Corpay, Inc. (CPAY) — Agentic Tribune

PART I

ITEM 1. BUSINESS

Introduction

Corpay, Inc. (the "Company") 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 (AP) 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). Since its incorporation in 2000, Corpay has delivered payment and spend solutions with customized controls and

robust capabilities that offer our customers a better way to pay. 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 ("NYSE")

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

errors, inaccurate reimbursement processing, account reconciliation errors, employee misuse and more.

Digital payments are faster and more secure than paper-based methods such as checks, provide timely and detailed data that can

be utilized to effectively reduce unauthorized purchases and fraud, automate data entry and reporting and eliminate

reimbursement mistakes. Combining this payment data with analytical tools delivers powerful insights, which managers can use

to better run their businesses.

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.

In addition to delivering meaningful value to our customers, our solutions also share several important and attractive business

model characteristics including:

•the majority of revenue is derived from business customers, which tend to have relatively predictable, consistent

volumes;

•recurring revenue models that are volume-driven, resulting in predictable revenue;

•unique selling systems with common sales approaches, management and reporting;

•specialized technology platforms and proprietary payment acceptance networks, which we believe create competitive

advantages and barriers to entry; and

•attractive EBITDA margins and strong cash flow conversion with relatively limited incremental infrastructure

investment requirements.

We actively market and sell to current and prospective customers using a multi-channel, go-to-market strategy, which includes

comprehensive digital channels, direct sales forces and strategic partner relationships. We sell stand-alone products and services

and are currently deploying platforms where a single customer can use multiple products from one user interface. We compete

with financial institutions that provide general purpose commercial card, accounts payable and cross-border payment products,

as well as specialized providers offering more targeted solutions; and also with traditional payment methods such as cash,

checks and manual processes. We supplement our organic growth strategy and sales efforts by pursuing attractive acquisition

opportunities, which serve to strengthen and extend our market positions and create value faster. With a long, proven operating

history, Corpay facilitates payments to or on behalf of millions of businesses around the world through multiple modalities.

Corpay has the following reportable segments: Corporate Payments, Vehicle Payments, Lodging Payments and Other. These

segments reflect how we organize and manage our global employee base, manage operating performance and execute on

strategic initiatives. Our Corporate Payments solutions simplify and automate vendor payments and include AP automation,

virtual cards, cross-border payments and purchasing and travel and entertainment ("T&E") card products. Our Vehicle

Payments solutions help control and monitor spending and include fuel card offerings, tolls and other complementary products.

Our Lodging Payments solutions help businesses manage their lodging costs, while simplifying the management of hotels and

housing, both short and longer-term, while also providing traveler and end customer support.

Corporate Payments

Our Corporate Payments solutions help businesses streamline the management, processing and payment of their domestic and

international invoices and make point-of-sale purchases for their employees. Companies can save time, reduce costs and

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manage business-to-business (B2B) payment processing more efficiently with our suite of Corporate Payment solutions,

including cross-border payments, spend management solutions, AP automation, virtual cards and purchasing and T&E cards.

Cross-Border Payments – Our cross-border solution is used by our customers to pay international vendors, foreign office and

personnel expenses and for profit repatriation and dividends via foreign current transactions structured with foreign currency

spot trades, forward contracts and option contracts. We may use our own proprietary network, SWIFT international payments

network, and even stablecoins, to move liquidity around the world. We also offer hedging and risk management services to

customers, which helps them manage foreign exchange rate exposures in the course of doing business internationally. This

solution may be sold in conjunction with our AP automation and virtual card solutions.

Trade settlement and payment delivery is facilitated through a global network of correspondent banks, in-country payment

gateways and technology providers, enabling us to send payments to recipients in close to 200 countries and 145 currencies.

Our customers rely on us to deliver personalized service and customer solutions. We offer a proprietary trading and payments

platform that we can "white label" for financial institutions looking to expand their cross-border payment capability, as well as

a suite of API products that enables us to embed our full capability directly within the technology of both customers and

partners. By utilizing transaction monitoring and "watch list" screening systems, we ensure payments are safe, secure and meet

all applicable regulatory requirements.

We also offer multi-currency bank accounts to our corporate and financial institutions customers and alternative bank account

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Financial statements

data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .

From 10-Q filed 2026-08-10 (period ending 2026-06-30).

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Item 2.

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 unaudited 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 in our Annual Report on Form 10-K for the year ended December 31, 2025. 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 the three and six months ended June 30, 2026 and 2025, with period-over-period comparisons between these periods. A detailed discussion of 2025 items and period-over-period comparisons between the three and six months ended June 30, 2025 and 2024 that are not included in this Quarterly Report on Form 10-Q can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part I, Item 2 of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.

