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v3.26.1

Segments | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Segments | Segments The Company reports information about its operating segments in accordance with the authoritative guidance related to segments. During the first quarter of 2026, the Company refined its segment composition within its existing reportable segments to reflect how the Company's Chief Executive Officer, who is the Chief Operating Decision Maker (CODM), currently organizes and manages the global business. As a result of the changes, the Company's segment structure was updated. These changes include realignment of the outsourced card processing business from Corporate Payments to Other, and enterprise clients using the spend management product for vehicle and corporate payments from Vehicle Payments to Corporate Payments. The refined composition within the Company's reportable segments aligns with how the CODM allocates resources, assesses performance and reviews financial information. The CODM uses segment operating income to make decisions regarding the allocation of resources (including financial resources and capital spending) to each segment primarily in the annual budgeting and forecasting processes and reviews budget to actual variances for segment operating income on a monthly, quarterly and annual basis to assess the performance of each segment. The presentation of segment information has been recast for the prior periods to align with the revised segment presentation. Segment results are as follows for the three and six month periods ended June 30, 2026 and 2025 (in thousands)*:
|  | Three Months Ended June 30, 2026
|  | Corporate Payments 2 |  | Vehicle Payments 1 |  | Lodging Payments |  | Other |  | Total
Revenues, net |  | $ | 548,724 |  |  | $ | 580,209 |  |  | $ | 123,183 |  |  | $ | 86,693 |  |  | $ | 1,338,809 |
Expenses: |  |  |  |  |  |  |  |  |  |
Processing |  | 101,071 |  |  | 109,258 |  |  | 32,540 |  |  | 32,296 |  |  | 275,165 |
Selling |  | 83,390 |  |  | 51,550 |  |  | 10,376 |  |  | 5,291 |  |  | 150,607 |
General and administrative |  | 108,005 |  |  | 82,942 |  |  | 19,238 |  |  | 13,489 |  |  | 223,674 |
Depreciation |  | 9,754 |  |  | 20,061 |  |  | 4,741 |  |  | 2,166 |  |  | 36,722 |
Amortization |  | 47,526 |  |  | 26,644 |  |  | 6,898 |  |  | 507 |  |  | 81,575 |
Other operating, net |  | (664) |  |  | 100,800 |  |  | (110) |  |  | (135) |  |  | 99,891 |
Gain on disposition, net |  | — |  |  | 1,099 |  |  | — |  |  | — |  |  | 1,099 |
Operating income |  | $ | 199,642 |  |  | $ | 190,053 |  |  | $ | 49,500 |  |  | $ | 33,079 |  |  | 472,274 |
Other expenses: |  |  |  |  |  |  |  |  |  |
Other expense, net |  |  |  |  |  |  |  |  |  | 6,278 |
Interest expense, net |  |  |  |  |  |  |  |  |  | 114,719 |
Loss on early extinguishment of debt |  |  |  |  |  | 6,557 |
Total other expenses |  |  |  |  |  |  |  |  |  | 127,554 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 344,720 |
|  | Three Months Ended June 30, 2026
|  | Corporate Payments 2 |  | Vehicle Payments 1 |  | Lodging Payments |  | Other |  | Total
Other segment disclosures 3: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 12,938 |  |  | $ | 32,575 |  |  | $ | 6,865 |  |  | $ | 2,058 |  |  | $ | 54,436 |
|  | Six Months Ended June 30, 2026
|  | Corporate Payments 2 |  | Vehicle Payments 1 |  | Lodging Payments |  | Other |  | Total
Revenues, net |  | $ | 1,052,591 |  |  | $ | 1,144,112 |  |  | $ | 234,157 |  |  | $ | 168,936 |  |  | $ | 2,599,796 |
Expenses: |  |  |  |  |  |  |  |  |  |
Processing |  | 206,113 |  |  | 215,911 |  |  | 63,146 |  |  | 62,057 |  |  | 547,227 |
Selling |  | 160,176 |  |  | 109,247 |  |  | 19,367 |  |  | 10,024 |  |  | 298,814 |
General and administrative |  | 197,413 |  |  | 166,616 |  |  | 36,455 |  |  | 26,989 |  |  | 427,473 |
Depreciation |  | 19,149 |  |  | 39,446 |  |  | 9,163 |  |  | 4,342 |  |  | 72,100 |
Amortization |  | 91,380 |  |  | 54,829 |  |  | 13,799 |  |  | 1,015 |  |  | 161,023 |
Other operating, net |  | (363) |  |  | 107,728 |  |  | (38) |  |  | (85) |  |  | 107,242 |
Gain on disposition |  | — |  |  | 122,522 |  |  | — |  |  | — |  |  | 122,522 |
Operating income |  | $ | 378,723 |  |  | $ | 572,857 |  |  | $ | 92,265 |  |  | $ | 64,594 |  |  | 1,108,439 |
Other expenses: |  |  |  |  |  |  |  |  |  |
Other expense, net |  |  |  |  |  |  |  |  |  | 27,326 |
