On August 5, Corpay Inc. (NYSE:CPAY) announced in its second-quarter 2026 earnings call that the company's revenue hit $1.34 billion. This number was up 21% year-over-year and $45 million above expectations, while cash earnings per share reached $7.00, up 36% and an all-time company record. Management didn't just celebrate the quarter.
It raised guidance for the rest of the year. Corpay's organic revenue growth ran 10% in the quarter, led by 16% growth in Corporate Payments and 8% in Vehicle Payments, with those two segments combining for 12% organic growth on their own. Retention held at 93%, new bookings grew 30% year over year, and same-store sales turned positive at 1%.
Two recent deals, the Alpha acquisition and the Avid investment, added $0.39 to cash EPS in the quarter, right on the company's own target. Alpha's integration is more than 80% complete, with its corporate volume moved onto Corpay's global platform, while Avid grew sales more than 30% and doubled its EBITDA to a record level. On the back of that performance, Corpay raised full-year 2026 revenue guidance to $5.31 billion at the midpoint, 17% growth, and lifted cash EPS guidance to $27.35, up from an initial $26 target and implying 28% growth for the year.
The company also pointed to roughly $15 billion of available capital over its forecast period, earmarked for either share buybacks or acquisitions of other corporate payment businesses. Not every line in the report was clean. Corpay recorded a $100 million settlement charge tied to an FTC matter, still subject to final commission approval, and operating costs rose 9% excluding currency, stock compensation, and amortization, driven partly by sales investment and modestly higher credit losses.
Corporate Payments organic growth of 16% already absorbed a 180 basis point drag from float revenue compression as interest rates came down. Corpay is also divesting Epics, a smaller vehicle payments asset, in a deal expected to close between September and October, with planning built around a September 1 date. That sale is expected to cut 2026 revenue by about $40 million, though management says proceeds will fund buybacks to keep the earnings impact neutral.
Executives also acknowledged that Q2's beat included roughly $30 million from favorable macro conditions, on top of underlying performance, a reminder that not every dollar of upside is repeatable. Hedge fund interest in Corpay edged higher, with 43 funds holding positions in the most recent quarter versus 42 in the prior one. Short interest sits at 4.09% of float, a modest figure that suggests limited organized skepticism around the stock.
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