Key Takeaways
- Corpay shares jumped 10% after a third-quarter beat and a raised 2026 outlook.
- Corporate Payments grew 18% organically and is nearly as big as Vehicle Payments, which supports a higher multiple.
- WEX’s corporate payments grew just 3.5% last quarter, and BILL’s next report will test the demand.
- Corpay now guides to $28.00 of 2026 adjusted EPS, above the $27.43 analysts expected.
Corpay (CPAY) stock jumped 10% today after a third-quarter beat and a raised outlook. Adjusted EPS of $7.54 topped the $7.20 analysts expected, on revenue of $1.38 billion against $1.36 billion.
Corporate Payments drove the quarter, up 18% organically. Its closest rival, WEX (WEX), didn’t come near that pace last quarter, and BILL Holdings (BILL) now has a high bar to clear.
Corporate Payments is about to be the bigger business
Organic growth was 11%, and CFO Peter Walker said spend management and cross-border drove the Corporate Payments jump, adding that “we delivered 57.4% EBITDA margins due to the high flow through rate on revenue.”
Corporate Payments brought in $571.3 million, or 41% of revenue. A year ago it was 35%, and the Alpha acquisition accounts for part of that gain. Vehicle Payments grew 8% to $579.8 million.
WEX’s business payments barely grew
WEX raised its full-year guidance on Oct. 28. But $57.3 million of its 12.8% revenue growth came from higher fuel prices, and its Corporate Payments segment grew just 3.5%. Higher fuel prices are helping both companies’ fleet businesses, but Corpay’s growth in business payments is its own.
BILL gives a better read on demand for automating payables. In its June quarter, total payment volume grew 14% and core revenue grew 16%. Corpay’s spend volume grew 24% pro forma. Is the whole market picking up, or is Corpay winning share? BILL’s September quarter should tell us.
TIKR tracks 16 analysts on Corpay. How many say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on Corpay, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See Corpay’s Analyst Ratings
The multiple has room to climb
Before the report, analysts expected Corpay’s EPS to keep rising through 2028, with $27.43 for 2026:
Corpay now guides to $28.00 for the year. So I’d expect that 2026 estimate to move up.
Before the report, the stock traded at 14x forward earnings. That was right at its five-year average and well below the 19x it reached in February 2025:
Today’s jump lifts it above that average.
The way I see it, Corpay gets more of its growth from business payments every quarter, and that earns it more than its average multiple. Of course, its fuel revenue still moves with pump prices. The fourth-quarter report, likely in early February, has to show Corporate Payments still growing faster than the rest of the business.
So what is Corpay stock actually worth?
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