

security with a maturity equal to the expected term of the option from the date of the grant. Expected volatility is based on the

Company's historical volatility.

Awards of restricted stock and restricted stock units are independent of stock option grants and are subject to forfeiture if

employment terminates prior to vesting. The vesting of shares granted is generally based on the passage of time, performance or

market conditions, or a combination of these. Shares generally have graded vesting provisions of one to four years. The fair

value of restricted stock where the shares vest based on the passage of time or performance is based on the grant date fair value

of the Company’s stock.

The fair value of stock options and restricted stock units granted with market-based vesting conditions is estimated using the

Monte Carlo simulation valuation model. The risk-free interest rate and volatility assumptions used within the Monte Carlo

simulation valuation model are calculated consistently with those applied in the Black-Scholes options pricing model utilized in

determining the fair value of the market-based stock option awards.

For performance-based restricted stock awards/units and performance-based stock option awards, the Company must also make

assumptions regarding the likelihood of achieving performance goals. If actual results differ significantly from these estimates,

stock-based compensation expense and the Company’s results of operations could be materially affected.

Stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over

the requisite service period based on the number of years over which the requisite service is expected to be rendered.

Deferred Financing Costs/Debt Discounts

Costs incurred to obtain financing are amortized over the term of the related debt using the effective interest method and are

included within interest expense, net. The Company capitalized additional debt issuance costs of $38.8 million in 2025 and $8.5

million in 2024. These debt issuance costs were primarily associated with the refinancing of the Company's Credit Facility and

Securitization Facility, and for 2025 also included approximately $10 million in commitment and arrangement fees related to

the bridge term loan the Company entered into in connection with the acquisition of Alpha. At December 31, 2025 and 2024,

the Company had deferred financing costs of $11.2 million and $4.2 million, respectively, related to the revolver under the

Credit Facility and the Securitization Facility, each recorded within prepaid expenses and other current assets, on the

Consolidated Balance Sheets. The Company had deferred financing costs and debt discounts of $26.5 million and $16.6 million

at December 31, 2025 and 2024, respectively, related to the term notes under the Credit Facility, which were recorded as a

discount to the term debt outstanding within the current portion of notes payable and lines of credit and within notes payable

and other obligations, less current portion on the Consolidated Balance Sheets.

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as the total of net income and all other changes in equity that result from transactions

and other economic events of a reporting period other than transactions with owners.

Accounts Receivable

The Company, through Corpay Technologies Operating Company, LLC ("CTOC") and certain of its other subsidiaries,

maintains a $2.3 billion revolving accounts receivable securitization facility (as amended from time to time, the "Securitization

Facility"). On November 3, 2025, CTOC and others entered into the Sixth Amended and Restated Receivables Purchase

Agreement (the "RPA") in connection with the Securitization Facility. The RPA and related documents, among other things, (i)

increased the Securitization Facility commitment from $1.8 billion to $2.3 billion, (ii) extended the outside maturity date of the

Securitization Facility to November 3, 2028, (iii) added three U.K.-based originators and one U.K.-based guarantor and (iv)

lowered the drawn program pricing by 9 basis points.

Accounts receivable collateralized within our Securitization Facility relate to trade accounts receivable resulting primarily from

charge card activity and other customer receivables in the U.S and the U.K. Pursuant to the terms of the Securitization Facility,

certain U.S.-based originators transfer in the form of a sale certain of their domestic receivables, on a revolving basis, to

FLEETCOR Funding LLC ("Funding"), a wholly-owned bankruptcy remote consolidated subsidiary. In turn, Funding transfers

in the form of a sale, on a revolving basis, a proportionate undivided ownership interest in this pool of accounts receivable to

unrelated transferees (i.e., multi-seller banks and asset-backed commercial paper conduits). Funding retains a residual,

subordinated interest in cash flow distribution from the transferred receivables and provides to the transferees an incremental

pledge of unsold receivables as a form of over-collateralization to enhance the credit of the transferred receivables. Purchases

by the banks and conduits may be financed with the sale of highly-rated commercial paper.

