CPAY

Corpay (CPAY) shares have kept investors watching after better than expected Q2 2026 earnings on 6 August and a 4.5% gain since the report, setting the backdrop for the latest moves. Over the past year Corpay has combined a strong year to date share price return of 34.29% with a 1 year total shareholder return of 24.14%. Recent announcements such as the European T20 Premier League FX partnership and the upcoming Deutsche Bank technology conference appearance suggest investors are weighing growth potential against evolving risk perceptions. Compare Corpay's recent momentum with a hand-picked group of payment and fintech peers by reviewing the 20 high quality undiscovered gems that may be flying under most investors' radar. Corpay now trades at US$403.67, with analyst targets clustered around US$454.57 and separate fair value work implying a much wider gap. Is the recent earnings bounce closing that spread or opening it up? On the most followed narrative, Corpay fair value of about $450.64 sits above the last close at $403.67, which puts recent price strength in a different light. Read the complete narrative. Want to see how this cross border build out, the profit margin profile, and the long term earnings path all feed into that valuation gap? The narrative joins those pieces together and leans on a single discount rate to pull future cash into today. The most interesting part is how growth, profitability and valuation multiple work together in that model. Have a read of the narrative in full and understand what's behind the forecasts. However, the Corpay narrative still faces pressure from rising compliance and cybersecurity costs, as well as the risk that real time payments and open banking reduce transaction economics. Find out about the key risks to this Corpay narrative. The narrative fair value suggests Corpay is undervalued, yet the market multiple tells a more cautious story. Corpay trades on a P/E of 23.4x, which is above both the US Diversified Financial industry at 17.7x and its own fair ratio of 19.3x, even though it screens as good value versus a 26.9x peer average. For investors, that gap means sentiment is already pricing in stronger earnings relative to the wider industry, so the key question is whether those expectations feel comfortable or stretched for you. To unpack whether that higher P/E is a justified premium or a valuation risk, it is worth running through the detailed breakdown and seeing how each assumption stacks up against your own view of Corpay future earnings path. See what the numbers say about this price — find out in our valuation breakdown. If this mix of optimism and concern around Corpay feels finely balanced, consider promptly reviewing the underlying data and deciding where you stand in light of the 3 key rewards and 2 important warning signs If Corpay has sharpened your focus, do not stop here. Broaden your watchlist with fresh ideas that match how you like to invest. Target potential upside by scanning a 46 high quality undervalued stocks that filters for quality fundamentals at prices that may not reflect them. Strengthen your income stream by reviewing a 12 dividend fortresses that highlights higher yielding companies with supporting metrics. Prioritize capital preservation by checking a 76 resilient stocks with low risk scores that focuses on resilience and lower overall risk profiles. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include CPAY. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Everpure P is scheduled to report second-quarter of fiscal 2027 results on Aug. 26, before market open. Everpure’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with an average earnings surprise of 8.1%. Everpure, Inc. price-eps-surprise | Everpure, Inc. Quote The Zacks Consensus Estimate for the company’s revenues is pinned at $1.1 billion, up 27.2% year over year. Factors that contributed to top-line growth are listed below. Rising win rates in contested opportunities, led by customers adopting the company as their preferred storage vendor, are likely to have driven the top line. Large deals and new customer logos are other factors that are anticipated to have fueled revenues. Evergreen/One benefits from longer-term contracts, lower upfront costs and expanding asset life cycles, allowing the company to spread costs over multiple years, and deliver predictable and cost-effective operating models for customers. Therefore, we expect this to have supported revenue momentum in the second quarter of fiscal 2027. Rising demand, enabled by Purity Fusion facilitating customers to build their data clouds, is anticipated to have raised customer wins, driving the top line. The top line is expected to have gained traction from FlashBlade/EXA, delivering new wins, including deployments supporting AI and machine learning applications, and a GPU-enhanced trading environment within financial services. For EPS, the consensus estimate is set at 59 cents per share, suggesting a 37.2% year-over-year rally. During the first-quarter fiscal 2027 earnings call, Tarek Robbiati, the CEO, remarked that the company is expected to record improving margins during the second half of fiscal 2027. These expanding margins, accompanied by share buybacks, are expected to have lifted the bottom line. Our proven model does not conclusively predict an earnings beat for P this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here. You can uncover the best stocks before they are reported with our Earnings ESP Filter. Everpure has an Earnings ESP of 0.00% and a Zacks Rank of 3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here. Republic Services, Inc. RSG reported better-than-expected second-quarter 2026 results. RSG’s adjusted earnings of $1.85 per share grew 4.5% year over year and surpassed the Zacks Consensus Estimate of $1.81 by 2.2%. Revenues increased 4.6% to $4.43 billion and beat the consensus mark of $4.36 billion by 1.5%. Corpay, Inc. CPAY posted impressive second-quarter 2026 results. CPAY reported adjusted earnings per share of $7, rising 36% year over year and surpassing the Zacks Consensus Estimate of $6.60 by 6.1%. Revenues increased 21% to $1.33 billion, beating the consensus mark by 2.6%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Everpure, Inc. (P) : Free Stock Analysis Report Republic Services, Inc. (RSG) : Free Stock Analysis Report Corpay, Inc. (CPAY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

On August 5, Corpay Inc. (NYSE:CPAY) announced in its second-quarter 2026 earnings call that the company's revenue hit $1.34 billion. This number was up 21% year-over-year and $45 million above expectations, while cash earnings per share reached $7.00, up 36% and an all-time company record. Management didn't just celebrate the quarter. It raised guidance for the rest of the year. Corpay's organic revenue growth ran 10% in the quarter, led by 16% growth in Corporate Payments and 8% in Vehicle Payments, with those two segments combining for 12% organic growth on their own. Retention held at 93%, new bookings grew 30% year over year, and same-store sales turned positive at 1%. Two recent deals, the Alpha acquisition and the Avid investment, added $0.39 to cash EPS in the quarter, right on the company's own target. Alpha's integration is more than 80% complete, with its corporate volume moved onto Corpay's global platform, while Avid grew sales more than 30% and doubled its EBITDA to a record level. On the back of that performance, Corpay raised full-year 2026 revenue guidance to $5.31 billion at the midpoint, 17% growth, and lifted cash EPS guidance to $27.35, up from an initial $26 target and implying 28% growth for the year. The company also pointed to roughly $15 billion of available capital over its forecast period, earmarked for either share buybacks or acquisitions of other corporate payment businesses. Not every line in the report was clean. Corpay recorded a $100 million settlement charge tied to an FTC matter, still subject to final commission approval, and operating costs rose 9% excluding currency, stock compensation, and amortization, driven partly by sales investment and modestly higher credit losses. Corporate Payments organic growth of 16% already absorbed a 180 basis point drag from float revenue compression as interest rates came down. Corpay is also divesting Epics, a smaller vehicle payments asset, in a deal expected to close between September and October, with planning built around a September 1 date. That sale is expected to cut 2026 revenue by about $40 million, though management says proceeds will fund buybacks to keep the earnings impact neutral. Executives also acknowledged that Q2's beat included roughly $30 million from favorable macro conditions, on top of underlying performance, a reminder that not every dollar of upside is repeatable. Hedge fund interest in Corpay edged higher, with 43 funds holding positions in the most recent quarter versus 42 in the prior one. Short interest sits at 4.09% of float, a modest figure that suggests limited organized skepticism around the stock. Corpay trades at a forward P/E of 16.13, as of August 14, a multiple that doesn't scream aggressive growth pricing even after a quarter with 36% EPS growth and a raised outlook. Corpay's second quarter combined real organic growth with a meaningful macro tailwind, and management raised guidance while also taking a $100 million charge and preparing to shed a business. The forward multiple suggests the market hasn't fully priced in the growth story management is telling, even as hedge fund positioning shifts only slightly. For the growth case to hold, Corporate Payments and the Alpha and Avid contributions need to keep compounding once the macro boost fades. While we acknowledge the potential of CPAY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best Future Stocks to Buy Under $10 and 12 Best Performing Semiconductor Stocks to Invest In. Disclosure: None. Follow Insider Monkey on Google News.

