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FLEETCOR Technologies, Inc. Stock Price: Quote, Forecast, Splits & News (FLT)

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Corpay, Inc. Price & Performance (CPAY)

Stock Performance

Updated Apr 28, 8:00 PM UTC

Corpay, Inc.

$316.86USD

-$5.17 (-1.61%)

After Hours

-$0.01 (-0%)

Open

$322.17

Market Cap

$22.26B

Year High

$400.81

High

$328.09

P/E Ratio

22.7

Year Low

$247.10

Low

$315.01

Dividend Yield

0.00%

Volume

607.75K

Latest News

Corpay Delivers Strong Q1 2025 Results, Surpassing Revenue Estimates
Apr 27, 2025
Corpay Inc. reported first-quarter 2025 earnings that exceeded analyst expectations, posting $1.05 billion in revenue and earnings per share of $3.44. This performance highlights the company’s ongoing momentum in the business payments sector, continuing its streak of quarterly revenue growth and reinforcing investor confidence.12
Rebranding to Corpay Marks Strategic Shift for FleetCor Technologies
Apr 16, 2025
FleetCor Technologies officially transitioned to Corpay, Inc. in March 2024, reflecting its broader focus on corporate payments, vehicle, and lodging solutions globally. The rebrand underscores the company’s evolution from fleet card services to a diversified payments provider, positioning it for further growth in international markets.32
Analysts Maintain Positive Outlook on Corpay Despite Market Volatility
Apr 25, 2025
Market analysts have reaffirmed a 'moderate buy' consensus for Corpay, Inc., citing its solid market capitalization and earnings consistency. Despite recent share price fluctuations, the company’s fundamentals and strategic acquisitions continue to attract investor interest, with a projected upside in the coming months.45

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Rev Estimate

—

Avg 1d Change

4.7%

Report Period

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Implied Move 1d

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Transcript

Happens June was soft and then July picked up and then August went soft again. So we went through a few lumpy months then in that first kind of quarter. But if you look at the exit rate that we've had for this half and then starting the new the New Year, it's looking a bit more positive as we go into the year. So we're kind of thinking that seasonal patterns are back to some reasonable sense of normality. And we expect June to be reasonably strong month for us. Great. Thanks guys.

1m 34s

The next question comes from Michael Cimodis of Jefferies. Please go ahead.

1m 40s

Good morning, guys. First one from me is just around super overrides.

1m 46s

And just interested in your comments on how much sensitivity to your guidance there is on super overrides and we'll give you confidence in your ability to deliver that at also, can you give us an indication of how much of a drag it was a half. I mean, I know this isn't Perfect way of Looking at it, it looks like an enormous headwind when I look at contract receivables last year versus where you finished this year, Last year, you had $330,000,000 balance receivable. This year, it's only $251,000,000 Is that indicative of how big the headwind was in the first half? Yes. Michael, it's Adam.

2m 32s

It's not indicative. So the receivables balances is just a timing function around when we actually get paid for those overrides and that that will depend on different contracts, different timings, etcetera. So no, it's not a fair way to look at the the impact of the overrides coming through. Look, I think for me, the biggest driver is around CTV. Growth, particularly in some of our core businesses. For example, in leisure, the likes of Flight Centre brand and Travel Associates, We'll definitely drive that override revenue coming in. There's a lot of moving parts to that. It depends a lot on the carriers that we're utilizing, the agreements Most of those are a lot of moving parts to it, but certainly, I think From our perspective, TTV growth is really important to us from an override. Perspective. And that's the key area that we're focused on And as you saw, in the second quarter and through January, we've certainly seen some momentum picking up in that space, which is what gives us that feeling that positivity as we head through these last few months. Greg, is there anything else you'd add in relation to that? [indiscernible] And yes, good day, Michael.

3m 58s

The only thing I'd add to that is just probably our focus on selling higher margin products, which we had some good success in. In the last quarter. But leading into obviously selling a greater range of hotels cruise and touring and sort of insurance with our new insurance relationship with the Europe Assistance as well. We have a massive focus in the organization to be able to sell more of that because air is our lowest that we contract, Air and GDS, So it helps sort of works through the pyramid is to sell higher margin [indiscernible] So there's good initiatives in play there, mate.

4m 31s

Mate. That makes sense. Within Air, Air, your Do you sort of feel like your consultants have the ability in the stores to see visibility of the type of product achieve the override targets?

