Corpay's Corporate Payments Push Could Unlock Its Next Growth Phase

Corpay is rated BUY after strong 2Q26 results and raised full-year guidance, with robust earnings and revenue growth.

CPAY is shifting focus from vehicle to corporate payments, targeting a $560 billion TAM with less than 1% current share.

2Q26 revenue rose 21% to $1.34B, adjusted EBITDA margin expanded to 57.3%, and free cash flow hit $1.6B TTM.

Trading at 10x forward EV/EBITDA, a 29% discount to peak, CPAY supports share price via buybacks and potential accretive acquisitions.

Corpay (CPAY) is rated a BUY as the company reported strong 2Q26 results and raised its full-year guidance.

The total addressable market for corporate and cross-border payment solutions is $560 billion, of which the company has less than 1% current share.