Interested in Corpay, Inc? Here are five stocks we like better. Volatus Aerospace is expanding drone manufacturing and defense capacity at its Mirabel facility, which could support approximately CAD 250 million in annual revenue depending on the product mix. The company is evaluating scalable production for both commercial systems and smaller, high-volume military drones. The company is pursuing applications in cargo delivery, medical transport, defense and wildfire response, including remotely piloted water-bombing aircraft and surveillance systems. Its wildfire strategy has gained federal and provincial interest, although large orders have not yet been secured. Supply-chain constraints and government procurement delays continue to affect revenue timing, including a CAD 2.6 million defense contract pushed from the second quarter into the third or fourth quarter. Management still expects a stronger second half organically and is pursuing partnerships and domestic sourcing for batteries, motors and deep-strike capabilities. MarketBeat Week in Review – 05/18 - 05/22 Volatus Aerospace outlined plans to expand its drone manufacturing, cargo delivery, wildfire-response and defense capabilities, while acknowledging that supply-chain constraints and delays in government procurement have affected the timing of some revenue and contract deliveries. During the company’s earnings call, Chief Executive Officer Glen Lynch said Volatus’ Mirabel manufacturing facility has been designed for an estimated annual revenue capacity of about CAD 250 million, depending on the mix of products produced there. The company has begun producing its docking system at the facility and has shipped units to Western Canada for standby wildfire deployments, he said. → Lumentum Just Delivered the AI Growth Investors Wanted Corpay’s Quiet Strength Is Winning Wall Street Lynch said several additional platforms are expected to enter production in the coming months, representing roughly 35% to 40% of the facility’s footprint. However, the eventual production mix remains dependent on discussions with the Canadian government and military regarding scalable domestic manufacturing capacity. Lynch said the Canadian military’s objective is to rapidly place drones in the hands of military personnel and sustain those systems. He described a potential need to shift production from a hypothetical 10,000 drones annually to 10,000 drones monthly if required. → Ryman Checks Into a $1.38B Hospitality Upgrade That level of scalable capacity would require government support, including investment in manufacturing capacity and strategic reserves of supply-chain components, according to Lynch. He said the challenge is ensuring Volatus can meet a sudden increase in military demand without disrupting commitments to commercial customers or allied nations. “The supply chain in Canada, and for that matter around all of the allied nations, is underdeveloped when it comes particularly to the smaller attritable drones,” Lynch said. → Joby’s Defense Pivot Accelerates With $500M Resonant Sciences Deal He added that the Mirabel facility’s output potential will vary depending on whether more floor space is dedicated to larger systems or smaller, high-volume drones. Volatus sees potential commercial and defense applications for its cargo-capable drone platforms. Lynch said the Condor can carry up to 180 kilograms and could be used for cargo delivery, frontline supplies and casualty evacuation, or CASEVAC, applications. The company also recently announced a partnership with Spain-based Singular Aircraft involving the FlyOx 1 platform. While the aircraft was originally designed as a water bomber, Lynch said it can be reconfigured by removing water and fire-suppressant bladders and adding cargo capacity and hydraulic doors for deliveries to remote locations. Potential uses include disaster recovery, emergency management and delivery of medical supplies, he said. Volatus also has platforms being used in programs involving heavy-load lifting to wind turbines. Lynch highlighted the company’s Canary aircraft, which is conducting cargo deliveries at Edmonton Airport. Volatus recently received a Pre-Validated Declaration for a complete remotely piloted aircraft system, he said. The Canary includes an onboard detect-and-avoid system that does not rely on ground-based radar to avoid uncooperative aircraft traffic. Lynch said Volatus has been pursuing wildfire-response capabilities since 2022, but earlier efforts were limited by regulations and technology maturity. The company is now proposing a layered approach that combines satellite information, persistent surveillance drones and remotely piloted water-bombing aircraft. The strategy is intended to identify high-risk areas and new fire ignitions earlier, allowing aircraft such as the FlyOx 1 to deploy a 1,500-liter load of water or fire suppressant while a fire remains small. Lynch said the remotely piloted systems could also support around-the-clock operations, unlike some conventional aerial firefighting operations that face restrictions intended to protect pilots. Volatus is not seeking to replace existing water-bomber fleets or wildfire personnel, Lynch said. Rather, its proposal is intended to supplement those resources by improving surveillance and early response. The company’s wildfire proposals have received engagement at both federal and provincial levels, according to Lynch, though he said it remains uncertain whether that interest will translate into large orders. Lynch said a CAD 2.6 million defense contract that shifted from the second quarter was delayed by supply-chain issues rather than contract problems. He said Volatus has overcome the relevant supply issue and has a “very high” confidence level in delivery during the third quarter, although some delivery could extend into the fourth quarter. Chief Financial Officer Abby Singhvi said the CAD 56 million figure presented in May was a planning target that incorporated assumptions for organic growth and merger-and-acquisition contributions. Some expected M&A activity did not occur within the timeline assumed in that plan, she said. Singhvi said investors should not simply subtract CAD 14 million from a CAD 50.6 million figure to estimate second-half revenue. She said the company still expects a stronger second half than the first quarter on an organic basis, including delivery of the CAD 2.6 million that had been reflected as deferred revenue on the balance sheet. Volatus is continuing to assess M&A opportunities in commercial and defense markets, she said. Lynch said government procurement timing remains difficult to predict. He cited the delayed launch of Canada’s Defence Investment Agency as an example of a development outside the company’s control. Still, he said demand signals from defense customers are strong and procurement mechanisms are advancing. Volatus is also pursuing partnerships related to Canada’s emerging deep-precision-strike initiative. Lynch said Volatus can contribute guidance systems and air vehicles, including its V-Cortex AI technology, seeker tracker and assured navigation module. He said the company does not intend to manufacture rocket motors or energetics, such as warhead components, and instead is working with potential Canadian partners that specialize in those areas. Lynch said the government’s initial target is to have capability in place by June 2027, which will likely require partnerships with companies outside Canada before greater sovereign domestic capability is developed in a second phase. On the supply-chain front, Lynch identified batteries and motors as the most significant constraints for smaller drones. He said Volatus is working to diversify suppliers and is participating in domestic supply-chain development, including a partnership with Concordia University and its Volt-Age program focused on energy and battery-related requirements. Corpay is a global corporate payments company that provides businesses with a range of payment and expense management solutions. Its services are designed to help organizations manage payables, card programs, travel and fleet-related expenses, and cross-border transactions more efficiently. The company serves customers across a variety of industries and geographies, offering software and payment tools that streamline accounts payable, vendor payments, and workforce payments. Corpay also provides specialized solutions for fleet management and international payments, helping businesses control costs and simplify financial operations. Corpay operates as part of the broader financial technology and payment processing sector. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Corpay Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Image source: The Motley Fool. Aug. 5, 2026 at 5:30 p.m. ET Investor Relations - James Eglseder Chairman and Chief Executive Officer - Ronald F. Clarke Chief Financial Officer - Peter Walker Operator: Thank you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press 0, and a member of our team will be happy to help you. Hello, everyone. And welcome to today's CorPay Second Quarter 26 Earnings Conference Call. At this time, all participants are in a listen-only mode. Peter, you will have the opportunity to ask questions during the question and answer session. To register to ask a question at any time, please press the star and 1 on your telephone keypad. Please note this call is being recorded. We are standing by if you should need any assistance. And it is now my pleasure to turn the meeting over to James Eglseder. Please go ahead. James Eglseder: Good afternoon. And thank you for joining us today for our earnings call to discuss the second quarter 26 results. With me today are Ronald F. Clarke, our Chairman and CEO and Peter Walker, our CFO. Our earnings release and supplemental materials for quarter are available on the Investor Relations section of corpay.com. Please refer to these materials for an explanation of the non GAAP financial measures discussed on this call along with a reconciliation of those measures to the most applicable GAAP measures. Our remarks today will include forward looking statements about expected operating and financial results, strategic initiatives, acquisitions, and divestitures, among other matters. Forward looking statements may differ materially from actual results and are subject to a number of risks and uncertainties. Some of those risks are mentioned in today's press release and on Form 8-Ks and can also be found in our annual report on Form 10 ks. These documents are all available on our website and at sec.gov. So now I will turn the call over to Ronald F. Clarke, our Chairman and CEO. Ronald? Ronald F. Clarke: Okay, Jim. Thanks. Hello, everyone, and thanks for joining, today's call. Upfront here, I plan to cover 3 subjects. First, provide my take on Q2 results. Second, share our updated guidance for 2026 And then lastly, I will speak to our future and where we are headed. Okay. Let me begin with our Q2 results. Which were very, very good. We reported revenue of $1.34 billion that is up 21%. Coming in 45 million, above our expectations. Q2 macro, super favorable to us. It contributed about 30 million, more than our expectations. Meaning about 15 million of the beat was just underlying performance. We reported cash EPS of $7 on the button, that is up 36%, setting an all time, company earnings record. So, feels good. Our 2 biggest corporate payments deals the Alpha acquisition and the Avid investment, contributed $0.39, of cash EPS accretion in the quarter. Spot on our target. Our Q2 fundamentals, very solid. Overall organic revenue growth of 10%. That was led by our Corporate Payments segment at 16%. And our vehicle payment segment at 8%. So taken together, our 2 biggest, segments delivered 12% organic growth. Operating trends also are very good in the quarter. Retention remaining steady at 93%. Year over year sales or new bookings terrific, growing 30% and same store sales, in the plus column, +1%. So, these trends are super helpful, and bode well for, continued performance here in the second half. So all in all, really an outstanding quarter an outstanding first half. Really against both our expectations and maybe more importantly, against the prior year. Alright. Let me make the turn to our, 2026 outlook. We are raising, full year revenue guidance to $5.31 billion at the midpoint. The bridge as follows. First, we will flow through our Q2, 45 million revenue beat. Second, we will increase our full year revenue guidance another 15 million based on expected, better macro. And, business fundamentals. We will net out, 40 million related to our expected EPICS divestiture and there, we are assuming a September 1 close. We will continue to outlook 10% organic revenue growth in the second half. With our Corporate Payments segment expected to maintain a mid teens plus organic growth. And our lodging segment set to accelerate to mid single digits. On the earnings side, we are raising full year 2026 cash EPS to $27.35 at the midpoint that is up a ways from our $26 initial guide at the start of the year. The rest of year EPS bridge, goes like this. We will flow through our Q2 cash, EPS beat of 45¢. We will raise the rest of year cash EPS another 20¢, and we will hold the EPICS divestiture EPS impact neutral. As we plan to use the deal proceeds, to repurchase CPay shares. Look. This higher full year 2026 guidance implies, good things. 