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Side-by-side financial comparison of Corpay (CPAY) and Graham Holdings Co (GHC). Click either name above to swap in a different company.
Graham Holdings Co is the larger business by last-quarter revenue ($1.3B vs $1.2B, roughly 1.0× Corpay). Corpay runs the higher net margin — 21.2% vs 8.7%, a 12.5% gap on every dollar of revenue. On growth, Corpay posted the faster year-over-year revenue change (20.7% vs 0.4%). Corpay produced more free cash flow last quarter ($760.3M vs $5.0M). Over the past eight quarters, Corpay's revenue compounded faster (15.5% CAGR vs 4.2%).
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.
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
CPAY vs GHC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.3B |
| Net Profit | $264.5M | $108.7M |
| Gross Margin | — | — |
| Operating Margin | 45.2% | 3.8% |
| Net Margin | 21.2% | 8.7% |
| Revenue YoY | 20.7% | 0.4% |
| Net Profit YoY | 7.5% | -80.2% |
| EPS (diluted) | $3.74 | $24.76 |
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.
| Q4 25 | $1.2B | $1.3B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.0B | $1.2B | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $1.0B | $1.2B | ||
| Q2 24 | $975.7M | $1.2B | ||
| Q1 24 | $935.3M | $1.2B |
| Q4 25 | $264.5M | $108.7M | ||
| Q3 25 | $277.9M | $122.9M | ||
| Q2 25 | $284.2M | $36.7M | ||
| Q1 25 | $243.2M | $23.9M | ||
| Q4 24 | $246.0M | $548.8M | ||
| Q3 24 | $276.4M | $72.5M | ||
| Q2 24 | $251.6M | $-21.0M | ||
| Q1 24 | $229.8M | $124.4M |
| Q4 25 | 45.2% | 3.8% | ||
| Q3 25 | 44.6% | 5.2% | ||
| Q2 25 | 43.5% | 6.0% | ||
| Q1 25 | 42.5% | 4.1% | ||
| Q4 24 | 47.2% | 5.8% | ||
| Q3 24 | 45.5% | 6.8% | ||
| Q2 24 | 44.4% | 2.2% | ||
| Q1 24 | 42.5% | 3.1% |
| Q4 25 | 21.2% | 8.7% | ||
| Q3 25 | 23.7% | 9.6% | ||
| Q2 25 | 25.8% | 3.0% | ||
| Q1 25 | 24.2% | 2.0% | ||
| Q4 24 | 23.8% | 44.1% | ||
| Q3 24 | 26.9% | 6.0% | ||
| Q2 24 | 25.8% | -1.8% | ||
| Q1 24 | 24.6% | 10.8% |
| Q4 25 | $3.74 | $24.76 | ||
| Q3 25 | $3.91 | $27.91 | ||
| Q2 25 | $3.98 | $8.35 | ||
| Q1 25 | $3.40 | $5.45 | ||
| Q4 24 | $3.43 | $124.05 | ||
| Q3 24 | $3.90 | $16.42 | ||
| Q2 24 | $3.52 | $-4.79 | ||
| Q1 24 | $3.12 | $27.72 |
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 | $267.0M |
| Total DebtLower is stronger | $10.0B | — |
| Stockholders' EquityBook value | $3.9B | $4.8B |
| Total Assets | $26.4B | $8.4B |
| Debt / EquityLower = less leverage | 2.58× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $267.0M | ||
| Q3 25 | $2.0B | $190.8M | ||
| Q2 25 | $2.2B | $176.2M | ||
| Q1 25 | $1.6B | $156.7M | ||
| Q4 24 | $1.6B | $260.9M | ||
| Q3 24 | $1.3B | $244.4M | ||
| Q2 24 | $1.4B | $140.7M | ||
| Q1 24 | $1.3B | $130.9M |
| 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 24 | — | — |
| Q4 25 | $3.9B | $4.8B | ||
| Q3 25 | $4.1B | $4.5B | ||
| Q2 25 | $3.9B | $4.4B | ||
| Q1 25 | $3.5B | $4.3B | ||
| Q4 24 | $3.1B | $4.3B | ||
| Q3 24 | $3.1B | $4.0B | ||
| Q2 24 | $2.8B | $4.0B | ||
| Q1 24 | $3.3B | $4.0B |
| Q4 25 | $26.4B | $8.4B | ||
| Q3 25 | $19.7B | $7.9B | ||
| Q2 25 | $20.4B | $7.6B | ||
| Q1 25 | $18.5B | $7.6B | ||
| Q4 24 | $18.0B | $7.7B | ||
| Q3 24 | $17.6B | $7.4B | ||
| Q2 24 | $16.2B | $7.2B | ||
| Q1 24 | $15.8B | $7.3B |
| Q4 25 | 2.58× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 2.07× | — | ||
| Q1 25 | 2.37× | — | ||
| Q4 24 | 2.56× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $28.3M |
| Free Cash FlowOCF − Capex | $760.3M | $5.0M |
| FCF MarginFCF / Revenue | 60.9% | 0.4% |
| Capex IntensityCapex / Revenue | 4.2% | 1.9% |
| Cash ConversionOCF / Net Profit | 3.07× | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | $1.3B | $275.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $812.7M | $28.3M | ||
| Q3 25 | $-378.9M | $178.1M | ||
| Q2 25 | $1.1B | $94.8M | ||
| Q1 25 | $-74.2M | $46.0M | ||
| Q4 24 | $648.7M | $116.3M | ||
| Q3 24 | $400.8M | $237.6M | ||
| Q2 24 | $540.9M | $52.0M | ||
| Q1 24 | $350.2M | $1.1M |
| Q4 25 | $760.3M | $5.0M | ||
| Q3 25 | $-429.8M | $161.8M | ||
| Q2 25 | $1.1B | $78.0M | ||
| Q1 25 | $-118.9M | $30.5M | ||
| Q4 24 | $604.6M | $91.1M | ||
| Q3 24 | $355.0M | $219.4M | ||
| Q2 24 | $496.8M | $33.7M | ||
| Q1 24 | $309.0M | $-20.2M |
| Q4 25 | 60.9% | 0.4% | ||
| Q3 25 | -36.7% | 12.6% | ||
| Q2 25 | 98.7% | 6.4% | ||
| Q1 25 | -11.8% | 2.6% | ||
| Q4 24 | 58.4% | 7.3% | ||
| Q3 24 | 34.5% | 18.2% | ||
| Q2 24 | 50.9% | 2.8% | ||
| Q1 24 | 33.0% | -1.8% |
| Q4 25 | 4.2% | 1.9% | ||
| Q3 25 | 4.3% | 1.3% | ||
| Q2 25 | 4.8% | 1.4% | ||
| Q1 25 | 4.5% | 1.3% | ||
| Q4 24 | 4.3% | 2.0% | ||
| Q3 24 | 4.4% | 1.5% | ||
| Q2 24 | 4.5% | 1.5% | ||
| Q1 24 | 4.4% | 1.8% |
| Q4 25 | 3.07× | 0.26× | ||
| Q3 25 | -1.36× | 1.45× | ||
| Q2 25 | 4.01× | 2.58× | ||
| Q1 25 | -0.30× | 1.93× | ||
| Q4 24 | 2.64× | 0.21× | ||
| Q3 24 | 1.45× | 3.28× | ||
| Q2 24 | 2.15× | — | ||
| Q1 24 | 1.52× | 0.01× |
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% |
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
