# CORPAY, INC. (CPAY) Informational only - not investment advice. CIK: 0001175454 SIC: 7389 Services-Business Services, NEC SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7389 Services-Business Services, NEC](/industry/7389/) Latest 10-K filed: 2026-02-27 SEC page: https://www.sec.gov/edgar/browse/?CIK=1175454 Filing source: https://www.sec.gov/Archives/edgar/data/1175454/000117545426000018/flt-20251231.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 4528403000 | USD | 2025 | 2026-02-27 | | Net income | 1069826000 | USD | 2025 | 2026-02-27 | | Assets | 26408135000 | USD | 2025 | 2026-02-27 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001175454.json. Derived margins are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 1,831,546,000 | 2,249,538,000 | 2,433,492,000 | 2,648,848,000 | 2,388,855,000 | 2,833,736,000 | 3,427,129,000 | 3,757,719,000 | 3,974,589,000 | 4,528,403,000 | | Net income | 452,385,000 | 740,200,000 | 811,483,000 | 895,073,000 | 704,216,000 | 839,497,000 | 954,327,000 | 981,890,000 | 1,003,746,000 | 1,069,826,000 | | Operating income | 754,153,000 | 883,760,000 | 1,090,698,000 | 1,231,430,000 | 972,265,000 | 1,242,556,000 | 1,446,641,000 | 1,656,873,000 | 1,787,157,000 | 1,994,108,000 | | Diluted EPS | 4.75 | 7.91 | 8.81 | 9.94 | 8.12 | 9.99 | 12.42 | 13.20 | 13.97 | 15.03 | | Assets | 9,626,732,000 | 11,318,359,000 | 11,202,477,000 | 12,248,541,000 | 11,194,579,000 | 13,404,653,000 | 14,089,260,000 | 15,476,252,000 | 17,957,031,000 | 26,408,135,000 | | Stockholders' equity | 3,084,038,000 | 3,676,522,000 | 3,340,180,000 | 3,711,616,000 | 3,355,411,000 | 2,866,580,000 | 2,541,493,000 | 3,282,359,000 | 3,122,342,000 | 3,883,864,000 | | Cash and cash equivalents | 475,018,000 | 913,595,000 | 1,031,145,000 | 1,271,494,000 | 934,900,000 | 1,520,027,000 | 1,435,163,000 | 1,389,648,000 | 1,553,642,000 | 2,408,097,000 | | Net margin | 24.70% | 32.90% | 33.35% | 33.79% | 29.48% | 29.63% | 27.85% | 26.13% | 25.25% | 23.62% | | Operating margin | 41.18% | 39.29% | 44.82% | 46.49% | 40.70% | 43.85% | 42.21% | 44.09% | 44.96% | 44.04% | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance ## Latest 10-K MD&A Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes appearing elsewhere in this report. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management’s expectations. Factors that could cause such differences include, but are not limited to, those identified below and those described in Item 1A “Risk Factors” appearing elsewhere in this report. All foreign currency amounts that have been converted into U.S. dollars in this discussion are based on the exchange rate as reported by Oanda for the applicable periods.  The following discussion and analysis of our financial condition and results of operations generally discusses 2025 and 2024 items, with year-over-year comparisons between these two years. A detailed discussion of 2024 items and year-over-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10- K for the year ended December 31, 2024. Executive Overview Corpay is a global corporate payments company that helps businesses and consumers better manage and pay their expenses in a simple, controlled manner. Corpay provides a broad suite of payment and spend management solutions, including accounts payable automation and cross-border payment solutions (including foreign exchange spot, forward and option transactions), commercial card programs (e.g., purchasing cards, business cards and virtual cards), vehicle payment solutions (e.g., fuel cards, toll payments and related services) and lodging payment solutions (e.g., hotel and extended stay bookings). This results in our customers saving time and ultimately spending less. Corpay has been a member of the S&P 500 since 2018 and trades on the New York Stock Exchange under the ticker CPAY. We estimate that businesses spend approximately $145 trillion annually in transactions with other businesses. In many instances, businesses lack the proper tools to monitor what is being purchased and employ manual, paper-based, disparate processes and methods to both approve and make payments for their business-to-business purchases. This often results in wasted time and money due to unnecessary or unauthorized spending, fraud, receipt collection, data input and consolidation, report generation, reimbursement processing, account reconciliations, employee disciplinary actions and more. Corpay’s vision is that every payment is digital, every purchase is controlled and every related decision is informed. Our wide range of modern, digitized solutions provide control, reporting and automation benefits superior to many of the payment methods businesses often use such as cash, paper checks, general purpose credit cards, as well as employee payment processes. Comdata Merchant Solutions Disposition In May 2024, we signed a definitive agreement to sell the merchant solutions business, a business within the U.S. division of our Vehicle Payments segment (the "disposal group") to a third party. The transaction was completed during December 2024. The disposal group's assets and liabilities were recorded at their carrying value. Goodwill of approximately $58.2 million was allocated to the carrying value of the disposal group based on a relative fair value analysis. We received total proceeds of $185.5 million, which have been recorded within investing activities in the accompanying Consolidated Statements of Cash Flows. In connection with the sale, we recorded a net gain on disposal of $121.3 million during the year ended December 31, 2024, which represents the proceeds received less the derecognition of the related net assets. Results Revenues, net, Net Income Attributable to Corpay and Net Income Per Diluted Share Attributable to Corpay. Set forth below are revenues, net, net income attributable to Corpay and net income per diluted share attributable to Corpay for the years ended December 31, 2025 and 2024 (in millions, except per share amounts).  Year Ended December 31, 2025 2024 Revenues, net $4,528.4 $3,974.6 Net income attributable to Corpay $1,069.8 $1,003.7 Net income per diluted share attributable to Corpay1 $15.03 $13.97 1 For 2025, Diluted earnings per share amounts are determined under the two-class method. Adjusted Net Income Attributable to Corpay, Adjusted Net Income Per Diluted Share Attributable to Corpay, EBITDA, Adjusted EBITDA and Adjusted EBITDA margin. Set forth below are adjusted net income attributable to Corpay, adjusted net 37 income per diluted share attributable to Corpay, EBITDA, adjusted EBITDA and adjusted EBITDA margin for the years ended December 31, 2025 and 2024 (in millions, except per share amounts and percentages). Year Ended December 31, 2025 2024 Adjusted net income attributable to Corpay $1,518.1 $1,364.1 Adjusted net income per diluted share attributable to Corpay $21.38 $19.01 EBITDA $2,347.2 $2,107.7 Adjusted EBITDA $2,565.1 $2,270.8 Adjusted EBITDA margin 56.6% 57.1% Adjusted net income attributable to Corpay, adjusted net income per diluted share attributable to Corpay, EBITDA, adjusted EBITDA and adjusted EBITDA margin are supplemental non-GAAP financial measures of operating performance. See the heading entitled “Management’s Use of Non-GAAP Financial Measures” for more information and a reconciliation of the non- GAAP financial measure to the most directly comparable financial measure calculated in accordance with U.S. generally accepted accounting principles, or GAAP. We use adjusted net income attributable to Corpay, adjusted net income per diluted share attributable to Corpay, EBITDA, adjusted EBITDA and adjusted EBITDA margin to eliminate the effect of items that we do not consider indicative of our core operating performance on a consistent basis. These non-GAAP measures are presented solely to permit investors to more fully understand how our management assesses underlying performance and are not, and should not be viewed as, a substitute for GAAP measures and should be viewed in conjunction with our GAAP financial measures. Sources of Revenue Corpay offers a variety of payment solutions that help to simplify, automate, secure, digitize and effectively control the way businesses and consumers manage and pay their expenses. We provide our payment solutions to our business, merchant, consumer and payment network customers in more than 200 countries around the world today, although we operate primarily in three geographies, with approximately 79% of our business in the U.S., Brazil and the U.K. Our customers may include commercial businesses (obtained through direct and indirect channels) and partners for whom we manage payment programs, as well as consumers.  We report information about our operating segments in accordance with the authoritative guidance related to segments. We manage and report our operating results through the following three reportable segments: Corporate Payments, Vehicle Payments and Lodging Payments. The remaining results are included within Other, which includes our Gift and Payroll Card businesses. These segments align with how the Chief Operating Decision Maker (CODM) allocates resources, assesses performance and reviews financial information.  Our revenue is generally reported net of the cost for underlying products and services purchased. In this report, we refer to this net revenue as “revenue" or "revenues, net". See “Results of Operations” for additional segment information. Revenues, net, by Segment. For the years ended December 31, 2025 and 2024, our segments generated the following revenues, net (in millions, except percentages): Year Ended December 31, 2025 2024 Revenues by Segment* Revenues, net % of Total Revenues, net Revenues, net % of Total Revenues, net Corporate Payments $1,635.1 36% $1,221.9 31% Vehicle Payments 2,138.7 47% 2,008.8 51% Lodging Payments 469.5 10% 488.6 12% Other 285.1 6% 255.3 6% Consolidated revenues, net $4,528.4 100% $3,974.6 100% *Columns may not calculate due to rounding. Other includes our Gift and Payroll Card operating segments. In our Corporate Payments segment, our payables business primarily earns revenue from the difference between the amount charged to the customer and the amount paid to the third party for a given transaction, as interchange or spread revenue. Our programs may also charge fixed fees for access to the network and ancillary services provided. Revenues from risk management products and foreign exchange payment services are primarily comprised of the difference between the exchange rate we set for the customer and the rate available in the wholesale foreign exchange market. In our cross-border business, our revenue is from exchanges of currency at spot rates, which enables customers to make cross-currency payments. Our cross- border business also derives revenue from our risk management business, which aggregates foreign currency exposures arising 38 from customer contracts and economically hedges the resulting net currency risks by entering into offsetting contracts with established financial institution counterparties. We also generate float revenue earned on invested customer funds in jurisdictions where permitted. We generate revenue in our Vehicle Payments segment through a variety of program fees, including transaction fees, card fees, network fees and charges, as well as from interchange. These fees may be charged as fixed amounts, costs plus a mark-up, based on a percentage of the transaction purchase amounts, or a combination thereof. Our programs also include other fees and charges associated with late payments and based on customer credit risk. We also generate float revenue earned on invested customer funds in jurisdictions where permitted. In our Lodging Payments segment, we primarily earn revenue from the difference between the amount charged to the customer and the amount paid to the hotel for a given transaction or based on commissions paid by hotels. We may also charge fees for access to the network and ancillary services provided. The remaining revenues represent other solutions in our Gift and Payroll Card businesses, referred to as Other. In these businesses, we primarily earn revenue from the processing of transactions. We may also charge fees for ancillary services provided. Revenues, net, by Geography Revenues, net by geography for the years ended December 31, 2025 and 2024, were as follows (in millions, except percentages): Year Ended December 31, 2025 2024 Revenues by Geography* Revenues, net % of total revenues, net Revenues, net % of total revenues, net United States $2,204.6 49% $2,078.6 52% Brazil 713.3 16% 594.3 15% United Kingdom 642.3 14% 542.0 14% Other 968.2 21% 759.7 19% Consolidated revenues, net $4,528.4 100% $3,974.6 100% *Columns may not calculate due to rounding. 