Global corporate payments company Corpay reported strong growth across the company in Q2 2026, including a record $1.3bn in revenue. We caught up with Corpay’s Cross-Border Solutions Group President Mark Frey about the company’s most recent financial results, its digital asset and blockchain efforts and how the company is targeting a global revenue opportunity.
Corpay saw strong growth in Q2 2026, with total revenue up 21% to $1.3bn, supported by strong growth in the company’s Corporate Payments segment. This strong performance comes as the company sets its sights on significant future growth, outlining a new growth plan that targets markets worth a total of $600bn in revenue opportunity, with cross-border representing $160bn of this number.
The company also shared that the integration of Alpha, the B2B cross-border FX solution and global bank accounts provider it acquired in 2025, is going smoothly – with over 80% of Alpha’s corporate volume now migrated onto Corpay’s global technology platform. Last year, Corpay also secured a minority 34% stake in AvidXchange, an accounts payable automation solution provider, which has seen a 30% uptake in sales and is expected to see double-digit revenue growth in H2 2026.
Corpay also gave more details about how the company is leveraging blockchain rails to bolster its offering and revealed that it has now surpassed 40,000 transactions via J.P. Morgan’s Kinexys private blockchain.
To find out more about the company’s success in Q2, cross-border plans and blockchain progress, we caught up with Mark Frey, Group President of Corpay Cross-Border Solutions, in a new video interview.
What drove Corpay’s strong Q2 2026 growth?
Daniel Webber:
Mark, a pleasure to be with you here today. Another great set of earnings – what drove this growth in Q2?
Mark Frey:
Yeah, I thought it was a really strong quarter for the entire global business. The Corporate Payments group continues to sell and retain customers very well – it is growing very nicely in the mid-to-high teens and is continuing on that trajectory. We’ve seen a nice rebound in the Vehicle Payments business, our Lodging business had a nice turnaround as well. So we’ve seen really strong organic growth performance across the entire franchise, which has run a little bit ahead of expectations in terms of sales, total revenue production and earnings.
I think some of the deals that we’ve done, the Alpha and the Avid deals, are contributing favourably to earnings as well. The overall macro environment has also been friendly to us in 2026. So the world has created a setup for us that we’re taking advantage of and delivering very, very strong results.
Corpay increases full-year guidance as Corporate Payments drives growth
Alongside continued strong revenue growth in Q2, Corpay also reported strong performance across the company, including an adjusted EBITDA of $767m and a non-adjusted EBITDA of $689m, giving an EBITDA margin of 51%.
Following revenue growth that beat prior expectations for the quarter, Corpay slightly increased its full-year guidance and expects revenues to reach between $5.29bn and $5.33bn, growing 17% YoY at the mid-point. The company also expects to see 16% growth in Q3 at the midpoint.
Chart data
| Year | Revenue | EBITDA margin |
|---|---|---|
| 2021 | $2.8bn | 53.9% |
| 2022 | $3.4bn | 51.6% |
| 2023 | $3.8bn | 54.2% |
| 2024 | $4.0bn | 53.0% |
| 2025 | $4.5bn | 51.8% |
| 2026E (projection) | $5.3bn | — |
Much of this growth was driven by Corpay’s Corporate Payments segment, which grew 42% YoY (or 16% growth on an organic basis). While all of the company’s segments saw growth in Q2, Corporate Payments continued to climb the fastest by far, followed by Vehicle Payments at 13% YoY (8% on an organic basis).
Meanwhile, Lodging Payments increased 3% YoY (2% organic), while all other parts of the business, including gifts, outsourced card processing and payroll cards, grew 5% YoY (2% organic). Overall, this saw Corpay report 10% organic revenue growth in Q2 2026.
This growth led to an increase in Corporate Payments’ share of overall revenue to 41%, increasing from 35% in Q2 2025. This puts it just behind Vehicle Payments’ 43% share, which has declined from 46% in the same period last year.
Chart data
| Quarter | Vehicle | Corporate | Lodging | Other |
|---|---|---|---|---|
| Q1 23 | $0.49bn | $0.23bn | $0.12bn | $0.06bn |
| Q2 23 | $0.51bn | $0.25bn | $0.14bn | $0.06bn |
| Q3 23 | $0.50bn | $0.26bn | $0.14bn | $0.07bn |
| Q4 23 | $0.50bn | $0.25bn | $0.12bn | $0.07bn |
| Q1 24 | $0.48bn | $0.26bn | $0.11bn | $0.08bn |
| Q2 24 | $0.51bn | $0.28bn | $0.12bn | $0.07bn |
| Q3 24 | $0.51bn | $0.31bn | $0.13bn | $0.09bn |
| Q4 24 | $0.53bn | $0.31bn | $0.12bn | $0.09bn |
| Q1 25 | $0.47bn | $0.35bn | $0.11bn | $0.08bn |
| Q2 25 | $0.51bn | $0.39bn | $0.12bn | $0.08bn |
| Q3 25 | $0.54bn | $0.40bn | $0.13bn | $0.10bn |
| Q4 25 | $0.53bn | $0.46bn | $0.11bn | $0.11bn |
| Q1 26 | $0.56bn | $0.50bn | $0.11bn | $0.08bn |
| Q2 26 | $0.58bn | $0.55bn | $0.12bn | $0.09bn |
| Q2 26 YoY growth | 13% | 42% | 3% | 5% |
How did Corpay’s blockchain adoption develop in Q2?
