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Jun 30, 2025
Corpay Q2 2025 Earnings Report
Corpay reported strong second quarter 2025 financial results, with revenue and adjusted EPS both increasing by 13%. The company also announced the acquisition of Alpha Group and new stablecoin partnerships.
Key Takeaways
Corpay exceeded expectations in the second quarter of 2025, achieving 13% growth in both revenue and adjusted EPS. Organic revenue growth was 11%, driven by strong performance in the Corporate Payments segment, which grew by 18%. The company's balance sheet is robust, positioning it well for the upcoming Alpha Group acquisition and new ventures into stablecoin and digital currency markets.
Revenues increased by 13% to $1,102.0 million in Q2 2025, compared to $975.7 million in Q2 2024.
Net income per diluted share increased by 13% to $3.98 in Q2 2025, up from $3.52 in Q2 2024.
Adjusted net income per diluted share grew by 13% to $5.13 in Q2 2025, compared to $4.55 in Q2 2024.
The Corporate Payments segment showed significant growth, with revenues increasing by 36% to $391.9 million and organic growth of 18%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Corpay has raised its fiscal year 2025 outlook due to the strong second-quarter performance and favorable foreign currency rates, anticipating continued benefits from strong sales, cost discipline, and improved retention.
Positive Outlook
- Total revenues are projected to be between $4,405 million and $4,485 million.
- Net income is expected to range from $1,171 million to $1,211 million.
- Net income per diluted share is forecasted between $16.41 and $16.81.
- Adjusted net income is anticipated to be between $1,488 million and $1,528 million.
- Adjusted net income per diluted share is projected to be between $20.86 and $21.26.
Challenges Ahead
- Weighted average U.S. fuel prices are assumed to be $3.16 per gallon, which could impact fuel-related revenues.
- Fuel price spreads are expected to be lower than the 2024 average, potentially affecting profitability.
- Interest expense is projected to be between $360 million and $390 million, indicating significant financing costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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