39 Revenues, net, by Key Performance Metric and Organic Growth. Revenues, net by key performance metric and organic growth by segment for the years ended December 31, 2025 and 2024, were as follows (in millions except revenues, net per key performance indicator, and percentages)*: As Reported Pro Forma and Macro Adjusted1 Year Ended December 31, Year Ended December 31, 2025 2024 Change % Change 2025 2024 Change % Change CORPORATE PAYMENTS2 '- Revenues, net $1,635.1 $1,221.9 $413.1 34% $1,627.3 $1,390.5 $236.8 17% '- Spend volume $258,452 $172,054 $86,398 50% $258,452 $197,447 $61,005 31% '- Revenues, net per spend $ 0.63% 0.71% (0.08)% (11)% 0.63% 0.70% (0.07)% (11)% VEHICLE PAYMENTS '- Revenues, net $2,138.7 $2,008.8 $129.9 6% $2,179.5 $1,998.6 $180.9 9% '- Transactions 880.9 820.7 60.2 7% 880.1 822.6 57.5 7% '- Revenues, net per transaction $2.43 $2.45 $(0.02) (1)% $2.48 $2.43 $0.05 2% '- Tag transactions3 92.0 86.5 5.5 6% 92.0 86.5 5.5 6% '- Parking transactions 263.8 249.0 14.8 NM 263.8 249.0 14.8 6% '- Fleet transactions 468.7 444.8 23.9 5% 467.9 446.7 21.2 5% '- Other transactions 56.5 40.6 15.9 39% 56.5 40.6 15.9 39% LODGING PAYMENTS '- Revenues, net $469.5 $488.6 $(19.0) (4)% $468.7 $488.6 $(19.9) (4)% '- Room nights 35.3 37.7 (2.4) (6)% 35.3 37.7 (2.4) (6)% '- Revenues, net per room night $13.30 $12.95 $0.35 3% $13.27 $12.95 $0.33 3% OTHER4 '- Revenues, net $285.1 $255.3 $29.8 12% $283.8 $255.3 $28.5 11% '- Transactions 1,717.7 1,574.1 143.6 9% 1,717.7 1,574.1 143.6 9% '- Revenues, net per transaction $0.17 $0.16 $— 2% $0.17 $0.16 $— 2% CORPAY CONSOLIDATED REVENUES, NET '- Revenues, net $4,528.4 $3,974.6 $553.8 14% $4,559.2 $4,133.0 $426.2 10% 1 See heading entitled "Management's Use of Non-GAAP Financial Measures" for a reconciliation of pro forma and macro adjusted revenue by product and metric non-GAAP measures to the comparable financial measure calculated in accordance with GAAP. The calculated change represents organic growth rate. 2 Corporate Payments revenue per spend dollar decreased over the prior year due to new payables and cross-border enterprise clients. 3 Represents total tag subscription transactions in the period. Average monthly tag subscriptions for 2025 was 7.7 million. 4  Other includes Gift and Payroll Card operating segments * Columns may not calculate due to rounding. NM = Not Meaningful Revenue per relevant key performance indicator (KPI), which may include transactions, spend volume, room nights, or other metrics, is derived from the various revenue types as discussed above and can vary based on geography, the relevant merchant relationship, the payment product utilized and the types of products or services purchased, the mix of which would be influenced by our acquisitions, organic growth in our business and the overall macroeconomic environment, including fluctuations in foreign currency exchange rates, fuel prices and fuel price spreads. Relevant KPI is derived by broad product type and may differ from how we describe the business. Revenue per KPI per customer may change as the level of services we provide to a customer increases or decreases, as mix of customer size shifts, as macroeconomic factors change and as adjustments are made to merchant and customer rates. See “Results of Operations” for further discussion of transaction volumes and revenue per transaction. Organic revenue growth is a supplemental non-GAAP financial measure of operating performance. 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 40 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. See the heading entitled “Management’s Use of Non-GAAP Financial Measures” for more information and a reconciliation of the non-GAAP financial measure to the most directly comparable financial measure calculated in accordance with GAAP. We believe that organic revenue growth on a macro-neutral, one-time and consistent acquisition/divestiture/non-recurring item basis is useful to investors for understanding the performance of Corpay. Sources of Expenses We routinely incur expenses in the following categories:  •Processing—Our processing expenses consist of expenses related to processing transactions, servicing our customers and merchants, credit losses and cost of goods sold related to our hardware and card sales in certain businesses. •Selling—Our selling expenses consist primarily of wages, benefits, sales commissions (other than merchant commissions) and related expenses for our sales, marketing and account management personnel and activities. •General and administrative—Our general and administrative expenses include compensation and related expenses (including stock-based compensation and bonuses) for our employees, finance and accounting, information technology, human resources, legal and other administrative personnel. Also included are facilities expenses, third- party professional services fees, travel and entertainment expenses and other corporate-level expenses. •Depreciation and amortization—Our depreciation expenses include depreciation of property and equipment, consisting of computer hardware and software (including proprietary software development amortization expense), card-reading equipment, furniture, fixtures, vehicles and buildings and leasehold improvements related to office space. Our amortization expenses include amortization of intangible assets related to customer and vendor relationships, trade names and trademarks, software and non-compete agreements. We are amortizing intangible assets related to business acquisitions and certain private label contracts associated with the purchase of accounts receivable. •Other operating, net—Our other operating, net includes other operating expenses and income items that do not relate to our core operations or that occur infrequently. •Other expense (income), net—Our other expense (income), net includes gains or losses from the following: foreign currency transactions, extinguishment of debt and investments. This category also includes other miscellaneous non- operating costs and revenue. Certain of these items may be presented separately on the Consolidated Statements of Income. •Interest expense, net—Our interest expense, net includes interest expense on our outstanding debt, interest income on cash balances and interest on our interest rate and cross-currency swaps. •Provision for income taxes—Our provision for income taxes consists of corporate income taxes related primarily to profits resulting from the sale of our products and services on a global basis. Factors and Trends Impacting our Business We believe that the following factors and trends are important in understanding our financial performance:  •Global economic conditions—Our results of operations are materially affected by conditions in the economy generally, in North America, Brazil, the U.K. and in other locations internationally. Factors affected by the economy include our transaction volumes, the credit risk of our customers and changes in tax laws across the globe. These factors affected our businesses in each of our segments. •Foreign currency changes—Our results of operations are significantly impacted by changes in foreign currency exchange rates; namely, by movements of the Australian dollar, Brazilian real, British pound, Canadian dollar, Czech koruna, euro, Mexican peso and New Zealand dollar, relative to the U.S. dollar. Approximately 49% and 52% of our revenues in 2025 and 2024, respectively, were derived in U.S. dollars and were not affected by foreign currency exchange rates. See “Results of Operations” for information related to foreign currency impact on our total revenues, net. Our cross-border foreign risk management business aggregates foreign currency exposures arising from customer contracts and economically hedges the resulting net currency risks by entering into offsetting contracts with established financial institution counterparties. These contracts are subject to counterparty credit risk and liquidity risk from collateral calls. We further manage the impact of economic changes in the value of certain foreign-denominated net assets by utilizing cross-currency interest rate swaps. See "Liquidity and capital resources" below for information regarding our cross- currency interest rate swaps. •Fuel price volatility—Our Vehicle Payments customers use our products and services primarily in connection with the purchase of fuel. Accordingly, our revenue is affected by fuel prices, which are subject to significant volatility. A change in retail fuel prices could cause a decrease or increase in our revenue from several sources, including fees paid 41 to us based on a percentage of each customer’s total purchase. Changes in the absolute price of fuel may also impact unpaid account balances and the late fees and charges based on these amounts. We estimate approximately 8% of revenues, net were directly impacted by changes in fuel price in both 2025 and 2024. See "Results of Operations" for information related to the fuel price impact on our total revenues, net. •Fuel price spread volatility—A portion of our revenue involves transactions where we derive revenue from fuel price spreads, which is the difference between the price charged to a fleet customer for a transaction and the price paid to the merchant for the same transaction. In these transactions, the price paid to the merchant is based on the wholesale cost of fuel. The merchant’s wholesale cost of fuel is dependent on several factors including, among others, the factors described above affecting fuel prices. The fuel price that we charge to our customer is dependent on several factors including, among others, the fuel price paid to the merchant, posted retail fuel prices and competitive fuel prices. We experience fuel price spread contraction when the merchant’s wholesale cost of fuel increases at a faster rate than the fuel price we charge to our customers, or the fuel price we charge to our customers decreases at a faster rate than the merchant’s wholesale cost of fuel. The inverse of these situations produces fuel price spread expansion. We estimate approximately 4% and 5% of revenues, net were directly impacted by fuel price spreads in 2025 and 2024, respectively. See "Results of Operations" for information related to the fuel price impact on our total revenues, net.  •Acquisitions—Since 2002, we have completed over 100 acquisitions of companies and commercial account portfolios. Acquisitions have been an important part of our growth strategy, and it is our intention to continue to seek opportunities to increase our customer base and diversify our service offering through further strategic acquisitions. The impact of acquisitions has, and may continue to have, a significant impact on our results of operations and may make it difficult to compare our results between periods. •Interest rates—We are exposed to market risk changes in interest rates on our debt, particularly in rising interest rate environments, which is partially offset by incremental interest income earned on cash and restricted cash. As of December 31, 2025, we have a number of receive-variable SOFR, pay-fixed interest rate swap derivative contracts with a cumulative notional U.S. dollar value of $4.5 billion. The objective of these contracts is to reduce the variability of cash flows in the previously unhedged interest payments associated with variable rate debt, the sole source of which is due to changes in SOFR benchmark interest rate. See the "Liquidity and capital resources" section below for additional information regarding our derivatives.  •Expenses—Over the long term, we expect that our expenses will decrease as a percentage of revenues as our revenues increase, except for expenses related to transaction volume processed. To support our expected revenue growth, we plan to continue to incur additional sales and marketing expense by investing in our direct marketing, third-party agents, internet marketing, telemarketing and field sales force. •Income Taxes—We pay taxes in various taxing jurisdictions, including the U.S., most U.S. states and many non-U.S. jurisdictions. The tax rates in non-U.S. taxing jurisdictions are different than the U.S. tax rate. Consequently, as our earnings fluctuate between taxing jurisdictions, our effective tax rate fluctuates. Our effective tax rate is also subject to fluctuations driven by the impact of discrete tax items. The Organization for Economic Co-operation and Development (OECD), continues to put forth various initiatives, including Pillar Two rules which introduce a global minimum tax at a rate of 15%. European Union member states agreed to implement the OECD’s Pillar Two rules with effective dates of January 1, 2024 and January 1, 2025 for different aspects of the directive, and most have already enacted legislation. A number of other countries are also implementing similar legislation. As countries continue to enact and refine the Pillar 2 rules, we will evaluate the impact on our financial position. On July 4, 2025, the "One Big Beautiful Bill Act" (the "Act") was enacted in the U.S. The Act makes certain tax provisions from the 2017 Tax Cuts and Jobs Act permanent, introduces new tax provisions with varying effective dates, and rolls back certain incentives from the 2022 Inflation Reduction Act, among other provisions. We are in the process of evaluating the impact the Act could have on our financial position, results of operations and cash flows. All impacts from the Act will be reflected in future reporting periods. 42 Acquisitions, Investments and Dispositions 2025 •In February 2025, we acquired 100% of Gringo, a leading Brazil-based vehicle registration and compliance payment company, for approximately $153.7 million, net of cash of approximately $10.2 million. Immediately prior to the acquisition, we infused capital equal to the purchase price into Zapay, one of our less than wholly owned subsidiaries, in order for Zapay to complete the acquisition of Gringo. As a result of the capital infusion, our controlling interest in Zapay increased to approximately 86%. This transaction, which was accounted for separately from the business acquisition, was recorded as an equity transaction. Gringo's digital app and national network help drivers in Brazil pay vehicle taxes, registration and fines. Results from Gringo are reported in our Vehicle Payments segment from the date of acquisition. •In April 2025, we expanded our long-standing strategic partnership agreement with Mastercard to deliver an enhanced suite of corporate cross-border payment solutions. The transaction also includes an investment in our cross-border business with Mastercard acquiring a 2.3% interest for $300 million. The investment into our cross-border business closed on December 1, 2025. Mastercard has the right to sell, or put, its interest back to us for six months starting on August 1, 2027. If Mastercard does not exercise that right, we will have a reciprocal repurchase, or call, right for six months starting on May 1, 2028. In each case, the purchase price is the $300 million of invested capital, plus 8% per annum, compounded annually. •In May 2025, we formed a limited partnership with TPG that, through its wholly owned subsidiaries, entered into a definitive agreement to acquire AvidXchange Holdings, Inc (NASDAQ: AVDX) (“AvidXchange”). AvidXchange is a provider of AP automation solutions to lower middle market companies with a focus on several verticals including real estate, homeowners associations, financial institutions and media. The transaction was completed in October 2025. In October 2025, we invested approximately $578 million for approximately 35% of the equity in the limited partnership with TPG for an enterprise valuation of approximately $1.9 billion. The limited partnership utilized approximately $450 million of debt financing to consummate the transaction. TPG holds approximately 56% of the equity in the limited partnership, and the management team of AvidXchange holds the remainder. In addition to other terms, the limited partnership agreement provides that, 33 months after the closing we will have the right to acquire all the remaining outstanding equity in the limited partnership for approximately 2.5 times invested capital. If we do not exercise such right to acquire all of the remaining outstanding equity of the limited partnership and TPG decides to sell the limited partnership to a third party within a period of 15 months thereafter, we are required to guarantee a return to our partners, subject to certain limitations, of approximately 1.6 times invested capital (the minimum return). If the partnership sells AvidXchange in 2029 for an approximately similar valuation as at acquisition, there will be no requirement to pay any minimum return. •In July 2025, we announced, pursuant to Rule 2.7 of the United Kingdom City Code on Takeovers and Mergers, a firm intention to make a cash offer to acquire 100% of Alpha Group International plc (LSE: ALPHA) ("Alpha") to be effected by means of a court-sanctioned scheme (the "Scheme") of arrangement under Part 26 of the U.K. Companies Act 2006. Alpha is a leading provider of B2B cross-border foreign exchange solutions to corporations and investment funds in the U.K. and Europe. Alpha pioneered alternative bank accounts as a simpler, faster way for investment managers to fund their investments and pay expenses anywhere in Europe. On October 31, 2025, we completed the acquisition of all of the ordinary shares of Alpha for £42.50 in cash for each Alpha share upon the terms as described in the Rule 2.7 Announcement, resulting in an aggregate purchase price of approximately £1.8 billion, or $2.4 billion. The aggregate cash consideration paid in the transaction was funded with borrowings under the Company's Credit Facility (as defined below). Results from the Alpha acquisition have been included in our Corporate Payments segment from the date of acquisition, October 31, 2025. •In July 2025, we announced the divestiture of our BP private label fuel card portfolio for approximately $60 million. Revenues generated from the portfolio are included in our Vehicle Payments segment. The transaction closed in October 2025. •Subsequently, in February 2026, we signed a definitive agreement to sell PayByPhone, a mobile parking payments business within our Vehicle Payments segment to a third party for $450 million. The transaction is expected to close during the first half of 2026, subject to certain customary closing conditions. 43 2024 •In March 2024, we acquired 70% of Zapay, a Brazil-based digital mobility solution for paying vehicle-related taxes and compliance fees, for approximately $59.5 million, net of cash. As part of the agreement, we have the right to acquire the remainder of Zapay in four years. The majority investment in Zapay further scales our Vehicle Payments business in Brazil. •In July 2024, we acquired 100% of Paymerang, a U.S. based leader in AP automation solutions, for approximately $179.2 million, net of cash and cash equivalents and restricted cash acquired of $309 million. The acquisition expands our presence in several market verticals, including education, healthcare, hospitality and manufacturing. Results from Paymerang are reported in our Corporate Payments segment. •In December 2024, we acquired 100% of GPS Capital Markets, LLC ("GPS") for approximately $577.1 million, net of cash and cash equivalents acquired of $190.7 million. GPS provides business-to-business cross-border and treasury management solutions to upper middle market companies, primarily in the U.S. Results from GPS are reported in our Corporate Payments segment. •In December 2024, we disposed of our merchant solutions business for $185.5 million, net of cash disposed. Results from our merchant solutions business were previously included in our Vehicle Payments segment. •During the year ended December 31, 2024, we also completed asset acquisitions for approximately $6.7 million. 