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# Corpay Maps A Path From $28 To About $50 In Adjusted EPS By 2029
- URL: https://www.bullished.co/corpay-maps-a-path-from-28-to-about-50-in-adjusted-eps-by-2029-c404aa17/
- Published: 2026-11-05T00:06:01.000Z
- Updated: 2026-11-05T00:06:01.000Z
- Description: The payments company also has two more divestitures in the market, worth "a billion five to two billion," its CEO said.
- Author: Matteo Parrino
- Tags: Earnings, CPAY, Industry: Industrials

[Corpay](https://www.bullished.co/tag/cpay/), the corporate payments company, says it can compound adjusted earnings per share at more than 20% a year, from $28 this year to approximately $50 by 2029, CFO Peter Walker said on the company's third-quarter earnings call Wednesday. The pitch came with [$1.38 billion of quarterly revenue](https://seekingalpha.com/news/4665774-corpay-non-gaap-eps-of-7%5F54-beats-by-0%5F34-revenue-of-1%5F38b-beats-by-20m?ref=bullished.co), up 18%, and plans for more asset sales.

## The $50 algorithm

Walker said the target rests on sustained 10% organic revenue growth, cash profit expansion, disciplined share repurchases and accretive corporate payments acquisitions. He added that a larger corporate payments mix and continued investor confidence in the growth model "could support a rerating of our valuation."

Corpay, which sells accounts payable automation, cross-border payments, fuel cards, tolls and lodging bookings, raised its fourth-quarter outlook to revenue of about $1.37 billion and adjusted EPS of $7.65 at the midpoint. Full-year adjusted EPS guidance rose to $28 at the midpoint, which CEO Ron Clarke said is $2 above the initial $26 forecast from February.

Third-quarter organic revenue growth was 11%, the sixth straight double-digit quarter. Corporate payments grew 18% organically, vehicle payments 8% and lodging 3%. For 2027, Clarke guided organic growth of 9% to 11%.

## More sales, more deals

Clarke said two additional divestiture candidates are in the market, worth "a billion five to two billion." Two non-core businesses sold in 2026 brought in about $1.2 billion, which Corpay used to buy back over 3 million shares, roughly 5% of the company.

Asked by a Wolfe Research analyst about further sales, Clarke said "We're not like in a super-duper rush." He said more would be sold over the next 14 months and more corporate payments assets bought. Likely sale candidates are smaller, niche vehicle businesses or other non-core units outside corporate payments.

Clarke said roughly $2 billion of free cash flow will go next year to spend management acquisitions or buybacks.

## Buybacks and the sales ramp

Walker said Corpay repurchased $750 million of stock, about 1.9 million shares, in the quarter. The board added $1 billion to the repurchase authorization, leaving about $1.6 billion. Leverage was 2.72 times, and about 2.47 times pro forma after the maintenance divestiture closed November 2.

Clarke said corporate payments new sales are expected to top half a billion dollars this year, creating a revenue ramp of 7% or 8% into 2027\. Corporate payments growth was helped by about 100 basis points of one-time monetization that Walker said may not repeat in the fourth quarter, putting normalized growth near 17% and overall organic growth near 10%.

Clarke said Corpay should look different a year from now, with the mix continuing to shift as it sells businesses and acquires in corporate payments.

Learn

- [How To Read An Earnings Call Transcript: Start With Guidance, Then Find What's Missing →](https://www.bullished.co/learn/how-to-read-an-earnings-call/)  
How to read an earnings call transcript: check guidance first, look for dropped metrics, compare growth with last quarter, and watch hedged wording.

### Sources

- [Corpay Non-GAAP EPS of $7.54 beats by $0.34, revenue of $1.38B beats by $20M (NYSE:CPAY) | Seeking Alpha](https://seekingalpha.com/news/4665774-corpay-non-gaap-eps-of-7%5F54-beats-by-0%5F34-revenue-of-1%5F38b-beats-by-20m?ref=bullished.co) — seekingalpha.com
- [Corpay (CPAY) Q3 Earnings and Revenues Top Estimates](https://finance.yahoo.com/markets/stocks/articles/corpay-cpay-q3-earnings-revenues-211502399.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance
- [Corpay: Q3 Earnings Snapshot – WTOP News](https://wtop.com/national/2026/11/corpay-q3-earnings-snapshot/?ref=bullished.co) — wtop.com
- [Corpay: Q3 Earnings Snapshot | khou.com](https://www.khou.com/article/syndication/associatedpress/corpay-q3-earnings-snapshot/616-e2754064-afd9-4916-b011-a9053f505ce9?ref=bullished.co) — Associated Press
- [Corpay: Q3 Earnings Snapshot | 11alive.com](https://www.11alive.com/article/syndication/associatedpress/corpay-q3-earnings-snapshot/616-e2754064-afd9-4916-b011-a9053f505ce9?ref=bullished.co) — Associated Press

### More on Corpay

- [Corpay Lifts 2026 Outlook After Third-Quarter Revenue Climbs 18% To $1.38 Billion](https://www.bullished.co/corpay-lifts-2026-outlook-after-third-quarter-revenue-climbs-18-to-1-38-billion-de085f18/)

[All Corpay (CPAY) coverage →](https://www.bullished.co/tag/cpay/)