4m 47s

Yes, definitely, mate. We've got a lot of I suppose, signpost mechanisms at a consultant level as to what product sell. We work really, really closely, obviously, with our key airline partners make sure the product offering is fit for our customers as well. So one of their strengths has always been challenge channeling as a business and that's still core to way we operate. [indiscernible] Okay, great. And then the second one for me on Asia how much of the decline in the first half was kind of due to one off accounting type measures versus underlying of the business? And what are you sort of thinking about those trends heading into the second half?

5m 33s

Yes. I mean, the vast majority of it was down to the one offs. And we're expecting a much stronger second half. If you actually look at our trading levels, So TRUCK TTV and revenue, they're actually pretty good in Asia. It really is a lot of it was driven by one offs. There has been some down trading, some some larger customers, but then that's being offset by some pretty good wins in Asia. So the majority of it really is down to The one offs that we've mentioned already. The next question comes from Sam Ciel with TD.

6m 21s

Please go ahead.

6m 24s

Good morning guys. Thanks for taking the question.

6m 27s

Just to lay the point on overrides, I think one of your peers recently reported overrides up fairly materially in Australia, albeit of a small base. I just want to confirm I guess, one, if directionally that your line was positive as well and first half, just a little bit below expectations.

6m 47s

Yes. Look, I think from an overall perspective, again, as you've seen in the commentary, we it's linked to whether it's us or our peers, it's linked to sales and to TTV. TTV in our first quarter was TTB in the second quarter we picked up as you saw So the trajectory on TTV and therefore overrides certainly is is upwards in terms of the year to date Okay, cool.

7m 16s

Then thinking about the second half, am I right to assume that Qatar and Turkish will be incremental to the first half and then maybe even any color on The impact of the American airline reversal in the second half as well? Thanks.

7m 32s

Yes. Qatar obviously will be good from a customer perspective because it brings in additional capacity to be able to sell There's still a lot to work through with that alliance.

7m 42s

But it is as we've seen in the past, every time there's additional capacity comes to through, it opens opportunity. Point on American Airlines and probably The U. S. Based carriers is it's sort of normalized over in The Americas now. There's some really good meaningful dialogue happening with all three. There's probably a recognition now compared to the past about what the carriers So not anticipating any fundamental change in that part of the world, or with any of their alliance partners either.

8m 15s

Got it. And then maybe just on the first quarter, appreciate obviously your comments around the TTV and EFA deflation, but just I guess the underlying kind of patchy inconsistent August and September think now in the fullness of time.

8m 30s

Would you hazard a guess of what really happened in that period and why it reversed so strongly in second quarter? No, probably not. I mean, I don't if Chris or J. K. Want to want to talk to it for leisure and corporate specifically. But I think we saw that the latter part of last year and through that first quarter, we were just a lot of inconsistency there. So I don't know whether it's just as things were stabilized getting back to a normal sort of run rate or not. But I'm not sure Jack, from a leisure perspective, any sort of Thoughts around it? I think it was a general market contraction during that period. [indiscernible] the comp said and everybody else across all of our GDS sectors, we get a view on how our day performing. And you could see that there was certainly a dip across the board during that period And then we saw a bit of an uptick as we're coming into the second quarter So nothing significant to point out at that time, but probably a degree of uncertainty, political unrest and a variety of different things that are going on. But now you can see that it's seems to be more stabilized.

9m 37s

Consumer confidence seems to be easing a bit more. Yes. Sam, I reckon that too. I reckon Consumer confidence was a bit of a hit. So we had a good May, then a softer June, then a good July, then a softer August. And then September and August, I think, started okay and then didn't finish that well. And then September was soft, then October picked up. Since then, it's been a bit more consistent. I think maybe the interest rate cut will help People don't come rushing into the shops the day after the interest rate cut and say, yes, I want to travel But I think if their confidence picks up a little bit and they got a little bit more money in the pocket, it's probably a good thing for us The next question comes from Ben Wilson, Wilson's Advisory. Please go ahead.

10m 28s

Thank you. Good morning, guys. Just firstly, just wondering if there's any are you seeing any trends in the leisure business that could impact overall TTV?

10m 38s

So I guess, for example, anecdotally, it seemed sort of preference traveling more to Asia over the recent summer than to Europe.

10m 46s

Which implies lower flight costs, potentially lower hotel costs as well. Is that something you've seen? And is it if so, is it looking like a sort of slightly more permanent trend?

10m 56s

Yes. Hi, Ben. Actually, it's interesting because we look back on our destinations as to where people have been booking retrospectively and also forward booking And despite some talks around the Aussie dollar hasn't been performing that well throughout the year against The U. S. And the British pound.