44 Results of Operations Year ended December 31, 2025 compared to the year ended December 31, 2024 The following table sets forth selected financial information from the consolidated statements of income for the years ended December 31, 2025 and 2024 (in millions, except percentages)*. Year Ended December 31, 2025 % of Total Revenue Year Ended December 31, 2024 % of Total Revenue Increase (Decrease) % Change Revenues, net: Vehicle Payments $2,138.7 47.2% $2,008.8 50.5% $129.9 6.5% Corporate Payments 1,635.1 36.1% 1,221.9 30.7% 413.2 33.8% Lodging Payments 469.5 10.4% 488.6 12.3% (19.1) (3.9)% Other 285.1 6.3% 255.3 6.4% 29.8 11.7% Total revenues, net 4,528.4 100.0% 3,974.6 100.0% 553.8 13.9% Consolidated operating expenses: Processing 969.2 21.4% 869.1 21.9% 100.1 11.5% Selling 479.0 10.6% 380.9 9.6% 98.1 25.7% General and administrative 733.0 16.2% 616.9 15.5% 116.2 18.8% Depreciation and amortization 393.3 8.7% 351.1 8.8% 42.2 12.0% Goodwill impairment — —% 90.0 2.3% (90.0) NM Other operating, net 2.1 —% 0.8 —% 1.3 NM Gain on disposition, net (42.3) (0.9)% (121.3) (3.1)% 79.0 NM Operating income 1,994.1 44.0% 1,787.2 45.0% 207.0 11.6% Other expense, net 47.0 1.0% 14.0 0.4% 33.0 236.5% Interest expense, net 403.8 8.9% 383.0 9.6% 20.8 5.4% Loss on extinguishment of debt 1.6 —% 5.0 0.1% (3.4) NM Provision for income taxes 469.7 10.4% 381.4 9.6% 88.4 23.2% Net income 1,071.9 23.7% 1,003.7 25.3% 68.2 6.8% Less: Net income attributable to noncontrolling interest 2.1 NM — NM 2.1 NM Net income attributable to Corpay $1,069.8 23.6% $1,003.7 25.3% $66.1 6.6% Operating income (loss) by segment: Vehicle Payments $1,074.7 $1,076.9 $(2.2) (0.2)% Corporate Payments 639.8 498.4 141.4 28.4% Lodging Payments 194.7 223.4 (28.7) (12.8)% Other 84.9 (11.5) 96.4 NM Total operating income $1,994.1 $1,787.2 $207.0 11.6% *The sum of the columns and rows may not calculate due to rounding. NM - not meaningful Consolidated revenues, net Consolidated revenues were $4,528.4 million in 2025, an increase of 13.9% compared to the prior year. The increase in consolidated revenues was due primarily to organic growth of 10%, driven by increases in spend and transaction volumes, implementation and ramping of new sales and business initiatives. Consolidated revenues also grew 5% from acquisitions completed in 2024 and 2025. This growth was partially offset by approximately $36 million, or 1%, from the disposition of businesses, and by the negative impact of the macroeconomic environment. Although we cannot precisely measure the impact of the macroeconomic environment, in total we believe it had a negative impact of approximately $32 million on our consolidated revenues for 2025 over 2024, driven primarily by unfavorable fuel 45 price spreads of approximately $18 million the unfavorable impact of fuel prices of approximately $11 million and unfavorable foreign exchange rates of approximately $2 million, mostly in our Brazil business. Consolidated operating expenses Processing. Processing expenses were $969.2 million in 2025, an increase of 11.5% compared to the prior year. Increases in processing expenses were primarily due to approximately $49 million of expenses related to acquisitions completed in 2024 and 2025, higher variable expenses driven by increased transaction volumes and investments to drive future growth, and higher bad debt of $18 million due to increased transaction volumes. The increases were partially offset by the impact of foreign exchange rates of approximately $4 million and the impact of the disposition of our merchant solutions business of approximately $16 million. Selling. Selling expenses were $479.0 million in 2025, an increase of 25.7% compared to the prior year. Increases in selling expenses were primarily due to sales and marketing investments to drive future growth, increased commissions from higher sales volume, and approximately $39 million of expenses related to acquisitions completed in 2024 and 2025. General and administrative. General and administrative expenses were $733.0 million in 2025, an increase of 18.8% compared to the prior year. Increases in general and administrative expenses were primarily due to acquisition-related deal fees, information technology investments, approximately $62 million of expenses related to acquisitions completed in 2024 and 2025 and the impact of foreign exchange rates of approximately $3 million. Depreciation and amortization. Depreciation and amortization expenses were $393.3 million in 2025, an increase of 12.0%. Increases in depreciation and amortization expenses were primarily due to incremental investments in capital expenditures and approximately $41 million of expenses related to acquisitions completed in 2024 and 2025. Goodwill impairment. During 2024, we recorded a non-cash goodwill impairment loss of $90.0 million, representing a partial impairment of the goodwill within our Payroll Card reporting unit, which is a component of our "Other" category. Gain on disposition, net. During 2025, we recognized a net gain of approximately $53.4 million related to the October 2025 disposal of our BP private label fuel card portfolio within the U.S. division of our Vehicle Payments segment, which was partially offset by a loss recognized during the third quarter of 2025 due to a working capital adjustment related to the 2024 disposal of our merchant solutions business. During 2024, we recognized a net gain of $121.3 million related to the December 2024 disposal of our merchant solutions business, a non-core business within the U.S. division of our Vehicle Payments segment. Consolidated operating income Operating income was $1,994.1 million in 2025, an increase of 11.6% compared to the prior year. The increase in operating income was primarily due to the reasons discussed above. Other expense, net. Other expense, net was $47.0 million in 2025, which primarily represents net losses related to our equity method investments of $25.4 million and the impact of fluctuations in foreign exchange rates on non-functional currency balances, $23.6 million of which was related to funding of the Alpha acquisition. These losses were partially offset by a gain upon the disposition of a cost method investment in the second quarter of 2025. Other expense, net was $14.0 million in 2024, which primarily represents the impact of fluctuations in foreign exchange rates on non-functional currency balances. Interest expense, net. Interest expense was $403.8 million in 2025, an increase of 5.4% compared to the prior year. The increase in interest expense was primarily due to increased borrowings used for acquisitions, partially offset by lower interest rates and higher interest income due to higher cash balances. The following table sets forth the weighted average interest rates paid on borrowings under our Credit Facility, excluding the related unused facility fees and swaps. (Unaudited) 2025 2024 Term loan A 5.72% 6.64% Term loan B-5 6.00% 6.95% Term loan B-6 5.70% n.a. Revolving line of credit A & B (USD) 5.61% 6.60% Revolving line of credit B (GBP) 5.56% 6.60% 46 We have a portfolio of interest rate swaps which are designated as cash flow hedges and cross-currency interest rate swaps, which are designated as net investment hedges. During the years ended December 31, 2025 and 2024, as a result of these swap contracts and net investment hedges, we recorded a benefit to interest expense, net of approximately $37.4 million and $60.1 million, respectively. Provision for income taxes. The provision for income taxes and effective tax rate were $469.7 million and 30.5% in 2025, compared to $381.4 million and 27.5% in the prior year. The increase in the provision for income taxes was driven primarily by (i) a decrease in excess tax benefits on stock option exercises, (ii) new state apportionment rules in 2025 resulting in the revaluation of deferreds at a higher tax rate in the current period, (iii) discrete taxes resulting from legal entity and tax restructuring actions taken by us to facilitate cross-border transactions, (iv) non-deductible cost associated with the Alpha transaction, (v) the adoption of Pillar Two legislation in 2025, which resulted in a global minimum tax at a rate of 15% that impacted two jurisdictions in which we operate, and (vi) mix of earnings. Net income attributable to Corpay. For the reasons discussed above, our net income attributable to Corpay was $1,069.8 million in 2025, an increase of 6.6% compared to the prior year. Segment Results Vehicle Payments Vehicle Payments revenues were $2,138.7 million in 2025, an increase of 6.5% compared to the prior year. Vehicle Payments revenues increased primarily due to organic growth of 9% driven by 7% growth in transaction volumes, new sales growth and the impact of acquisitions, which contributed approximately $26 million in revenues. These increases were partially offset by the disposition of our merchant solutions business in December 2024, which lowered revenues by approximately $34 million, and the negative impact of the macroeconomic environment of approximately $42 million. The negative macroeconomic environment was driven primarily by unfavorable fuel price spreads of approximately $18 million, unfavorable changes in foreign exchange rates on revenues of $12 million and unfavorable fuel prices of $11 million. Vehicle Payments operating income was $1,074.7 million in 2025, relatively flat compared to the prior year primarily due to organic revenue growth and the impact of our acquisitions discussed above, partially offset by the unfavorable macroeconomic environment and the impact of the disposition of our merchant solutions business. Corporate Payments Corporate Payments revenues were $1,635.1 million in 2025, an increase of 33.8% compared to the prior year. Corporate Payments revenues increased primarily due to organic revenue growth of 17%, driven by a 31% growth in spend volume, strong new sales in our payables and cross-border solutions and the impact of our acquisitions, which contributed approximately $169 million in revenue. Corporate Payments revenue per spend dollar decreased over the prior year due to the impact of new cross-border enterprise clients. Corporate Payments operating income was $639.8 million in 2025, an increase of 28.4% compared to the prior year. Corporate Payments operating income increased primarily due to the reasons discussed above and integration synergies, partially offset by sales investments to grow the business and one-time deal-related and integration expenses. Lodging Payments Lodging Payments revenues were $469.5 million in 2025, a decrease of 3.9% compared to the prior year. The decrease in Lodging Payments revenues was primarily due to a decline in workforce room night volume due to lower emergency activity. Lodging Payments operating income was $194.7 million in 2025, a decrease of 12.8% compared to the prior year. Lodging Payments operating income and margin declined from the prior period due to the reasons discussed above. Other Other revenues were $285.1 million in 2025, an increase of 11.7% compared to the prior year, driven by strong transaction volume and revenue per transaction growth in the gift card business. Other operating income was $84.9 million in 2025 as compared to operating loss of $11.5 million in the prior year due to the reasons discussed above. The Other operating loss in 2024 was driven by a $90 million non-cash goodwill impairment recorded in 2024. Liquidity and capital resources Our principal liquidity requirements are to service and repay our indebtedness, make acquisitions of businesses and commercial account portfolios, repurchase shares of our common stock and meet working capital, tax and capital expenditure needs. Sources of liquidity. We believe that our current level of cash and borrowing capacity under our Credit Facility, Securitization Facility (as defined below) and other facilities (each discussed below), together with expected future cash flows from operations, will be sufficient to meet the needs of our existing operations and planned requirements for at least the next 12 months and into the foreseeable future, based on our current assumptions. 