Corpay Inc.

Q2 results: very strong beat + record earnings - Revenue: $1.34B, +21% YoY, $45M above expectations (management notes ~$30M of the beat from favorable macro, with the remainder from underlying operating performance). - Cash EPS: $7.00, +36% YoY, all-time company earnings record. - Organic growth: +10% overall (Corporate Payments +16%, Vehicle Payments +8%). - Quality of demand: Retention steady at 93%; new bookings +30% YoY; same-store sales +1%.

Major deal contribution: integration and minority equity performing to plan - Alpha acquisition + Avid investment: contributed $0.39 of cash EPS accretion in Q2 (on target). - Alpha integration: 80%+ of corporate volume migrated to CorPay’s global tech platform. - Avid (minority) strength: sales +30%+; EBITDA more than doubled to a record level.

2026 guidance raised (core message: growth and capital returns accelerating) - Revenue guidance (full-year 2026): raised to $5.31B midpoint (implies ~17% YoY revenue growth at midpoint). - Cash EPS guidance (full-year 2026): raised to $27.35 midpoint (~28% YoY cash EPS growth). - EPS bridge: flows through Q2 beat (+$0.45); raises rest-of-year + $0.20; EPICS divestiture impact assumed neutral (proceeds planned for repurchases). - Q3 outlook: revenue $1.35B midpoint (+16% YoY); Q3 organic growth ~9%–11%; adjusted EPS $7.15 midpoint (+26% YoY). - Operating assumptions: management reiterates ~10% organic revenue growth for 2026; Corporate Payments expected mid-teens+ organic; Lodging accelerating to mid-single digits.