Corpay: Will Its Expansion in Corporate Payments Bring A Shift In The Competitive Dynamics?

Corpay recently announced its financial results for the third quarter of 2024, which were generally in line with company expectations. The firm reported quarterly revenue of $1.29 billion, a milestone as it marks the first time Corpay exceeded $1 billion in a quarter. This figure represents a 7% increase when excluding Russia operations. Adjusted earnings per share were reported at $5, up 14% in the same comparison context. EBITDA margins improved to 54.2%, an increase of about 100 basis points from the previous quarter.