Corpay Sells UK Fleet Business as Q2 Profits Fall on FTC Charge

EarningsCorporate Action
โดย Insider Monkey·US·Read original
Summary · why it matters

Corpay reported second-quarter results that beat its own targets while agreeing to sell its UK fleet software business, epyx, along with r2c Online and Business Gateway, to OEConnection, a Francisco Partners portfolio company, in a deal expected to close this fall. Revenue climbed 21% to $1,338.8 million, adjusted earnings per share jumped 36% to $7.00, but GAAP net income fell 13% to $248.3 million due to a $100 million charge tied to a preliminary settlement with the Federal Trade Commission's Bureau of Consumer Protection. The company refinanced its debt, expanded its revolving credit line to $3.7 billion, and repurchased 1 million shares for $321 million. Management raised its full-year 2026 outlook, guiding to revenue of $5.290 billion to $5.330 billion and adjusted diluted earnings per share of $27.15 to $27.55, up 28% at the midpoint. The epyx sale is expected to be neutral to 2026 cash earnings per share, and proceeds will be used for share buybacks.

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Corpay Inc
CPAY
± MixedCapitalrelevance

Q2 beat targets with revenue +21% and EPS +36%, but GAAP net income fell 13% on a $100M FTC settlement charge, alongside a UK fleet business sale and raised 2026 guidance.

Off-coverage companies 2

Francisco PartnersPrivate± Mixed
Capitalrelevance

Francisco Partners portfolio company OEConnection is the buyer of Corpay's UK fleet software business epyx, r2c Online and Business Gateway.

OEConnectionPrivate± Mixed
Capitalrelevance

OEConnection, a Francisco Partners portfolio company, is acquiring Corpay's UK fleet software business epyx, r2c Online and Business Gateway.

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