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Side-by-side financial comparison of Corpay (CPAY) and Mastercard (MA). Click either name above to swap in a different company.
Mastercard is the larger business by last-quarter revenue ($8.4B vs $1.2B, roughly 6.7× Corpay). Mastercard runs the higher net margin — 46.4% vs 21.2%, a 25.2% gap on every dollar of revenue. On growth, Corpay posted the faster year-over-year revenue change (20.7% vs 16.0%). Over the past eight quarters, Corpay's revenue compounded faster (15.5% CAGR vs 9.9%).
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.
Mastercard Inc. is an American multinational payment card services corporation headquartered in Purchase, New York. It offers a range of payment transaction processing and other related-payment services. Throughout the world, its principal business is to process payments between the banks of merchants and the card-issuing banks or credit unions of the purchasers who use the Mastercard-brand debit, credit and prepaid cards to make purchases. Mastercard has been publicly traded since 2006.
CPAY vs MA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $8.4B |
| Net Profit | $264.5M | $3.9B |
| Gross Margin | — | — |
| Operating Margin | 45.2% | 58.3% |
| Net Margin | 21.2% | 46.4% |
| Revenue YoY | 20.7% | 16.0% |
| Net Profit YoY | 7.5% | 18.0% |
| EPS (diluted) | $3.74 | $4.35 |
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 | — | $8.4B | ||
| Q4 25 | $1.2B | $8.8B | ||
| Q3 25 | $1.2B | $8.6B | ||
| Q2 25 | $1.1B | $8.1B | ||
| Q1 25 | $1.0B | $7.3B | ||
| Q4 24 | $1.0B | $7.5B | ||
| Q3 24 | $1.0B | $7.4B | ||
| Q2 24 | $975.7M | $7.0B |
| Q1 26 | — | $3.9B | ||
| Q4 25 | $264.5M | $4.1B | ||
| Q3 25 | $277.9M | $3.9B | ||
| Q2 25 | $284.2M | $3.7B | ||
| Q1 25 | $243.2M | $3.3B | ||
| Q4 24 | $246.0M | $3.3B | ||
| Q3 24 | $276.4M | $3.3B | ||
| Q2 24 | $251.6M | $3.3B |
| Q1 26 | — | 58.3% | ||
| Q4 25 | 45.2% | 55.8% | ||
| Q3 25 | 44.6% | 58.8% | ||
| Q2 25 | 43.5% | 58.7% | ||
| Q1 25 | 42.5% | 57.2% | ||
| Q4 24 | 47.2% | 52.6% | ||
| Q3 24 | 45.5% | 54.3% | ||
| Q2 24 | 44.4% | 58.0% |
| Q1 26 | — | 46.4% | ||
| Q4 25 | 21.2% | 46.1% | ||
| Q3 25 | 23.7% | 45.7% | ||
| Q2 25 | 25.8% | 45.5% | ||
| Q1 25 | 24.2% | 45.2% | ||
| Q4 24 | 23.8% | 44.6% | ||
| Q3 24 | 26.9% | 44.3% | ||
| Q2 24 | 25.8% | 46.8% |
| Q1 26 | — | $4.35 | ||
| Q4 25 | $3.74 | $4.52 | ||
| Q3 25 | $3.91 | $4.34 | ||
| Q2 25 | $3.98 | $4.07 | ||
| Q1 25 | $3.40 | $3.59 | ||
| Q4 24 | $3.43 | $3.64 | ||
| Q3 24 | $3.90 | $3.53 | ||
| Q2 24 | $3.52 | $3.50 |
