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Side-by-side financial comparison of American Express (AXP) and Corpay (CPAY). Click either name above to swap in a different company.
Corpay is the larger business by last-quarter revenue ($1.2B vs $18.9M, roughly 66.0× American Express). Corpay runs the higher net margin — 21.2% vs 15.7%, a 5.5% gap on every dollar of revenue. On growth, Corpay posted the faster year-over-year revenue change (20.7% vs 11.4%). Over the past eight quarters, Corpay's revenue compounded faster (15.5% CAGR vs -95.6%).
American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services worldwide. The company operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services. Its products and services include payment and financing products; network services; accounts payable expense management products and services; and travel and lifestyle services. The company's products an...
Corpay, Inc., headquartered in Atlanta, Georgia, provides payments and spend management systems and services that control expense-related purchasing and payment processes. The company focuses on vehicle-related expenses, lodging expenses, and corporate payments.
AXP vs CPAY — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $18.9M | $1.2B |
| Net Profit | $3.0M | $264.5M |
| Gross Margin | — | — |
| Operating Margin | — | 45.2% |
| Net Margin | 15.7% | 21.2% |
| Revenue YoY | 11.4% | 20.7% |
| Net Profit YoY | 15.0% | 7.5% |
| EPS (diluted) | — | $3.74 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $18.9M | — | ||
| Q4 25 | $10.9B | $1.2B | ||
| Q3 25 | $10.4B | $1.2B | ||
| Q2 25 | $10.3B | $1.1B | ||
| Q1 25 | $9.6B | $1.0B | ||
| Q4 24 | $10.0B | $1.0B | ||
| Q3 24 | $9.7B | $1.0B | ||
| Q2 24 | $9.8B | $975.7M |
| Q1 26 | $3.0M | — | ||
| Q4 25 | $2.5B | $264.5M | ||
| Q3 25 | $2.9B | $277.9M | ||
| Q2 25 | $2.9B | $284.2M | ||
| Q1 25 | $2.6B | $243.2M | ||
| Q4 24 | $2.2B | $246.0M | ||
| Q3 24 | $2.5B | $276.4M | ||
| Q2 24 | $3.0B | $251.6M |
| Q1 26 | — | — | ||
| Q4 25 | 28.2% | 45.2% | ||
| Q3 25 | 36.7% | 44.6% | ||
| Q2 25 | 34.4% | 43.5% | ||
| Q1 25 | 34.6% | 42.5% | ||
| Q4 24 | 27.7% | 47.2% | ||
| Q3 24 | 33.0% | 45.5% | ||
| Q2 24 | 38.6% | 44.4% |
| Q1 26 | 15.7% | — | ||
| Q4 25 | 22.5% | 21.2% | ||
| Q3 25 | 27.9% | 23.7% | ||
| Q2 25 | 28.0% | 25.8% | ||
| Q1 25 | 26.8% | 24.2% | ||
| Q4 24 | 21.8% | 23.8% | ||
| Q3 24 | 25.8% | 26.9% | ||
| Q2 24 | 30.7% | 25.8% |
| Q1 26 | — | — | ||
| Q4 25 | $3.52 | $3.74 | ||
| Q3 25 | $4.14 | $3.91 | ||
| Q2 25 | $4.08 | $3.98 | ||
| Q1 25 | $3.64 | $3.40 | ||
| Q4 24 | $3.04 | $3.43 | ||
| Q3 24 | $3.49 | $3.90 | ||
| Q2 24 | $4.15 | $3.52 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $2.4B |
| Total DebtLower is stronger | $60.4M | $10.0B |
| Stockholders' EquityBook value | $34.0M | $3.9B |
| Total Assets | $308.9M | $26.4B |
