Corpay, Inc. reported a net revenue of $1,005.7 million for the first quarter of 2025, marking an increase of 7.5% compared to $935.3 million in the same period of the previous year. The company's net income attributable to Corpay rose to $243.2 million, or $3.40 per diluted share, up from $229.8 million, or $3.12 per diluted share, in the prior year. This growth in revenue and profitability was driven by a combination of organic growth, acquisitions, and increased transaction volumes, despite facing challenges from unfavorable macroeconomic conditions.
The company experienced a 9% organic revenue growth, bolstered by new sales initiatives and increased spending. However, this growth was partially offset by a $51 million negative impact attributed to foreign exchange rates and fuel price volatility. Notably, the Corporate Payments segment saw a significant revenue increase of 32.9%, reaching $352.7 million, while the Vehicle Payments segment reported a slight decline of 1.4% to $487.1 million, primarily due to adverse foreign exchange impacts and the recent divestiture of its merchant solutions business.
In terms of operational developments, Corpay completed the acquisition of Gringo, a Brazil-based vehicle registration and compliance payment company, for approximately $153.7 million in February 2025. This acquisition is expected to enhance Corpay's Vehicle Payments segment. The company also reported a total employee headcount of 2,500 as of March 31, 2025, reflecting its ongoing expansion efforts. Additionally, Corpay's stock repurchase program remains active, with $1.2 billion remaining for future repurchases.
Looking ahead, Corpay anticipates continued growth driven by its strategic initiatives and partnerships, including an expanded collaboration with Mastercard to enhance corporate cross-border payment solutions. The company remains focused on leveraging its acquisitions and improving operational efficiencies to navigate the challenges posed by the current economic environment.
About CORPAY, INC.
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