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Side-by-side financial comparison of Corpay (CPAY) and F5, Inc. (FFIV). Click either name above to swap in a different company.
Corpay is the larger business by last-quarter revenue ($1.2B vs $811.7M, roughly 1.5× F5, Inc.). Corpay runs the higher net margin — 21.2% vs 18.2%, a 3.0% gap on every dollar of revenue. On growth, Corpay posted the faster year-over-year revenue change (20.7% vs 11.0%). Over the past eight quarters, Corpay's revenue compounded faster (15.5% CAGR vs 8.0%).
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.
F5, Inc. is an American technology company specializing in application security, multi-cloud management, online fraud prevention, application delivery networking (ADN), application availability and performance, and network security, access, and authorization.
CPAY vs FFIV — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $811.7M |
| Net Profit | $264.5M | $148.0M |
| Gross Margin | — | 81.4% |
| Operating Margin | 45.2% | 22.1% |
| Net Margin | 21.2% | 18.2% |
| Revenue YoY | 20.7% | 11.0% |
| Net Profit YoY | 7.5% | 1.5% |
| EPS (diluted) | $3.74 | $2.58 |
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 | — | $811.7M | ||
| Q4 25 | $1.2B | $822.5M | ||
| Q3 25 | $1.2B | $810.1M | ||
| Q2 25 | $1.1B | $780.4M | ||
| Q1 25 | $1.0B | $731.1M | ||
| Q4 24 | $1.0B | $766.5M | ||
| Q3 24 | $1.0B | $746.7M | ||
| Q2 24 | $975.7M | $695.5M |
| Q1 26 | — | $148.0M | ||
| Q4 25 | $264.5M | $180.1M | ||
| Q3 25 | $277.9M | $190.5M | ||
| Q2 25 | $284.2M | $189.9M | ||
| Q1 25 | $243.2M | $145.5M | ||
| Q4 24 | $246.0M | $166.4M | ||
| Q3 24 | $276.4M | $165.3M | ||
| Q2 24 | $251.6M | $144.1M |
| Q1 26 | — | 81.4% | ||
| Q4 25 | — | 81.5% | ||
| Q3 25 | — | 82.2% | ||
| Q2 25 | — | 81.0% | ||
| Q1 25 | — | 80.7% | ||
| Q4 24 | — | 81.7% | ||
| Q3 24 | — | 80.8% | ||
| Q2 24 | — | 80.4% |
| Q1 26 | — | 22.1% | ||
| Q4 25 | 45.2% | 26.0% | ||
| Q3 25 | 44.6% | 25.4% | ||
| Q2 25 | 43.5% | 25.2% | ||
| Q1 25 | 42.5% | 21.7% | ||
| Q4 24 | 47.2% | 26.8% | ||
| Q3 24 | 45.5% | 25.6% | ||
| Q2 24 | 44.4% | 23.4% |
| Q1 26 | — | 18.2% | ||
| Q4 25 | 21.2% | 21.9% | ||
| Q3 25 | 23.7% | 23.5% | ||
| Q2 25 | 25.8% | 24.3% | ||
| Q1 25 | 24.2% | 19.9% | ||
| Q4 24 | 23.8% | 21.7% | ||
| Q3 24 | 26.9% | 22.1% | ||
| Q2 24 | 25.8% | 20.7% |
| Q1 26 | — | $2.58 | ||
| Q4 25 | $3.74 | $3.10 | ||
| Q3 25 | $3.91 | $3.25 | ||
| Q2 25 | $3.98 | $3.25 | ||
| Q1 25 | $3.40 | $2.48 | ||
| Q4 24 | $3.43 | $2.82 | ||
| Q3 24 | $3.90 | $2.79 | ||
| Q2 24 | $3.52 | $2.44 |
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 | $1.4B |
| Total DebtLower is stronger | $10.0B | — |
| Stockholders' EquityBook value | $3.9B | $3.6B |
| Total Assets | $26.4B | $6.5B |