The Company utilizes proceeds from the securitized assets as an alternative to other forms of financing to reduce its overall

borrowing costs. CTOC has agreed to continue servicing the sold receivables for the transferees at market rates, which

approximates the CTOC’s cost of servicing. Funding determines the level of funding achieved by the sale of accounts

receivable, subject to a maximum amount. As the Company maintains certain continuing involvement in the transferred/sold

receivables, it does not derecognize the receivables from its Consolidated Balance Sheets. Instead, the Company records cash

proceeds and any residual interest received as a Securitization Facility liability.

The Company’s Consolidated Balance Sheets and Statements of Income reflect the activity related to securitized accounts

receivable and the corresponding securitized debt, including interest income, fees generated from late payments, provision for

losses on accounts receivable and interest expense. The cash flows from borrowings and repayments associated with the

securitized debt are presented as cash flows from financing activities. The maturity date for the Securitization Facility is the

earlier of November 3, 2028 or the first maturity date of any loan under the Company's Credit Agreement, which is June 24,

2027.

The Company’s accounts receivable and securitized accounts receivable include the following at December 31 (in thousands):


	2025	2024
Gross domestic unsecuritized accounts receivable	$661,167	$945,714
Gross domestic securitized accounts receivable	1,823,000	1,323,000
Gross foreign receivables	1,655,469	1,278,543
Total gross receivables	4,139,636	3,547,257
Less allowance for credit losses	(170,957)	(133,757)
Net accounts and securitized accounts receivable	$3,968,679	$3,413,500

A rollforward of the Company’s allowance for credit losses related to accounts receivable for the years ended December 31 is

as follows (in thousands):


	2025	2024	2023
Allowance for credit losses beginning of year	$133,757	$180,163	$149,846
Provision for credit losses	122,642	103,133	125,152
Write-offs	(104,750)	(139,110)	(115,631)
Recoveries	7,692	11,380	13,596
Impact of foreign currency	11,616	(21,809)	7,200
Allowance for credit losses end of year	$170,957	$133,757	$180,163

The provision for credit losses increased during the year ended December 31, 2025 versus the comparable prior periods

primarily due to the growth of the business, as credit loss expense as a percentage of spend improved versus the comparable

prior periods. Write-offs include receivables for which a full allowance was previously provided.

Advertising

The Company expenses advertising costs as incurred. Advertising expense was $107.7 million, $75.0 million and $64.6 million

for the years ended December 31, 2025, 2024 and 2023, respectively.

Redeemable Noncontrolling Interest

In April 2025, the Company expanded its long-standing strategic partnership agreement with Mastercard to deliver an enhanced

suite of corporate cross-border payment solutions. The transaction also included an investment in the Company's cross-border

business with Mastercard acquiring a 2.3% noncontrolling interest in the cross-border business for $300 million. The

investment into the Company’s cross-border business closed on December 1, 2025, and the cash associated with the investment

was presented as cash flows provided by financing activities in the Company's Consolidated Statements of Cash Flows.

Mastercard has the right to sell, or put, its interest back to the Company for six months starting on August 1, 2027. If

Mastercard does not exercise the put right, the Company will have a reciprocal call right to repurchase the interest for six

months starting on May 1, 2028. In each case, the redemption price is the amount of invested capital plus 8% per annum,

compounded annually. The call and put rights are considered clearly and closely related to the noncontrolling interest and are

not separated as bifurcated derivatives.

The carrying amount of the redeemable noncontrolling interest is adjusted to its full redemption value through retained earnings

at the end of each reporting period. The following table presents a reconciliation of the changes in the redeemable

noncontrolling interest balance (in thousands):


		Redeemable Noncontrolling Interest
Balance at December 31, 2024		$—
Cash contribution from redeemable noncontrolling interest		300,000
Net income attributable to redeemable noncontrolling interest		520
Adjustment to redemption value		1,480
Balance at December 31, 2025		$302,000

Earnings Per Share

The Company reports basic and diluted earnings per share. Basic earnings per share is calculated using the weighted average of

common stock and non-vested, non-forfeitable restricted shares outstanding, unadjusted for dilution and net income attributable

to common shareholders.