11m 18s

But actually, The U. S. And The U. K. Have still ranked number two and number three in our top 10 destinations. And what we've seen is really a blend of short and long haul. So Australia was number one, but we did see a real surge coming into the back half of the year more into Asia. And certainly Japan was incredibly popular So you can see that with that shift going in, there's a little bit of shift in booking patterns but there's not a major mix shift in terms of top 10 consumer choices.

11m 51s

And then second one, I want to elaborate a point further on productive ops. [indiscernible] lowest of overrides, etcetera, across the business.

12m 1s

I had been expecting slightly lower cost margins in the first half Just wondering, can we read into that that you're having a little bit of difficulty in terms of early traction from productive ops? Or is it really just the timing issue and potentially with the the impact of Asia play a real part there as well.

12m 20s

Yes, I think that's a fair summary. I mean, I think we tried to explain the productive ops. We would start seeing incremental gains, which we are seeing But it would be the next financial year that we'd really start seeing remains the case. I mean, Asia has knocked us. There's no doubt about that. That has been a situation. But again, we are very optimistic about the bounce back that we'll see in the second half. So I think Asia is not going to have a great year this year, but it will have a much better second half than it did first half. And we think it will have it's building very strong momentum for a strong year in financial year 2026.

13m 5s

Thanks, Chris. If I can squeeze one more in quickly, just on store opening. I think you guided at the full year results to about 35 openings across the full year [indiscernible] travel money, etcetera. Just wondering how these are going? Are you still on track for about that number of openings? And are they sort of ramping up to expectations? Are you still seeing quite a few customers starting the booking journey online and then going in store to complete Just give a bit of an update there.

13m 38s

Yes. So we're sitting at about 13 stores overall net growth on the half. And as we go into the year ahead, we're plotting out we've got a few more signs that we'll be opening up in the next half.

13m 52s

So reasonably comfortable around the growth in that space. But really we're looking at to what the next few years look like because we believe we're underrepresented in and it's actually showing that the shop model is very important to us. Customers are still walking in. And customers are no longer just shop customers or online. They choose the channel for the transaction that they want and it does vary across the board. I think we're well positioned. The fact that we've got a good diverse spread of channels for our customers to be able to access So you can see that the app has become really important for us now. And we're getting a lot of engagement with our app and online business So it's not one channel over the other. I think customers are multichannel. And they choose what they want for the experience that they're looking for.

14m 41s

Okay. Thanks, JK. That's helpful. Thanks for taking my question, guys. Next question comes from John O'Shea at Please go ahead. Can you hear me okay, Gus? [indiscernible] Yes, thanks very much. Sorry, I've been juggling calls too. So apologies if it hasn't been asked. But I just wanted to touch on your point there. I mentioned I know you mentioned about the luxury side doing pretty well within the business. With Scott Dunn etcetera. Is that an area that you guys would obviously like to get bigger in? And perhaps maybe you'd talk about some of the strategies that you're sort of employing to to kind of grow that business globally, perhaps it's maybe a JK question?

15m 26s

Yes. Hi, John. Look, it's definitely an area of focus for us. We made a strategic choice a couple of years ago to shift the diversity of the portfolio with a laser focus on mass market luxury and independence is really taking off and January they had the best month ever. So the focus for us is to grow The UK also The U. S. And Asia, while it's a lot smaller as a ticket play in the future, We can see that while we're getting TTV growth in this space, it is a high margin business for us.

16m 4s

The growth rate doesn't grow as rapidly in terms of significant share on the top Flight. Because of luxury being a little bit more niche. Whereas we can see that the margins are better on the bottom line. We're focused on travel associates in Australia and New Zealand, and you'll see that we're starting to take some of the lessons learned through Scott Dunn, to be able to see how can we transfer some of those models across into this sector as well. So it's a very important part of our future. And you'll see a lot more focus on growing this as Thanks very much, Jekay.

16m 47s

The next question comes from James Bales of Morgan Stanley. Please go ahead.

16m 52s

Hi, guys. So I just wanted to make sure I understood how to think about the second half improvement versus where you're at at the first half or even year on year if that's easier?

17m 3s

So if we think about the TTV growth Excluding the override component, let's say, just on a base commission basis, versus the incentive improvement that you expect versus the cost control element here, Can you maybe give us a pecking order in terms of the relative importance to achieving the second half outcomes that you're after?

17m 28s

Yes. I Flight start with it and screw my jump in as well.

17m 34s

So I think for me, the important thing for us to remember about us is we're a growth company. So TTV is important, it's always going to be important for us.