47 At December 31, 2025, we had approximately $4.0 billion in total liquidity, consisting of approximately $1.5 billion available under our Credit Facility and unrestricted cash of $2.4 billion, a portion of which includes customer deposits or is required for working capital and regulatory purposes. Restricted cash primarily represents customer deposits repayable on demand held in certain geographies with legal restrictions, customer funds held for the benefit of others, collateral received from customers for cross-currency transactions in our cross-border payments business, which is restricted from use other than to repay customer deposits and to secure and settle cross-currency transactions, and collateral posted with banks for hedging positions in our cross-border payments business. We also utilize the Securitization Facility to finance a portion of our receivables, to lower our cost of borrowing and more efficiently use capital. Accounts receivable collateralized within our Securitization Facility relate to trade receivables resulting primarily from charge card activity in Vehicle Payments and Corporate Payments and receivables related to our Lodging Payments business. We also consider the available and undrawn amounts under our Securitization Facility and Credit Facility as funds available for working capital purposes and acquisitions. At December 31, 2025, we had no additional liquidity under our Securitization Facility. We have determined that outside basis differences associated with our investments in foreign subsidiaries would not result in a material deferred tax liability, and, consistent with our assertion that these amounts continue to be indefinitely invested, have not recorded incremental income taxes for the additional outside basis differences. Cash flows The following table summarizes our cash flows for the years ended December 31, 2025 and 2024. Year Ended December 31, (in millions) 2025 2024 Net cash provided by operating activities $1,499.9 $1,940.6 Net cash provided by (used in) investing activities $1,227.4 $(807.5) Net cash provided by financing activities $1,561.8 $405.0 Operating activities. Net cash provided by operating activities was $1,499.9 million in 2025, compared to $1,940.6 million in 2024. The decrease in operating cash flows was primarily driven by changes in working capital. Investing activities. Net cash provided by investing activities was $1,227.4 million in 2025 compared to net cash used by investing activities of $807.5 million in 2024. With the acquisition of Alpha Group in October 2025, the purchase price included approximately $4.5 billion in cash and cash equivalents and restricted cash, for which there were corresponding customer deposit liabilities assumed, which resulted in cash flows provided by acquisitions of $1,933.8 million in 2025 as compared to cash flows used for acquisitions of $821.9 million in 2024. This increase in investing cash flows versus the prior period was partially offset by (i) our investment of approximately $578.4 million in an equity method investment during 2025 and (ii) a decrease of $127.3 million related to dispositions of businesses and assets in 2025. Additionally, our capital expenditures were $200.8 million in 2025, an increase of $25.6 million, or 15%, from $175.2 million in 2024 due to the impact of acquisitions and continued investments in technology. Financing activities. Net cash provided by financing activities was $1,561.8 million in 2025 compared to $405.0 million in 2024. Net cash provided by financing activities increased in 2025 primarily due to (i) net borrowings on our Credit Facility and Securitization Facility of $2,016.6 million during 2025 as compared to net borrowings of $1,271.2 million during 2024, (ii) fewer repurchases of common stock in 2025 of $505.2 million versus 2024, and (iii) contributions of $300.0 million related to Mastercard's noncontrolling interest in our cross-border business, partially offset by a decrease in proceeds of $360.5 million from common stock resulting from stock option exercises. Credit Facility Corpay Technologies Operating Company, LLC, and certain of our domestic and foreign owned subsidiaries, as designated co- borrowers (the “Borrowers”), are parties to a $10.15 billion Credit Agreement (the “Credit Agreement”), with Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer and a syndicate of financial institutions (the “Lenders”), which has been amended multiple times. The Credit Agreement provides for senior secured credit facilities (collectively, the "Credit Facility") consisting of a revolving credit facility in the amount of $2.8 billion, a Term Loan A facility in the amount of $3.3 billion ("Term Loan A") and a Term Loan B facility in the amount of $4.1 billion ("Term Loan B"), consisting of a $3.15 billion Term Loan B-5 and a $0.9 million Term Loan B-6, as of December 31, 2025. The revolving credit facility consists of (a) a revolving A credit facility in the amount of $1.3 billion with sublimits for letters of credit and swing line loans and (b) a revolving B facility in the amount of $1.5 billion with borrowings in U.S. dollars, euros, British pounds, Japanese yen or other currency as agreed in advance and sublimits for swing line loans. Proceeds from the credit facilities may be used for working capital purposes, acquisitions and other general corporate purposes. The maturity date for the Term Loan A and revolving credit facilities A and B is June 24, 2027. The Term Loan B-5 has a maturity date of April 30, 2028. The Term Loan B-6 has a maturity date of November 5, 2032. 48 On January 31, 2024, we entered into the fourteenth amendment to the Credit Agreement. The amendment a) increased the capacity on the revolving credit facility by $275.0 million and b) increased the Term Loan A commitments by $325.0 million. We used the Term Loan A proceeds to pay down existing borrowings under the revolving credit facility. As a result, the transaction was leverage neutral and results in a $600 million increase in our availability under the revolving credit facility. The interest rates and maturity terms remain consistent with the existing credit facilities. On September 26, 2024, we entered into the fifteenth amendment to the Credit Agreement. The amendment a) increased the Term Loan B commitments by $500 million and b) removed the SOFR adjustment margin of 0.10% from the calculation of interest on Term Loan B borrowings. We used the Term Loan B proceeds to pay down existing borrowings under the revolving credit facility. The maturity dates and the interest rates for the revolving credit facility and Term Loan A commitments were unchanged by this amendment. On February 20, 2025, we entered into the sixteenth amendment to the Credit Agreement. The amendment increased the Term Loan B commitments by an incremental $750 million. We used the Term Loan B proceeds to pay down existing borrowings under the revolving credit facility and other general corporate purposes. The maturity dates and the interest rates for the Credit Agreement were unchanged by this amendment. On November 5, 2025, we entered into the seventeenth amendment to the Credit Agreement. The amendment, among other things, (i) increases the aggregate commitments under the revolving credit facility by $1 billion, resulting in new total Revolver B commitments of $1.5 billion, and (ii) adds a new seven-year Term Loan B-6 of $900 million. We used the Term Loan B-6 and revolving credit facility proceeds to fund the Alpha acquisition. Interest on amounts outstanding under the Credit Agreement accrues as follows: for all loans denominated in U.S. dollars with the exception of Term Loan B borrowings, based on SOFR plus a SOFR adjustment of 0.10%; for all loans denominated in British pounds, based on the SONIA plus a SONIA adjustment of 0.0326%; for all loans denominated in euros, based on the Euro Interbank Offered Rate (EURIBOR); or for all loans denominated in Japanese yen, at the Toyko Interbank Offer Rate (TIBOR) plus a margin based on a leverage ratio (as defined in the agreement); or our option (for U.S. dollar borrowings only), the Base Rate (defined as the rate equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the prime rate announced by Bank of America, N.A., or (c) SOFR plus 1.00% plus a margin based on a leverage ratio). Interest on Term Loan B-5 and Term Loan B-6 borrowings is based on SOFR plus a margin of 1.75%. In addition, we pay a quarterly commitment fee at a rate per annum ranging from 0.25% to 0.30% of the daily unused portion of the credit facility based on a leverage ratio. At December 31, 2025, the interest rate on the Term Loan A was 5.19%, the interest rate on the Term Loan B-5 and Term Loan B-6 was 5.47% and the interest rate on the revolving A and B facilities (USD borrowings) was 5.24%. The unused credit facility fee was 0.25% for all revolving facilities at December 31, 2025. The term loans are payable in quarterly installments due on the last business day of each March, June, September and December with the final principal payment due on the respective maturity date. Borrowings on the revolving line of credit are repayable at the maturity of the facility. Borrowings on the domestic swing line of credit are due on demand, and borrowings on the foreign swing lines of credit are due no later than twenty business days after such loan is made. The obligations of the Borrowers under the Credit Agreement are secured by substantially all of the assets of Corpay and its domestic subsidiaries, pursuant to a security agreement and includes a pledge of (i) 100% of the issued and outstanding equity interests owned by us of each Domestic Subsidiary and (2) 66% of the voting shares of the first-tier foreign subsidiaries, but excluding real property, personal property located outside of the U.S., accounts receivables and related assets subject to the Securitization Facility and certain investments required under money transmitter laws to be held free and clear of liens. At December 31, 2025, we had $2.9 billion in borrowings outstanding on Term Loan A, net of discounts, $3.9 billion in borrowings outstanding on Term Loan B, net of discounts and $1.3 billion in borrowings outstanding on the revolving credit facility. We have unamortized debt issuance costs of $5.6 million related to the revolving credit facility as of December 31, 2025 recorded in other assets within the Consolidated Balance Sheets. We have unamortized debt discounts and debt issuance costs of $26.5 million related to the term loans as of December 31, 2025 recorded in notes payable and other obligations, net of current portion within the Consolidated Balance Sheets. As a result of the amortization of debt discounts and debt issuance costs, the effective interest rate incurred on the term loans was 5.97% during 2025. During the year ended December 31, 2025, we made borrowings of $1.7 billion on the term loans, principal payments of $197.1 million on the term loans and net borrowings of $63.7 million on the revolving facilities. As of December 31, 2025, we were in compliance with each of the covenants under the Credit Agreement. Securitization Facility We are a party to a $2.3 billion receivables purchase agreement among Fleetcor Funding LLC and Corpay Funding (UK) Limited, as special purpose entities, Corpay Technologies Operating Company, LLC and Allstar Business Solutions Limited, as servicers, PNC Bank, National Association as administrator and swingline purchaser, PNC Capital Markets, LLC, as structuring agent and multiple purchaser agents, conduit purchasers and related committed purchasers parties thereto (the "Securitization Facility") as of December 31, 2025. At December 31, 2025, the interest rate on the Securitization Facility was 4.60%. 