Risk Sleuth
CPAY · 10-K filed 27 Feb 2026 · year to 31 Dec 2025

Corpay

36 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.

Customers

Oil industry

depends onnamed as a risk
Because our business depends on the level of activity in the oil industry, existing or future laws or regulations related to GHGs and climate change, including incentives to conserve energy or use alternative energy sources, could have a negative impact on our business if such laws or regulations reduce demand for fuel.Risk factors (Item 1A)

Partners and platforms

TPG

up to 1.6 times invested capitalnamed as a risk
For example, (a) our limited partnership agreement with TPG requires us, under specified circumstances, to deliver minimum return payments to third-party investors up to 1.6 times invested capital in connection with a subsequent sale or other exit event, and (b) Mastercard has a limited right to sell, or put, its interest back to the Company for a period of six months, after which, the Company has a limited six-month reciprocal right to repurchase, or call, Mastercard’s interest.Risk factors (Item 1A)

Mastercard

depends onnamed as a risk
A significant source of our revenue comes from processing transactions through the Mastercard networks.Risk factors (Item 1A)

Also named by AXP, CASH, COF, DDS, EEFT, FIS, FISV, GPN and 7 more

Mastercard sponsor banks

depends onnamed as a risk
If our sponsor banks should stop providing sponsorship for us or determine to provide sponsorship on materially less favorable terms, we would need to find other financial institutions to provide those services or we would need to become a Mastercard member, either of which could prove to be difficult and expensive.Risk factors (Item 1A)

SWIFT

depends on
We may use our own proprietary network, SWIFT international payments network, and even stablecoins, to move liquidity around the world.Business (Item 1)

Also named by SNEX

Arco, Speedway, Casey's

earns from
Our fuel partners include Arco, Speedway, Casey's and fuel marketers of all sizes.Business (Item 1)

Renault, NIO, Polestar, Jaguar-Land Rover

earns from
Our vehicle OEM partners include Renault, NIO, Polestar and Jaguar-Land Rover and our vehicle leasing partners include Ayvens and Arval.Business (Item 1)

MetLife, Inc.

depends on
Services are rendered in partnership with major insurance companies including Metlife, Inc., Suhai Suguradora and others, which hold the underwriting risks to our customers.Business (Item 1)

Allpoint ATM network

depends on
Our solution operates on the Mastercard payment network and the Allpoint ATM network.Business (Item 1)

Other companies

Securitization Facility

depends on · $1.8 billionnamed as a risk
events outside our control, including volatility in the credit markets or a significant rise in fuel prices, may make it difficult to renew our Securitization Facility on terms acceptable to us and limit our ability to timely fund our working capital needs;Risk factors (Item 1A)

OPEC

exposed to its pricenamed as a risk
The volatility could be due to many factors outside our control, such as geopolitical risk, pandemics, new oil production or slowdowns, shifting of customer preferences (e.g., shift to EV), actions by the Organization of the Petroleum Exporting Countries (OPEC) and others, speculative trading, changing government regulation, and weather and general economic conditions.Risk factors (Item 1A)

Also named by APA, CHRD, CRC, CRGY, DMLP, KMI, KRP, MUR and 9 more

Counterparty financial institutions

depends onnamed as a risk
In the event of default on obligations by, or the failure of, one or more of these counterparties, we could incur significant losses, which could negatively impact our results of operations and financial condition.Risk factors (Item 1A)

Competitors

American Express

competes with
Our corporate payments solutions compete with similar offerings from banks, but also with other companies like American Express and Coupa.Business (Item 1)

Also named by COF, DAL, GPGI, HLT, MA, MAR, V

Fiserv

competes with
Our gift and payroll card solutions compete with similar offerings from Fiserv, other special-purpose card issuers and payroll companies.Business (Item 1)

Also named by SYF

WEX

competes with
Our fuel solutions compete with similar offerings such as, WEX, U.S. Bank Voyager Fleet Systems, Edenred, Sodexo, Alelo, Radius Payment Solutions and DKV.Business (Item 1)

ConectCar

competes with
Our toll solutions compete with similar offerings such as, ConectCar, Veloe (Alelo) and Repom (Edenred).Business (Item 1)

Places

Brazil

operates in · more than 7.5 million tagholders
Our tolls solution primarily operates on our proprietary Sem PararTM network, which processes transactions for more than 7.5 million tagholders on 100% of the toll roads that accept RFID across Brazil.Business (Item 1)

Also named by ADM, ASO, AZO, BALL, CPRT, CTVA, DE, DOV and 32 more

Brazil Carnival seasonality

operates innamed as a risk
Our Vehicle Payments solutions are typically subject to seasonal fluctuations in revenues and profit, which are impacted during the first and fourth quarter each year by the weather, holidays in the U.S. and lower business levels in Brazil due to summer break and the Carnival celebration.Risk factors (Item 1A)

Commodities and inputs

Brazilian real

exposed to its price · approximately 51% of our revenuenamed as a risk
For the year ended December 31, 2025, approximately 51% of our revenue was denominated in currencies other than the U.S. dollar (primarily, Brazilian real, British pound, euro, Canadian dollar, Australian dollar, Mexican peso, Czech koruna and New Zealand dollar).Risk factors (Item 1A)