17m 44s

So me, I think the number one priority for us has to be growth and particularly growth in some of those businesses that are higher margin that probably haven't been growing at the levels that we want. So there's a number of strategies that we're looking at in leisure and in corporate to ensure that we're growing those, not just beyond this year to '26 but in the short term as well. So my view on it, James, is CTV growth is going to be our priority. There is no doubt that we continue to have an absolute focus on cost. And ensuring that we're investing where we need to. For the short, medium and longer term, but we've got some pretty good controls around that and we're prioritizing that effectively. So control of our cost base, as it currently sits and ensuring that that doesn't grow In the short term, as we're bringing in that additional TTV and revenue, is going to be important for us as well. And then I'd say some of the other initiatives that we talked to such as productive operations, some of the other work we're doing in the Global Business Services division, Certainly, we will see that flowing through.

19m 8s

But again, that's an ongoing and increasing impact but probably later this year and into FY 2026. So I think that the key to me at least is that TTV growth and the mitigation of our cost growth in this next few months as we're picking up in that space. [indiscernible] Yes, I think in the next six months, A lot of our major brands look like they're going to go reasonably well.

19m 44s

And we're going to be relying to some extent on areas like SCM, which is a major growth brand of ours in the large corporates and growing that net PBT percent EBITDA profit before tax percentage in SCM particularly in some countries, particularly for example, Europe and North America, And obviously, Chris has spoken quite a bit about Asia as well. We're pretty confident will improve a lot this year. So that's one area that I think is going to make a significant difference over the next six months. Also, in leisure, We have quite a lot of TDV in Portugal independence. Which is third party independence. Growing that net margin is also going to make a significant difference to these results in this six months. If we get where we we're aiming at there. So those are a couple of the areas we're focused on. Obviously, we're fairly diverse in both leisure and in corporate and even geographically. So it's it will be a bit different in each place, but I think our major brands look pretty good and that's and if we can get better margins, margins on some of these other high growth areas. I guess that's why we're looking pretty positive over the next four or five months and the start has been pretty good as well.

21m 19s

Got it. And then maybe just extending on that trajectory out at five years or so. You've spoken a fair bit about these AI initiatives.

21m 31s

And some of the other efficiency initiatives that you've got going on. Maybe could you help us understand the growth rate that you expect in TTV relative to headcount And how much of that improved efficiency you expect to hold on to versus pass on to corporate or leisure customers?

21m 55s

I Flight start. With that, James Adam, and then I'll head over to Chris for corporate and JK for leisure specifically. But I think from our perspective, it's a little bit difficult to answer it succinctly because there are a lot of factors in there. I mean, certainly, depending on which brand we're we're talking about. For example, in leisure space from our perspective, the Envoyage Independence brand, is not an employee based grant for us. So there won't be as clear a connection when you're looking at that So the growth rates will make a difference. But if you look at at our core brands, we're certainly focused on how we leverage AI but also how we look for further productivity improvements. And the focus as Chris had said earlier in corporate is that that is now frontline and also our support functions, how do we ensure that we are operating as efficiently and leanly as we can. But Chris, from a corporate perspective, do you want to expand just on what you think your view looking at sort of that four or five year horizon looks like?

23m 8s

Sure. Well, the first thing I'll say is that there's two benefits to customers. One is customer experience that we believe the [indiscernible] accurate solutions to whatever problem they may have faster if they do it themselves using our digital products, which are enhanced by AI. So we think that customer's perspective point is really important. But yes, it does also drive savings to them because customers pay lower transaction fees, for example, when they self serve rather than if they use people in many cases, not all, but in many cases. And it does drive much better unit economics for us. So the fewer people we have in either front ends or in support roles to [indiscernible] The lower our cost base is. So it's a real win win. And I think that we expect to see cumulative productivity gains, not just next year, but year on year, right after 02/1930. We are on a continual focus improve productivity.

24m 18s

Great. I appreciate the color guys. Thank you. There are no further questions at this time. I'll now hand back to Mr. Turner. [indiscernible] Thanks. It's of course. Thanks everyone for dialing in. We're around for the next few days as I think most of you will know. So I see a few of you and give us a yell if there's anything else that you need.

25m 2s

Thank you for participating. You may now disconnect.

