Corpay Inc.

Q1 2026 delivered clear “beat + durable growth” - Revenue $1.26B (+25% YoY) and cash EPS $5.80 (+29% YoY). - Organic revenue growth: 11%, marking 4 straight quarters at 11%. - Management said ~$50M of the $50M revenue beat vs guidance was driven by better company performance (not macro). - Operational quality: retention 93.5% (new definition includes cross-border); new sales/bookings +24%; same-store sales flat.

Segment/geography drivers: strong cross-border + payables; vehicle resilient; lodging re-accelerated - Corporate Payments: 16% organic growth; 200 bps drag from float revenue compression (lower interest rates), but growth still exceeded expectations. - Key drivers: spend volumes +43% (to $82B), cross-border + payables strong; AP/payables sales strength highlighted. - Alpha integration: ~15% of Alpha corporate volume migrated to Corpay’s tech platform; next migration wave planned for Q2. - Vehicle Payments: 10% organic growth (all 3 geographies). Fuel prices helped; management flagged a potential minor Q1 headwind (about ~1 point) from a Google keyword issue in vehicle debt, but expects high-teens growth for the segment rest of year. - Lodging: meaningfully better; sequential improvement and landed flat overall in Q1; confidence increased for second-half lodging growth (management suggested mid- to high-single-digit trajectory).

Upward full-year guidance: revenue + earnings raised; growth durability expected - Full-year 2026 revenue guidance raised to $5.29B at midpoint (implies ~17% growth YoY, assuming 10% organic growth remains the “durability” target). - Full-year cash EPS raised to $26.70 at midpoint (implies ~25% cash EPS growth YoY). - Guidance mechanics called out: - Flow-through of the Q1 revenue beat (~$50M). - +~$50M rest-of-year from higher fuel price expectations and continued better fundamentals. - -$75M rest-of-year netted out for the PayByPhone divestiture on March 31 (management emphasized EPS impact is largely neutral due to share repurchases with proceeds).