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Summary of Significant Accounting Policies | 6 Months Ended
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Jun. 30, 2026
Accounting Policies [Abstract] |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation Throughout this Quarterly Report on Form 10-Q, the terms "our," "we," "us," and the "Company" refer to Corpay, Inc. and its subsidiaries. The Company prepared the accompanying unaudited interim consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. In our opinion, the unaudited interim consolidated financial statements reflect all adjustments considered necessary for fair presentation. These adjustments consist of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Actual results may differ from these estimates. The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Except as disclosed in these accompanying notes, there have been no material changes to the information disclosed in the Notes contained within our Annual Report on Form 10-K for the year ended December 31, 2025. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. These financial statements were prepared using information reasonably available to us as of June 30, 2026 and through the date of this Quarterly Report. The accounting estimates used in the preparation of the Company’s interim consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may differ from these estimates. Foreign Currency Translation Assets and liabilities of foreign subsidiaries as well as intra-entity balances denominated in foreign currency and designated for long-term investment are translated into U.S. dollars at the rates of exchange in effect at period-end. The related translation adjustments are recorded to accumulated other comprehensive loss. Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income. The Company recognized net foreign exchange gains and losses, which are recorded within other expense, net in the Unaudited Consolidated Statements of Income, for the three and six months ended June 30, 2026 and 2025 as follows (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Foreign exchange (gains) losses | $ | — |  |  | $ | (1.0) |  |  | $ | 0.8 |  |  | $ | 2.7 |
The Company recorded foreign currency gains and losses on long-term intra-entity transactions included as a component of foreign currency translation (gains) losses, net of tax, in the Unaudited Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025 as follows (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Foreign currency (gains) losses on long-term intra-entity transactions | $ | (3.2) |  |  | $ | 83.3 |  |  | $ | (66.9) |  |  | $ | 111.0 |
Cash and Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets to amounts within the Unaudited Consolidated Statements of Cash Flows (in thousands):
| June 30, 2026 1 |  | December 31, 2025 |  | June 30, 2025 |  | December 31, 2024
Cash and cash equivalents | $ | 3,163,539 |  |  | $ | 2,408,097 |  |  | $ | 2,192,849 |  |  | $ | 1,553,642 |
Restricted cash | 7,004,803 |  |  | 6,583,843 |  |  | 3,338,509 |  |  | 2,902,703 |
Total cash and cash equivalents and restricted cash | $ | 10,168,342 |  |  | $ | 8,991,940 |  |  | $ | 5,531,358 |  |  | $ | 4,456,345 |
1 Amounts exclude $24.7 million of cash held for sale related to the Maintenance disposition. See Note 15 for further information.
Financial Instruments - Credit Losses The Company accounts for financial assets' expected credit losses in accordance with Accounting Standards Codification (ASC) 326, "Financial Instruments - Credit Losses." The Company’s financial assets subject to credit losses are primarily trade receivables. The Company utilizes a combination of aging and loss-rate methods to develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool, based on product, size of customer and historical losses. Expected credit losses are estimated based upon an assessment of risk characteristics, historical payment experience and the age of outstanding receivables, adjusted for forward-looking economic conditions. The allowances for remaining financial assets measured at amortized cost basis are evaluated based on underlying financial condition, credit history and current and forward-looking economic conditions. The estimation process for expected credit losses includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, economic trends and relevant environmental factors. The Company's provision for credit losses is recorded within processing expenses in the Unaudited Consolidated Statements of Income. Revenue The Company's revenue is generally reported net of the cost for underlying products and services purchased through its payment solutions. In this report, the Company refers to this net revenue as "revenue." Revenues from contracts with customers, within the scope of ASC 606, "Revenue Recognition," represent approximately 78% and 85% of total consolidated revenues, net, for the six months ended June 30, 2026 and 2025, respectively. In its cross-border payments business, the Company enters into foreign currency forwards, option derivative contracts and swaps for its customers to facilitate future payments in foreign currencies. These contracts are accounted for in accordance with ASC 815, "Derivatives and Hedging" and represent approximately 15% and 8% of total consolidated revenues for the six months ended June 30, 2026 and 2025, respectively. Additionally, the Company accounts for revenue from late fees and finance charges, in jurisdictions where permitted under local regulations, primarily in the U.S., Canada and Brazil, in accordance with ASC 310, "Receivables." Such fees are recognized net of a provision for estimated uncollectible amounts, at the time the fees and finance charges are assessed and services are provided and represent approximately 3% and 4% of total consolidated revenues, net for the six months ended June 30, 2026 and 2025, respectively. The Company's remaining revenue represents float revenue earned on invested customer funds in jurisdictions where permitted. Such revenue represented approximately 4% and 3% of consolidated revenues, net for the six months ended June 30, 2026 and 2025, respectively. Disaggregation of Revenues Revenues, net by segment for the three and six months ended June 30, 2026 and 2025 were as follows (in millions, except percentages):