17% full year revenue growth, 28% full year cash EPS growth, Cash EPS for 2026 up about $6, from 2025. Cash EPS exit rate in Q4, exiting over $29. A full year cash EBITDA approximately $3 billion and $1.8 billion of free full year free cash flow, which is approximately a 7% The drivers really of this 2026 performance or a combo of a few things, Obviously, a very favorable macro environment, for us, particularly the first half. The 2 big, accretive corporate payments deals, and mostly just strong underlying fundamental operating performance. So look, taken together, we have got a lot of confidence, in the outlook. Okay. So last up, today, I do wanna share our thoughts on the road ahead for the company. We did post an updated investor presentation today to our website. It lays out our direction along with our growth algorithm. And I do wanna say we have really never felt clearer about the way forward or even more excited about the prospects of the company. So, we are really in a great spot. So let's start out with the portfolio. We have said repeatedly that our plan is to create a simpler company with fewer bigger businesses. You should expect to see us divest more subscale businesses like today's, Epix announcements. And really double down in 3 primary areas. So first, spend management, which is our card and AP businesses. We will do more there. We will head towards the procurement space more. We will expand wider geographically. We will make that a bigger business. In vehicle, we will stay invested, in our largest and most advantaged fleet businesses, and we will also embed fleet into our, spend management platform that our spend management platform can serve the unique needs of fleet intensive companies, and their drivers. there is actually a slide. I think it is the last slide in our supplement that lays out our progress there where we are selling our spend platform to both fleet intensive businesses and traditional businesses. So take a look. Last area to double down would be cross border. Obviously, plan to do more there. We are in the process of adding new real time private block rails also investing to build out our global banking and deposit offering. Both of these things, we think, game changers for middle market companies. So the portfolio repositioning you know, gives us a $600 billion revenue TAM for, you know, a $5 billion company today. So, look, it certainly gives us the potential to at least 10x this company to save $50 billion, over time. So the second direction for us is to go left, which means we plan to help our clients with their indirect expense decision making. You know, before they approve payments. So we will help support decisions like the selection of vendors, the pricing of vendors, the terms I have with vendors, the renewal decisions they need to make with vendors. And we will deliver, a set of things, to be helpful there. We will provide, some benchmarking data, We will provide spend insights. We will even guide clients on how to negotiate, renewals to a better outcome. So, look, we really do aspire to bring more value and go left better helping our clients with the expense management assignment. So finally, let me turn to our midterm growth algorithm. It remains unchanged. As a reminder, we target, 10%+ organic revenue growth. Low teens PBT growth, and over 20% cash EPS growth. The model works, first, again, because there is a large opportunity for us to sell into. We do have proven retention and sales capabilities. And we generate a material amount of free cash flow yield. We do expect to have approximately $15 billion of available capital, over the forecast period. that is via a combo of our annual free cash flow plus higher debt capacity, as our earnings grow. So this capital is what creates, EPS acceleration. As we will either buy back half of CPay or alternatively, we will buy the earnings of other corporate payment companies. Based on the relative returns there. So look, in conclusion today, we are obviously delighted, with the Q2 performance. We are confident, in our raised second half guide. Again, expecting mid twenties year over year. Cash EPS growth. And we are really excited about the future, the road ahead, and what CorePay can become. So with that, let me turn the call back over to Peter to provide some additional details on the quarter. Peter? Peter Walker: Thanks, Ronald, and good afternoon, everyone. We delivered another outstanding quarter. with 21% revenue growth and 36% adjusted EPS growth year over year, marking our fourth consecutive quarter of outperforming expectations. Our first half performance was exceptional. And we are proud of what the team accomplished. While we have certainly benefited from favorable macro conditions, the foundation of our performance continues to be consistent double digit organic growth. That consistency is the engine behind our compounding model and we have now delivered double digit organic revenue growth for 5 consecutive quarters, and 10% organic growth in 5 of the last 6 years. Having been in the CFO seat for just over a year, I can tell you these outcomes do not simply happen. They are the result of constant focus, active management, and thousands of decisions made across the organization every day to drive returns. I would not underestimate just how important our operating model is to our long term performance. Now let's turn to segment performance and the underlying drivers of our organic revenue growth in the quarter. Corporate Payments delivered 16% organic growth for the quarter, including 180-basis point drag from float revenue compression driven by lower interest rates year over year. The organic revenue growth was in line with our expectations. Strong performance in both cross border and payables. Overall corporate payments continue to be driven by strong underlying customer activity, with organic spend increasing 43% to $95 billion Cross border continued to deliver strong sales and revenue performance in Q2. Alpha's integration continues to progress exceptionally well. With over 80% of Alpha's corporate volume now migrated to our global tech platform. The payables business continued to perform well, driven by sales and volume growth. We are also pleased with the strong performance of Avid, our minority investment, which is reflected as an equity investment in our financials. Avid continues to execute well under new ownership, with sales growing more than 30% continued strength in volume and revenue and EBITDA more than doubling year over year to a record level. Vehicle payments organic growth was 8%, right in line with our high single digit expectations. Brazil and Europe remain quite strong In The U. S, growth remains consistent with our strategy of reallocating sales investment toward the higher return opportunities within Corporate Payments. Lodging was in line with our expectations, delivering sequential organic revenue growth improvement of 2% versus Q1 26. We have now lapped the more episodic events last year that created tough comps, and we continue to expect organic growth to perform in the second half of the year. In summary, we delivered 10% organic growth in Q2 driven by sales growth of 30% and retention rates of 93%. All quite robust. 84% of our Q2 revenue, and delivered a combined organic growth rate of 12%. Consistent with Q1. Taken together, these results reinforce our confidence in the durability of our growth model and support our decision to increase full year guidance. Now looking further down the income statement. Operating costs increased 9% excluding the impact of FX, stock compensation, amortization and a settlement charge. The settlement charge of $100 million relates to the FTC matter and is subject to final commission approval. The 9% increase was primarily due to sales investments and modestly high credit losses. Adjusted EBITDA margin of 57.3% was up approximately 100 basis points over the prior year, primarily due to operating leverage and flow through of macro benefit. Our adjusted effective tax rate for the quarter was 25.3%, The year over year decrease in the tax rate was driven by our improved mix of earnings. Turning to the balance sheet, we ended the quarter in a very strong financial position. Our leverage ratio finished at 2.55x, weighed approximately $1.6 billion of available capacity under our revolving credit facility. During the quarter, we repurchased $321 million worth of stock retiring approximately 1 million shares. As of quarter end, we still had roughly $1.4 billion remaining under our current share repurchase authorization. We also completed the refinancing of our revolving credit facility on term loan A. Increasing the size of our revolver by approximately $1 billion to $3.7 billion while paying down our Term Loan B by $1 billion Over the past 9 months, we have successfully refinanced our entire debt stack. Extending maturities, lowering borrowing costs and further strengthening our balance sheet. More importantly, from a capital allocation perspective, we have increased our financial flexibility. And are well positioned to continue executing our balanced strategy of both meaningful share repurchases and disciplined accretive M&A. Finally, I would like to touch on our interest rate profile. Following the Alpha acquisition, our restricted cash balance increased significantly. Primarily reflecting the growth of the global bank account business. Our cash now creates a meaningful natural hedge against our floating rate debt. With approximately 85% of our exposure naturally offset during the second quarter. Including our interest rate swaps, we were more than 120% hedged. Given the strength of that natural hedge, we do not expect to enter into additional interest rate swaps going forward. Now let me share some additional information on our updated 2026 full year and Q3 outlook. As Ron mentioned, we signed a definitive agreement to sell EPICS, a noncore vehicle payments asset. We expect the transaction to close this fall. Likely between September and October. For planning purposes, we have assumed a September 1 closing. The transaction is expected to reduce 2026 revenue by approximately $40 million or roughly $10 million per month but is not expected to have an impact on adjusted EPS because we intend to redeploy the proceeds into share repurchases. We are raising our 2026 revenue guidance to $5.31 billion at the midpoint growing 17% year over year. Importantly, this guidance continues to assume a approximately 10% organic revenue growth for the year. Our updated revenue outlook flows through our Q2 beat of 45 million raises the rest of the year by $15 million driven by a combination of macro favorability and business momentum, partially offset by $40 million from the sale of EPICS. We are raising our full year guidance for adjusted EPS to $27.35 per share at the midpoint growing 28% year over year. This captures the $0.45 beat in Q2 and raises guidance by $0.20 from higher revenue and productivity improvements over the rest of the year. Our Q3 revenue guide is $1.35 billion at the midpoint, growing 16% year over year. We expect Q3 organic revenue growth in the range of 9% to 11%. We expect adjusted EPS of $7.15 at the midpoint growing 26% year over year. Stepping back, our model is built to compound over time. We remain focused on consistently delivering double digit organic growth maintaining strong margins and deploying capital where we believe it generates the highest long term returns for shareholders. Additional details regarding our full year guidance raise and Q3 outlook can be found in our earnings release and earnings supplement. So operator, please open the line for questions. Operator: Thank you. As a reminder, at this time, if you would like to ask a We do ask that you please limit yourself to 1 question and 1 follow-up. We will take our first question from Ramsey El-Assal with Cantor Fitzgerald. Please go ahead. Ramsey El-Assal: Hi. Thank you so much for taking my question and another great quarter. Freight prices remain healthy and fleet operators to be in a much better place than they were gotten as post COVID, Do you see an opportunity to open up the credit a little bit more, maybe lean in harder to you know, some slightly higher risk parts of the market to drive on the on the on the vehicle side of the business, obviously, to drive know, incremental growth. Peter Walker: Hey, Ramsey. Thanks for the question. So we do experience wind, fuel prices going up and the demand. That there is naturally a higher risk to credit losses. So taken a provision for that within the quarter, a slight provision for it. But what I would say is we are not gonna, you know, weaken our underwriting standards to gain business here. Okay. Ramsey El-Assal: Fair enough. And then on a follow-up for me. You announced the EPICS divestiture, and you also talked about the intention to create a simpler company. Should we think about that as more trimming more of these very small kind of embedded business lines Or is there an appetite or demand out there for a larger simplification of something like a lodging segment or larger, you know, chunks of the business. Ronald F. Clarke: Hey, Ramsey. it is Ronald. It might be both. I would say we are on the track. So the first thing you said, we have IDed a another, 2, 3, 4 businesses that are kind of subscale or not as related like the EPICS thing. And as I said on other things, we want better performance first. Right? I wanna have improved performance because then it gives us options. Alright. So you should look for more of the EPICS like things over the next 6 to 12 months. And if performance approves maybe something additional. Got it. Thank you. Yeah. Operator: Thank you. And we will take our next question from Tien-Tsin Huang from JPMorgan. Tien-Tsin Huang: Please go ahead. Operator: Your line is open. Please make sure you check your mute switch. Even we cannot hear you, Tien-Tsin. Tien-Tsin Huang: Now is this better? Operator: Yes. We can hear you now. Please go ahead. Tien-Tsin Huang: Sorry to waste your time. As always, nice to talk to you guys. Just thinking maybe for you, Ronald, just to has the bar changed at all for M&A and buybacks given pipeline valuations? Analyst: I know you are focused on these divestitures. You announced 1 that you just said just has the bar changed? Ronald F. Clarke: Yeah. I think so changed. And like I said last time, if anything, you know, we have seen some of the transactions, some of the deals on the side get back into a, you know, into a realistic range. So I think it is that we are actually in a pretty good spot. Analyst: Okay. Tien-Tsin Huang: You know, glad to hear it. And then just on the on the bookings front, that was really strong. Maybe just double clicking on that. How broad based was it? Where are you operating outperforming? Can you replenish the pipeline? As we go into the second half? Ronald F. Clarke: Yeah. It was it was pretty good. I would say I am looking at that It was pretty broad based. We did kind of high teens year over year in the vehicle, and crazy. it is certainly close to 40%. James growth in the corporate payment segment. So we are obviously selling a lot of that. Now, again, we poured incremental investment into it. So, you know, there is more spend behind that. Reflecting the increase. But, no, it