CPAY US S&P 500Russell 1000 Earnings call · transcribed from the recording
Corpay (CPAY) · Q3 2026 results and valuation
Share price: $461.95 · 2026-11-11
Results Q3 2026 vs Q2 2026 · previous quarter · published 4 Nov 2026 and 5 Aug 2026
Net income up 52.4% on the previous quarter, guidance raised. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+52.4%
Net income vs Q2 2026
Guidance raised
Net income 378.4M vs 248.3M
Revenue +3.2%
Against the same quarter last year (Q3 2025) it is +36.2%, so it is not just seasonal.
2 · How management spoke
Typical
More upbeat than 54% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Guidance ↑
Corpay is raising Q4 revenue guidance at the midpoint to $1.37 billion and cash EPS at the midpoint to $7.65.
Valuation
Is Corpay undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 9.7% growth a year (3-year revenue growth), the model's fair value is $377.59 a share — the stock trades 22% above it. Today's price assumes 12.5% growth a year.
Current price
$461.95
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+12.5% for 10 yrs
Fair value / share
$377.59
Buy below
$283.19
Price vs fair value
Overvalued 22%
Price vs buy-below price
Overvalued 63%
Management expects
Revenue +10% · from the Q3 2026 report: “We expect Q4 overall organic revenue growth of 10% at the midpoint, led by our corporate payments growth, which we expect to remain in the high teens, and…”
A guidance figure for revenue, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
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Guidance
Corpay expects Q4 overall organic revenue growth of 10% at the midpoint, led by its corporate payments growth, which it expects to remain in the high teens, and that's consistent...
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Figure
Corpay reported Q3 revenue of $1.38 billion.
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Fading
Organic revenue growth in Q3, 11% Corpay had a slightly better macro in the quarter, and its spend management business overperformed.
Source quote
“Overall organic revenue growth in Q3, 11% We had a slightly better macro in the quarter, and our spend management business overperformed. That marks six consecutive quarters of double-digit organic revenue growth.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“We expect Q4 overall organic revenue growth of 10% at the midpoint, led by our corporate payments growth, which we expect to remain in the high teens, and that's consistent...”
“Inside that, our corporate payment segment accelerated to 18% organic growth, actually 20% excluding float.”
“Our corporate payment segment, again, high teens growth in the quarter.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-09-30)
| Metric | Q3 2026period end 2026-09-30 | Q2 2026period end 2026-06-30 | Change | Q3 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.38B | 1.34B | +3.2% | 1.17B | +17.9% |
| Operating income | 621.3M | 472.3M | +31.5% | 523.1M | +18.8% |
| Net income | 378.4M | 248.3M | +52.4% | 277.9M | +36.2% |
| EPS | 5.66 | 3.70 | +53.0% | 3.91 | +44.8% |
| P/E today 25.0 | 21.4 | 20.3 | +1.1 | 19.6 | +1.8 |
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