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 | $7.9B |
| Total DebtLower is stronger | $10.0B | $19.0B |
| Stockholders' EquityBook value | $3.9B | $6.7B |
| Total Assets | $26.4B | $52.4B |
| Debt / EquityLower = less leverage | 2.58× | 2.82× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $7.9B | ||
| Q4 25 | $2.4B | $10.6B | ||
| Q3 25 | $2.0B | $10.3B | ||
| Q2 25 | $2.2B | $9.0B | ||
| Q1 25 | $1.6B | $7.6B | ||
| Q4 24 | $1.6B | $8.4B | ||
| Q3 24 | $1.3B | $11.1B | ||
| Q2 24 | $1.4B | $7.0B |
| Q1 26 | — | $19.0B | ||
| 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 | — | $6.7B | ||
| Q4 25 | $3.9B | $7.7B | ||
| Q3 25 | $4.1B | $7.9B | ||
| Q2 25 | $3.9B | $7.9B | ||
| Q1 25 | $3.5B | $6.7B | ||
| Q4 24 | $3.1B | $6.5B | ||
| Q3 24 | $3.1B | $7.4B | ||
| Q2 24 | $2.8B | $7.4B |
| Q1 26 | — | $52.4B | ||
| Q4 25 | $26.4B | $54.2B | ||
| Q3 25 | $19.7B | $53.3B | ||
| Q2 25 | $20.4B | $51.4B | ||
| Q1 25 | $18.5B | $48.5B | ||
| Q4 24 | $18.0B | $48.1B | ||
| Q3 24 | $17.6B | $47.2B | ||
| Q2 24 | $16.2B | $42.3B |
| Q1 26 | — | 2.82× | ||
| 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 | $3.0B |
| Free Cash FlowOCF − Capex | $760.3M | — |
| FCF MarginFCF / Revenue | 60.9% | — |
| Capex IntensityCapex / Revenue | 4.2% | — |
| Cash ConversionOCF / Net Profit | 3.07× | 0.77× |
| TTM Free Cash FlowTrailing 4 quarters | $1.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.0B | ||
| Q4 25 | $812.7M | $5.0B | ||
| Q3 25 | $-378.9M | $5.7B | ||
| Q2 25 | $1.1B | $4.6B | ||
| Q1 25 | $-74.2M | $2.4B | ||
| Q4 24 | $648.7M | $4.8B | ||
| Q3 24 | $400.8M | $5.1B | ||
| Q2 24 | $540.9M | $3.1B |
| Q1 26 | — | — | ||
| Q4 25 | $760.3M | $4.9B | ||
| Q3 25 | $-429.8M | $5.5B | ||
| Q2 25 | $1.1B | $4.6B | ||
| Q1 25 | $-118.9M | $2.2B | ||
| Q4 24 | $604.6M | $4.7B | ||
| Q3 24 | $355.0M | $5.0B | ||
| Q2 24 | $496.8M | $3.0B |
| Q1 26 | — | — | ||
| Q4 25 | 60.9% | 55.5% | ||
| Q3 25 | -36.7% | 63.8% | ||
| Q2 25 | 98.7% | 56.1% | ||
| Q1 25 | -11.8% | 30.6% | ||
| Q4 24 | 58.4% | 63.3% | ||
| Q3 24 | 34.5% | 68.2% | ||
| Q2 24 | 50.9% | 43.4% |
| Q1 26 | — | — | ||
| Q4 25 | 4.2% | 1.3% | ||
| Q3 25 | 4.3% | 2.1% | ||
| Q2 25 | 4.8% | 0.5% | ||
| Q1 25 | 4.5% | 2.2% | ||
| Q4 24 | 4.3% | 1.3% | ||
| Q3 24 | 4.4% | 1.5% | ||
| Q2 24 | 4.5% | 1.7% |
| Q1 26 | — | 0.77× | ||
| Q4 25 | 3.07× | 1.23× | ||
| Q3 25 | -1.36× | 1.44× | ||
| Q2 25 | 4.01× | 1.24× | ||
| Q1 25 | -0.30× | 0.73× | ||
| Q4 24 | 2.64× | 1.45× | ||
| Q3 24 | 1.45× | 1.57× | ||
| Q2 24 | 2.15× | 0.96× |
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% |
MA
Segment breakdown not available.