is it is good. We target, I think, you know, sales to grow 20% to kinda hit our overall rhythm. So this is a bit better than that. So I would say, you know, our rest of the year is probably targeting about that 20% again. Alright. Great. Well done. Thank you. Good to talk to you, pal. Operator: Thank you. And we will take our next question from Sanjay Sakhrani with KBW. Please go ahead. Sanjay Sakhrani: Thank you. Ronald, like the Corporate Payments division obviously did really well with the revenue growth up 16%. As we look ahead, it seems like the comparisons get easier. I mean, can this growth rate sort of sustain itself, if not accelerate from here? Ronald F. Clarke: I think it is a it is a good question, Sanjay. I think it is function again of investment. You know, we were guiding basically to 16-plus here in the second half, which is obviously attractive. And we have got you know, super line of sight in that business on both the retention and base. Like, I am staring at it. it is better than our line average. Right? Our line average is 93. That business is, you know, closer to 96% or 97%. Retention in the base is positive to the plus column. So whenever you have that set up, it is it is not complicated for math people that the whole growth rate is sales. Right? it is just it is just really the sales of I said, the Tien-Tsin's question, we sold 40% more in the quarter. So that is the toggle. And, again, unlike, you know, the start ups, we always are trying to balance, making a buck with growing. And so that is that is the balancing act. We put incremental money into it. We have taken a bit of money, out of the vehicle thing, and so I would say, that is our plan for now. We are continuing to build, spend on that, and we will update if we decide to invest more, as we look into next year. But we are obviously pleased with this growth rate. Sanjay Sakhrani: Okay. And then second question, is this on the divestitures. As we think about the divestitures that you will make or that you have identified, do those accelerate the revenue growth rate, or are they just sort of too small to have an impact? And then maybe you could also just comment on what you are seeing in the M&A market. In terms of acquiring stuff? Yes. Ronald F. Clarke: I would say the answer to the first part is, it is the depends. We have you know, businesses. So I guess we have announced you guys 2 divestitures this year. And the answer is those would actually be you know, slightly quote dilutive to us. The parking business was a high flyer, right, through a 20-25%. And this EPICS thing was a kind of a perennial 10-11% grower. Some of the other things we are looking at Sanjay, might be lower growth. If I said, hey. We have 3 or 4 things in the block my comment would be it would be a mix. Some of the stuff might be a little bit slower growing. But it is really what you said. We are just trying to clean house with kind of smaller things. You know? We need to add billions of revenue to the company. And so growing, you know, a $100 million business to a 110 is not is not getting us there. So that is the emphasis. And I would say the same thing on the acquisition side. Obviously, we did a couple of pretty large transactions last year. You know, we have got our gun sites on some other pretty significant things. And so as I said to Tien-Tsin, we are super clear on what we want to acquire, what would be helpful. We target we are in discussions, obviously, with those companies, and some of those transactions are meaningful. And because of the way we could run the things, they are actionable. We can actually we can actually do them. So I would say, like, always stay tuned, you know, on the acquisition front. Thank you. Operator: Thank you. And we will take our next question Mihir Bhatia with Bank of America. Please go ahead. Mihir Bhatia: Good afternoon. Thank you for taking my question. Ronald, I was wondering if you could give us an update on the Mastercard the FI channel. I think previously you called out 3 wins. But where does the pipeline stand And are you still expecting a couple of points of cross border acceleration from that? Is that I guess, just trying to get an update on that Mastercard partnership and where things stand with the pipeline. Thank you. Ronald F. Clarke: it is a it is another good question. So I think we said it last time, if I had Mark, the guy that runs it, or the Mastercard folks, it is a high level better than expected again. I think the thesis that we had that Mastercard, those bank folks, and we know cross border, and that is a good combo, that is proving to be true. The numbers are good. We are now at 10. FIs that have been closed. On the last report I saw, we have got 100 active additional FIs in the pipeline. So I would say it is it is positive. The offer is resonating. Mastercard's being super helpful in introductions. You know, with FIs, the selling cycle is definitely longer. My year would know, than it is with corporates. But I would say we are we are still bullish on it and, you know, I said to the Mastercard people when we did the deal, please do not make this a press release. And I and I got to applaud, you know, their effort and the energy so far. So I would say so far, so good. Mihir Bhatia: Great. And then if I could ask about the global just the global banking. I think, Ronald, you have described it. You know, prepared about the game changer. Just trying to think about the monetization timeline there. I think Peter called out some of the benefits of the hedging, but from a revenue standpoint, but, Deepak, what is, like, is the monetization timeline? Like, what kind of expectations should we have over the next year or 2? Ronald F. Clarke: Yeah. I think we should see a big step up next year. We still frankly, are building the product. Let me give the baby 101 here. So what we do is we open local foreign bank accounts. So if there is a company in Atlanta, they are trying to do business in Europe, boom. In less than a week or a few days, we can open a foreign bank account for which would take months, years potentially through a correspondent. The work that we are doing my other thing, is effectively linking multiple local accounts. So let's say the client Atlanta wants to open something in The UK on the continent and Australia, we go open 3 local foreign accounts in those in those jurisdictions so that they could run on the pipes there. What we are finishing up is tying those together and then balancing them back to that account primary bank account. Let's say it is back here in Atlanta. And so that kind of second part, I am gonna call that the enhanced, the better product than just the 1 off sell of a local account, which is where Alpha you know, kinda focus. So that is due to the out of the kitchen In Q4. And 2 things. 1 is I think we will sell a lot more of it because it is it is way more attractive. To go to an account and tell them, I can add these in different places, but then tie them all together for you. And then second, we are gonna sell the you know what item back to the client base. Mean, think of how many middle market clients we have in cross border and payables. Even in fleet, here and internationally. And so that is the second part of the idea is to tell me all the existing clients we have, whether they are in cross border or not, hey. We can be way helpful in this way. So I would say it is going good. You know, Alpha's selling a lot of the kind of the single local thing, but the hopes are that this kind of premium offer will be will be a big deal next year. Got it. Thank you. Operator: Thank you. And we will take our next question from Darrin Peller with Wolfe Research. Please go ahead. Darrin Peller: Hey, guys. Thanks. You know, I know you have talked Ronald, you talked about the opportunity to cross sell your fleet card fleet management products into the spend management customer base. Maybe just talk us through how you are thinking about that cross sell opportunity now and where it stands where could it go more broadly across other products? In AP and bill pay also and cross border? Where were the opportunities to further expand? With your existing base that you have now? Ronald F. Clarke: it is a it is a good question, Darrin. It has been a long know, articulation of that. We did stick in. You probably have not seen it yet, but if you guys on the call would open at some point, the do we call Jim, the earnings supplement. So the last page in there, Darrin, is an internal slide where we actually show what you are asking, which is so we have a we call it internally a spend management platform, call it cards plus, you know, software. And, basically, on that same platform, a client can buy different things. They could you know, drivers could buy fleet stuff, Travelers could buy T and E stuff. Procurement or purchasing people could buy purchasing stuff. So if you look at the thing which is interesting is we take that same platform and we sell it to fleet intensive businesses. And if you see that slide, notch shockingly, they buy a lot of fleet, a lot of fuel. And they do buy some other stuff. Like, in the mid sized ones, almost half their spend is nonfuel. And then we sell the same exact thing to kinda traditional companies, maybe the white collar that do not have the same kind of drivers, and they buy a little bit of fuel but all the other spend categories. The message to everybody is we are just embedding it. In other words, we are taking the fleet networks that we build and the point of sale data capture and the mobile apps for people, and we are just sticking it in the same platform. So that when our guys go to companies, they can actually ask them, hey. Do you have a lot of, you know, drivers of fuel, or do not you? And so to your point, it is not a dumb idea now to go back to all the big size fleet guys and say, hey. How about buying some other stuff on the same thing? And going to the regular guys and asking, hey, do we miss the fact that you actually have some drivers? And so I think it is gonna be simpler hopefully, for people outside. it is not just a bunch of kludgy you know, proprietary fleet things. it is literally now core you know, to this spend offering that we are gonna take out of the market. And I think advantage there, because other guys that make you know, business cards or corporate cards, do not have 20 year old network for fleet purchasing or even the virtual card network that we built. They have just vanilla Mastercard, and Visa network. And so I think us attaching those networks to kind of our card program is gonna be a pretty big advantage. You know, we collect more data than they do. We have better economics at those merchants than they do. So we are quite-- if you take a peek at that thing, hopefully, the slide in there will be, you know, explanatory. Darrin Peller: Alright. that is really helpful. Thanks, Rob. Just maybe a quick follow-up if you can on margins. Just I would continue to see them ticking up sequentially. Should we expect for when we are thinking about further expansion from here, just how much more investment do you think is needed to sustain this type of 10%+ organic profile? You know, clearly, it is it is not a small you are not a you are not on a low-margin base for now, and so I am curious what your thoughts are on that. Thanks. Peter Walker: Hey, Darrin. it is Peter. Thanks for the question. So what I would say is for the quarter, we obviously achieved a really strong 57% EBITDA margin. A lot of that was helped by flow through of the favorable macro. Right? So for the back we kind of expect to be slightly below where we are last year, and we feel like we are really invested at the right level to deliver on the organic growth targets. So we already, you know, achieved really strong margins. The thought is that, you know, we will not look to increase those significantly. Okay. More of an investment story. That makes sense. Okay, guys. Thanks. Thanks, Aaron. Operator: Product has the highest end Thank you. And we will take our next question from David from David Koning with Baird. Please go ahead. David Koning: Yes. Hey, guys. Great job. 1 thing I was just wondering about, it looked like Brazil remains a little slower than normal and you still had a great quarter. I guess I am wondering how much better maybe it would have even been if Brazil was running normal in maybe you know, am I right about that? How's the Google partnership or ad ads search stuff going? Maybe just reflect on all of that. Ronald F. Clarke: Yeah, David. Hey. it is Ronald. So I would say, you know, to your point, you know, splitting hairs, it was just a smidge slower. The ants were still sitting at the same spot with the with the Google search. But we have a couple of, like, always new ideas, so you will you will see that thing kind of in our rest of the year. We have that thing kicking back up again. A point or 2 in Q3 and Q4. So despite and we have not basically planned in that forecast for the for that Google issue to resolve. But we have some other kind of tricks up our sleeve there to keep that thing chugging. So the free flow thing is actually helping us out. I if people wanna call them what that is, but still a third or 40% of all the toll transactions in Brazil are not electronic. And I think, like 7% of the market is now moved to free flow, which means there is no other way to pay. You have to pay electronically. You cannot pay, you know, cash or credit card. So it is bringing, you know, incremental travelers in into the mix. And so things like that along with some of the sales things we are doing. So that thing will be, again, you know, high teens performance here in the second Great. Thank you. David Koning: And just 1 follow-up. The other revenue stream was up a lot sequentially in Q3. It was up about $20 million sequentially last year in Q3. Does that create a tough comp at all? Or is that kind of normal seasonality going forward? Peter Walker: Yeah. So appreciate the question. As you know, our gift business is in there. In the other, that is really the largest component, and there is, you know, quite a bit of follow between the quarters in the gift business. And last year, they also had the changeover in terms of the new cars, which really drove that up. So I would say it does create a tougher comp in other in the back half. Gotcha. Thanks, guys. Great