Corpay Reports $3.97 Billion Revenue and $1.00 Billion Net Income for Fiscal Year 2024

Corpay, Inc. (formerly FLEETCOR Technologies, Inc.) reported a solid financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $3.97 billion, a 5.8% increase from $3.76 billion in 2023. The company’s net income attributable to shareholders was $1.00 billion, or $13.97 per diluted share, reflecting a slight increase of 2.2% compared to the previous year. Adjusted net income, which excludes certain non-recurring items, rose to $1.36 billion, translating to $19.01 per diluted share, up from $16.92 in 2023. The growth in revenue was primarily driven by organic growth of 8%, bolstered by increased transaction volumes and the implementation of new sales initiatives.

Significant changes in the company's operations included the completion of several acquisitions, notably Paymerang and GPS Capital Markets, which contributed to the Corporate Payments segment's revenue growth of 24.5% year-over-year. The Vehicle Payments segment remained stable, generating $2.01 billion in revenue, while the Lodging Payments segment saw a decline to $488.6 million, down 6.1% from the previous year. The company also recorded a goodwill impairment of $90 million related to its Payroll Card reporting unit, which impacted the Other segment's performance.

Corpay's strategic focus on acquisitions and geographic expansion has continued to shape its growth trajectory. The company completed the sale of its Russian operations in August 2023 and its merchant solutions business in December 2024, which collectively impacted revenues by approximately $81 million. The company is actively pursuing further acquisitions, including a definitive agreement to acquire Gringo, a Brazil-based vehicle registration and compliance payment company, for approximately $147 million, expected to close in early 2025.

Operationally, Corpay reported a total employee headcount of approximately 11,200 as of December 31, 2024, with a diverse workforce across 24 countries. The company’s customer base continues to expand, with significant growth in transaction volumes across its various payment solutions. The company’s liquidity position remains strong, with total liquidity of approximately $2.1 billion, including $1.6 billion in cash and cash equivalents. Looking ahead, Corpay anticipates continued growth driven by its strategic initiatives, although it acknowledges potential challenges from macroeconomic conditions, including fluctuations in fuel prices and foreign exchange rates.