Corpay, Inc.

Corpay, Inc. is an American corporate payments company that provides spend management, cross-border payments, accounts payable automation, vehicle payment solutions, and lodging payment solutions to businesses and consumers worldwide, generating $4.53 billion in revenue in fiscal 2025. Formerly known as FleetCor Technologies, the company rebranded in March 2024 and has been an S&P 500 constituent since 2018, trading on the NYSE under the ticker CPAY.

This is a story about a deliberate and consequential portfolio rotation. Corpay spent its first two decades building a fleet-card empire through aggressive acquisition — buying up fuel-card programs, toll networks, and lodging payment platforms — and then, in the last three years, began systematically pivoting the asset base toward corporate payments, a larger, faster-growing market where the company believes it can build durable competitive advantages. The 2025 acquisition of Alpha Group PLC, a cross-border payments platform serving asset managers, and the strategic investment in AvidXchange, an AP automation provider, mark the acceleration of that rotation. At the same time, the company has begun divesting non-core vehicle-payment assets, including the $450 million sale of PayByPhone in early 2026.

The file turns on a single question: whether Corporate Payments can scale into the majority of the business before the legacy Vehicle Payments segment — still 47% of revenue — faces structural headwinds it cannot outgrow. The answer depends on cross-border execution, Lodging's recovery, and the capital-allocation discipline of a management team that intends to buy back more than half the company over the next four years.