| Debt / EquityLower = less leverage | 1.78× | 2.58× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $742.0M | $2.4B | ||
| Q3 25 | $1.3B | $2.0B | ||
| Q2 25 | $197.0M | $2.2B | ||
| Q1 25 | $261.0M | $1.6B | ||
| Q4 24 | $221.0M | $1.6B | ||
| Q3 24 | $120.0M | $1.3B | ||
| Q2 24 | $188.0M | $1.4B |
| Q1 26 | $60.4M | — | ||
| Q4 25 | $56.4B | $10.0B | ||
| Q3 25 | $57.8B | $8.1B | ||
| Q2 25 | $58.2B | $8.1B | ||
| Q1 25 | $51.2B | $8.2B | ||
| Q4 24 | $49.7B | $8.0B | ||
| Q3 24 | $53.5B | — | ||
| Q2 24 | $51.5B | — |
| Q1 26 | $34.0M | — | ||
| Q4 25 | $33.5B | $3.9B | ||
| Q3 25 | $32.4B | $4.1B | ||
| Q2 25 | $32.3B | $3.9B | ||
| Q1 25 | $31.2B | $3.5B | ||
| Q4 24 | $30.3B | $3.1B | ||
| Q3 24 | $29.7B | $3.1B | ||
| Q2 24 | $29.5B | $2.8B |
| Q1 26 | $308.9M | — | ||
| Q4 25 | $300.1B | $26.4B | ||
| Q3 25 | $297.6B | $19.7B | ||
| Q2 25 | $295.6B | $20.4B | ||
| Q1 25 | $282.2B | $18.5B | ||
| Q4 24 | $271.5B | $18.0B | ||
| Q3 24 | $271.0B | $17.6B | ||
| Q2 24 | $272.2B | $16.2B |
| Q1 26 | 1.78× | — | ||
| Q4 25 | 1.68× | 2.58× | ||
| Q3 25 | 1.78× | 1.99× | ||
| Q2 25 | 1.80× | 2.07× | ||
| Q1 25 | 1.64× | 2.37× | ||
| Q4 24 | 1.64× | 2.56× | ||
| Q3 24 | 1.80× | — | ||
| Q2 24 | 1.74× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $812.7M |
| Free Cash FlowOCF − Capex | — | $760.3M |
| FCF MarginFCF / Revenue | — | 60.9% |
| Capex IntensityCapex / Revenue | — | 4.2% |
| Cash ConversionOCF / Net Profit | — | 3.07× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $812.7M | ||
| Q3 25 | $6.2B | $-378.9M | ||
| Q2 25 | $4.4B | $1.1B | ||
| Q1 25 | $4.8B | $-74.2M | ||
| Q4 24 | $5.8B | $648.7M | ||
| Q3 24 | $-1.8B | $400.8M | ||
| Q2 24 | $4.5B | $540.9M |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $760.3M | ||
| Q3 25 | $5.6B | $-429.8M | ||
| Q2 25 | $3.7B | $1.1B | ||
| Q1 25 | $4.3B | $-118.9M | ||
| Q4 24 | $5.3B | $604.6M | ||
| Q3 24 | $-2.3B | $355.0M | ||
| Q2 24 | $4.0B | $496.8M |
| Q1 26 | — | — | ||
| Q4 25 | 21.4% | 60.9% | ||
| Q3 25 | 53.6% | -36.7% | ||
| Q2 25 | 36.3% | 98.7% | ||
| Q1 25 | 45.0% | -11.8% | ||
| Q4 24 | 53.1% | 58.4% | ||
| Q3 24 | -23.3% | 34.5% | ||
| Q2 24 | 40.4% | 50.9% |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | 4.2% | ||
| Q3 25 | 6.3% | 4.3% | ||
| Q2 25 | 6.0% | 4.8% | ||
| Q1 25 | 4.5% | 4.5% | ||
| Q4 24 | 5.0% | 4.3% | ||
| Q3 24 | 4.7% | 4.4% | ||
| Q2 24 | 5.8% | 4.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.25× | 3.07× | ||
| Q3 25 | 2.15× | -1.36× | ||
| Q2 25 | 1.51× | 4.01× | ||
| Q1 25 | 1.84× | -0.30× | ||
| Q4 24 | 2.66× | 2.64× | ||
| Q3 24 | -0.72× | 1.45× | ||
| Q2 24 | 1.50× | 2.15× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AXP
| Discount revenue | $9.5M | 50% |
| Other | $8.9M | 47% |
| Deposits with banks and other | $512.0K | 3% |
CPAY
| Vehicle Payments | $572.9M | 46% |
| Corporate Payments | $480.8M | 39% |
| Lodging Payments | $112.5M | 9% |
| Other Operating Segments | $82.1M | 7% |