Diluted earnings per share is calculated using the weighted average shares outstanding and contingently issuable shares less

weighted average shares recognized during the period. The net outstanding shares have been adjusted for the dilutive effect of

common stock equivalents, which consist of outstanding stock options and unvested forfeitable restricted stock units.

As illustrated further in Note 17, for the year ended December 31, 2025, Mastercard's noncontrolling interest is redeemable at a

fixed price (i.e., not fair value) and therefore is treated as a participating security, requiring application of the two-class method.

Adoption of New Accounting Standards

Income Taxes

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax

Disclosures" ("ASU 2023-09"). The amendments require disclosure of specific categories in the rate reconciliation and provide

additional information for reconciling items that meet a quantitative threshold and further disaggregation of income taxes paid

for individually significant jurisdictions. The ASU is effective for fiscal years beginning after December 15, 2024, with early

adoption permitted. ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted. The

Company adopted this ASU during the year ended December 31, 2025 and applied the amendments prospectively to all periods

presented in our consolidated financial statements. See Note 13 for further information.

Recent Accounting Pronouncements Not Yet Adopted

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU No. 2024-03, "Disaggregation of Income Statement Expenses" ("ASU 2024-03").

ASU 2024-03, among other items, requires additional financial statement disclosures in tabular format disaggregating

information about prescribed categories (including employee compensation, depreciation and amortization) underlying any

relevant income statement expense captions. ASU 2024-03 is effective on a prospective basis for fiscal years beginning after

December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption and

retrospective application permitted. We are currently evaluating the impact this guidance will have on the disclosures within our

consolidated financial statements.

Financial Instruments - Credit Losses

In July 2025, the FASB issued ASU No. 2025-05, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit

Losses for Accounts Receivable and Contract Assets" ("ASU 2025-05"). ASU 2025-05 provides a practical expedient that

allows entities to assume conditions existing as of the balance sheet date remain unchanged over the life of the asset when

estimating credit losses for current trade receivables and current contract assets arising from transactions accounted for under

Topic 606. ASU 2025-05 is effective on a prospective basis for fiscal years beginning after December 15, 2025, and for interim

periods within those fiscal years, with early adoption permitted. We are currently evaluating this guidance and believe that

adoption will not have a material effect on our consolidated financial statements or related disclosures.

Internal-use Software

In September 2025, the FASB issued ASU No. 2025-06, "Intangibles - Goodwill and Other - Internal-use Software (Subtopic

350-40): Targeted Improvements to the Accounting for Internal-Use Software" ( "ASU 2025-06"). ASU 2025-06 updates

requirements for capitalizing internal-use software costs by replacing the current stage-based model with a principles-based

approach. Under ASU 2025-06, the prescriptive software development stages (e.g., preliminary project stage, application

development stage) are eliminated, and instead capitalization must begin when management authorizes and commits to funding

the project and it is probable the project will be completed and used as intended. ASU 2025-06 is effective for fiscal years

beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. ASU

2025-06 may be applied prospectively, on a modified retrospective basis for in-process projects, or retrospectively. We are

currently evaluating the impact this guidance will have on our consolidated financial statements and related disclosures.

Derivatives and Other Scoping and Hedging Improvements

In September 2025, the FASB issued ASU No. 2025-07, "Derivatives and Hedging (Topic 815) and Revenue from Contracts

with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration

from a Customer in a Revenue Contract" ("ASU 2025-07"). ASU 2025-07 excludes from derivative accounting certain non-

exchange-traded contracts, the underlyings of which are based on operations or activities of the parties to the contract, with

various notable exceptions including puts and calls on debt instruments.ASU 2025-07 also clarifies that the noncash

consideration guidance of Topic 606 should apply initially to noncash share-based consideration received from a customer for

transferred goods or services until the right to receive such consideration becomes unconditional. ASU 2025-07 is effective for

fiscal years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption

permitted. ASU 2025-07 may be applied prospectively or on a modified retrospective basis. We are currently evaluating the

impact this guidance will have on our consolidated financial statements and related disclosures.

