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Corpay cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$735M in Q3 2026 · $1.3B over twelve months

Operating cash flow−$697M
Capital spending−$37.9M
Free cash flow−$735M
Cash / net income-1.8×

Analysis

In Q3 2026, Corpay generated −$697M of operating cash flow and spent $37.9M on capital projects, leaving free cash flow of −$735M. That is $305M less than in Q3 2025 (−$430M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.5B; the largest uses were buybacks ($2.3B), capital spending ($196M), other investing ($88.3M); besides operations, cash came from other financing ($3.2B), acquisitions ($2.0B); the cash balance rose by $4.5B.

Operating cash flow was −$697M against net income of $382M — -1.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables −$639M, receivables −$314M, prepaid and other assets −$188M.

Free cash flow

Corpay: free cash flow by quarterCorpay: free cash flow by quarter$605MQ4 2024−$119MQ1 2025$1.1BQ2 2025−$430MQ3 2025$760MQ4 2025−$108MQ1 2026$1.4BQ2 2026−$735MQ3 2026
Operating cash flow less capital spending.
Corpay: operating cash flow against capital spendingCorpay: operating cash flow against capital spendingOperating cash flowCapital spending$649M$44.1MQ4 2024−$74.2M$44.8MQ1 2025$1.1B$52.6MQ2 2025−$379M$50.9MQ3 2025$813M$52.4MQ4 2025−$56.6M$51.1MQ1 2026$1.5B$54.4MQ2 2026−$697M$37.9MQ3 2026
Latest (Q3 2026): Operating cash flow −$697M, Capital spending $37.9M.

Capital allocation, year by year

Corpay: where the cash came from (up) and went (down), by fiscal yearCorpay: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $1.2BFY2021: Net borrowing $1.3BFY2021: Shares issued $48.8MFY2021: Capital spending −$112MFY2021: Acquisitions −$602MFY2021: Buybacks −$1.4B$2.6BFY2021FY2022: Operating cash flow $755MFY2022: Net borrowing $176MFY2022: Shares issued $49.4MFY2022: Capital spending −$151MFY2022: Acquisitions −$217MFY2022: Buybacks −$1.4B$980MFY2022FY2023: Operating cash flow $2.1BFY2023: Net borrowing $41.6MFY2023: Shares issued $114MFY2023: Capital spending −$154MFY2023: Acquisitions −$428MFY2023: Buybacks −$687M$2.3BFY2023FY2024: Operating cash flow $1.9BFY2024: Net borrowing $544MFY2024: Shares issued $428MFY2024: Capital spending −$175MFY2024: Acquisitions −$822MFY2024: Buybacks −$1.3B$2.9BFY2024FY2025: Operating cash flow $1.5BFY2025: Net borrowing $1.5BFY2025: Shares issued $67.8MFY2025: Asset sales $53.4MFY2025: Capital spending −$201MFY2025: Acquisitions $1.9BFY2025: Buybacks −$783M$5.0BFY2025
Over these 5 years operating cash flow totalled $7.5B; the largest uses were buybacks ($5.5B) and acquisitions ($2.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.1B
Debt$11.2B
Net debt$8.2B
Due within a year$5.2B
Cash runway13 months

Corpay is burning cash: its operations consume cash, a free cash flow of −$2.9B a year at the current rate against $3.1B of cash and investments: a runway of about 13 months; $5.2B of debt also comes due within a year, which would need refinancing or new money before any new financing.

Where the cash came from and went

Corpay: sources (+) and uses (−) of cash, Q3 2026Corpay: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$776MBuybacks−$707MOperating cash flow−$697MOther financing$695MShares issued$103MNet borrowing (+) / repaid (−)−$87.9MAcquisitions−$46.7MCapital spending−$37.9MNot reconciled−$7.4MOther investing$7.4MAsset & business sales$3.0M
Corpay: sources (+) and uses (−) of cash, TTM to Q3 2026Corpay: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$4.5BOther financing$3.2BBuybacks−$2.3BAcquisitions$2.0BOperating cash flow$1.5BCapital spending−$196MShares issued$194MNet borrowing (+) / repaid (−)$185MOther investing−$88.3MNot reconciled−$31.1M

From profit to cash

Corpay: net income to operating cash flow, Q3 2026Corpay: net income to operating cash flow, Q3 2026Net income$382MDepreciation & amortization$116MStock-based pay$33.4MDeferred taxes−$42.3MOther non-cash$10.2MReceivables−$314MPayables−$639MPrepaid and other assets−$188MOperating cash flow−$697M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$697M−$37.9M−$46.7M−$707M−$87.9M$103M$776M−$735M
Q2 2026$1.5B−$54.4M—−$327M−$573M$74.7M−$1.4B$1.4B
Q1 2026−$56.6M−$51.1M—−$786M−$4.9M$11.7M$176M−$108M
Q4 2025$813M−$52.4M$2.1B−$500M$851M$4.8M−$4.1B$760M
Q3 2025−$379M−$50.9M—−$192M−$72.3M$7.1M$617M−$430M
Q2 2025$1.1B−$52.6M−$929K−$32.2M−$25.6M$23.9M−$1.1B$1.1B
Q1 2025−$74.2M−$44.8M−$154M−$58.7M$701M$32.1M$72.9M−$119M
Q4 2024$649M−$44.1M−$576M−$249M−$47.4M$244M−$301M$605M

Corpay: income statement and cash flow

Corpay, Q3 2026: revenue $1.4B (+18% year over year), operating margin 45.0%. The chart follows the revenue to costs, profit and cash.

Corpay: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.