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Side-by-side financial comparison of Corpay (CPAY) and PayPal (PYPL), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
PayPal is the larger business by last-quarter revenue ($8.7B vs $1.2B, roughly 7.0× Corpay). Corpay runs the higher net margin — 21.2% vs 16.6%, a 4.6% gap on every dollar of revenue. On growth, Corpay posted the faster year-over-year revenue change (20.7% vs 3.7%). PayPal produced more free cash flow last quarter ($2.2B vs $760.3M). Over the past eight quarters, Corpay's revenue compounded faster (15.5% CAGR vs 6.2%).
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.
PayPalPYPLEarnings & Financial Report
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers; it serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial and company users.
CPAY vs PYPL — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $8.7B |
| Net Profit | $264.5M | $1.4B |
| Gross Margin | — | — |
| Operating Margin | 45.2% | 17.4% |
| Net Margin | 21.2% | 16.6% |
| Revenue YoY | 20.7% | 3.7% |
| Net Profit YoY | 7.5% | 28.2% |
| EPS (diluted) | $3.74 | $1.53 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $1.2B | $8.7B | ||
| Q3 25 | $1.2B | $8.4B | ||
| Q2 25 | $1.1B | $8.3B | ||
| Q1 25 | $1.0B | $7.8B | ||
| Q4 24 | $1.0B | $8.4B | ||
| Q3 24 | $1.0B | $7.8B | ||
| Q2 24 | $975.7M | $7.9B | ||
| Q1 24 | $935.3M | $7.7B |
| Q4 25 | $264.5M | $1.4B | ||
| Q3 25 | $277.9M | $1.2B | ||
| Q2 25 | $284.2M | $1.3B | ||
| Q1 25 | $243.2M | $1.3B | ||
| Q4 24 | $246.0M | $1.1B | ||
| Q3 24 | $276.4M | $1.0B | ||
| Q2 24 | $251.6M | $1.1B | ||
| Q1 24 | $229.8M | $888.0M |
| Q4 25 | 45.2% | 17.4% | ||
| Q3 25 | 44.6% | 18.1% | ||
| Q2 25 | 43.5% | 18.1% | ||
| Q1 25 | 42.5% | 19.6% | ||
| Q4 24 | 47.2% | 17.2% | ||
| Q3 24 | 45.5% | 17.7% | ||
| Q2 24 | 44.4% | 16.8% | ||
| Q1 24 | 42.5% | 15.2% |
| Q4 25 | 21.2% | 16.6% | ||
| Q3 25 | 23.7% | 14.8% | ||
| Q2 25 | 25.8% | 15.2% | ||
| Q1 25 | 24.2% | 16.5% | ||
| Q4 24 | 23.8% | 13.4% | ||
| Q3 24 | 26.9% | 12.9% | ||
| Q2 24 | 25.8% | 14.3% | ||
| Q1 24 | 24.6% | 11.5% |
| Q4 25 | $3.74 | $1.53 | ||
| Q3 25 | $3.91 | $1.30 | ||
| Q2 25 | $3.98 | $1.29 | ||
| Q1 25 | $3.40 | $1.29 | ||
| Q4 24 | $3.43 | $1.09 | ||
| Q3 24 | $3.90 | $0.99 | ||
| Q2 24 | $3.52 | $1.08 | ||
| Q1 24 | $3.12 | $0.83 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.4B | $10.4B |
| Total DebtLower is stronger | $10.0B | — |
| Stockholders' EquityBook value | $3.9B | $20.3B |
| Total Assets | $26.4B | $80.2B |
| Debt / EquityLower = less leverage | 2.58× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $2.4B | $10.4B | ||
| Q3 25 | $2.0B | $10.8B | ||
| Q2 25 | $2.2B | $10.0B | ||
| Q1 25 | $1.6B | $11.2B | ||
| Q4 24 | $1.6B | $10.8B | ||
| Q3 24 | $1.3B | $11.9B | ||
| Q2 24 | $1.4B | $13.6B | ||
| Q1 24 | $1.3B | $14.3B |
| 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 | $20.3B | ||
| Q3 25 | $4.1B | $20.2B | ||
| Q2 25 | $3.9B | $20.2B | ||
| Q1 25 | $3.5B | $20.3B | ||
| Q4 24 | $3.1B | $20.4B | ||
| Q3 24 | $3.1B | $20.2B | ||
| Q2 24 | $2.8B | $20.6B | ||
| Q1 24 | $3.3B | $20.7B |
| Q4 25 | $26.4B | $80.2B | ||
| Q3 25 | $19.7B | $79.8B | ||
| Q2 25 | $20.4B | $79.8B | ||
| Q1 25 | $18.5B | $81.3B | ||
| Q4 24 | $18.0B | $81.6B | ||
| Q3 24 | $17.6B | $83.5B | ||
| Q2 24 | $16.2B | $84.0B | ||
| Q1 24 | $15.8B | $83.3B |
| 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. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $812.7M | $2.4B |
| Free Cash FlowOCF − Capex | $760.3M | $2.2B |
| FCF MarginFCF / Revenue | 60.9% | 25.2% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 4.2% | 2.2% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 3.07× | 1.66× |
| TTM Free Cash FlowTrailing 4 quarters | $1.3B | $5.6B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $812.7M | $2.4B | ||
| Q3 25 | $-378.9M | $2.0B | ||
| Q2 25 | $1.1B | $898.0M | ||
| Q1 25 | $-74.2M | $1.2B | ||
| Q4 24 | $648.7M | $2.4B | ||
| Q3 24 | $400.8M | $1.6B | ||
| Q2 24 | $540.9M | $1.5B | ||
| Q1 24 | $350.2M | $1.9B |
| Q4 25 | $760.3M | $2.2B | ||
| Q3 25 | $-429.8M | $1.7B | ||
| Q2 25 | $1.1B | $692.0M | ||
| Q1 25 | $-118.9M | $964.0M | ||
| Q4 24 | $604.6M | $2.2B | ||
| Q3 24 | $355.0M | $1.4B | ||
| Q2 24 | $496.8M | $1.4B | ||
| Q1 24 | $309.0M | $1.8B |
| Q4 25 | 60.9% | 25.2% | ||
| Q3 25 | -36.7% | 20.4% | ||
| Q2 25 | 98.7% | 8.3% | ||
| Q1 25 | -11.8% | 12.4% | ||
| Q4 24 | 58.4% | 26.2% | ||
| Q3 24 | 34.5% | 18.4% | ||
| Q2 24 | 50.9% | 17.3% | ||
| Q1 24 | 33.0% | 22.9% |
| Q4 25 | 4.2% | 2.2% | ||
| Q3 25 | 4.3% | 3.0% | ||
| Q2 25 | 4.8% | 2.5% | ||
| Q1 25 | 4.5% | 2.5% | ||
| Q4 24 | 4.3% | 2.4% | ||
| Q3 24 | 4.4% | 2.2% | ||
| Q2 24 | 4.5% | 2.0% | ||
| Q1 24 | 4.4% | 2.0% |
| Q4 25 | 3.07× | 1.66× | ||
| Q3 25 | -1.36× | 1.58× | ||
| Q2 25 | 4.01× | 0.71× | ||
| Q1 25 | -0.30× | 0.90× | ||
| Q4 24 | 2.64× | 2.14× | ||
| Q3 24 | 1.45× | 1.60× | ||
| Q2 24 | 2.15× | 1.35× | ||
| Q1 24 | 1.52× | 2.16× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
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% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
