What is the primary revenue source for Corpay (CPAY)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze CPAY's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Corpay's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Corpay Makes Money: CPAY Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

Revenue: USD 2.60B
Largest revenue segment share (Vehicle Payments): 44.01%
Selling, general and administrative: USD 427.47M
Income tax expense: USD 244.24M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Income tax expenseProvision for income taxes · IncomeTaxExpenseBenefit
Largest revenue segment share (Vehicle Payments)Vehicle Payments · segment_value / revenue * 100
RevenueRevenues, net · Revenues
Selling, general and administrativesum(SellingAndMarketingExpense, GeneralAndAdministrativeExpense)

Assets

Where is the money tied up, and how is the company financed?

Watch

Current assets do not cover near-term liabilities, indicating short-term funding pressure.

Goodwill accounts for 25.33% of total assets, a high share where impairment could hit earnings and equity.

Goodwill: USD 7.15B
Cash and cash equivalents: USD 3.16B
Accounts receivable: USD 2.66B
Shareholder equity: USD 3.59B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Shareholder equityTotal equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue
GoodwillGoodwill · Goodwill
Accounts receivableAccounts and other receivables (less allowance for credit losses of $176,244 at june 30, 2026 and $170,957 at december 31, 2025) · AccountsReceivableNetCurrent

Some conclusions lack complete source metrics and should be interpreted cautiously.

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 236.22% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 598.37M
Operating cash flow: USD 1.41B
Cash conversion: 236.22%
Free cash flow: USD 1.31B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income attributable to corpay · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Steady

Dividends and net buybacks are covered by free cash flow, so cash genuinely reached shareholders.

Share repurchases: USD 1.11B
Stock issuance proceeds: USD 86.42M
Net shareholder return: USD 1.03B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)
Stock issuance proceedsProceeds from issuance of common stock · ProceedsFromIssuanceOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?