CPAY · 10-Q · 2026Q3 · Full report

Operating Expense Trends

CORPAY, INC. · 2026-11-05 · Importance 52 · Surprise 56

Nine-month processing expense increased 19.2% to $845.3 million, including $47 million of higher credit-loss expense from increased transaction volumes and $23 million of unfavorable foreign-exchange impact. Selling expense rose 30.3% to $444.2 million, driven by sales and marketing investment, higher commissions, $46 million of acquisition-related expense, and $13 million of unfavorable foreign-exchange impact. General and administrative expense increased 23.2% to $631.6 million, while depreciation and amortization rose 26.1% to $348.8 million; the latter reflected capital investments and acquisition-related amortization. In the third quarter, processing, selling, general and administrative, and depreciation and amortization expenses increased 19.8%, 23.6%, 14.3%, and 24.2%, respectively.

Key facts

• Corpay reported $107.6 million of other operating expense, net, for the nine months ended September 30, 2026, compared with none in the prior-year period. source
• General and administrative expenses were $631.6 million for the nine months ended September 30, 2026, up 23.2% from the comparable prior period. source
• Corpay’s processing expense increased 19.8% to $298.1 million in the third quarter of 2026, including approximately $21 million of higher credit-loss expense and approximately $4 million of unfavorable foreign-exchange impact. source
• Corpay’s selling expense increased 23.6% to $145.4 million in the third quarter of 2026, driven in part by marketing investments, higher commissions, approximately $14 million of acquisition-related expense, and approximately $2 million of unfavorable foreign-exchange impact. source
• Corpay’s general and administrative expense increased 14.3% to $204.2 million in the third quarter of 2026, including $6 million of higher stock-based compensation expense. source
• Acquisitions completed in 2025 contributed approximately $45 million to general and administrative expenses for the nine months ended September 30, 2026. source
• Higher stock-based compensation expense increased general and administrative expenses by $18 million for the nine months ended September 30, 2026. source
• Dispositions completed in 2025 and 2026 lowered general and administrative expenses by approximately $10 million for the nine months ended September 30, 2026. source