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Arphra AIPlain-English read on Corpay, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $2.83B | $3.43B | $3.76B | $3.97B | $4.53B | $5.3B | $5.82B | $6.37B |
| Cost of revenue | $559.82M | $764.71M | $819.91M | $869.09M | $1.36B | $1.33B | $1.44B | $1.53B |
| Gross profit | $2.27B | $2.66B | $2.94B | $3.11B | $3.17B | $4.03B | $4.5B | $4.78B |
| Gross margin | +80.24% | +77.69% | +78.18% | +78.13% | +69.91% | +76.03% | +77.22% | +75.13% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $747.95M | $893.22M | $943.58M | $997.78M | $1.21B | $1.38B | $1.53B | $1.63B |
| Total operating expenses | $1.03B | $1.22B | $1.28B | $1.32B | $1.21B | $1.68B | $1.84B | $2.03B |
| Operating income | $1.24B | $1.45B | $1.66B | $1.79B | $1.95B | $2.35B | $2.53B | $2.88B |
| Operating margin | +43.85% | +42.21% | +44.09% | +44.96% | +43.10% | +44.25% | +43.50% | +45.22% |
| EBITDA | $1.51B | $1.76B | $2.01B | $2.12B | $2.34B | $2.8B | $3.07B | $3.29B |
| EBIT | $1.22B | $1.44B | $1.67B | $1.77B | $1.95B | $2.39B | $2.52B | $2.75B |
| Below the line | ||||||||
| Interest expense | $113.71M | $164.66M | $348.61M | $383.04M | $403.85M | $496.79M | $528.95M | $597.73M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$133.75M | -$170.98M | -$331.87M | -$402.04M | -$410.17M | — | — | — |
| Pre-tax income | $1.11B | $1.28B | $1.33B | $1.39B | $1.54B | $1.83B | $2.04B | $2.2B |
| Income tax expense | $269.31M | $321.33M | $343.12M | $381.38M | $469.73M | $526.45M | $573.69M | $603.18M |
| Earnings | ||||||||
| Net income | $839.5M | $954.33M | $981.89M | $1B | $1.07B | $1.34B | $1.46B | $1.64B |
| Net income · continuing ops | $839.5M | $954.33M | $981.89M | $1B | $1.07B | $1.3B | $1.5B | $1.55B |
| Net margin | +29.63% | +27.85% | +26.13% | +25.25% | +23.62% | +25.35% | +25.13% | +25.71% |
| EPS · basic | $10.23 | $12.62 | $13.42 | $14.27 | $15.25 | $27.55 | $31.02 | $36.82 |
| EPS · diluted | $9.99 | $12.42 | $13.20 | $13.97 | $15.03 | $26.78 | $30.66 | $35.67 |
| EPS · low estimate | — | — | — | — | — | $26.63 | $29.97 | $33.44 |
| EPS · high estimate | — | — | — | — | — | $26.92 | $31.67 | $39.23 |
| Shares · basic | 82.06M | 75.6M | 73.16M | 70.33M | 70.14M | 69.93M | 69.85M | 69.55M |
| Shares · diluted | 84.06M | 76.86M | 74.39M | 71.85M | 71.06M | 70.38M | 71.4M | 71.25M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 12 | 12 | 5 |
| Analysts (EPS) | — | — | — | — | — | 11 | 11 | 4 |
Coverage notes. Historical figures come from FMP’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS from FMP consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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