| Debt / EquityLower = less leverage | 2.58× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.4B | ||
| Q4 25 | $2.4B | $1.2B | ||
| Q3 25 | $2.0B | $1.3B | ||
| Q2 25 | $2.2B | $1.4B | ||
| Q1 25 | $1.6B | $1.3B | ||
| Q4 24 | $1.6B | $1.2B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $1.4B | $935.6M |
| Q1 26 | — | — | ||
| Q4 25 | $10.0B | — | ||
| Q3 25 | $8.1B | — | ||
| Q2 25 | $8.1B | — | ||
| Q1 25 | $8.2B | — | ||
| Q4 24 | $8.0B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $3.6B | ||
| Q4 25 | $3.9B | $3.5B | ||
| Q3 25 | $4.1B | $3.6B | ||
| Q2 25 | $3.9B | $3.5B | ||
| Q1 25 | $3.5B | $3.3B | ||
| Q4 24 | $3.1B | $3.2B | ||
| Q3 24 | $3.1B | $3.1B | ||
| Q2 24 | $2.8B | $3.0B |
| Q1 26 | — | $6.5B | ||
| Q4 25 | $26.4B | $6.3B | ||
| Q3 25 | $19.7B | $6.3B | ||
| Q2 25 | $20.4B | $6.1B | ||
| Q1 25 | $18.5B | $5.9B | ||
| Q4 24 | $18.0B | $5.9B | ||
| Q3 24 | $17.6B | $5.6B | ||
| Q2 24 | $16.2B | $5.4B |
| Q1 26 | — | — | ||
| Q4 25 | 2.58× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 2.07× | — | ||
| Q1 25 | 2.37× | — | ||
| Q4 24 | 2.56× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $525.1M |
| Free Cash FlowOCF − Capex | $760.3M | — |
| FCF MarginFCF / Revenue | 60.9% | — |
| Capex IntensityCapex / Revenue | 4.2% | — |
| Cash ConversionOCF / Net Profit | 3.07× | 3.55× |
| TTM Free Cash FlowTrailing 4 quarters | $1.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $525.1M | ||
| Q4 25 | $812.7M | $159.2M | ||
| Q3 25 | $-378.9M | $208.1M | ||
| Q2 25 | $1.1B | $282.2M | ||
| Q1 25 | $-74.2M | $256.6M | ||
| Q4 24 | $648.7M | $202.8M | ||
| Q3 24 | $400.8M | $246.5M | ||
| Q2 24 | $540.9M | $159.0M |
| Q1 26 | — | — | ||
| Q4 25 | $760.3M | $149.5M | ||
| Q3 25 | $-429.8M | $191.9M | ||
| Q2 25 | $1.1B | $273.7M | ||
| Q1 25 | $-118.9M | $246.1M | ||
| Q4 24 | $604.6M | $194.7M | ||
| Q3 24 | $355.0M | $240.4M | ||
| Q2 24 | $496.8M | $153.1M |
| Q1 26 | — | — | ||
| Q4 25 | 60.9% | 18.2% | ||
| Q3 25 | -36.7% | 23.7% | ||
| Q2 25 | 98.7% | 35.1% | ||
| Q1 25 | -11.8% | 33.7% | ||
| Q4 24 | 58.4% | 25.4% | ||
| Q3 24 | 34.5% | 32.2% | ||
| Q2 24 | 50.9% | 22.0% |
| Q1 26 | — | — | ||
| Q4 25 | 4.2% | 1.2% | ||
| Q3 25 | 4.3% | 2.0% | ||
| Q2 25 | 4.8% | 1.1% | ||
| Q1 25 | 4.5% | 1.4% | ||
| Q4 24 | 4.3% | 1.1% | ||
| Q3 24 | 4.4% | 0.8% | ||
| Q2 24 | 4.5% | 0.8% |
| Q1 26 | — | 3.55× | ||
| Q4 25 | 3.07× | 0.88× | ||
| Q3 25 | -1.36× | 1.09× | ||
| Q2 25 | 4.01× | 1.49× | ||
| Q1 25 | -0.30× | 1.76× | ||
| Q4 24 | 2.64× | 1.22× | ||
| Q3 24 | 1.45× | 1.49× | ||
| Q2 24 | 2.15× | 1.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CPAY
| Vehicle Payments | $572.9M | 46% |
| Corporate Payments | $480.8M | 39% |
| Lodging Payments | $112.5M | 9% |
| Other Operating Segments | $82.1M | 7% |
FFIV
Segment breakdown not available.