job. Thanks, David. Operator: Thank you. And our next question comes from Nate Svensson with Deutsche Bank. Please go ahead. Nate Svensson: Hey, guys. Nice results, and thanks for the question. Ronald, I thought your commentary on GoLeft was pretty interesting. So I was maybe hoping for a little color on what your optionality there looks like in practice. I guess, what products and solutions do you plan to bring to market to help clients with vendor selection pricing, etcetera? Is this gonna require a certain level of investment, either organic or inorganic, or is it simply more kind of reorganizing your existing resources into something that will help clients? And then maybe lastly, how big do you think that opportunity could be and what could it add to growth in the coming years? Ronald F. Clarke: Yeah. Super good question. Big Nate, would be would be my problem. And so at the at the high level, it is the it is the AI models. Right? Those things are changing the game in lots of places, and not shockingly, they are changing the game at around, you know, corporate procurement and contract management and price comparisons and all that kind of stuff. And so this idea from talking to our clients and being have tons of clients stuff is, hey. You know, I have got, in our case, you know, 800 million of indirect expense, and you guys are super helpful at helping us manage and control and pay all that. But, like, should I have it? Should I have 750 million in expense? And should I have these people I have? So this idea is super adjacent. Nate, to what we do. it is it is left. it is earlier. it is before. You approve the payment. You decide whether you should have you should have the expense and stuff. And so we are vetting you know, a set of partners that have done some things here and looking at kind of integrating some of those capabilities. And what is interesting is we have got gazillions of clients already. That were already you know, they are telling us they approved the payment. We are making the payment with huge amounts of spend where we are not helping. On the decision support very much, let alone telling new perspectives clients, hey. We can be even more helpful to you. So I think it is a big, big deal both in terms of revenue acceleration in that spend business and potentially sales, Nate, of getting people more interested because bosses wanna spend less indirect expense. AP managers want it to work well the process to work better, right, and not to fraud, not to lose money and stuff. And so we are really trying to appeal, you know, to that c suite a bit more with these add ons, if you will. Nate Svensson: Yeah. Interesting stuff. And I guess just for a follow-up sorry, sorry, it is a little of feedback. So I do not know if that was on my end. But, anyway, it was on the beat and raise Obviously, some help from macro, but also you called out underlying momentum, I guess, both in 2Q and for the rest of the year. So I was hoping you could maybe put a finer point on that underlying momentum. Is there 1 or 2 segments you would maybe call out as being better than expected in 2Q? And then, I guess, for the rest of the year relative to your prior expectations? I know high level, the relative growth rates sound like they are all in the same ballpark So I guess just on the margin, what came in better than expected? And what do you expect to be better than expected for the rest of the year? Peter Walker: Hey, Nate. Appreciate the question. So maybe starting with the rest of your guide question that you put forward. You know, our thought process here is it is a relatively immaterial raise at 15 million of revenue and $0.20 of EPS. But our message is our confidence in achieving our back half guidance. And just a reminder that we set a significant climb for ourselves in the back half of the year So absolute revenue is growing, call it, $100 million from Q1 to Q4, and absolute EPS is growing, call it, over $1.50 from Q1 to Q4. So you know, quite impressive numbers, by themselves in Q4. So, again, just you know, sharing with everybody our confidence in achieving those. Ronald F. Clarke: Hey, Nate. it is Ronald. Well, mostly, do not want you to miss, hey, Ronald. Hey. How's your guide versus last time? Then make sure your lens is on as 25% cash EPS growth in the second half over the prior year. So that is what we are focused on is delivering an absolute growth rate and amount, you know, exiting at $29 or something like that is our main message is do not miss that the numbers that were sticking out there were significant as prior versus prior period. Main message where I received. Thanks, guys. Operator: Thank you. And we will take our next question from Madison Sewer with Raymond James. Please go ahead. Madison Sewer: Hey, guys. Good afternoon. Appreciate taking the questions. You talked about some reallocation of from U. S. Vehicles to corporate payments. Obviously, The U. S. Business is much slower growth. But I guess, maybe touch on your confidence level around sustaining high single digit organic vehicle growth especially as you reallocate some of those resources, seems like it would be pretty high given your comments, you know, just now around high teens Brazil growth, but would love to just hear your thoughts about this sustainability, especially in lieu of some of those reallocations of resources. Ronald F. Clarke: it is it is another good question. The first thing I would say is they are really they are good businesses. You know, whether they are growing 8% or 10%, they are durable as hell or hard to knock over. They are they are super profitable. They have advantaged stuff. Networks, tech people, and stuff. So the first the first headline to people is you know, do not discount just the quality of the businesses. The second point I would make is the pivot the infamous pivot we made a couple years ago has landed us now at literally line average retention particularly in the in the US and international markets. And so historically, because they were smaller, the vehicle businesses had, you know, a worse lot rate, lower retention rate. And, generally, they had a worse same store sales. And so I am happy to report today problem solved. Because we changed the mix of business, it was always larger, international. But because we have moved the mix here in The US, larger, we have now gotten the line average loss rates and same store sales again around flat to +1. So it is really just a straight sales game now. it is my message. The growth rate now that we have stable base, which we did not have, and way improved retention because of the business mix. Now it is literally just selling. it is just investment level and productivity. And so that is what we are still toppling with. We have only got so much money. Right, to try to make returns. And so we are trying to trade that off between the vehicle business and other people value our overpayments business higher. So I would say we lead a little bit more that way, but I would say it is high. If we keep spending money on sales, and we keep making sales, I referenced high teens sales growth in Q2 over the prior year. So it is still selling the stock. So I would say that is the answer. it is it is stable. If we spend money and make sales, we can keep growing high single digits. Madison Sewer: Okay. that is helpful. And then just a follow-up on sorry, there was some feedback. A follow-up on corporate payments here. Obviously, you guys mentioned that you expect to maintain this mid teens plus organic growth in the second half. You gave some color on retention versus new sales. So I was hoping you could maybe also double click on just what you are seeing on the cross border payable sides and just any changes in from the recent teach in, or are things kinda tracking with what you laid out there? Thanks. Ronald F. Clarke: Yeah. Not much difference. Between those 2 kind of sublines. I would say they are both it is not like 1 is 10 and 1 is 23 or something. They are both kind of, you know, paired up in terms of the growth rate. They are both, you know, selling a lot and stuff. And as I said, I think you know, there is a couple of exciting things there that could potentially make us do better is the bank thing that I mentioned earlier. If we if we deliver that version 2.0, and take it back to the base. And then second, it is getting the payables and spend management product over the pawn. Which we have done. And grabbing that TAM, and we got more sales and there. So those would be the 2 kind of upsides of kind of offering something or going somewhere that is not kind of in the current numbers. So both of those things are in flight. So if they take hold and do better, both of those things could be helpful the next year. Thank you. Operator: Thank you. And as a reminder, if you would like to ask a question, it is the star and 1 on your touch tone telephone. We will go next to Michael Infante with Morgan Stanley. Please go ahead. Michael Infante: Yeah. Hey, guys. Thanks for taking my question. You have previously spoken about the 40% of your flows within cross border that are still on SWIFT. I think you previously had mentioned trying to take that volume mix down closer to the mid teens level by leveraging some of the private blockchain rails like Connexus. Ronald, you obviously highlighted that in your prepared remarks too. I just wanted to ask on SWIFT directly, just given know, their announcement about some more real time capabilities as well. Like, how do you think about that volume mix shift and sort of the differentiation between that swift real time rail relative to something like a Kinexas and the decision tree there? Thanks, guys. Ronald F. Clarke: Yeah, Michael, Ronald, it is good question. So for us, because it is a rail, it is just it is just speed and cost. So to your point, whether it is the JPM thing or, you know, city announced a similar thing. So to me, having the banks kinda rally, you know, a consortium that wants to do this speedy blockchain thing, great to do the stablecoin, just tokenize real money. We love that. And I think we said it before. I think 40 thousand I think, the number. I think we have done 40 thousand transactions already over the JPM private blockchain. So it is not just on a paper. it is real. We are actually moving money. The guy I run up there tells me, hey, I think we could get to half. By the time we leave for Chris. I think we could get literally half of our wires, you know, from Swift onto, you know, onto 1 of these things. So look. If SWIFT somehow you know, match the speed and which they have not today with their cost, Like, between how some we are kind of in different way. Right? As, you know, as long as the thing goes there fast and it is low cost, and super liable, and we can follow the bread crumbs, you know, we do not feel strongly. But the main message for me is we like the idea of tokenized fiat currency. We love the idea of helping clients move money in to merchants. 27. And then some of the banks, Michael, have said they literally credit it. You know, outside of banking hours. And so what do you need to get on and out of in and out of freaking stablecoins for? You could just tokenize the euro and send it to somebody systematically, and it gets credited right away. So for us, I have said this repeatedly, the banks announcements and move I think, way increase the chance of the outcome being what we have said, where we think it falls in the balance here. Analyst: Yeah. Makes a ton of sense. Michael Infante: And then just a quick follow-up on 25.50% over the prior year. Ronald F. Clarke: But more importantly to me, I just had a review last week. Their revenue growth is expected to tick up double digits as we get into the back half here. So the revenue growth has been the key indicator for us. Which they are bullish on. And so the composition of that revenue, to your point, is then not much change. I would say that the software revenue's been pretty stable. I think it is kinda low single digits growing. We see no attrition, no losses, you know, from clients in terms of paying the thing. They are doing a very good job in getting wider monetization. They have gone beyond, you know, virtual cards. They have added debit now as another way Electronic; they have got a lot more volume on, you know, paid ACH, if you will, that goes a lot faster. So I would say, generally, the thing is going well, and we do not see you know, a lot of risk on the software side. There are also way you know, AI ing their software. They are putting in a lot of cool things that they could not do before that clients like. Like, I do not know if you like this, but called fetch.me where, hey. Normally, I am the little person that sends out 100 invoices. I do not see Ronald Clark's invoice. The thing goes and fetches it, brings it back. Like so I would say to you, they are sexing up. They are making the software better. For clients, which adds value. And so we are liking it. I would say I am more excited about that company We did not say it, but the combo of Avid and alpha is gonna come in above. I think I gave a dollar, and I gave 39¢. So that seems gonna be, you know, pretty above the dollar, which is 1 of the reasons we are we are up above 35. And so both of those big transactions, Michael, are performing for us. that is great detail. Thanks, Ronald. Operator: And as a reminder, if you would like to ask And it does not appear we have any further questions at this time. So we would like to thank everybody for their participation in today's conference. This does bring us to the end of the meeting, and you may now disconnect. Before you buy stock in Corpay, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Corpay wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool recommends Corpay. The Motley Fool has a disclosure policy. Corpay (CPAY) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Republic Services, Inc. RSG reported better-than-expected second-quarter 2026 results. RSG’s adjusted earnings of $1.85 per share grew 4.5% year over year and surpassed the Zacks Consensus Estimate of $1.81 by 2.2%. Revenues increased 4.6% to $4.43 billion and beat the consensus mark of $4.36 billion by 1.5%. Republic Services, Inc. price-consensus-eps-surprise-chart | Republic Services, Inc. Quote Pricing remained the key support, with core price on total revenues rising 5.3%. The adjusted EBITDA