Executive Overview

Corpay is a global corporate payments and spend management company that helps businesses simplify, automate and control the way they make payments and optimize commercial payment workflows. Corpay provides a broad suite of payment and spend management solutions, including accounts payable automation and cross-border payment and foreign exchange risk management 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.

We estimate that businesses spend approximately $145 trillion annually in transactions with other businesses. In many instances, businesses continue to rely on fragmented systems and manual processes to approve, execute and reconcile payments and manage spending across their organizations. These challenges can result in operational inefficiencies, limited visibility into spending, increased fraud risk, manual reconciliation efforts, higher administrative costs and less informed financial decision-making.

Our integrated payment and spend management solutions provide meaningful advantages over traditional payment methods, including cash, paper checks, general purpose credit cards and manual employee reimbursement processes.

Corpay has been a member of the S&P 500 since 2018 and trades on the New York Stock Exchange under the ticker CPAY.

Impact of Economic Environment on Our Business

Some of the countries where we operate, and other countries where we will seek to operate, have undergone significant political, economic and social change and events in recent periods. Adverse global macroeconomic conditions, including but not limited to recessions or economic downturns, inflation, changing interest rates, currency fluctuations, economic sanctions (including tariffs), regional or domestic hostilities and the prospect or occurrence of more widespread conflicts, a slowdown of global trade, or reduced consumer spending, could have a material adverse impact on our business, results of operations and financial condition.

We are actively monitoring the changes and events and assessing the impact on our business. The extent, severity, duration and outcome of market disruptions could be significant and could potentially have substantial impact on the global economy and our business for an unknown period of time. Measures such as sanctions and tariffs may adversely affect the global economy and financial markets and could adversely affect our business, financial condition and results of operations. We cannot predict the scope of macroeconomic factors because these measures are complex and evolving. Any such disruptions may also magnify the impact of other risks described in our Annual Report on Form 10-K.

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 three and six months ended June 30, 2026 and 2025, (in millions, except per share amounts).

	Three Months Ended June 30,				Six Months Ended June 30,
(Unaudited)	2026		2025		2026		2025
Revenues, net	$	1,338.8	$	1,102.0	$	2,599.8	$	2,107.7
Net income attributable to Corpay	$	248.3	$	284.2	$	598.4	$	527.4
Net income per diluted share attributable to Corpay1	$	3.70	$	3.98	$	8.79	$	7.38
1 For 2026, 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, adjusted net income per diluted share, EBITDA, adjusted EBITDA, and adjusted EBITDA margin for the three and six months ended June 30, 2026 and 2025 (in millions, except per share amounts and percentages).

	Three Months Ended June 30,						Six Months Ended June 30,
(Unaudited)	2026			2025			2026			2025
Adjusted net income attributable to Corpay	$	464.4		$	366.4		$	861.6		$	689.3
Adjusted net income per diluted share attributable to Corpay	$	7.00		$	5.13		$	12.80		$	9.64
EBITDA	$	689.4		$	570.7		$	1,326.3		$	1,090.0
Adjusted EBITDA	$	767.2		$	620.6		$	1,455.8		$	1,176.0
Adjusted EBITDA margin	57.3		%	56.3		%	56.0		%	55.8		%

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.

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Sources of Revenue

Corpay offers a variety of payment solutions that 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 76% 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. During the first quarter of 2026, the Company refined its segment composition within its existing reportable segments to reflect how our Chief Executive Officer, who is the Chief Operating Decision Maker (CODM), organizes and manages the global business. 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, Outsourced Card Processing and Payroll Card businesses. The refined composition within these reportable segments align with how the CODM allocates resources, assesses performance and reviews financial information. The presentation of segment information has been recast for the prior periods to align with the revised segment presentation.

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. During the first quarter of 2026, we refined our segment composition within our existing reportable segments to reflect how our CODM currently organizes and manages the global business. As a result of the changes, our segment structure was updated. These changes include realignment of our outsourced card processing business from Corporate Payments to Other, and enterprise clients using our spend management product for vehicle and corporate payments from Vehicle Payments to Corporate Payments. The refined composition within our reportable segments aligns with how the CODM allocates resources, assesses performance and reviews financial information. Prior periods have been recast to conform with current segment presentation. For the three and six months ended June 30, 2026 and 2025, our segments generated the following revenues, net (in millions, except percentages).

