CORPAY, INC. (CPAY) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that CORPAY, INC. surfaced in its latest filing.

• Late fees and finance charges represented approximately 3% of consolidated revenue for the year ended December 31, 2025.December 31, 2025
• For the year ended December 31, 2025, approximately 51% of revenue was denominated in currencies other than the U.S. dollar (primarily, Brazilian real, British pound, euro, Canadian dollar, Australian dollar, Mexican peso, Czech koruna and New Zealand dollar).December 31, 2025
• During the year ended December 31, 2025, approximately 8% of consolidated revenue was directly influenced by the absolute price of fuel. Approximately 4% of consolidated revenue during the year ended December 31, 2025 was derived from transactions where revenue is tied to fuel price spreads.December 31, 2025
• Goodwill and intangible assets represent approximately 41% of total assets at December 31, 2025; recent impairment losses have been recorded.December 31, 2025
• At December 31, 2025, the company had approximately $10.0 billion of debt outstanding under its Credit Facility and Securitization Facility.December 31, 2025
• The limited partnership agreement with TPG requires delivery of minimum return payments to third-party investors up to 1.6 times invested capital in connection with a subsequent sale or other exit event; Mastercard has a limited right to put its interest back to the Company for six months, after which the Company has a limited six-month reciprocal call right on Mastercard’s interest.
• The company is required to comply with an Order issued by the U.S. District Court for the Northern District of Georgia on June 8, 2023 (the “FTC Order”), requiring compliance with certain advertising, contracting, record maintenance and reporting requirements for the U.S. fuel card business.June 8, 2023
• The subsidiary is registered as a member service provider with Mastercard through sponsorship by Mastercard member banks in the U.S. and Canada.
• The cross-border solution uses OTC derivatives, particularly foreign currency forwards, and is subject to rules under the Dodd-Frank Act, EMIR in the UK and EU, and derivative reporting in Canada and Australia.
• The company is subject to the BSA as a money services business providing money transmission and prepaid access, and must comply with OFAC sanctions programs.