Corpay

Revenue has compounded steadily at a low‑teens clip recently, with Q3‑25 up ~14% and organic ~11%, led by Corporate Payments. Customer base is diversified globally; in Q2‑25, revenue was 49% U.S., 15% Brazil, 13% U.K., and 22% other.

Recurring, transaction‑linked economics across cards/AP/cross‑border support visibility, but free cash flow is inherently lumpy due to working capital, float and settlement timing. Lodging and fleet volumes carry some macro sensitivity, and interest‑rate cycles affect float revenue.

The mix shift toward Corporate Payments and bank‑enabled flows (Mastercard, Alpha) should improve medium‑term durability.