In November 2025, the FASB issued ASU No. 2025-09, "Derivatives and Hedging (Topic 815): Hedge Accounting

Improvements" ("ASU 2025-09"). ASU 2025-09 includes five amendments to hedge accounting intended to better enable

entities to achieve and maintain hedge accounting. These amendments include, but are not limited to, the FASB's expansion of

hedged risks permitted to be aggregated in a group of forecasted transactions in a cash flow hedge from having a shared risk to

similar risk exposure and the establishment of a hedging model for "choose your rate debt." ASU 2025-09 is effective for fiscal

years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption permitted.

ASU 2025-09 is applied prospectively. We are currently evaluating the impact this guidance will have on our consolidated

financial statements and related disclosures.

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 102,328	$ 168,982	$ 155,647
State	22,245	7,528	25,614
Foreign	373,062	269,588	208,532
Total current	497,635	446,098	389,793
Deferred:
Federal	(40,323)	(62,190)	(46,676)
State	4,414	(19,080)	(8,088)
Foreign	8,005	16,553	8,086
Total deferred	(27,904)	(64,717)	(46,678)
Total provision	$ 469,731	$ 381,381	$ 343,115

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

Credit Agreement and Securitization Facility

The Company’s debt instruments at December 31 consist primarily of term notes, revolving lines of credit and a Securitization

Facility as follows (in thousands):


	2025	2024
Term Loan A note payable (a), net of discounts	$2,918,787	$3,083,037
Term Loan B note payable (a), net of discounts	3,934,403	2,327,174
Revolving line of credit facilities (a)	1,325,000	1,262,000
Other obligations (c)	497	869
Total notes payable, credit agreements and other obligations	8,178,687	6,673,080
Securitization Facility (b)	1,823,000	1,323,000
Total debt	$10,001,687	$7,996,080
Current portion	$3,345,530	$2,769,974
Long-term portion	6,656,157	5,226,106
Total debt	$10,001,687	$7,996,080

_____________________

(a)The Company is party to a $10.15 billion Credit Agreement (the "Credit Agreement"), with Bank of America,

N.A., as administrative agent, swing line lender and letter of credit issuer and a syndicate of financial

institutions (the "Lenders"), which has been amended multiple times. The Credit Agreement provides for senior

secured credit facilities (collectively, the "Credit Facility") consisting of a revolving credit facility in the amount

of $2.8 billion, a Term Loan A facility in the amount of $3.3 billion and a Term Loan B facility in the amount

of $4.1 billion, consisting of a $3.15 billion Term Loan B-5 and a $0.9 million Term Loan B-6, as of

December 31, 2025. The revolving credit facility consists of (a) a revolving A credit facility in the amount of

$1.3 billion with sublimits for letters of credit and swing line loans and (b) a revolving B facility in the amount

of $1.5 billion with borrowings in U.S. dollars, euros, British pounds, Japanese yen or other currency as agreed

in advance and sublimits for swing line loans. The Credit Agreement also includes an accordion feature for

borrowing an additional $750 million in Term Loan A, Term Loan B, revolving A or revolving B facility debt

and an unlimited amount when the leverage ratio on a pro-forma basis is less than 3.75 to 1.00. Proceeds from

the credit facilities may be used for working capital purposes, acquisitions and other general corporate purposes.

The maturity date for the Term Loan A and revolving credit facilities A and B is June 24, 2027. The Term Loan

B-5 has a maturity date of April 30, 2028, and the Term Loan B-6 has a maturity date of November 5, 2032.

On May 3, 2023, the Company entered into the thirteenth amendment to the Credit Facility. The amendment

replaced LIBOR on the Term Loan B with the Secured Overnight Financing Rate (SOFR), plus a SOFR

adjustment of 0.10%.

On January 31, 2024, the Company entered into the fourteenth amendment to its Credit Agreement. The

amendment a) increased the capacity on the revolving credit facility by $275 million and b) increased the Term

Loan A commitments by $325 million. The Company used the Term Loan A proceeds to pay down existing

borrowings under the revolving credit facility. As a result, the transaction was leverage neutral and resulted in a

$600 million increase in the Company’s availability under the revolving credit facility. The interest rates and

maturity terms remained consistent with the existing credit facilities.