Also named by AVY, CTVA, ECHO, MELI, MOS, NFLX, RHI, SHW and 1 more

Foreign currency exchange rates

exposed to its price · approximately $120.6 millionnamed as a risk
Such analysis indicated that a hypothetical 10% change in foreign currency exchange rates would have increased or decreased consolidated operating income during the year ended December 31, 2025 by approximately $120.6 million had the U.S. dollar exchange rate increased or decreased relative to the currencies to which we had exposure.Market risk (Item 7A)

Also named by ADP, AMT, DPZ, DVA, GLW, HLIO, LNN, PFG and 1 more

Fuel prices

exposed to its price · approximately 8% of our consolidated revenuenamed as a risk
We estimate during the year ended December 31, 2025, approximately 8% of our consolidated revenue was directly influenced by the absolute price of fuel.Risk factors (Item 1A)

Also named by AN, AZO, ORLY

Fuel price spreads

exposed to its price · Approximately 4% of our consolidated revenuenamed as a risk
Approximately 4% of our consolidated revenue during the year ended December 31, 2025 was derived from transactions where our revenue is tied to fuel price spreads.Risk factors (Item 1A)

Regulators

OFAC

subject tonamed as a risk
We are also subject to certain economic and trade sanctions programs that are administered by OFAC, which prohibit or restrict transactions to or from or dealings with specified countries, their governments, and in certain circumstances, their nationals, and with individuals and entities that are specially designated nationals of those countries, narcotics traffickers and terrorists or terrorist organizations.Risk factors (Item 1A)

Also named by HBAN

FTC Order (U.S. District Court for the Northern District of Georgia)

subject tonamed as a risk
The FTC Order requires us, among other things, to comply with certain advertising, contracting, record maintenance and reporting requirements for the U.S. fuel card business.Risk factors (Item 1A)

Financial Conduct Authority

subject to
in the U.K., as a registered Electronic Money Institution with the Financial Conduct Authority, the Proceeds of Crime Act, 2002 and the Terrorism Act 2000;Business (Item 1)

Also named by AFRM, AJG, AMG, AMP, BGC, BRO, CBOE, COF and 17 more

National ACH Association

subject to
We are also subject to network operating rules promulgated by the National ACH Association relating to payment transactions processed by us using the ACH network.Business (Item 1)

Laws and programs

Late fees and finance charges

earns from · approximately 3% of our consolidated revenuenamed as a risk
Revenues for late fees and finance charges represented approximately 3% of our consolidated revenue for the year ended December 31, 2025.Risk factors (Item 1A)

Dodd-Frank Act (CFTC derivatives rules)

subject tonamed as a risk
Our compliance with these requirements has resulted, and may continue to result, in additional costs to our business and may impact our cross-border solution.Risk factors (Item 1A)

Also named by AFL, AN, BGC, CNX, EPD, EQT, FITB, GS and 14 more

Bank Secrecy Act

subject tonamed as a risk
In addition, we are subject to AML laws and regulations, including the BSA.Risk factors (Item 1A)

Also named by AUB, BAC, CASH, CUBI, EFSC, EWBC, EZPW, FISV and 10 more

Mastercard interchange fees

exposed to its pricenamed as a risk
A portion of our revenue is generated by network processing fees charged to merchants, known as interchange fees, associated with transactions processed using our Mastercard-branded cards.Risk factors (Item 1A)

Uncleared Margin Rules

subject tonamed as a risk
We will need to monitor and manage carefully the initial and variation margin requirements under the UMR, as and when they apply to portions of the cross-border solution.Risk factors (Item 1A)

Money Transmission Modernization Act

subject tonamed as a risk
Recently, a number of state legislatures have adopted all or parts of a new money transmission and sales of payment instruments model law, the Money Transmission Modernization Act.Business (Item 1)

Federal Reserve and FDIC qualified financial contracts rules

subject tonamed as a risk
As a result of being subject to the Federal Reserve Board's and Federal Deposit Insurance Corporation's (FDIC's) rules on qualified financial contracts (QFCs) and similar rules in other jurisdictions, we may not be able to exercise remedies against counterparties and, as this regime has not yet been tested, we may suffer risks or losses that we would not have expected to suffer if we could immediately close out transactions upon a termination event.Risk factors (Item 1A)

Durbin Amendment

subject to
The Federal Reserve has capped debit interchange fees and may reduce the cap in the future, however the cap has not had a material direct impact on our results of operations because we operate under an exemption to the cap for the majority of our debit transactions.Business (Item 1)

Also named by EFSC, FSUN, PB, PNFP, SOFI

FinCEN Prepaid Access Rule

subject to
Despite this position, we have opted to register as a provider of prepaid access through our subsidiary, Comdata Inc.Business (Item 1)

Technology

Stablecoins

competes withnamed as a risk
The success of stablecoin and blockchain-based payments could increase price competition and diminish volume on our existing solutions.Risk factors (Item 1A)

Also named by BAC, EWBC, FCNCA, KEY