margin held steady at 32.1% despite a 50-basis-point headwind from prior-year event-driven landfill volumes. Average yield on total revenues was 3.4% in the quarter, while fuel recovery fees added 1.8%. Total volume reduced revenues 1.6%, reflecting difficult comparisons from landfill event volumes in the prior-year period. On related business revenues, core price rose 6.4%, including 7.8% open-market pricing and 4.1% restricted pricing. Related-business volume declined 1.9%, while average yield increased 4%. Management expects core price to be 6.2-6.4% for the remainder of the year. Underlying landfill trends provided some support. Municipal solid waste volume increased 1.1%, while special waste declined 0.3%. Excluding prior-year wildfire-related volumes, special waste increased 10.7%. Large-container volume fell 2.2% amid continued softness in construction activity. Collection revenues rose to $2.99 billion from $2.82 billion a year earlier. Small-container revenues increased to $1.37 billion, large-container revenues rose to $839 million and residential revenues advanced to $767 million. Landfill revenues, net of intercompany activity, were $517 million compared with $516 million a year ago. Environmental Solutions revenues, net, declined to $458 million from $462 million, while recycling processing and commodity sales increased to $122 million from $114 million. Adjusted EBITDA increased to $1.42 billion from $1.36 billion a year earlier. Recycling & Waste adjusted EBITDA rose to $1.33 billion, with the margin expanding to 33.5% from 33.1%. Environmental Solutions adjusted EBITDA declined to $93 million from $113 million, while the margin fell to 20.2% from 24.4%. Still, the segment improved sequentially, with revenues rising $53 million from the first quarter and margin increasing 100 basis points as event volumes and seasonal activity strengthened. Operating costs totaled $2.56 billion, or 57.9% of revenues, unchanged as a percentage of revenues from a year ago. Fuel costs rose to $171 million from $116 million, while transportation and subcontract costs increased to $333 million from $302 million. Cash provided by operating activities reached $2.38 billion in the first six months of 2026 from $2.13 billion a year ago. The adjusted free cash flow increased to $1.58 billion from $1.42 billion. Republic invested about $860 million in acquisitions during the first half and returned $1.04 billion to shareholders through repurchases and dividends. The company also raised its quarterly dividend by 4.5 cents to 67 cents per share, marking its 23rd consecutive annual dividend increase. Management highlighted broader deployment of artificial intelligence across pricing, routing and customer service. Early pilots of AI-enabled routing are confirming expected benefits, while predictive pricing tools are designed to improve price retention and reduce customer attrition. Republic ended the quarter with more than 250 electric collection vehicles in operation and expects to surpass 300 by year-end. Two renewable natural gas projects began operations during the quarter, with two more expected by year-end. Construction of the third Polymer Center in Allentown, PA, also continues. Republic lifted its 2026 revenue outlook to $17.20-$17.30 billion from the earlier $17.05-$17.15 billion. Adjusted EBITDA is raised to $5.53-$5.55 billion from the previous $5.48-$5.53 billion. Adjusted earnings are projected at $7.23-$7.28 per share, an update from the previously provided $7.20-$7.28. The adjusted free cash flow is expected to be $2.54-$2.58 billion, a raise from the previous $2.52-$2.56 billion. The updated outlook incorporates higher fuel recovery fee revenues through July, increased recycling commodity revenues based on current prices and contributions from acquisitions completed to date. Fiserv carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Fiserv, Inc. FISV reported second-quarter 2026 adjusted earnings of $1.84 per share, missing the Zacks Consensus Estimate of $1.89 by 2.6%. Adjusted earnings declined 26% from the year-ago quarter as profitability contracted sharply. GAAP revenues of $5.29 billion beat the consensus mark of $5.05 billion by 4.8% but decreased 4% year over year. Corpay, Inc. CPAY posted impressive second-quarter 2026 results. CPAY reported adjusted earnings per share of $7, rising 36% year over year and surpassing the Zacks Consensus Estimate of $6.60 by 6.1%. Revenues increased 21% to $1.33 billion, beating the consensus mark by 2.6%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Republic Services, Inc. (RSG) : Free Stock Analysis Report Fiserv, Inc. (FISV) : Free Stock Analysis Report Corpay, Inc. (CPAY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Corpay, Inc. CPAY reported impressive second-quarter 2026 results, with earnings and revenues beating the Zacks Consensus Estimate. CPAY reported adjusted earnings per share of $7, rising 36% year over year and surpassing the Zacks Consensus Estimate of $6.60 by 6.1%. Revenues increased 21% to $1.33 billion, beating the consensus mark by 2.6%. Corpay, Inc. price-consensus-eps-surprise-chart | Corpay, Inc. Quote Results benefited from 10% organic revenue growth, led by Corporate Payments. Organic spend climbed 43% to $94.64 billion, while new sales rose 30% and customer retention held at 93%. Corporate Payments revenues jumped 42% year over year to $548.7 million and accounted for 41% of consolidated revenues. On a pro-forma and macro-adjusted basis, segment revenues advanced 16% to $538.1 million. Spend volume surged 70% on a reported basis to $94.64 billion. Pro-forma and macro-adjusted spend increased 43%, reflecting strong customer activity across cross-border and payables. Revenues per spend dollar declined to 0.58% from 0.70%, partly reflecting the addition of larger enterprise clients carrying lower yields. Vehicle Payments revenues increased 13% year over year to $580.2 million, making it Corpay’s largest segment. Pro-forma and macro-adjusted revenues rose 8% to $523.5 million, supported by continued strength in Brazil and Europe. Reported transactions declined 29% to 147.6 million because the prior-year period included activity from the PayByPhone business, which Corpay sold in March 2026. On an adjusted basis, transactions increased 8%, while revenues per transaction were unchanged at $3.56. Lodging Payments revenues rose 3% year over year to $123.2 million. Organic growth was 2%, improving sequentially as the company moved past difficult comparisons created by episodic events in the prior year. Room nights declined 13% to 7.5 million. However, revenues per room night increased 18% to $16.34, helping the segment deliver revenue growth despite lower volume. Management expects Lodging organic growth to accelerate to the mid-single-digit range during the second half. Adjusted EBITDA increased 24% year over year to $767.2 million. The adjusted EBITDA margin expanded 100 basis points to 57.3%, benefiting from operating leverage and favorable macroeconomic conditions. Operating costs rose 9% after excluding foreign exchange movements, acquisitions, stock-based compensation, amortization and a settlement charge. The increase primarily reflected sales investments and modestly higher credit losses. Corpay also recorded a $100-million charge related to a preliminary settlement with the Federal Trade Commission’s Bureau of Consumer Protection. Corpay generated $1.41 billion in net cash from operating activities during the first six months of 2026, up from $1.07 billion in the prior-year period. The company ended June with $3.16 billion in cash and cash equivalents, and $7.00 billion in restricted cash. The leverage ratio stood at 2.55X, while available capacity under the revolving credit facility was $1.6 billion. CPAY repurchased about 1 million shares for $321 million during the quarter and had $1.4 billion remaining under its authorization. Corpay also refinanced its revolving credit facility and Term Loan A. The transaction increased the revolver by about $1 billion to $3.7 billion and included a $1-billion repayment of Term Loan B, extending maturities and improving financial flexibility. For the third quarter, revenues are projected at $1.36 billion at the midpoint, suggesting 16% year-over-year growth, higher than the Zacks Consensus Estimate of $1.31 billion. Adjusted earnings are expected to be $7.15 at the midpoint, hinting at 26% year-over-year growth. It sits higher than the Zacks Consensus Estimate of 6.59. For 2026, Corpay updated its revenue guidance to $5.29-$5.33 billion from the year-ago quarter’s $5.25-$5.33 billion. The consensus estimate meets the midpoint ($5.31 billion) of the guided range. The outlook incorporates the second-quarter outperformance, improved business momentum and favorable macro conditions, partly offset by the planned sale of the Epyx maintenance business. The adjusted earnings guidance is raised to $27.15-$27.55 per share from the year-ago quarter’s view of $26.3-$27.1. The Zacks Consensus Estimate for earnings is pinned at $26.85. The company continues to expect 10% organic revenue growth for the year. Corpay carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Insperity, Inc. NSP reported impressive second-quarter 2026 results. NSP reported adjusted earnings of 34 cents per share in the second quarter of 2026, up 31% year over year and surpassing the Zacks Consensus Estimate of 33 cents by 3.0%. Revenues increased 2% to $1.69 billion, beating the consensus mark of $1.67 billion by 0.5%. S&P Global Inc. SPGI registered impressive second-quarter 2026 results. SPGI reported adjusted earnings of $4.83 per share, rising 23% year over year and beating the Zacks Consensus Estimate of $4.49 by 7.6%. Pro-forma revenues of $3.68 billion increased 11% and surpassed the consensus estimate of $3.64 billion by 0.8%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Corpay, Inc. (CPAY) : Free Stock Analysis Report Insperity, Inc. (NSP) : Free Stock Analysis Report S&P Global Inc. (SPGI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

By Jarrett Banks Corpay (NYSE: CPAY) delivered another strong quarter of double-digit organic revenue growth. But increasingly, investors are keyed into management’s capital allocation strategy as a top reason to own the stock. Several analyst notes pointed out that Corpay is evolving into one of the payments industry’s premier capital compounders. JPMorgan said investors should focus on the company’s ability to consistently generate excess cash and deploy it at attractive returns rather than simply evaluating quarterly revenue and earnings results. The bank raised its price target to $470 and raised earnings estimates, citing growing confidence in both operating execution and future capital deployment. At the center of that thesis is CEO Ron Clarke’s long-term financial framework. Management continues to target more than 10% annual organic revenue growth, low-teens pre-tax profit growth and more than 20% annual cash EPS growth. Supporting those objectives is an estimated $15 billion of deployable capital generated through annual free cash flow and expanding debt capacity as earnings continue to grow. Management has made clear that capital will be allocated based on whichever opportunity creates the greatest shareholder value. That could mean acquiring additional Corporate Payments businesses similar to Alpha Group and AvidXchange, or aggressively repurchasing Corpay shares if they offer superior returns. Mr. Clarke even suggested the company could potentially buy back roughly half of its outstanding shares over time if valuations remain attractive. That flexibility significantly expands Corpay’s long-term earnings potential, with JPMorgan noting that if attractive acquisition opportunities emerge, Corpay has demonstrated an ability to integrate businesses that enhance both growth and margins. If acquisitions become less compelling, management has the financial capacity to redirect billions of dollars toward buybacks, providing another avenue to accelerate earnings per share. The company’s operating performance continues to support that strategy. Second-quarter revenue increased 21% to $1.34 billion while organic revenue grew 10% for a fifth consecutive quarter of double-digit expansion. Adjusted earnings per share climbed 36% to $7, allowing management to raise full-year guidance while maintaining its target of approximately 10% organic revenue growth. Corporate Payments remains the primary engine behind that growth. The segment generated 16% organic revenue growth for the second consecutive quarter and now represents approximately 41% of total company revenue, reaching management’s original year-end mix target ahead of schedule. Analysts cited continued Alpha integration, improving contributions from AvidXchange and healthy customer activity as evidence that the business continues gaining momentum. Another important piece of the story is Corpay’s portfolio transformation. The company continues selling businesses it considers non-core while directing more investment toward Corporate Payments, where returns are significantly higher. Analysts generally viewed the Epyx divestiture and previous asset sales as evidence that management is sharpening the company’s focus around its highest-value businesses. That strategic repositioning has prompted analysts across Wall Street to raise both earnings estimates and price targets. Baird, Raymond James, KBW, Oppenheimer, UBS, Deutsche Bank, RBC and Cantor Fitzgerald all highlighted Corpay’s durable double-digit organic growth, improving business mix and disciplined capital allocation as reasons the company could continue outperforming over the next several years. Corpay is no longer being judged solely as a payments processor capable of producing reliable earnings growth. Increasingly, analysts view it as a disciplined capital allocator capable of compounding shareholder value through a combination of consistent operating execution, strategic acquisitions, portfolio optimization and opportunistic share repurchases. And the company’s ability to deploy capital could become an even more powerful driver of future returns than routinely drive stellar quarterly earnings. Contact: Exec Edge [email protected] Click HERE to follow us on LinkedIn The post Corpay’s Price Target Raised by Brokers After Earnings Beat appeared first on ExecEdge.

