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Side-by-side financial comparison of Corpay (CPAY) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
Corpay is the larger business by last-quarter revenue ($1.2B vs $639.8M, roughly 2.0× Cloudflare, Inc.). Corpay runs the higher net margin — 21.2% vs -3.6%, a 24.8% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.5% vs 20.7%). Corpay produced more free cash flow last quarter ($760.3M vs $84.1M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (26.3% CAGR vs 15.5%).
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.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
CPAY vs NET — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $639.8M |
| Net Profit | $264.5M | $-22.9M |
| Gross Margin | — | 71.2% |
| Operating Margin | 45.2% | 19.1% |
| Net Margin | 21.2% | -3.6% |
| Revenue YoY | 20.7% | 33.5% |
| Net Profit YoY | 7.5% | 40.4% |
| EPS (diluted) | $3.74 | $-0.07 |
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 | — | $639.8M | ||
| Q4 25 | $1.2B | $614.5M | ||
| Q3 25 | $1.2B | $562.0M | ||
| Q2 25 | $1.1B | $512.3M | ||
| Q1 25 | $1.0B | $479.1M | ||
| Q4 24 | $1.0B | $459.9M | ||
| Q3 24 | $1.0B | $430.1M | ||
| Q2 24 | $975.7M | $401.0M |
| Q1 26 | — | $-22.9M | ||
| Q4 25 | $264.5M | $-12.1M | ||
| Q3 25 | $277.9M | $-1.3M | ||
| Q2 25 | $284.2M | $-50.4M | ||
| Q1 25 | $243.2M | $-38.5M | ||
| Q4 24 | $246.0M | $-12.8M | ||
| Q3 24 | $276.4M | $-15.3M | ||
| Q2 24 | $251.6M | $-15.1M |
| Q1 26 | — | 71.2% | ||
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% |
| Q1 26 | — | 19.1% | ||
| Q4 25 | 45.2% | -8.0% | ||
| Q3 25 | 44.6% | -6.7% | ||
| Q2 25 | 43.5% | -13.1% | ||
| Q1 25 | 42.5% | -11.1% | ||
| Q4 24 | 47.2% | -7.5% | ||
| Q3 24 | 45.5% | -7.2% | ||
| Q2 24 | 44.4% | -8.7% |
| Q1 26 | — | -3.6% | ||
| Q4 25 | 21.2% | -2.0% | ||
| Q3 25 | 23.7% | -0.2% | ||
| Q2 25 | 25.8% | -9.8% | ||
| Q1 25 | 24.2% | -8.0% | ||
| Q4 24 | 23.8% | -2.8% | ||
| Q3 24 | 26.9% | -3.6% | ||
| Q2 24 | 25.8% | -3.8% |
| Q1 26 | — | $-0.07 | ||
| Q4 25 | $3.74 | $-0.03 | ||
| Q3 25 | $3.91 | $0.00 | ||
| Q2 25 | $3.98 | $-0.15 | ||
| Q1 25 | $3.40 | $-0.11 | ||
| Q4 24 | $3.43 | $-0.05 | ||
| Q3 24 | $3.90 | $-0.04 | ||
| Q2 24 | $3.52 | $-0.04 |
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 | $932.2M |
| Total DebtLower is stronger | $10.0B | — |
| Stockholders' EquityBook value | $3.9B | $1.5B |
| Total Assets | $26.4B | $6.2B |
| Debt / EquityLower = less leverage | 2.58× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $932.2M | ||
| Q4 25 | $2.4B | $943.5M | ||
| Q3 25 | $2.0B | $1.1B | ||
| Q2 25 | $2.2B | $1.5B | ||
| Q1 25 | $1.6B | $204.5M | ||
| Q4 24 | $1.6B | $147.7M | ||
| Q3 24 | $1.3B | $182.9M | ||
| Q2 24 | $1.4B | $157.0M |
| 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 | — | $1.5B | ||
| Q4 25 | $3.9B | $1.5B | ||
| Q3 25 | $4.1B | $1.3B | ||
| Q2 25 | $3.9B | $1.2B | ||
| Q1 25 | $3.5B | $1.4B | ||
| Q4 24 | $3.1B | $1.0B | ||
| Q3 24 | $3.1B | $973.1M | ||
| Q2 24 | $2.8B | $881.5M |
| Q1 26 | — | $6.2B | ||
| Q4 25 | $26.4B | $6.0B | ||
| Q3 25 | $19.7B | $5.8B | ||
| Q2 25 | $20.4B | $5.6B | ||
| Q1 25 | $18.5B | $3.7B | ||
| Q4 24 | $18.0B | $3.3B | ||
| Q3 24 | $17.6B | $3.1B | ||
| Q2 24 | $16.2B | $2.9B |
| 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 | $158.3M |
| Free Cash FlowOCF − Capex | $760.3M | $84.1M |
| FCF MarginFCF / Revenue | 60.9% | 13.1% |
| Capex IntensityCapex / Revenue | 4.2% | — |
| Cash ConversionOCF / Net Profit | 3.07× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.3B | $311.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $158.3M | ||
| Q4 25 | $812.7M | $190.4M | ||
| Q3 25 | $-378.9M | $167.1M | ||
| Q2 25 | $1.1B | $99.8M | ||
| Q1 25 | $-74.2M | $145.8M | ||
| Q4 24 | $648.7M | $127.3M | ||
| Q3 24 | $400.8M | $104.7M | ||
| Q2 24 | $540.9M | $74.8M |
| Q1 26 | — | $84.1M | ||
| Q4 25 | $760.3M | $105.2M | ||
| Q3 25 | $-429.8M | $82.5M | ||
| Q2 25 | $1.1B | $39.9M | ||
| Q1 25 | $-118.9M | $59.9M | ||
| Q4 24 | $604.6M | $54.2M | ||
| Q3 24 | $355.0M | $54.5M | ||
| Q2 24 | $496.8M | $45.2M |
| Q1 26 | — | 13.1% | ||
| Q4 25 | 60.9% | 17.1% | ||
| Q3 25 | -36.7% | 14.7% | ||
| Q2 25 | 98.7% | 7.8% | ||
| Q1 25 | -11.8% | 12.5% | ||
| Q4 24 | 58.4% | 11.8% | ||
| Q3 24 | 34.5% | 12.7% | ||
| Q2 24 | 50.9% | 11.3% |
| Q1 26 | — | — | ||
| Q4 25 | 4.2% | 13.9% | ||
| Q3 25 | 4.3% | 15.1% | ||
| Q2 25 | 4.8% | 11.7% | ||
| Q1 25 | 4.5% | 17.9% | ||
| Q4 24 | 4.3% | 15.9% | ||
| Q3 24 | 4.4% | 11.7% | ||
| Q2 24 | 4.5% | 7.4% |
| Q1 26 | — | — | ||
| Q4 25 | 3.07× | — | ||
| Q3 25 | -1.36× | — | ||
| Q2 25 | 4.01× | — | ||
| Q1 25 | -0.30× | — | ||
| Q4 24 | 2.64× | — | ||
| Q3 24 | 1.45× | — | ||
| Q2 24 | 2.15× | — |
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% |
NET
Segment breakdown not available.