On September 26, 2024, the Company entered into the fifteenth amendment to the Credit Agreement. The

amendment a) increased the Term Loan B commitments by $500 million, and b) removed the SOFR adjustment

margin of 0.10% from the calculation of interest on Term Loan B borrowings. The Company used the Term

Loan B proceeds to pay down existing borrowings under the revolving credit facility. The maturity dates and

the interest rates for the revolving credit facility and Term Loan A commitments were unchanged by this

amendment.

On February 20, 2025, the Company entered into the sixteenth amendment to the Credit Agreement. The

amendment increased the Term Loan B commitments by $750 million. The Company primarily used the Term

Loan B proceeds to pay down existing borrowings under the revolving credit facility. The maturity dates and

the interest rates for the revolving credit facility, Term Loan A commitments and Term Loan B commitments

were unchanged by this amendment.

On November 5, 2025, the Company entered into the seventeenth amendment to the Credit Agreement. The

amendment, among other things, (i) increased the aggregate commitments under the revolving credit facility by

$1 billion to new total Revolver B commitments of $1.5 billion, and (ii) added a new seven-year Term Loan B-6

of $900 million. The Company used the Term Loan B-6 and revolving credit facility proceeds to fund the Alpha

acquisition.

Interest on amounts outstanding under the Credit Agreement accrues as follows: For all loans denominated in

U.S. dollars with the exception of Term Loan B borrowings, based on SOFR plus a SOFR adjustment of 0.10%;

for all loans denominated in British pounds, based on the SONIA plus a SONIA adjustment of 0.0326%; for all

loans denominated in euros, based on the Euro Interbank Offered Rate (EURIBOR); or for all loans

denominated in Japanese yen, at the Tokyo Interbank Offer Rate (TIBOR) plus a margin based on a leverage

ratio (as defined in the agreement); or our option (for U.S. dollar borrowings only), the Base Rate (defined as

the rate equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the prime rate announced by Bank of

America, N.A., or (c) SOFR plus 1.00% plus a margin based on a leverage ratio). Interest on Term Loan B-5

and Term Loan B-6 borrowings is based on SOFR plus a margin of 1.75%. In addition, the Company pays a

quarterly commitment fee at a rate per annum ranging from 0.25% to 0.30% of the daily unused portion of the

credit facility based on a leverage ratio.

The interest rates at December 31, 2025 and 2024 are as follows:


	2025	2024
Term loan A	5.19%	5.83%
Term loan B	5.47%	6.11%
Revolving line of credit A & B (USD)	5.24%	5.83%
Revolving line of credit B (GBP)	5.13%	6.11%
Unused credit facility fee	0.25%	0.25%

The term loans are payable in quarterly installments due on the last business day of each March, June,

September and December with the final principal payment due on the respective maturity date. Borrowings on

the revolving line of credit are repayable at the maturity of the facility. Borrowings on the domestic swing line

of credit are due on demand, and borrowings on the foreign swing lines of credit are due no later than twenty

business days after such loan is made.

The Company has unamortized debt discounts and debt issuance costs of $26.5 million and $16.6 million

related to the term loans as of December 31, 2025 and December 31, 2024, respectively, recorded in notes

payable and other obligations, net of current portion within the Consolidated Balance Sheets.

The Company has unamortized debt issuance costs of $5.6 million and $3.4 million related to the revolving

credit facility as of December 31, 2025 and December 31, 2024, respectively, recorded in other assets within the

Consolidated Balance Sheets.

As a result of the amortization of debt discounts and debt issuance costs, the effective interest rate incurred on

the term loans was approximately 5.97% during 2025. Principal payments of $197.1 million were made on the

term loans during 2025.

(b)The Company, through Corpay Technologies Operating Company, LLC and certain of its other subsidiaries, is

party to a $2.3 billion receivables purchase agreement as of December 31, 2025. There is a program fee equal to

SOFR plus 0.91% or the Commercial Paper Rate plus 0.71% as of December 31, 2025, and SOFR plus 0.10%

adjustment plus 0.95% or the Commercial Paper Rate plus 0.85% at December 31, 2024. The program fee was

3.73% plus 0.87% as of December 31, 2025, and 4.42% plus 0.94% as of December 31, 2024. The unused

facility fee is payable at a rate of between 0.25% and 0.40% based on utilization as of December 31, 2025 and

between 0.30% and 0.40% based on utilization as of December 31, 2024. The Company has unamortized debt

issuance costs of $5.7 million and $0.8 million related to the revolving Securitization Facility as of

December 31, 2025 and December 31, 2024, respectively, recorded in other assets within the Consolidated

Balance Sheets.