Daniel Webber:
Can you talk us through how you’re using blockchain and building out rails there?
Mark Frey:
It’s a really interesting area of the business for us that we’ve leaned into fairly materially in terms of the public blockchain, stablecoin and digital wallets. We also have a stablecoin payment processing engine – which is in pilot now – that we’re processing payments and providing wallets to clients. I think that’s a part of our future and certainly an area of the business that we’re gonna continue to invest in that’s leaning heavily on our partnerships and relationships with BVNK and Ripple and others in the space.
We have also really leaned into the privately permissioned blockchain solutions that exist today. For example, Kinexys by J.P. Morgan is a big partner of ours. We’re set to do some work with Citibank as well and other platforms where we are essentially moving payments off of traditional Swift rails and instead we’re processing those payments on private blockchain and we’re seeing significant benefit from doing so.
Those payments can be processed 24 hours a day, seven days a week, they’re fully traceable, programmable and we can move money after hours. It’s actually more cost-effective in many respects as well. So there are a myriad of benefits to us as a business, and then we push those benefits downstream to our clients. We are running fairly aggressively at enabling this technology across the business and we’re building it into our core technology platform to consume as many payments as we possibly can via these solutions.
It’s quickly becoming a very meaningful part of our payment processing to the extent that I think 50% or more of our cross-border payments that we send via Swift historically will be transitioned to private blockchain solutions by the end of this year. We’re already on track for that and are actually running a little bit ahead of that schedule.
Daniel Webber:
Where have you found that it really has had the most impact compared to the traditional rails?
Mark Frey:
We’re really focusing on G10 currencies, with a specific focus on US dollars, euros and sterling that we send cross-border a great deal, particularly US dollars. We have blockchain enabled solutions for particular emerging market corridors as well, and we will continue to do that on a corridor by corridor basis.
But where we’re really focused on is our US dollar, euro and sterling international cross-border payments that are being largely pushed towards these private blockchain solutions and I think that will evolve very quickly over the coming months.
Daniel Webber:
Where do you see demand coming from for stablecoin and other digital asset payments – is it coming from customers on the B2B side or more from the processing side?
Mark Frey:
So I would say it’s the exception where a customer comes to us and says, I’d like to process this payment or I’d like to move this money via stablecoin or another methodology.
Customers come to us with a need: they want to move money somewhere, they need it to work within a certain time frame or on a 24/7 basis or after hours or near cutoff times. They also want to move money cost effectively, these transfers need to be traceable or programmable.
Depending on what those use cases are, we then determine the best rail. Many times the best rail is localised in country or international ACH equivalent – it’s a SEPA, a Faster Payments or a CNAPS payment.
In other cases, customers may need to move money after hours, or move money across borders and the best solution is a private blockchain solution. We try to have an availability of rails to meet any customer demand in terms of use case, cost effectiveness, time, programmability, traceability of payment, and then we select the best rail for the situation.
In some limited cases, that’s a public blockchain stablecoin solution. In an increasing number of cases, it is a privately permissioned blockchain solution. We can also leverage our existing Swift and or in-country rails, real-time rails that we have been running for a number of years and will continue to augment and build out in corridors and jurisdictions around the world.
What is behind the rapid growth of Corporate Payments?
Corpay’s Corporate Payments segment continued to see rapid growth in Q2, with revenue rising 42% YoY to $549m. Although Corpay did not share exact growth figures for cross-border revenue, CFO Peter Walker explained that strong performance across both cross-border and payables supported Corporate Payments’ rise in the quarter. He also shared that cross-border delivered “strong sales and revenue performance” in Q2.
The company also noted that strong underlying customer activity supported the segment, with organic spend increasing 43% to $95bn. Looking forward, the company expects this segment to maintain a “mid-teens plus” organic growth rate, in line with its performance in Q2.
Chart data
| Quarter | Revenue | EBITDA margin |
|---|---|---|
| Q1 23 | $226.0m | 44.5% |
| Q2 23 | $246.0m | 46.1% |
| Q3 23 | $258.0m | 48.6% |
| Q4 23 | $251.0m | 48.4% |
| Q1 24 | $258.7m | 48.5% |
| Q2 24 | $283.5m | 49.8% |
| Q3 24 | $313.3m | 51.3% |
| Q4 24 | $313.3m | 52.4% |
| Q1 25 | $345.1m | 46.2% |
| Q2 25 | $387.3m | 48.4% |
| Q3 25 | $403.8m | 50.2% |
| Q4 25 | $458.6m | 44.3% |
| Q1 26 | $503.9m | 46.1% |
| Q2 26 | $548.7m | 46.8% |
Corpay’s plans to capture a larger share of the cross-border market
Daniel Webber:
As part of this earning release, Corpay talked about doubling down on a few key areas, of which cross-border payments is one and has a $160bn TAM that you’re targeting. Talk us through how you’re seeing the cross-border vision roll out because it’s clearly a centerpiece of the Corpay strategy.