	Three Months Ended June 30,								Six Months Ended June 30,
(Unaudited)	2026				2025				2026				2025
Revenues by Segment*	Revenues, net		% of Total Revenues, net		Revenues, net		% of Total Revenues, net		Revenues, net		% of Total Revenues, net		Revenues, net		% of Total Revenues, net
Corporate Payments	$	548.7	41	%	$	387.3	35	%	$	1,052.6	40	%	$	732.4	35	%
Vehicle Payments	580.2		43	%	512.0		46	%	1,144.1		44	%	986.3		47	%
Lodging Payments	123.2		9	%	119.8		11	%	234.2		9	%	230.0		11	%
Other	86.7		6	%	82.9		8	%	168.9		6	%	159.0		8	%
Consolidated revenues, net	$	1,338.8	100	%	$	1,102.0	100	%	$	2,599.8	100	%	$	2,107.7	100	%

*Columns may not calculate due to rounding. Other includes our Gift, Outsourced Card Processing and Payroll Card businesses.

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 payments business, our revenue is from exchanges of currency at spot rates, which enables customers to make cross-currency payments. Our cross-border payments business also derives revenue from our risk management business, which 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. 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, Outsourced Card Processing 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 three and six months ended June 30, 2026 and 2025, were as follows (in millions, except percentages):

	Three Months Ended June 30,								Six Months Ended June 30,
(Unaudited)	2026				2025				2026				2025
Revenues by Geography*	Revenues, net		% of Total Revenues, net		Revenues, net		% of Total Revenues, net		Revenues, net		% of Total Revenues, net		Revenues, net		% of Total Revenues, net
United States	$	600.2	45	%	$	541.4	49	%	$	1,143.7	44	%	$	1,048.7	50	%
Brazil	217.2		16	%	170.3		15	%	428.4		16	%	332.8		16	%
United Kingdom	202.2		15	%	148.2		13	%	407.0		16	%	294.2		14	%
Other	319.2		24	%	242.2		22	%	620.8		24	%	432.0		20	%
Consolidated revenues, net	$	1,338.8	100	%	$	1,102.0	100	%	$	2,599.8	100	%	$	2,107.7	100	%

*Columns may not calculate due to rounding.

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Revenues, net by Key Performance Metric and Organic Growth. Revenues, net by key performance metric and organic growth by segment for the three months ended June 30, 2026 and 2025, were as follows (in millions, except revenues, net per key performance indicator, and percentages)*:

	As Reported				Pro Forma and Macro Adjusted1
	Three Months Ended June 30,				Three Months Ended June 30,
(Unaudited)	2026	2025	Change	% Change	2026	2025	Change	% Change
CORPORATE PAYMENTS2
- Revenues, net	$548.7	$387.3	$161.4	42%	$538.1	$465.5	$72.6	16%
- Spend volume	$94,635	$55,673	$38,962	70%	$94,635	$66,238	$28,397	43%
- Revenue, net per spend $	0.58%	0.70%	(0.12)%	(17)%	0.57%	0.70%	(0.13)%	(19)%
VEHICLE PAYMENTS
- Revenues, net	$580.2	$512.0	$68.2	13%	$523.5	$484.3	$39.1	8%
- Transactions	147.6	207.3	(59.7)	(29)%	147.1	136.3	10.9	8%
- Revenues, net per transaction	$3.93	$2.47	$1.46	59%	$3.56	$3.55	$0.00	—%
'- Tag transactions3	23.9	22.8	1.1	5%	23.9	22.8	1.1	5%
'- Parking transactions4	—	67.8	(67.8)	(100)%	—	—	—	—%
- Fleet transactions	100.8	101.6	(0.8)	(1)%	100.3	98.4	1.9	2%
- Other transactions	22.9	15.1	7.8	52%	22.9	15.1	7.8	52%
LODGING PAYMENTS
- Revenues, net	$123.2	$119.8	$3.4	3%	$122.5	$119.8	$2.7	2%
- Room nights	7.5	8.7	(1.1)	(13)%	7.5	8.7	(1.1)	(13)%
- Revenues, net per room night	$16.34	$13.84	$2.50	18%	$16.24	$13.84	$2.40	17%
OTHER5
- Revenues, net	$86.7	$82.9	$3.8	5%	$86.7	$82.9	$3.8	5%
- Transactions	450.4	420.1	30.3	7%	450.4	420.1	30.3	7%
- Revenues, net per transaction	$0.19	$0.20	$—	(2)%	$0.19	$0.20	$—	(2)%
CORPAY CONSOLIDATED REVENUES, NET
- Revenues, net	$1,338.8	$1,102.0	$236.8	21%	$1,270.7	$1,152.5	$118.2	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 comparable prior period due to new payables and cross-border enterprise clients.
3 Represents total tag subscription transactions in the period. Average monthly tag subscriptions for the second quarter of 2026 is 8.0 million.
4 Parking transactions relates to PayByPhone, a mobile parking payments business within our Vehicle Payments segment, which we sold to a third party in March 2026.
5 Other includes Gift, Outsourced Card Processing and Payroll Card operating segments.
* Columns may not calculate due to rounding.

