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Side-by-side financial comparison of Corpay (CPAY) and RXO, Inc. (RXO). Click either name above to swap in a different company.
RXO, Inc. is the larger business by last-quarter revenue ($1.5B vs $1.2B, roughly 1.2× Corpay). Corpay runs the higher net margin — 21.2% vs -3.1%, a 24.3% gap on every dollar of revenue. On growth, Corpay posted the faster year-over-year revenue change (20.7% vs -11.9%). Corpay produced more free cash flow last quarter ($760.3M vs $-9.0M). Over the past eight quarters, RXO, Inc.'s revenue compounded faster (26.8% 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.
RXO, Inc. is a leading transportation and logistics solutions provider headquartered in the United States. Its core service portfolio includes freight brokerage, last-mile delivery for heavy and bulky goods, managed transportation services, and end-to-end supply chain optimization support, primarily catering to clients across the North American manufacturing, retail, and e-commerce segments.
CPAY vs RXO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.5B |
| Net Profit | $264.5M | $-46.0M |
| Gross Margin | — | — |
| Operating Margin | 45.2% | -2.9% |
| Net Margin | 21.2% | -3.1% |
| Revenue YoY | 20.7% | -11.9% |
| Net Profit YoY | 7.5% | -84.0% |
| EPS (diluted) | $3.74 | $-0.28 |
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 | $1.5B | ||
| Q3 25 | $1.2B | $1.4B | ||
| Q2 25 | $1.1B | $1.4B | ||
| Q1 25 | $1.0B | $1.4B | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $1.0B | $1.0B | ||
| Q2 24 | $975.7M | $930.0M | ||
| Q1 24 | $935.3M | $913.0M |
| Q4 25 | $264.5M | $-46.0M | ||
| Q3 25 | $277.9M | $-14.0M | ||
| Q2 25 | $284.2M | $-9.0M | ||
| Q1 25 | $243.2M | $-31.0M | ||
| Q4 24 | $246.0M | $-25.0M | ||
| Q3 24 | $276.4M | $-243.0M | ||
| Q2 24 | $251.6M | $-7.0M | ||
| Q1 24 | $229.8M | $-15.0M |
| Q4 25 | 45.2% | -2.9% | ||
| Q3 25 | 44.6% | -0.5% | ||
| Q2 25 | 43.5% | — | ||
| Q1 25 | 42.5% | -2.1% | ||
| Q4 24 | 47.2% | -1.4% | ||
| Q3 24 | 45.5% | -1.9% | ||
| Q2 24 | 44.4% | — | ||
| Q1 24 | 42.5% | -1.3% |
| Q4 25 | 21.2% | -3.1% | ||
| Q3 25 | 23.7% | -1.0% | ||
| Q2 25 | 25.8% | -0.6% | ||
| Q1 25 | 24.2% | -2.2% | ||
| Q4 24 | 23.8% | -1.5% | ||
| Q3 24 | 26.9% | -23.4% | ||
| Q2 24 | 25.8% | -0.8% | ||
| Q1 24 | 24.6% | -1.6% |
| Q4 25 | $3.74 | $-0.28 | ||
| Q3 25 | $3.91 | $-0.08 | ||
| Q2 25 | $3.98 | $-0.05 | ||
| Q1 25 | $3.40 | $-0.18 | ||
| Q4 24 | $3.43 | $-0.17 | ||
| Q3 24 | $3.90 | $-1.81 | ||
| Q2 24 | $3.52 | $-0.06 | ||
| Q1 24 | $3.12 | $-0.13 |
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 | $17.0M |
| Total DebtLower is stronger | $10.0B | $387.0M |
| Stockholders' EquityBook value | $3.9B | $1.5B |