49 On January 24, 2025, we entered into an omnibus amendment to various documents governing the Securitization Facility. The amendment increased the Securitization Facility commitment from $1.7 billion to $1.8 billion and extended the outside maturity date of the Securitization Facility from August 18, 2025 to January 24, 2028. The omnibus amendment also reduced the program fee by 5 bps to SOFR plus 0.10% adjustment plus 0.90% or the Commercial Paper Rate plus 0.80% and decreased the unused facility fee by 5 bps for two of the purchasers. On November 3, 2025, we entered into the Sixth Amended and Restated Receivables Purchase Agreement (the "RPA") in connection with the Securitization Facility. The RPA and related documents, among other things, (i) increased the Securitization Facility commitment from $1.8 billion to $2.3 billion, (ii) extended the outside maturity date of the Securitization Facility to November 3, 2028, (iii) added three U.K.-based originators and one U.K.-based guarantor and (iv) lowered the drawn program pricing by 9 basis points. The Securitization Facility provides for certain termination events, which includes nonpayment, upon the occurrence of which the administrator may declare the facility termination date to have occurred, may exercise certain enforcement rights with respect to the receivables and may appoint a successor servicer, among other things. We were in compliance with all financial and non-financial covenant requirements related to our Securitization Facility as of December 31, 2025. Other Facilities We carefully monitor and manage initial and variation margin requirements for our cross-border solutions, which can result in transitory periods of elevated liquidity needs in cases where the currency market experiences disruption. In order to help mitigate that liquidity risk, we have entered into facilities intended to provide additional means to manage working capital needs for our cross-border solutions. We have four unsecured overdraft facilities with a combined capacity of $205 million, which may be accessible via written request and corresponding authorization from the applicable lenders. There is no guarantee the uncommitted capacity will be available to us on a future date. Interest on drawn balances accrues under the agreements at either (a) a fixed rate equal to the lender's reference rate or the Federal Funds Effective Rate (as defined in the respective agreements) plus 1% or 1.25% or (b) SOFR plus 1.25%. As of December 31, 2025, we had no borrowings outstanding under the uncommitted credit facilities. We also have a 364-day committed revolving credit facility with a total commitment of $70.0 million and maturity date of February 19, 2027. Borrowings under this facility will bear interest at the borrower's option at a rate equal to (a) Term SOFR (as defined in the agreement) plus 1.25% or (b) the Base Rate (determined by reference to the greatest of (i) the Federal Funds Effective Rate, at that time, plus 0.50%, (ii) the Prime Rate, at that time, and (iii) Term SOFR (as defined in the agreement) at such time plus 1.00%). As of December 31, 2025, we had no borrowings outstanding under the committed credit facility. Cash Flow Hedges As of December 31, 2025, we had the following outstanding interest rate swap derivatives that qualify as hedging instruments within designated cash flow hedges of variable interest rate risk (in millions): Notional Amount Weighted Average Fixed Rate Maturity Date $500 3.80% 1/31/2026 $1,500 4.15% 7/31/2026 $750 4.14% 1/31/2027 $500 4.19% 7/31/2027 $250 4.00% 1/31/2028 $500 3.19% 7/31/2028 $250 3.47% 1/31/2029 $250 3.47% 7/31/2029 The purpose of these contracts is to reduce the variability of cash flows in interest payments associated with $4.5 billion of unspecified variable rate debt, the sole source of which is due to changes in the SOFR benchmark interest rate. For each of these swap contracts, we pay a fixed monthly rate and receive one month SOFR. Our cash flow hedges resulted in a reduction to interest expense, net of $13.2 million and $46.3 million during the years ended December 31, 2025 and 2024, respectively. 50 Net Investment Hedges We enter into cross-currency interest rate swaps that are designated as net investment hedges of our investments in foreign- denominated operations. Such contracts effectively convert the U.S. dollar equivalent notional amounts to obligations denominated in the respective foreign currency and partially offset the impact of changes in currency rates on such foreign- denominated net investments. These contracts also create a positive interest differential on the U.S. dollar-denominated portion of the swaps, resulting in interest rate savings on the USD notional. Upon maturity of a net investment hedge, if not rolled over or restructured, the final exchange may require a cash settlement based on the differential in prevailing exchange rates versus the initial rate in the hedge. This could result in a significant cash payment depending on market conditions at the time of settlement. At December 31, 2025, we had the following cross-currency interest rate swaps designated as net investment hedges of our investments in foreign-denominated operations: U.S. dollar equivalent notional (in millions) Fixed Rates Maturity Date Euro (EUR) $500 2.150% 5/26/2026 Canadian Dollar (CAD) $800 1.350% 1/24/2028 British Pound (GBP) $750 0.317% 5/8/2028 Hedge effectiveness is tested based on changes in the fair value of the cross-currency swaps due to changes in the USD/foreign currency spot rates. We anticipate perfect effectiveness of the designated hedging relationships and record changes in the fair value of the cross-currency interest rate swaps associated with changes in the spot rate through accumulated other comprehensive loss. Excluded components associated with the forward differential are recognized directly in earnings as interest expense, net. We recognized a benefit of $24.2 million and $13.9 million in interest expense, net for the years ended December 31, 2025 and 2024, respectively, related to these excluded components. Stock Repurchase Program Given our returns on our capital investments and significant cash provided by operations, management believes it is prudent to reinvest in the business to drive profitable growth and use excess cash flow to return cash to shareholders over time through stock repurchases. Our Board of Directors (the "Board") has approved a stock repurchase program (as updated from time to time, the "Program") authorizing us to repurchase our common stock from time to time until December 31, 2026. On December 18, 2025, the Board authorized an increase to the aggregate size of the Program by $1.0 billion to $10.1 billion. Since the beginning of the Program through December 31, 2025, we have repurchased 35,659,347 shares for an aggregate purchase price of $8.6 billion, leaving us up to $1.5 billion of remaining authorization available under the Program for future repurchases in shares of our common stock. We repurchased 2,568,667 common shares totaling $0.8 billion in 2025; 4,211,818 common shares totaling $1.3 billion in 2024 and 2,597,954 common shares totaling $0.7 billion in 2023. Any stock repurchases may be made at times and in such amounts as deemed appropriate. The timing and amount of stock repurchases, if any, will depend on a variety of factors including the stock price, market conditions, corporate and regulatory requirements, and any additional constraints related to material inside information we may possess. Any repurchases have been and are expected to be funded by a combination of available cash flow from the business, working capital and debt. Redeemable Noncontrolling Interest In April 2025, we expanded our long-standing strategic partnership agreement with Mastercard to deliver an enhanced suite of corporate cross-border payment solutions. The transaction also included an investment in our cross-border business with Mastercard acquiring a 2.3% noncontrolling interest in the cross-border business for $300 million. The investment into our cross-border business closed on December 1, 2025, and the cash associated with the investment was presented as cash flows provided by financing activities in our Consolidated Statements of Cash Flows. Mastercard will have the right to sell, or put, its interest back to us for six months starting on August 1, 2027. If Mastercard does not exercise the put right, we 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 .08 per annum, compounded annually. 51 Minority Investment In May 2025, the Company and TPG formed a limited partnership that, through its wholly owned subsidiaries, entered into a definitive agreement to acquire AvidXchange. AvidXchange is a provider of AP automation solutions to lower middle market companies with a focus on several verticals including real estate, homeowners associations, financial institutions and media. The take-private transaction was completed in October 2025. In conjunction with the closing of the AvidXchange transaction in October 2025, we invested approximately $578 million for approximately 35% of the equity in the limited partnership with TPG for an enterprise valuation of approximately $1.9 billion. The limited partnership utilized approximately $450 million of debt financing to consummate the transaction. TPG holds approximately 56% of the equity in the limited partnership, and the management team of AvidXchange holds the remainder. In addition to other terms, the limited partnership agreement provides that, 33 months after the closing of the AvidXchange acquisition, we will have the right to acquire, or call, all the remaining outstanding equity in the limited partnership for approximately 2.5 times invested capital which would result in the Company's consolidation of the limited partnership. If we do not exercise such right to acquire all of the remaining outstanding equity of the limited partnership and TPG decides to sell the limited partnership to a third party within a period of 15 months thereafter, we are required to guarantee a return to our partners, subject to certain limitations, of approximately 1.6 times invested capital (the minimum return). If the partnership sells AvidXchange in 2029 for an approximately similar valuation as today’s acquisition price, there will be no requirement to pay any minimum return. PaybyPhone Disposition In February 2026, we signed a definitive agreement to sell PayByPhone, a mobile parking payments business within our Vehicle Payments segment to a third party for $450 million. The transaction is expected to close during the first half of 2026. We are in the process of estimating the impact this transaction will have on our financial results, but expect to recognize a pre- tax gain on disposal. Material Cash Requirements and Uses of Cash Material cash requirements primarily consist of debt obligations and related interest payments, along with lease obligations.  