Corpay, Inc. Deutsche Bank 2026 Technology Conference
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All right. We have made it to the end of the Deutsche Bank Tech Conference, and of course, we saved the best-performing stock in my coverage, at least, for last. We are very happy to have Peter from Corpay here. Thank you very much for making it. We are excited to wrap things up with you.
Great to be here. Thanks, Greg.
All right. That threw me off a little bit. No, just going to start off, talk about two key results, right? Really strong momentum across each of your businesses, able to raise the guide above and beyond some of the macro tailwinds that you are seeing across the business. Maybe just taking a high-level step back, tell us what you are seeing across the business that gives you confidence that this momentum is going to sustain into the back half of this year and then beyond that as well.
Yeah, happy to. The underlying drivers of the business are strong. We talked about them on the earnings call, right? In terms of sales, retention, same-store sales. We are pleased with Q2 results, but it is obviously our fourth quarter of beat and raise, so consistent strong performance, and our fifth quarter of double-digit organic growth. As we look in the back half of the year, it is about continued execution. We have a lot of insight into that, so really feel strong about what we put forward in terms of 2026 and our midterm guide.
Great to hear. Before we jump into trends in each of the segments, anything you can share in terms of macro trends or what you are seeing across your businesses quarter to date? This could be areas like cross-border FX demand, Brazil, all of the fun stuff. But anything worth calling out that you would point investors to?
Yeah. I would say things are tracking exactly as we expected from the assumptions in our guidance. So, nothing material that I would share. I would say, customer activity continues to be strong, sales continues to be strong, and retention. So again, feel good about the quarter and the rest of the year.
That is good to hear. No changes is good thing.
Yeah. Diving into the segments, I think we should start with corporate payments.
For sure. Given the importance of that segment to the overall business, organic growth remains very, very solid, 16% in the most recent quarter.
Can you just talk about the underlying drivers of growth across the various aspects of that business? So spend management, cross-border, AP. Where are you seeing the most demand in recent quarters? Where do you expect the most demand to come from in the near term over the medium term?
Yeah, great question. Really pleased with corporate payments performance for the first two quarters of the year. We delivered 16% organic growth. What we shared in the call, as we expect to deliver similar in the back half, if not a little bit above that. We're seeing strong performance across all three of the solutions you mentioned, right? So spend management, commercial card, AP automation, cross-border. What we're really focused on, right? I love being the CFO of this business because I'm the ultimate customer of our products, right? We're very focused on serving real-world problems for CFOs and their teams, so we're having a lot of success doing that. The other thing that really excites us when we look at the three solutions going forward for the business is this is a huge TAM, a $600 billion TAM for us.
The main competitor that we're facing is the regional and local banks, right? That's who has a lot of this business today. So we believe that we really bring an advantage product, and at the end of the day, our goal is to help businesses save money, and we're having great success at that.
Yeah. You touched on what was going to be my next question, and you did this great cross-border teach-in a couple of months ago Thank you.
Appreciate it. which was super helpful.
You talked about the primary competition being these regional banks, right? I guess I keep going back to a question I get all the time is what is preventing the tier 1 banks, I will refrain from naming them Sure but the biggest players globally from entering this space.
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