The Securitization Facility provides for certain termination events, which includes nonpayment, upon the

occurrence of which the administrator may declare the facility termination date to have occurred, may exercise

certain enforcement rights with respect to the receivables and may appoint a successor servicer, among other

things.

(c)Other obligations includes a credit facility assumed as part of a business acquisition in 2022.

Bridge Term Loan Credit Agreement

On July 23, 2025, in connection with the announced acquisition of Alpha, the Company entered into a bridge term loan credit

agreement with BOFA Securities, Inc., Barclays Bank PLC and JPMorgan Chase Bank, N.A., along with other syndicates,

pursuant to which, among other things, those lenders committed to provide debt financing, consisting of a £1.875 billion bridge

facility (the “Bridge Facility”), to fund the cash consideration payable pursuant to the acquisition of Alpha and to fund related

costs and expenses should the Company decide to utilize the Bridge Facility for such purposes. The Company did not utilize the

Bridge Facility for the financing of the acquisition. The Company incurred approximately $10 million in commitment and

arrangement fees related to the Bridge Facility during the year ended December 31, 2025, which were classified within interest

expense, net. The Bridge Facility expired on November 7, 2025.

Debt Covenants and Contractual Maturities

The Company was in compliance with all financial and non-financial covenants at December 31, 2025. The Company has

entered into interest rate swap cash flow contracts with U.S. dollar notional amounts in order to reduce the variability of cash

flows in the previously unhedged interest payments associated with $4.5 billion of unspecified variable rate debt. See Note 16

for further information.

The contractual maturities of the Company’s total notes payable, credit agreements and other obligations at December 31, 2025

were as follows (in thousands):


2026		$1,531,637
2027		2,795,203
2028		3,005,342
2029		9,000
2030		9,000
Thereafter		855,000
Total principal payments		8,205,182
Less: debt discounts and issuance costs included in debt		(26,495)
Total debt		$8,178,687

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (h)
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1C
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts Related to Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses beginning of year	$ 133,757	$ 180,163	$ 149,846
Provision for credit losses	122,642	103,133	125,152
Write-offs	(104,750)	(139,110)	(115,631)
Recoveries	7,692	11,380	13,596
Impact of foreign currency	11,616	(21,809)	7,200
Allowance for credit losses end of year	$ 170,957	$ 133,757	$ 180,163

