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Get filing alertsStanding Risk Factors
- Material Weakness (improved) — Customer-funds GAAP material weakness remediated; ITGC user-access weakness persists with ongoing remediation.
- Disclosure Controls Not Effective (unchanged) — Filing states that management concluded the company's disclosure controls and procedures were not effective. The same conclusion appeared in the baseline filing.
Corpay Q3 2025: revenue +13.9% to $1.17B, net income flat at $277.9M (+0.6%)
Filed November 10, 2025 · Period ending September 30, 2025 · Compared to 10-Q Nov 8, 2024 · ~1 min read
Key Changes
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Net income rose only 0.6% to $277.9M while revenue grew to $1.17B, as the effective tax rate jumped from 24.1% to 29.4% for the nine months due to tax restructuring charges, lower stock option benefits, and Pillar Two global minimum tax adoption.
Notes: Effective tax rate verify on EDGAR → -
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Completed Alpha Group acquisition for £1.8B on Oct 31, 2025, funded via Credit Facility; added $900M seven-year Term Loan B at SOFR + 1.75% and expanded revolver by $1B to $1.5B.
MD&A: Alpha acquisition verify on EDGAR → -
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Closed AvidXchange take-private in Oct 2025 with $578M investment for 35% equity stake (TPG holds 56%); Corpay has call option to acquire remaining equity 33 months post-close at ~2.5x invested capital.
MD&A: AvidXchange investment verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 15, 2026 · How we verify