Interest expense, net |  |  |  |  |  |  |  |  |  | 224,819 |
Loss on early extinguishment of debt |  |  |  |  |  | 6,557 |
Total other expenses |  |  |  |  |  |  |  |  |  | 258,702 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 849,737 |
|  | Six Months Ended June 30, 2026
|  | Corporate Payments 2 |  | Vehicle Payments 1 |  | Lodging Payments |  | Other |  | Total
Other segment disclosures 3: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 23,901 |  |  | $ | 62,613 |  |  | $ | 14,904 |  |  | $ | 4,111 |  |  | $ | 105,529 |
|  | Three Months Ended June 30, 2025
|  | Corporate Payments |  | Vehicle Payments 1 |  | Lodging Payments |  | Other |  | Total
Revenues, net |  | $ | 387,305 |  |  | $ | 512,027 |  |  | $ | 119,790 |  |  | $ | 82,908 |  |  | $ | 1,102,030 |
Expenses: |  |  |  |  |  |  |  |  |  |
Processing |  | 77,847 |  |  | 97,325 |  |  | 30,520 |  |  | 32,825 |  |  | 238,517 |
Selling |  | 56,798 |  |  | 47,292 |  |  | 8,449 |  |  | 3,238 |  |  | 115,777 |
General and administrative |  | 65,350 |  |  | 80,100 |  |  | 18,567 |  |  | 12,977 |  |  | 176,994 |
Depreciation |  | 7,295 |  |  | 16,858 |  |  | 3,784 |  |  | 1,843 |  |  | 29,780 |
Amortization |  | 23,078 |  |  | 28,807 |  |  | 9,176 |  |  | 509 |  |  | 61,570 |
Other operating, net |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Operating income |  | $ | 156,937 |  |  | $ | 241,643 |  |  | $ | 49,294 |  |  | $ | 31,516 |  |  | 479,390 |
Other expenses: |  |  |  |  |  |  |  |  |  |
Other income, net |  |  |  |  |  |  |  |  |  | (10,572) |
Interest expense, net |  |  |  |  |  |  |  |  |  | 96,872 |
Total other expenses |  |  |  |  |  |  |  |  |  | 86,300 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 393,090 |
|  | Three Months Ended June 30, 2025
|  | Corporate Payments |  | Vehicle Payments 1 |  | Lodging Payments |  | Other |  | Total
Other segment disclosures 3: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 10,095 |  |  | $ | 34,917 |  |  | $ | 5,107 |  |  | $ | 2,517 |  |  | $ | 52,636 |
|  | Six Months Ended June 30, 2025
|  | Corporate Payments |  | Vehicle Payments 1 |  | Lodging Payments |  | Other |  | Total
Revenues, net |  | $ | 732,421 |  |  | $ | 986,305 |  |  | $ | 230,015 |  |  | $ | 158,956 |  |  | $ | 2,107,697 |
Expenses: |  |  |  |  |  |  |  |  |  |
Processing |  | 156,714 |  |  | 184,526 |  |  | 60,499 |  |  | 58,622 |  |  | 460,361 |
Selling |  | 107,633 |  |  | 92,767 |  |  | 16,153 |  |  | 6,781 |  |  | 223,334 |
General and administrative |  | 121,234 |  |  | 152,066 |  |  | 35,242 |  |  | 25,411 |  |  | 333,953 |
Depreciation |  | 13,188 |  |  | 33,336 |  |  | 7,510 |  |  | 4,143 |  |  | 58,177 |
Amortization |  | 46,892 |  |  | 59,184 |  |  | 18,274 |  |  | 1,011 |  |  | 125,361 |
Other operating, net |  | — |  |  | (3) |  |  | — |  |  | — |  |  | (3) |
Operating income |  | $ | 286,760 |  |  | $ | 464,429 |  |  | $ | 92,337 |  |  | $ | 62,988 |  |  | 906,514 |
Other expenses: |  |  |  |  |  |  |  |  |  |
Other income, net |  |  |  |  |  |  |  |  |  | (6,477) |
Interest expense, net |  |  |  |  |  |  |  |  |  | 190,794 |
Loss on early extinguishment of debt |  |  |  |  |  | 1,596 |
Total other expenses |  |  |  |  |  |  |  |  |  | 185,913 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 720,601 |
|  | Six Months Ended June 30, 2025
|  | Corporate Payments |  | Vehicle Payments 1 |  | Lodging Payments |  | Other |  | Total
Other segment disclosures 3: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 17,675 |  |  | $ | 65,595 |  |  | $ | 9,836 |  |  | $ | 4,301 |  |  | $ | 97,407 |
*Columns may not calculate due to rounding. Other includes our Gift, Outsourced Card Processing and Payroll Card operating segments. Prior periods have been recast to reflect current segment presentation. 1 Results of the Company's PayByPhone business disposed of in the first quarter of 2026 are included in the Vehicle Payments segment for all periods prior to disposition. Results from Gringo acquired in the first quarter of 2025 are reported in the Vehicle Payments segment from the date of acquisition. 2 Results from Alpha acquired in the fourth quarter of 2025 are reported in the Corporate Payments segment from the date of acquisition. 3 Total assets for each reportable segment are not presented as the Chief Operating Decision Maker does not evaluate performance or allocate resources based on segment assets.

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