See Note 11 and Note 14 to the Consolidated Financial Statements within this Form 10-K for further information. Deferred income tax liabilities as of December 31, 2025 were approximately $614.3 million. See Note 13 to the Consolidated Financial Statements within this Form 10-K for further information. Deferred income tax liabilities are calculated based on temporary differences between the tax bases of assets and liabilities and their respective book bases, which will result in taxable amounts in future years when the liabilities are settled at their reported financial statement amounts. The results of these calculations do not have a direct connection with the amount of cash taxes to be paid in any future periods. As a result, scheduling deferred income tax liabilities as payments due by period could be misleading, as this scheduling would not relate to liquidity needs. At December 31, 2025, we had approximately $134.9 million of unrecognized income tax benefits related to uncertain tax positions. We cannot reasonably estimate when all of these unrecognized income tax benefits may be settled. We do not expect reductions to unrecognized income tax benefits within the next 12 months as a result of projected resolutions of income tax uncertainties. Critical Accounting Estimates In applying the accounting policies that we use to prepare our consolidated financial statements, we necessarily make accounting estimates that affect our reported amounts of assets, liabilities, revenue and expenses. Some of these estimates require us to make assumptions about matters that are highly uncertain at the time we make the accounting estimates. We base these assumptions and the resulting estimates on historical information and other factors that we believe to be reasonable under the circumstances, and we evaluate these assumptions and estimates on an ongoing basis. In many instances, however, we reasonably could have used different accounting estimates and, in other instances, changes in our accounting estimates could occur from period to period, with the result in each case being a material change in the financial statement presentation of our financial condition or results of operations. We refer to estimates of this type as critical accounting estimates. The critical accounting estimates that we discuss below are those that we believe are most important to an understanding of our consolidated financial statements. For a discussion of our Summary of Significant Accounting Policies, see Note 2 to our Consolidated Financial Statements within this Form 10-K for further information. Financial Instruments-Credit Losses. Our current expected credit loss methodology for measurement of credit losses on financial assets measured at amortized cost basis, replaces the previous incurred loss impairment methodology. Our financial assets subject to credit losses are primarily trade receivables. We utilize 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 52 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. See Note 2 to our Consolidated Financial Statements within this Form 10-K for further information. Impairment of goodwill and indefinite-lived assets. We complete an impairment test of goodwill at least annually or more frequently if facts or circumstances indicate that goodwill might be impaired. Goodwill is tested for impairment at the reporting unit level. When we believe it is appropriate, we may elect to first perform the optional qualitative assessment for certain of our reporting units. Factors considered in the qualitative assessment include general macroeconomic conditions, industry and market conditions, cost factors, overall financial performance of our reporting units, events or changes affecting the composition or carrying amount of the net assets of our reporting units, sustained decrease in our share price and other relevant entity-specific events. If we elect to bypass the optional qualitative assessment or if we determine, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, a quantitative test would be required. We then perform the quantitative goodwill impairment test for the applicable reporting units by comparing the reporting unit’s carrying amount, including goodwill, to its fair value, which is measured based upon, among other factors, a discounted cash flow analysis and, to a lesser extent, market multiples for comparable companies. If the carrying amount of the reporting unit is greater than its fair value, a goodwill impairment loss is recognized. We also evaluate indefinite-lived intangible assets (primarily trademarks and trade names) for impairment annually. We test for impairment at an interim date if events and circumstances indicate that it is more likely than not that the fair value of an indefinite-lived intangible asset is below its carrying amount. An impairment loss is recorded if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value on the measurement date. Globally we face uncertainties and risks related to economic factors in the countries we have operations. As a result, we make assumptions that involve significant judgment about future uncertainties when performing impairment tests of goodwill and indefinite-lived intangible assets. Both of these impairment tests involve the use of critical accounting estimates. Depending on the test/model, factors and estimates used to estimate the fair value include: i) earnings before interest, taxes, depreciation and amortization (EBITDA) margin and growth, and ii) the discount rates for the goodwill impairment test; and i) the discount rates and ii) royalty rates used for indefinite-lived intangible assets test. The variability of these estimates and assumptions depends on a number of conditions which could change our conclusion at each reporting period. As these factors are often interdependent and may not change in isolation, we do not believe it is meaningful to estimate and disclose the impact of changing a single factor. If our assumptions and estimates change between a current period impairment test and a prior period impairment test, impairment losses could result. If we were to use different assumptions or consider different trends in future periods, impairment losses may also result. The total future impairment losses, if required, may be material. As of October 1, 2024, as a result of our annual evaluation, we determined the goodwill within the Payroll Card reporting unit, a component of our “Other” category, was partially impaired. Accordingly, we recognized a goodwill impairment loss of $90 million within goodwill impairment in the Consolidated Statements of Income during the year ended December 31, 2024. Factors that led to this conclusion included i) decreased use of the card and its core component for our target customers, ii) the impact of historic and sustained increases in inflation and interest rates on the reporting unit’s weighted average costs of capital which was beyond our control, and iii) inability to achieve forecasted operating results at historical underwritten values, all of which resulted in revised mid to long-term projections during the fourth quarter of 2024, including reevaluation of the Company's anticipated capital investment in the reporting unit and which negatively impacted the reporting unit's fair value. We engaged a third-party valuation firm to assist us with the performance of our goodwill quantitative impairment test. The estimation of the net present value of future cash flows was based upon varying economic assumptions, including assumptions such as revenue, net growth rates, operating costs, EBITDA margins, capital expenditures, tax rates, long-term growth rates and discount rates. As it relates to the Payroll Card reporting unit, of these assumptions, EBITDA margins and discount rates were the most sensitive, subjective and/or complex. These assumptions are based on risk-adjusted discount factors accommodating viewpoints that consider the full range of variability contemplated in the current and potential future economic situations. There is approximately $57 million of goodwill remaining related to the Payroll Card reporting unit following this impairment. The results of the 2025 impairment test for all of our reporting units indicated that the estimated fair value of each of our reporting units was in excess of the corresponding carrying amount as of October 1, 2025 and no impairment of goodwill existed. No events or changes in circumstances have occurred since the date of this most recent annual impairment test that would more likely than not reduce the fair value of a reporting unit below its carrying amount. See Note 2 and Note 8 to our Consolidated Financial Statements within this Form 10-K for further information. Income taxes. Our annual effective tax rate is based on our income and the tax laws in the various jurisdictions in which we operate. Significant judgment is required in estimating our annual income tax expense and annual effective rate through the realizability of our deferred tax assets, our income tax positions and related reserves and the recording of certain deferred tax liabilities related to foreign investments. The ultimate realization of a deferred tax asset is dependent upon the existence and timing of reversal of temporary differences, the ability to carryback income to open years and where allowed, the implementation of tax planning strategies and the generation of future taxable income during the periods in which the associated temporary differences become deductible. 