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 adjusted to include or remove the impact of acquisitions and/or divestitures 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 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 expense consists 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 Unaudited 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 44% and 50% of our revenues in the six months ended June 30, 2026 and 2025, 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 to us based on a percentage of each customer’s total purchase. Changes in the absolute price of fuel may also impact

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unpaid account balances and the late fees and charges based on these amounts. We estimate approximately 6% and 8% of revenues, net were directly impacted by changes in fuel price in the six months ended June 30, 2026 and 2025, respectively. 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 5% and 4% of revenues, net were directly impacted by fuel price spreads in the six months ended June 30, 2026 and 2025, respectively. See "Results of Operations" for information related to the fuel price spread 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 June 30, 2026, we have a number of receive-variable SOFR, pay-fixed interest rate swap derivative contracts with a cumulative notional U.S. dollar value of $4.0 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 "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 income 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.

On July 4, 2025, the "One Big Beautiful Bill Act" ("OBBBA") was enacted in the U.S. The OBBBA includes provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates beginning in 2025.

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holders ( registered funds via N-PORT, institutional investors via 13F). Showing top by dollar value.

Holder	Type	ETF	MF	Position ($)	% of holder	Δ % of holder	Holder AUM

Recent insider activity

Last 90 days. Open-market trades (purchases & sales) by directors, officers, and 10%+ owners. 14 transactions across 4 insiders. Net: -149,745 shares, -$56,251,573.

Date	Insider	Role	Action	Shares	Price	Value
2026-08-20	Stull Steven T	Director	Sell	-2,357 ×3	$413.62	-$974,910
2026-08-20	King Alan	GroupPresident IntlVehiclePmts	Sell	-18,423 ×3	$414.64	-$7,638,859
2026-08-19	Stull Steven T	Director	Sell	-4,000 ×4	$410.66	-$1,642,647
2026-08-18	Stull Steven T	Director	Sell	-643 ×2	$410.68	-$264,070
2026-08-18	King Alan	GroupPresident IntlVehiclePmts	Sell	-18,663 ×5	$410.57	-$7,662,417
2026-08-14	King Alan	GroupPresident IntlVehiclePmts	Sell	-7,122	$419.58	-$2,988,222
2026-08-13	Farrelly Joseph W	Director	Sell	-1,751	$415.03	-$726,718
2026-08-12	Farrelly Joseph W	Director	Sell	-3,549 ×2	$407.52	-$1,446,287
2026-06-15	Netto Armando Lins	GroupPresident Brazil&USVehPmt	Sell	-70,476	$352.13	-$24,816,770
2026-06-11	Netto Armando Lins	GroupPresident Brazil&USVehPmt	Sell	-4,560	$351.60	-$1,603,307
2026-06-02	Stull Steven T	Director	Sell	-1,000	$360.78	-$360,780
2026-05-29	Netto Armando Lins	GroupPresident Brazil&USVehPmt	Sell	-2,694	$357.01	-$961,798
2026-05-28	Netto Armando Lins	GroupPresident Brazil&USVehPmt	Sell	-14,089	$356.05	-$5,016,362
2026-05-27	Netto Armando Lins	GroupPresident Brazil&USVehPmt	Sell	-418	$355.08	-$148,425

Source: SEC Form 4 filings.

Next expected filings

~2026-11-11 10-Q expected by 2026-11-11 (in 78 days)
~2027-02-27 10-K expected by 2027-02-27 (in 186 days)
~2027-05-09 10-Q expected by 2027-05-09 (in 257 days)
~2027-08-11 10-Q expected by 2027-08-11 (in 351 days)

Predicted from historical filing cadence; not an SEC commitment.

Recent SEC filings

2026-08-10 10-Q Quarterly Report
2026-08-05 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
2026-07-24 8-K Officer/Director Change
2026-05-22 8-K Material Agreement Entered; Regulation FD Disclosure; Financial Statements and Exhibits
2026-05-08 10-Q Quarterly Report
2026-05-07 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
2026-04-10 DEF 14A Proxy Statement
2026-02-27 10-K Annual Report
2026-02-26 8-K Shareholder Director Nominations; Other Events
2026-02-05 8-K/A Completion of Acquisition/Disposition; Financial Statements and Exhibits
2026-02-04 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
2026-01-22 8-K Officer/Director Change; Financial Statements and Exhibits
2025-11-10 10-Q Quarterly Report
2025-11-05 8-K Material Agreement Entered; Completion of Acquisition/Disposition; Earnings Release; Material Financial Obligation; Regulation FD Disclosure; Financial Statements and Exhibits
2025-08-07 10-Q Quarterly Report

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