Revenues, net by Segment* | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | % |  | 2025 |  | % |  | 2026 |  | % |  | 2025 |  | %
Corporate Payments | $ | 548.7 |  |  | 41 | % |  | $ | 387.3 |  |  | 35 | % |  | $ | 1,052.6 |  |  | 40 | % |  | $ | 732.4 |  |  | 35 | %
Vehicle Payments | 580.2 |  |  | 43 | % |  | 512.0 |  |  | 46 | % |  | 1,144.1 |  |  | 44 | % |  | 986.3 |  |  | 47 | %
Lodging Payments | 123.2 |  |  | 9 | % |  | 119.8 |  |  | 11 | % |  | 234.2 |  |  | 9 | % |  | 230.0 |  |  | 11 | %
Other | 86.7 |  |  | 6 | % |  | 82.9 |  |  | 8 | % |  | 168.9 |  |  | 6 | % |  | 159.0 |  |  | 8 | %
Consolidated revenues, net | $ | 1,338.8 |  |  | 100 | % |  | $ | 1,102.0 |  |  | 100 | % |  | $ | 2,599.8 |  |  | 100 | % |  | $ | 2,107.7 |  |  | 100 | %
*Columns may not calculate due to rounding. Segment results for 2025 have been recast to conform with current period segment presentation as discussed in Note 11. Revenue by geography for the three and six months ended June 30, 2026 and 2025 was as follows (in millions, except percentages):
Revenues, net by Geography* | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | % |  | 2025 |  | % |  | 2026 |  | % |  | 2025 |  | %
United States | $ | 600.2 |  |  | 45 | % |  | $ | 541.4 |  |  | 49 | % |  | $ | 1,143.7 |  |  | 44 | % |  | $ | 1,048.7 |  |  | 50 | %
Brazil | 217.2 |  |  | 16 | % |  | 170.3 |  |  | 15 | % |  | 428.4 |  |  | 16 | % |  | 332.8 |  |  | 16 | %
United Kingdom | 202.2 |  |  | 15 | % |  | 148.2 |  |  | 13 | % |  | 407.0 |  |  | 16 | % |  | 294.2 |  |  | 14 | %
Other | 319.2 |  |  | 24 | % |  | 242.2 |  |  | 22 | % |  | 620.8 |  |  | 24 | % |  | 432.0 |  |  | 20 | %
Consolidated revenues, net | $ | 1,338.8 |  |  | 100 | % |  | $ | 1,102.0 |  |  | 100 | % |  | $ | 2,599.8 |  |  | 100 | % |  | $ | 2,107.7 |  |  | 100 | %
*Columns may not calculate due to rounding.
Contract Liabilities Deferred revenue contract liabilities for customers subject to ASC 606 were $29.7 million and $43.1 million as of June 30, 2026 and December 31, 2025, respectively. We expect to recognize approximately $24.6 million of these amounts in revenues within 12 months and the remaining $5.1 million over the next five years as of June 30, 2026. Revenue recognized in the six months ended June 30, 2026 that was included in the deferred revenue contract liability as of December 31, 2025 was approximately $33.4 million. Spot Trade Offsetting The Company uses spot trades to facilitate cross-currency corporate payments. The Company applies offsetting to spot trade assets and liabilities associated with contracts that include master netting agreements with the same counterparty, as a right of setoff exists, which the Company believes to be enforceable. As such, the Company has netted spot trade liabilities against spot trade receivables at the counterparty level. The Company recognizes all spot trade assets, net in accounts receivable and all spot trade liabilities, net in accounts payable, each net at the counterparty level, in its Consolidated Balance Sheets at their fair value. The following table presents the Company’s spot trade assets and liabilities at their fair value at June 30, 2026 and December 31, 2025 (in millions):
| June 30, 2026 |  | December 31, 2025
| Gross |  | Offset on the Balance Sheet |  | Net |  | Gross |  | Offset on the Balance Sheet |  | Net
Assets |  |  |  |  |  |  |  |  |  |  |
Accounts Receivable | $ | 7,629.2 |  |  | $ | (7,235.7) |  |  | $ | 393.5 |  |  | $ | 5,285.7 |  |  | $ | (5,086.5) |  |  | $ | 199.2 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Accounts Payable | $ | 7,538.1 |  |  | $ | (7,235.7) |  |  | $ | 302.4 |  |  | $ | 5,194.1 |  |  | $ | (5,086.5) |  |  | $ | 107.6 |
Redeemable Noncontrolling Interest In April 2025, the Company expanded its long-standing strategic partnership agreement with Mastercard Incorporated ("Mastercard") to deliver an enhanced suite of corporate cross-border payment solutions. The transaction also included an investment in the Company's cross-border payments business with Mastercard acquiring a 2.3% noncontrolling interest in the cross-border payments business for $300 million. The investment into the Company’s cross-border payments business closed on December 1, 2025, and the cash associated with the investment was presented as cash flows provided by financing activities in the Company's Consolidated Statements of Cash Flows. Mastercard has the right to sell, or put, its interest back to the Company for six months starting on August 1, 2027. If Mastercard does not exercise the put right, the Company will have a reciprocal call right to repurchase the interest for six months starting on May 1, 2028. In each case, the redemption price is the amount of invested capital plus 8% per annum, compounded annually. The call and put rights are considered clearly and closely related to the noncontrolling interest and are not separated as bifurcated derivatives. The carrying amount of the redeemable noncontrolling interest is adjusted to its full redemption value through to retained earnings at the end of each reporting period, which is a non-cash financing activity. The following table presents a reconciliation of the changes in the redeemable noncontrolling interest balance (in thousands):
|  | Redeemable Noncontrolling Interest
Balance at December 31, 2025 |  | $ | 302,000 |