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2025
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The Company's Board of Directors (the "Board") has approved a stock repurchase program (as updated from time to time, the "Program") authorizing the Company to repurchase its common stock from time to time until December 31, 2026. On December 18, 2025, the Board authorized an increase to the aggregate size of the Program by $1.0 billion to $10.1 billion. Since the beginning of the Program through December 31, 2025, 35,659,347 shares have been repurchased for an aggregate purchase price of $8.6 billion, leaving the Company up to $1.5 billion of remaining authorization available under the Program for future repurchases in shares of its common stock. There were 2,568,667 common shares totaling $0.8 billion in 2025; 4,211,818 common shares totaling $1.3 billion in 2024; and 2,597,954 common shares totaling $0.7 billion in 2023 repurchased under the Program. Repurchased shares are held as treasury stock on the Company's Consolidated Balance Sheets. On August 18, 2023, as part of the Program, the Company entered an accelerated share repurchase (ASR) agreement ("2023 ASR Agreement") with a third-party financial institution to repurchase $450 million of its common stock. Pursuant to the 2023 ASR Agreement, the Company delivered $450 million in cash and received 1,372,841 shares based on a stock price of $262.23 on August 18, 2023. The 2023 ASR Agreement was completed on September 26, 2023, at which time the Company received 293,588 additional shares based on a final weighted average per share purchase price during the repurchase period of $270.04. The Company accounted for the 2023 ASR Agreement as two separate transactions: (i) as shares of reacquired common stock for the shares delivered to the Company upon execution of the ASR Agreement and (ii) as a forward contract indexed to the Company's common stock for the undelivered shares. The initial delivery of shares was included in treasury stock at cost and resulted in an immediate reduction of the outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share. The forward contracts indexed to the Company's own common stock met the criteria for equity classification, and these amounts were initially recorded in additional paid-in capital and reclassified to treasury stock upon settlement based on the final weighted average per share price.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
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-Subparagraph (b)
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Acquisitions and Investments - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Oct. 31, 2025	Feb. 28, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Goodwill	$ 7,564,822			$ 5,984,667	$ 5,644,958
Gringo
Business Combination [Line Items]
Trade and other receivables			$ 8,591
Prepaid expenses and other current assets			4,284
Other long term assets			847
Goodwill			129,885
Intangibles			24,270
Accounts payable			(1,370)
Other current liabilities			(5,036)
Other noncurrent liabilities			(8,557)
Total fair value of net assets acquired			$ 152,914
Alpha Group International plc
Business Combination [Line Items]
Trade and other receivables		$ 44,306
Prepaid expenses and other current assets		196,460
Other long term assets		104,436
Goodwill		1,206,424
Intangibles		994,605
Accounts payable and accrued expenses		(41,814)
Other current liabilities		(4,272,375)
Other noncurrent liabilities		(320,473)
Total fair value of net assets acquired		(2,088,431)
Customer deposit liabilities assumed	$ 4,000,000	$ 4,000,000
Zapay, Paymerang, and GPS Capital Markets, LLC
Business Combination [Line Items]
Trade and other receivables				22,898
Prepaid expenses and other current assets				72,394
Other long term assets				40,909
Goodwill				712,324
Intangibles				584,102
Accounts payable and accrued expenses				(55,504)
Other current liabilities				(463,627)
Other noncurrent liabilities				(94,803)
Total fair value of net assets acquired				818,693
Less: Noncontrolling interest				(29,437)
Total consideration paid				$ 789,256

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Foreign Currency Losses on Long-Term Intra-entity Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Foreign currency losses (gains) on long-term intra-entity transactions	$ 78.2	$ 132.0	$ (29.0)

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The Company accounts for stock-based compensation pursuant to relevant authoritative guidance, which requires measurement

of compensation cost for all stock awards at fair value on the date of grant and recognition of compensation, net of forfeitures,

over the requisite service period for awards expected to vest.

The Company has a Stock Incentive Plan (the "Plan"), pursuant to which the Company's Board is permitted to grant equity to

employees and directors. Under the Plan, a maximum of 20.65 million shares of the Company's common stock is approved to

be issued for grants of restricted stock and stock options.

The table below summarizes the expense recognized within general and administrative expenses in the Consolidated Statements

of Income related to stock-based compensation for the years ended December 31 (in thousands):


	2025	2024	2023
Stock options	$30,959	$30,822	$24,342
Restricted stock	71,678	85,902	91,744
Stock-based compensation	$102,637	$116,724	$116,086

The tax benefits related to stock-based compensation, inclusive of the tax benefits upon the exercises of options and vesting of

restricted stock were $38.1 million, $60.7 million and $22.1 million for the years ended December 31, 2025, 2024 and 2023,

respectively.

The following table summarizes the Company’s total unrecognized compensation cost related to outstanding stock awards as of

December 31, 2025 (cost in thousands):


	Unrecognized Compensation Cost	Weighted Average Period of Expense Recognition Remaining (in Years)
Stock options	$50,354	1.65
Restricted stock	36,877	0.58
Total	$87,231

Stock Options

The following summarizes the changes in the number of shares of stock options outstanding for the following periods (shares

and aggregate intrinsic value in thousands):