53 Determining future taxable income requires us to estimate the amount of income subject to tax in future periods which includes: i) estimating revenue, revenue growth rates, Earnings and Interest Before Income Taxes and expenses by tax jurisdiction by examining historical results and considering current/future trends as well as scheduling out the timing of temporary items, ii) factoring in adjustments for any known future changes in tax law/regulations, iii) the potential impact of any reasonable tax planning strategies, and iv) estimating the future impact of complex material deductions. We record a valuation allowance where we determine that it is not more likely than not that we will ultimately realize the entire tax benefit associated with the related deferred tax asset. We estimate income tax-related reserves to reduce tax benefits from any income tax positions where we believe the benefit from the tax position once taken on the tax return is uncertain such that it is more likely than not to be upheld by the tax regulatory body but for an amount less than the benefit taken. When determining whether the full amount of the income tax position will be upheld/sustained, we consider whether the technical merits of the position are supported by regulations, court ruling, current legislation and other relevant authoritative guidance. We include any estimated interest and penalties on tax related matters in income tax expense. See Note 13 to our Consolidated Financial Statements within this Form 10-K for further information. Business combinations (valuation of intangible assets). Acquired assets and liabilities assumed, including contingencies, through a business combination are recorded at fair value determined as of the acquisition date. The estimates we use to determine the fair value of intangible assets can be complex and require significant judgments. We use information available to us to make fair value determinations and engage independent valuation specialists, when necessary, to assist in the fair value determination of significant acquired assets. The estimated fair values of customer-related and contract-based intangible assets are generally determined using the income approach, which is based on projected cash flows discounted to their present value using discount rates that consider the timing and risk of the forecasted cash flows. The discount rates used represented a risk adjusted market participant weighted-average cost of capital, derived using customary market metrics. These measures of fair value also require considerable judgments about future events, including forecasted customer attrition rates. Acquired technologies are generally valued using the replacement cost method, which requires us to estimate the costs to construct an asset of equivalent utility at prices available at the time of the valuation analysis, with adjustments in value for physical deterioration and functional and economic obsolescence. While we use our best estimates and assumptions to determine the fair values of the assets acquired and the liabilities assumed, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in our Consolidated Statements of Income. We also estimate the useful lives of intangible assets to determine the period over which to recognize the amount of acquisition-related intangible assets as an expense. Certain assets may be considered to have indefinite useful lives. We periodically review the estimated useful lives assigned to our intangible assets to determine whether such estimated useful lives continue to be appropriate. Refer to Note 8 to our Consolidated Financial Statements within this Form 10-K for further information. Management’s Use of Non-GAAP Financial Measures We have included in the discussion below certain financial measures that were not prepared in accordance with GAAP. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. Below, we define the non-GAAP financial measures, provide a reconciliation of each non-GAAP financial measure to the most directly comparable financial measure calculated in accordance with GAAP and discuss the reasons that we believe this information is useful to management and may be useful to investors. Because our non-GAAP financial measures are not standardized measures, they may not be directly comparable with the non-GAAP financial measures of other companies using the same or similar non-GAAP financial measures. Although management uses these non-GAAP measures to set goals and measure performance, they have no standardized meaning prescribed by GAAP. These non-GAAP measures are presented solely to permit investors to more fully understand how our management assesses underlying performance. These non-GAAP measures are not, and should not be viewed as, a substitute for GAAP measures, and should be viewed in conjunction with our GAAP financial statements and financial measures. As a result, such non-GAAP measures have limits in their usefulness to investors. We have defined the non-GAAP measure adjusted net income attributable to Corpay as net income attributable to Corpay, as reflected in our statement of income, 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 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. We have defined the non-GAAP measure adjusted net income per diluted share attributable to Corpay as the calculation previously noted divided by the weighted average diluted shares outstanding as reflected in our statement of income. 54 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 GAAP. We believe it is useful to exclude non-cash share 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 share 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, certain discrete tax items, gains on business dispositions, 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 income tax rate during the period, exclusive of certain discrete tax items. Organic Revenues, net by KPI. 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 of 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 bases 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, goodwill impairment, loss on extinguishment of debt, 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.  Reconciliation of Non-GAAP Revenue and Key Performance Metric by Segment to GAAP. Set forth below is a reconciliation of organic growth by segment, calculated using pro forma and macro adjusted revenue and transactions to the most directly comparable GAAP measure, revenue, net and transactions (in millions): 55 Revenues, net Key Performance Metric Year Ended December 31,* Year Ended December 31,* 2025 2024 2025 2024 VEHICLE PAYMENTS - TRANSACTIONS Pro forma and macro adjusted $2,179 $1,999 880 823 Impact of acquisitions/dispositions 1 10 1 (2) Impact of fuel prices/spread (29) — — — Impact of foreign exchange rates (12) — — — As reported $2,139 $2,009 881 821 CORPORATE PAYMENTS - SPEND Pro forma and macro adjusted $1,627 $1,391 $258,452 $197,447 Impact of acquisitions/dispositions — (169) — (25,393) Impact of fuel prices/spread — — — — Impact of foreign exchange rates 8 — — — As reported $1,635 $1,222 $258,452 $172,055 LODGING PAYMENTS - ROOM NIGHTS Pro forma and macro adjusted $469 $489 35 38 Impact of acquisitions/dispositions — — — — Impact of fuel prices/spread — — — Impact of foreign exchange rates 1 — — — As reported $470 $489 35 38 OTHER1 - TRANSACTIONS Pro forma and macro adjusted $284 $255 1,718 1,574 Impact of acquisitions/dispositions — — — — Impact of fuel prices/spread — — — — Impact of foreign exchange rates 1 — — — As reported $285 $255 1,718 1,574 CORPAY CONSOLIDATED REVENUES Pro forma and macro adjusted $4,559 $4,133 Intentionally Left Blank Impact of acquisitions/dispositions 1 (158) Impact of fuel prices/spread2 (29) — Impact of foreign exchange rates2 (2) — As reported $4,528 $3,975 * Columns may not calculate due to rounding. 1 Other includes Gift and Payroll Card operating segments. 2 Revenues reflect the negative impact of fuel price spreads of approximately $18 million, approximately $11 million negative impact from fuel prices and $2 million negative impact due to movements in foreign exchange rates. 56 Reconciliation of Non-GAAP Measures. Set forth below is a reconciliation of adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay to the most directly comparable GAAP measure, net income attributable to Corpay and net income per diluted share attributable to Corpay (in millions, except per share amounts)*: Year Ended December 31, 2025 2024 Net income attributable to Corpay $1,069.8 $1,003.7 Net income per diluted share attributable to Corpay $15.03 $13.97 Stock-based compensation 102.6 116.7 Amortization1 283.2 239.0 Loss on extinguishment of debt 1.6 5.0 Integration and deal related costs 108.0 33.7 Restructuring and related costs2 18.4 9.3 Gain on disposition, net (42.3) (121.3) Goodwill impairment — 90.0 Adjustments at equity method investment, net of tax 28.5 — Other2 15.0 19.1 Total adjustments 515.1 391.5 Income tax impact of pre-tax adjustments at the effective tax rate3 (127.7) (98.7) Discrete tax items4 60.8 67.5 Adjusted net income attributable to Corpay $1,518.1 $1,364.1 Adjusted net income per diluted share attributable to Corpay5 $21.38 $19.01 Diluted shares 71.1 71.8 1 Includes consolidated amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts. 2 Includes losses and gains on foreign currency transactions, certain legal expenses, amortization expense attributable to the Company's noncontrolling interest, taxes associated with stock-based compensation programs, a loss on an economic hedge of a foreign-denominated purchase price of an acquisition and a gain on sale of a cost method investment. 3 Represents provision for income taxes of pre-tax adjustments. Adjustments related to our equity method investment are tax effected at the effective tax rate of the investment as stated. 4 For 2025, represents discrete tax provision recognized in the third quarter of 2025 as a result of legal entity and tax restructuring actions taken by the Company to facilitate cross-border transactions, discrete non-cash tax provision recognized related to the remeasurement of deferred tax assets and liabilities as a result of tax law changes in California and Brazil and the impact on taxes of certain non recurring tax impacting items resulting from acquisitions. For 2024, represents discrete non-cash tax provision recognized in the fourth quarter of 2024 related to a prior tax planning strategy and taxes on net gain realized upon disposition of our merchant solutions business within the Vehicle Payments segment of $47.8 million. 5 Excludes the impact on earnings per share of the adjustment of a noncontrolling interest to its maximum redemption value of $1.5 million. * Columns may not calculate due to rounding. 57 EBITDA, Adjusted EBITDA Measures. EBITDA is defined as earnings before interest, income taxes, interest expense, net, other loss (income), depreciation and amortization, loss on extinguishment of debt, goodwill impairment, investment loss/gain, gain on disposition and other operating, net. Adjusted EBITDA is defined as EBITDA further adjusted for stock-based compensation expense and other one-time items as listed above. EBITDA and adjusted EBITDA margin is defined as EBITDA and adjusted EBITDA as a percentage of revenue. The following table reconciles EBITDA, Adjusted EBITDA and Adjusted EBITDA margin to net income from operations (in millions, except percentages)*: Year Ended December 31, 2025 2024 Net income from operations $1,071.9 $1,003.7 Provision for income taxes 469.7 381.4 Interest expense, net 403.8 383.0 Other expense, net 47.0 14.0 Depreciation and amortization 393.3 351.1 Goodwill impairment — 90.0 Gain on disposition, net (42.3) (121.3) Loss on extinguishment of debt 1.6 5.0 Other operating, net 2.1 0.8 EBITDA $2,347.2 $2,107.7 Stock-based compensation $102.6 $116.7 Other addbacks1 115.2 46.4 Adjusted EBITDA $2,565.1 $2,270.8 Revenues, net $4,528.4 $3,974.6 Adjusted EBITDA margin 56.6% 57.1% 1 Includes certain legal expenses, restructuring costs and integration and deal related costs * Columns may not calculate due to rounding. 58