Net income attributable to redeemable noncontrolling interest |  | 6,185 |
Adjustment to redemption value (non-cash) |  | 5,815 |
Balance at June 30, 2026 |  | $ | 314,000 |
Equity Method Investments The Company recognized net losses related to its equity method investments of $22.7 million during the six months ended June 30, 2026, which were recorded within other expense, net in the Company's Unaudited Consolidated Statements of Income. The impact of the Company's equity method investments was not material on the Company's Unaudited Consolidated Statements of Income for the six months ended June 30, 2025. Adoption of New Accounting Standard Financial Instruments - Credit Losses In July 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2025-05, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets" ("ASU 2025-05"). ASU 2025-05 provides a practical expedient that allows entities to assume conditions existing as of the balance sheet date remain unchanged over the life of the asset when estimating credit losses for current trade receivables and current contract assets arising from transactions accounted for under Topic 606. The amendments are effective on a prospective basis for fiscal years beginning after December 15, 2025, and for interim periods within those fiscal years, with early adoption permitted. The Company adopted this ASU on January 1, 2026. The adoption of ASU 2025-05 did not have a material impact on the Company's consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU No. 2024-03, "Disaggregation of Income Statement Expenses" ("ASU 2024-03"). ASU 2024-03, among other items, requires additional financial statement disclosures in tabular format disaggregating information about prescribed categories (including employee compensation, depreciation and amortization) underlying any relevant income statement expense captions. ASU 2024-03 is effective on a prospective basis for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption and retrospective application permitted. We are currently evaluating the impact this guidance will have on the disclosures within our consolidated financial statements. Internal-use Software In September 2025, the FASB issued ASU No. 2025-06, "Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" ("ASU 2025-06"). ASU 2025-06 updates requirements for capitalizing internal-use software costs by replacing the current stage-based model with a principles-based approach. Under ASU 2025-06, the prescriptive software development stages (e.g., preliminary project stage, application development stage) are eliminated, and instead capitalization must begin when management authorizes and commits to funding the project and it is probable the project will be completed and used as intended. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. ASU 2025-06 may be applied prospectively, on a modified retrospective basis for in-process projects, or retrospectively. We are currently evaluating the impact this guidance will have on our consolidated financial statements and related disclosures. Derivatives and Other Scoping and Hedging Improvements In September 2025, the FASB issued ASU No. 2025-07, "Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract" ("ASU 2025-07"). ASU 2025-07 excludes from derivative accounting certain non-exchange-traded contracts, the underlyings of which are based on operations or activities of the parties to the contract, with various notable exceptions including puts and calls on debt instruments. ASU 2025-07 also clarifies that the noncash consideration guidance of Topic 606 should apply initially to noncash share-based consideration received from a customer for transferred goods or services until the right to receive such consideration becomes unconditional. ASU 2025-07 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption permitted. ASU 2025-07 may be applied prospectively or on a modified retrospective basis. We are currently evaluating the impact this guidance will have on our consolidated financial statements and related disclosures. In November 2025, the FASB issued ASU No. 2025-09, "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements" ("ASU 2025-09"). ASU 2025-09 includes five amendments to hedge accounting intended to better enable entities to achieve and maintain hedge accounting. These amendments include, but are not limited to, the FASB's expansion of hedged risks permitted to be aggregated in a group of forecasted transactions in a cash flow hedge from having a shared risk to similar risk exposure and the establishment of a hedging model for "choose your rate debt." ASU 2025-09 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption permitted. ASU 2025-09 is applied prospectively. We are currently evaluating the impact this guidance will have on our consolidated financial statements and related disclosures. Measurement of Certain Paid-in-Kind (“PIK”) Dividend In April 2026, the FASB issued ASU No. 2026-01, “Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock (Equity: Topic 505)” (“ASU 2026-01”). ASU 2026-01 requires that PIK dividends on equity-classified preferred stock be initially measured on the basis of the PIK dividend rate stated in the preferred stock agreement (rather than at fair value, for example). The update does not, however, affect an entity’s determination of when to recognize PIK dividends. ASU 2026-01 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption permitted. ASU 2025-01 may be applied prospectively or on a modified retrospective basis. We are currently evaluating the impact this guidance will have on our consolidated financial statements and related disclosures.

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- Definition The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483426/235-10-50-1 + Details
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