Fiserv, Inc. FISV reported dismal second-quarter 2026 results. Fiserv's adjusted earnings of $1.84 per share missed the Zacks Consensus Estimate of $1.89 by 2.7%. Adjusted earnings declined 26% from the year-ago quarter as profitability contracted sharply. GAAP revenues of $4.96 billion missed the consensus mark of $5.05 billion by a slight margin and decreased 10% year over year. Organic revenues fell 5%, with declines across both operating segments. Fiserv, Inc. price-consensus-eps-surprise-chart | Fiserv, Inc. Quote Adjusted revenues were $4.96 billion, down 4% from the prior-year quarter. The gap between GAAP and adjusted revenues reflected $329 million of postage reimbursements compared with $320 million a year earlier. Processing and services revenues totaled $4.29 billion, nearly flat from $4.30 billion in the year-ago quarter. Product revenues dropped to $1 billion from $1.21 billion, accounting for most of the reported revenue decline. For the first six months of 2026, adjusted revenues decreased 3% to $9.64 billion. Organic revenues declined 4%, indicating that the weakness extended beyond the second quarter. Merchant Solutions revenues decreased 1% year over year to $2.61 billion. Organic revenues in the segment also declined 1%, making Merchant the more stable of the company’s two operating businesses. Merchant operating income fell to $781 million from $914 million. The segment’s operating margin contracted to 30% from 34.6%, showing that modest revenue pressure was accompanied by a steeper decline in profitability. First-half Merchant revenues decreased 1% to $4.98 billion. Operating income for the six months dropped to $1.41 billion from $1.72 billion, while the operating margin declined to 28.3% from 34.4%. Financial Solutions revenues fell 8% to $2.36 billion from $2.55 billion in the prior-year quarter. Organic revenues declined at the same 8% rate after acquisition adjustments. Operating income in the segment decreased to $912 million from $1.24 billion. The operating margin narrowed to 38.7% from 48.7%, creating a significant drag on consolidated earnings performance. For the first half, Financial Solutions revenues declined 6% to $4.66 billion. Organic revenues fell 7%, while operating income decreased to $1.79 billion from $2.39 billion. GAAP operating income declined to $1.02 billion from $1.70 billion. The GAAP operating margin fell to 19.2% from 30.7%, reflecting higher expenses despite lower revenues. Adjusted operating income was $1.58 billion, down from $2.06 billion, while the adjusted operating margin contracted to 31.8% from 39.6%. The quarter included $187 million of One Fiserv transformation program expenses, $40 million of severance costs, and $23 million of merger and integration costs. GAAP earnings declined 37% to $1.17 per share. Net income attributable to Fiserv fell to $627 million from $1.03 billion. A gain from early debt extinguishment partly offset the effects of transformation costs, severance and acquisition-related amortization. Net cash provided by operating activities totaled $2.08 billion in the first six months of 2026, down from $2.31 billion a year earlier. The free cash flow declined to $1.36 billion from $1.55 billion as capital expenditures increased to $956 million. Fiserv repurchased 1.7 million shares for $100 million during the quarter. First-half repurchases totaled 5 million shares for $300 million. It retired $1.41 billion of senior notes through a cash tender offer and open-market purchases for total consideration of $1.23 billion. The company lowered 2026 organic revenue growth between negative 1% and flat compared with the preceding quarter’s 1-3%. The company also lowered its adjusted earnings outlook to $7.20-$7.40 per share from the preceding quarter’s $8-$8.30. Management said that growth in overall volumes, transactions and accounts, along with recurring revenue growth, supported the underlying performance. Fiserv reiterated its expected medium-term growth rates despite reducing its 2026 targets. The company also completed the formation of MoneyPass Group in August. The joint venture encompasses its MoneyPass Network, ATM Managed Services and Cash Intelligence businesses, with Fiserv retaining a minority ownership interest. Fiserv carries a Zacks Rank #4 (Sell) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. IQVIA Holdings Inc. IQV reported impressive second-quarter 2026 results. IQV registered adjusted earnings of $3.15 per share, rising 12.1% year over year and beating the Zacks Consensus Estimate of $3.02 by 4.3%. Revenues of $4.36 billion increased 8.7% and topped the consensus mark of $4.29 billion by 1.6%. Corpay, Inc. CPAY posted impressive second-quarter 2026 results. CPAY reported adjusted earnings per share of $7, growing 36% year over year and surpassing the Zacks Consensus Estimate of $6.60 by 6.1%. Revenues increased 21% to $1.33 billion, beating the consensus mark by 2.6%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Fiserv, Inc. (FISV) : Free Stock Analysis Report IQVIA Holdings Inc. (IQV) : Free Stock Analysis Report Corpay, Inc. (CPAY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

21% revenue growth, 10% organic revenue growth, and 36% adjusted EPS growth1 ATLANTA, August 05, 2026--(BUSINESS WIRE)--Corpay, Inc. (NYSE: CPAY), the corporate payments and expense management company, today reported financial results for its second quarter ending June 30, 2026. "Our second quarter results were excellent and exceeded our expectations, with revenue growth of 21% and adjusted net income per share growth of 36%," said Ron Clarke, chairman and chief executive officer, Corpay, Inc. "Organic revenue grew double digits for the fifth consecutive quarter, driven by our further rotation into a corporate payments and spend management company," concluded Clarke. Financial Results for Second Quarter of 2026: GAAP Results Revenues increased 21% to $1,338.8 million in the second quarter of 2026, compared with $1,102.0 million in the second quarter of 2025. Net income2 decreased 13% to $248.3 million in the second quarter of 2026, compared with $284.2 million in the second quarter of 2025. Net income per diluted share2 decreased 7% to $3.70 in the second quarter of 2026, compared with $3.98 per diluted share in the second quarter of 2025. In the second quarter of 2026, the Company recorded a $100 million charge for a preliminary settlement with the FTC's Bureau of Consumer Protection for a previously disclosed matter, that is subject to their customary approval process. We expect this process to conclude later this year. Non-GAAP Results1 Organic revenue growth1 was 10% in the second quarter of 2026. Adjusted EBITDA1 increased 24% to $767.2 million in the second quarter of 2026, compared to $620.6 million in the second quarter of 2025. Adjusted net income1,2 increased 27% to $464.4 million in the second quarter of 2026, compared with $366.4 million in the second quarter of 2025. Adjusted net income per diluted share1,2 increased 36% to $7.00 per diluted share in the second quarter of 2026, compared with $5.13 per diluted share in the second quarter of 2025. "We delivered another quarter of 16% organic revenue growth in our Corporate Payments segment and lodging continued sequential organic revenue improvement," said Peter Walker, chief financial officer, Corpay, Inc. "We strengthened our balance sheet by refinancing our debt facilities, including increasing our revolving credit facility to $3.7 billion, and exited the quarter with 2.55x leverage. We also repurchased 1 million shares for $321 million in the quarter," concluded Walker. Fiscal Year 2026 Outlook: "We are raising our full-year outlook to reflect our strong second quarter performance, favorable macro conditions and continued confidence in the underlying strength of our business," said Peter Walker. For fiscal year 2026, Corpay, Inc.'s financial guidance1 is revised as follows: Total revenues between $5.290 billion and $5.330 billion, growing 17% at the midpoint year over year; Net income between $1.285 billion and $1.325 billion; Net income per diluted share between $19.50 and $19.90; Adjusted net income between $1.790 billion and $1.830 billion; and Adjusted net income per diluted share between $27.15 and $27.55, growing 28% at the midpoint year over year. Corpay’s guidance assumptions are as follows: Weighted average U.S. fuel prices equal to $4.02 per gallon for the rest of the year, based on the June 2026 EIA short-term energy outlook; Fuel price spreads for the rest of the year approximately flat with the 2025 average; Foreign exchange rates for the rest of the year, based on Bloomberg consensus forecast as of July 27, 2026; Interest expense between $435 million and $465 million for the full year, based on the SOFR forward curve as of July 30, 2026; Free cashflow is used to pay down debt; Proceeds from the sale of the maintenance business is used to repurchase shares; Approximately 66 million fully diluted shares outstanding; An adjusted effective tax rate of approximately 25% to 27%; and No impact related to material acquisitions or divestitures not disclosed. Third Quarter of 2026 Outlook: "Revenue for the third quarter of 2026 is expected to be approximately $1.355 billion at the midpoint, growing 16% year over year, and adjusted net income per diluted share is expected to be $7.15 at the midpoint, growing 26% year over year," said Peter Walker. As always, guidance may change in the future based on new information and therefore may not reflect actual results. Conference Call: The Company will host a conference call to discuss second quarter 2026 financial results today at 5:30 pm ET. Hosting the call will be Ron Clarke, chief executive officer, Peter Walker, chief financial officer and Jim Eglseder, investor relations. The conference call will be webcast live from the Company's investor relations website at http://investor.corpay.com. The conference call can also be accessed live over the phone by dialing 1-(800)-347-6865 or 1-(203)-518-9757; the Conference ID is CORPAY. A replay will be available one hour after the call and can be accessed by dialing (844)-512-2921 or (412)-317-6671 for international callers; the replay conference ID is 11162155. The replay will be available through Wednesday, August 19, 2026. Prior to the conference call, the Company will post supplemental financial information that will be discussed during the call and live webcast. Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about Corpay’s beliefs, assumptions, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project," "expect," "may," "will," "would," "could" or "should," the negative of these terms or other comparable terminology and similar expressions. These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements on preliminary information, internal estimates and management’s assumptions, expectations and plans about future conditions, events and results. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as risks related to our ability to successfully execute our strategic plan, manage our growth and achieve our performance targets; the impact of macroeconomic conditions, including any recession or economic downturn that has occurred or may occur in the future, and whether expected trends, including oil prices, retail fuel prices, fuel price spreads, fuel transaction patterns, electric vehicle adoption, retail lodging prices, foreign exchange rates and interest rates trends develop as anticipated, and whether we are able to develop and implement successful strategies in light of these trends; our ability to attract new and retain existing partners, fuel merchants, and lodging providers, their promotion and support of our products, and their financial performance; our ability to successfully manage the derivative financial instruments that we use in our Cross-Border solutions to limit our exposure to various market risks, including changes in foreign exchange rates; the failure of management assumptions and estimates, as well as differences in, and changes to, economic, market, interest rate, interchange fees, foreign exchange rates, and credit conditions, including changes in borrowers’ credit risks and payment behaviors; the risks of mergers, acquisitions and divestitures, such as our recent acquisition of a partnership interest in AvidXchange and the acquisition of Alpha, including, without limitation, the time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; the risk of higher borrowing costs and adverse financial market conditions impacting our funding and liquidity, and any reduction in our credit ratings; our ability to successfully manage our credit risks and the sufficiency of our allowance for expected credit losses; our ability to securitize our trade receivables; the occurrence of fraudulent activity, data breaches or failures of information security controls, or other technology or cybersecurity-related incidents that may compromise our systems or customers’ information; any disruptions in the operations of our computer systems and data centers; the operational and political risks and compliance and regulatory risks and costs associated with international operations; the impact of international conflicts, including between Russia and Ukraine, as well as within the Middle East, on the global economy or our business and operations; the impact of changes in global tariff and trade policies and potential retaliatory actions by affected countries; our ability to develop and implement new technology, products, and services; any alleged infringement of intellectual property rights of others and our ability to protect our intellectual property; the regulation, supervision, and examination of our business by foreign and domestic governmental authorities, as well as litigation and regulatory actions, including the lawsuit filed by the Federal Trade Commission (FTC); the impact of regulations and related requirements relating to privacy, information security and data protection; derivative and hedging activities and the related regulations and regulatory environment; use of third-party vendors and other third-party business relationships; and failure to comply with anti-money laundering (AML) and anti-terrorism financing laws; changes in our senior management team and our ability to attract, motivate and retain qualified personnel consistent with our strategic plan; tax legislation initiatives or challenges to our tax positions and/or interpretations, and state sales tax rules and regulations, as well as the other risks and uncertainties identified under the caption "Risk Factors" in the 2025 Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 27, 2026 and subsequent filings with the SEC made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement made herein. The forward-looking statements included in this press release are made only as of the date hereof and we do not undertake, and specifically disclaim, any obligation to update any such statements as a result of new information, future events or developments, except as required by law. You may access Corpay’s SEC filings for free by visiting the SEC web site at www.sec.gov. About Non-GAAP Financial Measures: This press release includes non-GAAP financial measures, which are used by the Company as supplemental measures to evaluate its overall operating performance. The Company’s definitions of the non-GAAP financial measures used herein may differ from similarly titled measures used by others, including within our industry. By providing these non-GAAP financial measures, together with reconciliations to the most directly comparable GAAP financial measures, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives. See the appendix for additional information regarding these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure. The Company refers to free cash flow, cash net income and adjusted net income attributable to Corpay interchangeably, a non-GAAP financial measure. Adjusted net income attributable to Corpay is calculated as net income attributable to Corpay, adjusted to eliminate (a) non-cash stock-based compensation expense related to stock-based compensation awards, (b) amortization of deferred financing costs, discounts, intangible assets, amortization of the premium recognized on the purchase of receivables and amortization attributable to the Company's noncontrolling interest, (c) integration and deal related costs, and (d) other non-recurring items, including unusual credit losses, certain discrete tax items, the impact of business dispositions, impairment losses, asset write-offs, restructuring costs, loss on extinguishment of debt, taxes associated with stock-based compensation programs, losses and gains on foreign currency transactions, redemption value adjustment for a non-controlling interest and legal settlements and related legal fees. We adjust net income for the tax effect of adjustments using our effective income tax rate, exclusive of certain discrete tax items. We calculate adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay to eliminate the effect of items that we do not consider indicative of our core operating performance. Adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay are supplemental measures of operating performance that do not represent and should not be considered as an alternative to net income, net income per diluted share or cash flow from operations, as determined by U.S. generally accepted accounting principles, or U.S. GAAP. We believe it is useful to exclude non-cash stock-based compensation expense from adjusted net income because non-cash equity grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time and stock-based compensation expense is not a key measure of our core operating performance. We also believe that amortization expense can vary substantially from company to company and from period to period depending upon their financing and accounting methods, the fair value and average expected life of their acquired intangible assets, their capital structures and the method by which their assets were acquired; therefore, we have excluded amortization expense from our adjusted net income. Integration and deal related costs represent business acquisition transaction costs, professional services fees, short-term retention bonuses and system migration costs, etc., that are not indicative of the performance of the underlying business. We also believe that certain expenses, discrete tax items, gains on business disposition, recoveries (e.g. legal settlements, write-off of customer receivable, etc.), gains and losses on investments, taxes related to stock-based compensation programs and impairment losses do not necessarily reflect how our investments and business are performing. We adjust net income for the tax effect of each of these adjustments using the effective tax rate during the period, exclusive of discrete tax items. Organic revenue growth is calculated as revenue growth in the current period adjusted for the impact of changes in the macroeconomic environment (to include fuel price, fuel price spreads and changes in foreign exchange rates) over revenue in the comparable prior period adjusted to include or remove the impact of acquisitions and/or divestitures, inclusive of changes in operational and capital structure, and non-recurring items that have occurred subsequent to that period. We believe that organic revenue growth on a macro-neutral, one-time item, and consistent acquisition/divestiture/non-recurring item basis is useful to investors for understanding the performance of Corpay. EBITDA is defined as earnings before interest, income taxes, interest expense, net, other expense (income), depreciation and amortization, loss on extinguishment of debt, goodwill impairment, investment loss/gain and other operating, net. Adjusted EBITDA is defined as EBITDA further adjusted for stock-based compensation expense and other one-time items including certain legal expenses, restructuring costs and integration and deal related costs and other items as listed above for adjusted net income. EBITDA and adjusted EBITDA margin are defined as EBITDA and adjusted EBITDA as a percentage of revenue. Management uses adjusted net income attributable to Corpay, adjusted net income per diluted share attributable to Corpay, organic revenue growth, EBITDA and adjusted EBITDA: as measurements of operating performance because they assist us in comparing our operating performance on a consistent basis; for planning purposes, including the preparation of our internal annual operating budget; to allocate resources to enhance the financial performance of our business; and to evaluate the performance and effectiveness of our operational strategies. About Corpay Corpay (NYSE: CPAY), the Corporate Payments and Expense Management Company, is an S&P 500 company with three primary B2B solution sets. Spend Management, provides corporate and virtual card programs and automates procure-to-pay. Cross-Border, converts foreign currencies and establishes foreign bank accounts. Vehicle Solutions, controls fuel, tolls, parking and related vehicle spend. With Corpay, the more a business controls, the less it spends. To learn more, visit corpay.com. 1 Reconciliations of GAAP results to non-GAAP results are provided in Exhibit 1, 5 and 6 attached. Additional supplemental data is provided in Exhibits 2-4. A reconciliation of GAAP guidance to non-GAAP guidance is provided in Exhibit 7.2 Net income, net income per diluted share, adjusted net income and adjusted net income per diluted share is amount attributable to Corpay. View source version on businesswire.com: https://www.businesswire.com/news/home/20260805270832/en/ Contacts Investor RelationsJim Eglseder, [email protected]

Corpay (CPAY) reported $1.34 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 21.5%. EPS of $7.00 for the same period compares to $5.13 a year ago. The reported revenue represents a surprise of +2.56% over the Zacks Consensus Estimate of $1.31 billion. With the consensus EPS estimate being $6.60, the EPS surprise was +6.06%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Corpay performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Lodging Payments - Room nights: 7.5 million versus 7.7 million estimated by three analysts on average. Revenue, net per spend - Corporate Payments: $0.58 versus the three-analyst average estimate of $0.53. Spend volume - Corporate Payments: 94.64 million versus 84.71 million estimated by three analysts on average. Revenues, net per room night - Lodging Payments: $16.34 versus $15.71 estimated by three analysts on average. Revenues, net per transaction - Vehicle Payments: $3.93 versus $2.56 estimated by two analysts on average. Other - Revenues, net per transaction: $0.19 versus $0.16 estimated by two analysts on average. Other - Transactions: 450.4 million versus 418.79 million estimated by two analysts on average. Revenues- Corporate Payments: $548.72 million versus $530.69 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +40% change. Revenues- Vehicle Payments: $580.21 million versus the five-analyst average estimate of $577.39 million. The reported number represents a year-over-year change of +10.4%. Revenues- Lodging Payments: $123.18 million versus $121.06 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +2.8% change. Revenues- Other Payments: $86.69 million compared to the $74.68 million average estimate based on four analysts. The reported number represents a change of +33.8% year over year. Operating income- Corporate Payments: $199.64 million versus the two-analyst average estimate of $195.28 million. View all Key Company Metrics for Corpay here>>> Shares of Corpay have returned +11% over the past month versus the Zacks S&P 500 composite's +3.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Corpay, Inc. (CPAY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research