	Shares	Weighted Average Exercise Price	Options Exercisable at End of Year	Weighted Average Exercise Price of Exercisable Options	Weighted Average Fair Value of Options Granted During the Year	Aggregate Intrinsic Value
Outstanding at December 31, 2022	5,301	$188.12	3,512	$159.46		$113,681
Granted	411	222.51			$66.28
Exercised	(648)	172.01				40,983
Forfeited	(81)	241.78
Outstanding at December 31, 2023	4,983	192.18	3,182	163.54		451,039
Granted	169	285.11			$97.38
Exercised	(2,271)	188.61				324,577
Forfeited	(397)	253.49
Outstanding at December 31, 2024	2,484	191.97	1,760	171.95		364,092
Granted	598	325.28			$84.88
Exercised	(432)	155.69				86,899
Forfeited	(57)	240.35
Outstanding at December 31, 2025	2,593	$227.70	1,551	$185.93		$206,036
Expected to vest at December 31, 2025	1,042	$289.87

The following table summarizes information about stock options outstanding at December 31, 2025 (shares in thousands):


Exercise Price	Options Outstanding	Weighted Average Remaining Vesting Life in Years	Options Exercisable
$133.40 – $150.74	895	0.00	895
$165.96 – $225.45	518	0.08	381
$231.70 – $261.07	426	0.58	205
$272.38 – $319.61	462	1.67	68
$328.16 – $377.31	292	1.84	2
	2,593		1,551

The aggregate intrinsic value of stock options exercisable at December 31, 2025 was $178.4 million. The weighted average

remaining contractual term of options exercisable at December 31, 2025 was 2.8 years.

The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model with the following

weighted-average assumptions for grants or modifications during the years ended December 31 as follows:


	2025	2024	2023
Risk-free interest rate	3.90%	4.28%	4.39%
Dividend yield	—	—	—
Expected volatility	30.64%	35.68%	33.73%
Expected term (in years)	3.1	3.8	3.4

The weighted-average remaining contractual term for options outstanding was 5.1 years at December 31, 2025.

On September 30, 2021, the Company granted 850,000 performance stock options to an officer of the Company ("Performance

Option Grant"), which are exercisable upon the achievement of certain time-based vesting and market conditions. On October

23, 2024, the Company modified the Performance Option Grant and recorded approximately $10.3 million in incremental

stock-based compensation expense.

On October 25, 2021, the Company granted 30,000 performance stock options to an officer of the Company, which are

exercisable upon the achievement of certain performance metrics and time-based vesting. On June 18, 2025, the Company

modified the grant and recorded approximately $1.1 million in incremental stock-based compensation expense.

Restricted Stock

The following table summarizes the changes in the number of shares of restricted stock awards and restricted stock units

outstanding for the following periods (shares in thousands):


	Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2022	435	$237.68
Granted	441	213.36
Cancelled	(24)	230.11
Issued	(310)	235.25
Outstanding at December 31, 2023	542	219.61
Granted	367	277.87
Cancelled	(55)	229.11
Issued	(394)	225.22
Outstanding at December 31, 2024	460	260.23
Granted	260	320.15
Cancelled	(60)	277.13
Issued	(317)	258.03
Outstanding at December 31, 2025	343	$304.83

The total fair value of restricted stock awards and restricted stock units vested was $112.5 million, $112.3 million and $66.6

million for the years ended December 31, 2025, 2024 and 2023, respectively.

Income Taxes - Deferred Tax Balance Classification in Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Long term deferred tax assets	$ 4,653	$ 2,873
Long term deferred tax liabilities	(614,345)	(439,176)
Net deferred tax liabilities	$ (609,692)	$ (436,303)

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Summary of Debt Instruments

The Company’s debt instruments at December 31 consist primarily of term notes, revolving lines of credit and a Securitization

Facility as follows (in thousands):


	2025	2024
Term Loan A note payable (a), net of discounts	$2,918,787	$3,083,037
Term Loan B note payable (a), net of discounts	3,934,403	2,327,174
Revolving line of credit facilities (a)	1,325,000	1,262,000
Other obligations (c)	497	869
Total notes payable, credit agreements and other obligations	8,178,687	6,673,080
Securitization Facility (b)	1,823,000	1,323,000
Total debt	$10,001,687	$7,996,080
Current portion	$3,345,530	$2,769,974
Long-term portion	6,656,157	5,226,106
Total debt	$10,001,687	$7,996,080