Corpay Inc J.P. Morgan TMC Conference Takeaways

Research evidence excerpt

Corpay Inc J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

18 May 2026

Corpay Inc Overweight

CPAY, CPAY US

J.P. Morgan TMC Conference Takeaways Price (15 May 26):$328.23

Payments, Processors & IT Services

Today we hosted Peter Walker, CFO of Corpay, at our J.P. Morgan TMC Tien-tsin Huang, CFA AC

Conference in Boston, who discussed the drivers of the business’s growth and (1-212) 622-6632

earnings compounding. He underscored the resilience of the cross-border business tien-tsin.huang@jpmorgan.com

to stablecoins, as the company addressed in its cross-border teach-in last week, J.P. Morgan Securities LLC

which we recommend investors review. Peter sounded excited about the

opportunities for capital deployment across corporate payments assets and share

repurchases, both of which the company believes reflect value dislocation in the

market today. We remain impressed with the company’s commitment to value

creation as a central pillar of its culture. Further takeaways below:

• Macro update & 1Q review. CPAY is executing well across the business,

which the macro has helped lately (⅔ of 1Q beat came from better organic

business fundamentals & ⅓ came from macro help). The company got off to

a strong start across its annual initiatives, including outperformance in all four

businesses. Fuel prices, weaker USD, and elevated FX volatlity all help on the

macro side. In the US, higher fuel prices are helpful for the business, though

it’s not as needle-moving unless fuel prices remain elevated for a long time.

Higher fuel prices for a long time help the profitability of the business. Choppy

macro and FX vol help drive growth in the FX cross-border business, which

includes managing FX risk for CFOs, and thus sees tailwinds in choppy macro.