| Total Assets | $26.4B | $3.3B |
| Debt / EquityLower = less leverage | 2.58× | 0.25× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $17.0M | ||
| Q3 25 | $2.0B | $25.0M | ||
| Q2 25 | $2.2B | $18.0M | ||
| Q1 25 | $1.6B | $16.0M | ||
| Q4 24 | $1.6B | $35.0M | ||
| Q3 24 | $1.3B | $55.0M | ||
| Q2 24 | $1.4B | $7.0M | ||
| Q1 24 | $1.3B | $7.0M |
| Q4 25 | $10.0B | $387.0M | ||
| Q3 25 | $8.1B | $387.0M | ||
| Q2 25 | $8.1B | $387.0M | ||
| Q1 25 | $8.2B | $387.0M | ||
| Q4 24 | $8.0B | $351.0M | ||
| Q3 24 | — | $352.0M | ||
| Q2 24 | — | $370.0M | ||
| Q1 24 | — | $351.0M |
| Q4 25 | $3.9B | $1.5B | ||
| Q3 25 | $4.1B | $1.6B | ||
| Q2 25 | $3.9B | $1.6B | ||
| Q1 25 | $3.5B | $1.6B | ||
| Q4 24 | $3.1B | $1.6B | ||
| Q3 24 | $3.1B | $1.7B | ||
| Q2 24 | $2.8B | $579.0M | ||
| Q1 24 | $3.3B | $582.0M |
| Q4 25 | $26.4B | $3.3B | ||
| Q3 25 | $19.7B | $3.2B | ||
| Q2 25 | $20.4B | $3.2B | ||
| Q1 25 | $18.5B | $3.3B | ||
| Q4 24 | $18.0B | $3.4B | ||
| Q3 24 | $17.6B | $3.4B | ||
| Q2 24 | $16.2B | $1.8B | ||
| Q1 24 | $15.8B | $1.8B |
| Q4 25 | 2.58× | 0.25× | ||
| Q3 25 | 1.99× | 0.24× | ||
| Q2 25 | 2.07× | 0.24× | ||
| Q1 25 | 2.37× | 0.24× | ||
| Q4 24 | 2.56× | 0.22× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.60× |
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 | $7.0M |
| Free Cash FlowOCF − Capex | $760.3M | $-9.0M |
| FCF MarginFCF / Revenue | 60.9% | -0.6% |
| Capex IntensityCapex / Revenue | 4.2% | 1.1% |
| Cash ConversionOCF / Net Profit | 3.07× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.3B | $-8.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $812.7M | $7.0M | ||
| Q3 25 | $-378.9M | $23.0M | ||
| Q2 25 | $1.1B | $23.0M | ||
| Q1 25 | $-74.2M | $-2.0M | ||
| Q4 24 | $648.7M | $-7.0M | ||
| Q3 24 | $400.8M | $-7.0M | ||
| Q2 24 | $540.9M | $-5.0M | ||
| Q1 24 | $350.2M | $7.0M |
| Q4 25 | $760.3M | $-9.0M | ||
| Q3 25 | $-429.8M | $9.0M | ||
| Q2 25 | $1.1B | $9.0M | ||
| Q1 25 | $-118.9M | $-17.0M | ||
| Q4 24 | $604.6M | $-19.0M | ||
| Q3 24 | $355.0M | $-18.0M | ||
| Q2 24 | $496.8M | $-16.0M | ||
| Q1 24 | $309.0M | $-4.0M |
| Q4 25 | 60.9% | -0.6% | ||
| Q3 25 | -36.7% | 0.6% | ||
| Q2 25 | 98.7% | 0.6% | ||
| Q1 25 | -11.8% | -1.2% | ||
| Q4 24 | 58.4% | -1.1% | ||
| Q3 24 | 34.5% | -1.7% | ||
| Q2 24 | 50.9% | -1.7% | ||
| Q1 24 | 33.0% | -0.4% |
| Q4 25 | 4.2% | 1.1% | ||
| Q3 25 | 4.3% | 1.0% | ||
| Q2 25 | 4.8% | 1.0% | ||
| Q1 25 | 4.5% | 1.0% | ||
| Q4 24 | 4.3% | 0.7% | ||
| Q3 24 | 4.4% | 1.1% | ||
| Q2 24 | 4.5% | 1.2% | ||
| Q1 24 | 4.4% | 1.2% |
| 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× | — | ||
| Q1 24 | 1.52× | — |
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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
