What Corpay, Inc. told the SEC could break it.

About 8% of Corpay's net revenue is directly impacted by fuel prices and ~4% is tied to fuel-price spreads (Vehicle Payments fleet cards); fuel-price volatility drove ~$29M of negative macro impact in 2025.

“Our Vehicle Payments customers use our products and services primarily in connection with the purchase of fuel. Accordingly, our revenue is affected by fuel prices, which are subject to significant volatility. ... We estimate approximately 8% of revenues, net were directly impacted by changes in fuel price in both 2025 and 2024.”

Roughly 51% of 2025 revenue was non-USD (Brazilian real, GBP, CAD, EUR, MXN, AUD, etc.), and Corpay runs a cross-border FX risk-management business — so currency swings materially affect results.

“Our results of operations are significantly impacted by changes in foreign currency exchange rates; namely, by movements of the Australian dollar, Brazilian real, British pound, Canadian dollar, Czech koruna, euro, Mexican peso and New Zealand dollar, relative to the U.S. dollar. Approximately 49% and 52% of our revenues in 2025 and 2024, respectively, were derived in U.S. dollars and were not affected by foreign currency exchange rates.”

Corpay carries large variable-rate debt (~$2.9B Term Loan A, $3.9B Term Loan B, $1.3B revolver) with $4.5B notional SOFR pay-fixed swaps; rising rates and counterparty/hedge-effectiveness risk could raise interest costs.

“As of December 31, 2025, we have a number of receive-variable SOFR, pay-fixed interest rate swap derivative contracts with a cumulative notional U.S. dollar value of $4.5 billion. The objective of these contracts is to reduce the variability of cash flows in the previously unhedged interest payments associated with variable rate debt, the sole source of which is due to changes in SOFR benchmark interest rate.”

Corpay's payments/FX business is subject to OFAC sanctions, AML laws (e.g., Canada PCMLTFA), money-transmitter laws, and Dodd-Frank/CFTC and EMIR derivative reporting/recordkeeping for its cross-border FX contracts — raising compliance cost and potential limits on derivative activities.

“Rules adopted under the Dodd-Frank Act by the Commodity Futures Trading Commission (CFTC), provisions of the European Market Infrastructure Regulation and its technical standards, as well as derivative reporting in Canada and the U.S., have subjected certain of the foreign exchange derivative contracts we offer to our customers as part of our cross-border payments business to reporting, recordkeeping and other requirements.”