CPAY · 10-Q · 2026Q3 · Full report
Liquidity and Debt Position
CORPAY, INC. · 2026-11-05 · Importance 49 · Surprise 6 · No source text
At September 30, 2026, Corpay reported approximately $4.0 billion of total liquidity, including $3.1 billion of unrestricted cash and $0.9 billion available under its Credit Facility; some cash supports customer deposits, working capital and regulatory needs. Credit Facility borrowings were $3.3 billion on Term Loan A, $2.9 billion on Term Loan B and $2.8 billion on revolving facilities. The company also had a $2.3 billion Securitization Facility with no additional liquidity available, and it was compliant with covenants under both facilities. Nine-month operating cash flow was $716.3 million, investing activities provided $247.3 million including $424.7 million of PayByPhone sale proceeds, and financing activities used $416.5 million.
Key facts
- At September 30, 2026, Corpay had approximately $4.0 billion of total liquidity: approximately $0.9 billion available under its Credit Facility and $3.1 billion of unrestricted cash. source
- Net cash provided by operating activities was $716.3 million for the nine months ended September 30, 2026, compared with $687.2 million in the comparable prior period. source
- Net cash provided by investing activities was $247.3 million for the nine months ended September 30, 2026, compared with $282.9 million of net cash used in the comparable prior period. source
- Net cash used in financing activities was $416.5 million for the nine months ended September 30, 2026, compared with $102.3 million in the comparable prior period. source
- Net borrowings on the Credit Facility and Securitization Facility increased by $1.1 billion in 2026 over the comparable period in 2025. source
- As of September 30, 2026, the Credit Facility consisted of a $3.7 billion revolving facility, a $3.3 billion Term Loan A, and a $2.95 billion Term Loan B. source
- At September 30, 2026, Corpay had $3.3 billion of Term Loan A borrowings, $2.9 billion of Term Loan B borrowings, and $2.8 billion outstanding on revolving credit facilities, net of discounts and debt issuance costs. source
- Corpay made $6,017.3 million of Term Loan principal payments and had $1,430.9 million of net borrowings on revolving credit facilities during the nine months ended September 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -21.4% | Corpay made $6,017.3 million of Term Loan principal payments and had $1,430.9 million of net borrowings on revolving credit facilities… |
| liability | positive | realized | +21.4% | Corpay made $6,017.3 million of Term Loan principal payments and had $1,430.9 million of net borrowings on revolving credit facilities… |
| cash | positive | realized | +5.1% | Corpay made $6,017.3 million of Term Loan principal payments and had $1,430.9 million of net borrowings on revolving credit facilities… |
| liability | negative | realized | -5.1% | Corpay made $6,017.3 million of Term Loan principal payments and had $1,430.9 million of net borrowings on revolving credit facilities… |
| cash | positive | realized | +3.9% | Net borrowings on the Credit Facility and Securitization Facility increased by $1.1 billion in 2026 over the comparable period in 2025. |
| liability | negative | realized | -3.9% | Net borrowings on the Credit Facility and Securitization Facility increased by $1.1 billion in 2026 over the comparable period in 2025. |
| cash | positive | realized | +1.9% | Net cash provided by investing activities was $247.3 million for the nine months ended September 30, 2026, compared with $282.9 million of… |
| cash | negative | realized | -1.1% | Net cash used in financing activities was $416.5 million for the nine months ended September 30, 2026, compared with $102.3 million in the… |
| cash | positive | realized | +0.1% | Net cash provided by operating activities was $716.3 million for the nine months ended September 30, 2026, compared with $687.2 million in… |