Mark Frey:
While we built a very large franchise and a very successful franchise, particularly as a fintech in this space, we are truly just getting started. We’ll be pushing on being a $1.6bn business in calendar 2026, just the cross-border business and I think our growth is only going to accelerate in the years ahead. I think there is an exciting array of M&A possibilities, both in terms of portfolio acquisitions as well as capability buys that we can add capability to the network.
I think our organic growth strategy is already running really well and we continue to scale the business nicely on an organic basis. Part of that is geographic expansion and another is segment expansion and the new technologies that we’re bringing to the market.
We have a very strong base of distribution across all of our customer segments, we sell really well, we service customers really well and we retain those customers really well. That sets us up to grow this franchise nicely into the future.
We’re continuing to develop partnerships that expand our distribution and our product offering, and we’re really excited about the possibilities for organic growth and inorganic growth on a go forward basis.
Where is Corpay seeing the fastest growth globally?
Continuing a trend that began in Q4 2022, Corpay’s non-US geographies saw significantly faster growth than US-based revenue in Q2 2026. In the quarter, non-US geographies contributed a 55% share of overall revenue, up from 51% in Q2 2025.
While US revenue increased 11% YoY, the fastest growth rate seen in this geography since Q3 2022, the company’s two largest non-US markets, the UK and Brazil, saw revenues grow 36% and 28% respectively YoY. All of Corpay’s other markets reported 32% YoY growth.
Chart data
| Quarter | US | Other | Brazil | UK |
|---|---|---|---|---|
| Q1 23 | 57.0% | 17.5% | 13.5% | 12.0% |
| Q2 23 | 56.4% | 18.6% | 13.3% | 11.7% |
| Q3 23 | 57.8% | 16.6% | 13.8% | 11.8% |
| Q4 23 | 56.0% | 17.2% | 15.3% | 11.5% |
| Q1 24 | 54.0% | 17.2% | 15.8% | 12.9% |
| Q2 24 | 52.0% | 19.1% | 15.3% | 13.6% |
| Q3 24 | 52.7% | 19.3% | 14.1% | 13.8% |
| Q4 24 | 52.9% | 19.2% | 14.6% | 13.2% |
| Q1 25 | 50.4% | 18.9% | 16.2% | 14.5% |
| Q2 25 | 49.1% | 22.0% | 15.4% | 13.4% |
| Q3 25 | 49.0% | 21.8% | 15.6% | 13.6% |
| Q4 25 | 46.5% | 22.4% | 15.9% | 15.1% |
| Q1 26 | 43.1% | 23.9% | 16.7% | 16.3% |
| Q2 26 | 44.8% | 23.8% | 16.2% | 15.1% |
| Q2 26 YoY growth | 11% | 32% | 28% | 36% |
Leveraging global, in-depth Tier 1 banking relationships
Daniel Webber:
Mark, is there anything else that you want to cover that we didn’t get a chance to talk about in today’s conversation?
Mark Frey:
I think some of the new products that we’ve been focused on and bringing to market, not just in terms of payment rails, some traditional and some non-traditional.
The non-traditional is the public and private blockchain solutions, while the more traditional rails are the real-time payment rails that we continue to expand into incremental corridors. We recently launched FedNow payments across our network and same-day ACH over the past few quarters that I think are very exciting for the business.
We continue to build our transactional account capability, our foreign currency holding account capability in all of the jurisdictions we do business, which we’re provisioning to corporates, financial institutions and non-bank financial institutions, as well as private markets customers – a really important segment for us.
We really like the segments that we’re focused on, but we continue to expand those segments over time. Certainly leaning into the digital currency or digital asset world is also a big part of our future and I think we will have some significant success in the years ahead as well.
Daniel Webber:
A lot of that stems from some of your Tier 1 banking relationships, which smaller fintechs or other mid-cycle companies could not necessarily obtain. As a result, Corpay can act as a pathway for all these products and access to those levels of banking relationships. Is that how you’re thinking about it?
Mark Frey:
Yeah, the breadth and depth of our banking relationships is an important part of our business and an important part of the value that we bring to the marketplace and to our customers. It’s not just that we have relationships with big Tier 1 banks around the world and we have access to that capability, it’s that the depth of those relationships and in many cases that we’re a service provider to them and that we’re providing access to FX liquidity and payment execution in a number of corridors, which would make it a more holistic, well-rounded relationship.
And you know, I’d say the geographic breadth of the relationships that we have, the in-country banking relationships and the expertise in places like Nigeria, Kenya, Brazil and Colombia. This is something that we’ve been focused on for a generation. The entire time that I’ve been in this business and the 15 years that I’ve been at Corpay, we’ve been focused on building out this network and it is an incredibly important part of our franchise.
Daniel Webber:
Perfect. Mark, thank you very much for your time today. As always, we really appreciated it and very much enjoyed the conversation. Thank you.
Mark Frey:
Thanks Daniel, as always.