Key Insights

The company experienced inconsistent trading in the first half, with soft periods in June and August but improved momentum exiting the half and into the new year; management expects a return to more normal seasonal patterns and a reasonably strong June.
Super overrides and TTV (Total Transaction Value) growth are key drivers for override revenue; recent momentum in core businesses, especially leisure, is expected to support override performance in the second half.
Asia's first-half decline was primarily due to one-off accounting measures rather than underlying business weakness; management anticipates a much stronger second half and is optimistic about building momentum into FY2026.
The company is focused on selling higher-margin products (hotels, cruises, insurance) and expanding its luxury segment (e.g., Scott Dunn), with strategies to grow this area globally, particularly in the UK, US, and Asia.
Cost control remains a priority alongside TTV growth; productivity initiatives and AI-driven efficiencies are expected to deliver incremental gains, with more significant impact anticipated in the next financial year and beyond. Store expansion is on track, and multichannel engagement (in-store, online, app) continues to be important for customer experience.

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Second quarter rebound drives reaffirmed full-year profit guidance and strong outlook for H2.

7% H1 profit growth, strong Q2

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Overview
Latest News
Earnings
Income Statement
Cash Flow
Balance Sheet
Related

Earnings

Report Date

—

Rev Estimate

—

Avg 1d Change

4.7%

Report Period

H1 2025

EPS Estimate

—

Implied Move 1d

—

Transcript

1m 34s

The next question comes from Michael Cimodis of Jefferies. Please go ahead.

1m 40s

Good morning, guys. First one from me is just around super overrides.

1m 46s

2m 32s

3m 58s

4m 31s

Mate. That makes sense. Within Air, Air, your Do you sort of feel like your consultants have the ability in the stores to see visibility of the type of product achieve the override targets?

4m 47s

5m 33s

6m 21s

Please go ahead.

6m 24s

Good morning guys. Thanks for taking the question.

6m 27s

6m 47s

7m 16s

7m 32s

Yes. Qatar obviously will be good from a customer perspective because it brings in additional capacity to be able to sell There's still a lot to work through with that alliance.

7m 42s

8m 15s

8m 30s

9m 37s

10m 28s

Thank you. Good morning, guys. Just firstly, just wondering if there's any are you seeing any trends in the leisure business that could impact overall TTV?

10m 38s

So I guess, for example, anecdotally, it seemed sort of preference traveling more to Asia over the recent summer than to Europe.

10m 46s

Which implies lower flight costs, potentially lower hotel costs as well. Is that something you've seen? And is it if so, is it looking like a sort of slightly more permanent trend?

10m 56s

11m 18s

11m 51s

And then second one, I want to elaborate a point further on productive ops. [indiscernible] lowest of overrides, etcetera, across the business.

12m 1s

12m 20s

13m 5s

13m 38s

Yes. So we're sitting at about 13 stores overall net growth on the half. And as we go into the year ahead, we're plotting out we've got a few more signs that we'll be opening up in the next half.

13m 52s

14m 41s

15m 26s

16m 4s

16m 47s

The next question comes from James Bales of Morgan Stanley. Please go ahead.

16m 52s

Hi, guys. So I just wanted to make sure I understood how to think about the second half improvement versus where you're at at the first half or even year on year if that's easier?

17m 3s

17m 28s

Yes. I Flight start with it and screw my jump in as well.

17m 34s

So I think for me, the important thing for us to remember about us is we're a growth company. So TTV is important, it's always going to be important for us.

17m 44s

19m 8s

19m 44s

21m 19s

Got it. And then maybe just extending on that trajectory out at five years or so. You've spoken a fair bit about these AI initiatives.

21m 31s

21m 55s

23m 8s

24m 18s

25m 2s

Thank you for participating. You may now disconnect.

Key Insights

The company experienced inconsistent trading in the first half, with soft periods in June and August but improved momentum exiting the half and into the new year; management expects a return to more normal seasonal patterns and a reasonably strong June.
Super overrides and TTV (Total Transaction Value) growth are key drivers for override revenue; recent momentum in core businesses, especially leisure, is expected to support override performance in the second half.
Asia's first-half decline was primarily due to one-off accounting measures rather than underlying business weakness; management anticipates a much stronger second half and is optimistic about building momentum into FY2026.
The company is focused on selling higher-margin products (hotels, cruises, insurance) and expanding its luxury segment (e.g., Scott Dunn), with strategies to grow this area globally, particularly in the UK, US, and Asia.
Cost control remains a priority alongside TTV growth; productivity initiatives and AI-driven efficiencies are expected to deliver incremental gains, with more significant impact anticipated in the next financial year and beyond. Store expansion is on track, and multichannel engagement (in-store, online, app) continues to be important for customer experience.

Corpay, Inc. Price & Performance (CPAY)

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