CORPAY, INC.

Previous wording

The following discussion and analysis of our financial condition and results of operations generally discusses the three and six months ended June 30, 2026 and 2025, with period-over-period comparisons between these periods. A detailed discussion of 2025 items and period-over-period comparisons between the three and six months ended June 30, 2025 and 2024 that are not included in this Quarterly Report on Form 10-Q can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part I, Item 2 of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.

Current wording

The following discussion and analysis of our financial condition and results of operations generally discusses the three and nine months ended September 30, 2026 and 2025, with period-over-period comparisons between these periods. A detailed discussion of 2025 items and period-over-period comparisons between the three and nine months ended September 30, 2025 and 2024 that are not included in this Quarterly Report on Form 10-Q can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part I, Item 2 of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.

Previous wording

Revenues, net, Net Income Attributable to Corpay and Net Income Per Diluted Share Attributable to Corpay. Set forth below are revenues, net, net income attributable to Corpay and net income per diluted share attributable to Corpay for the three and six months ended June 30, 2026 and 2025, (in millions, except per share amounts).

Current wording

Revenues, net, Net Income Attributable to Corpay and Net Income Per Diluted Share Attributable to Corpay. Set forth below are revenues, net, net income attributable to Corpay and net income per diluted share attributable to Corpay for the three and nine months ended September 30, 2026 and 2025, (in millions, except per share amounts).

Previous wording

Adjusted Net Income Attributable to Corpay, Adjusted Net Income Per Diluted Share Attributable to Corpay, EBITDA, Adjusted EBITDA and Adjusted EBITDA margin. Set forth below are adjusted net income, adjusted net income per diluted share, EBITDA, adjusted EBITDA, and adjusted EBITDA margin for the three and six months ended June 30, 2026 and 2025 (in millions, except per share amounts and percentages).

Current wording

Adjusted Net Income Attributable to Corpay, Adjusted Net Income Per Diluted Share Attributable to Corpay, EBITDA, Adjusted EBITDA and Adjusted EBITDA margin. Set forth below are adjusted net income, adjusted net income per diluted share, EBITDA, adjusted EBITDA, and adjusted EBITDA margin for the three and nine months ended September 30, 2026 and 2025 (in millions, except per share amounts and percentages).

Previous wording

Corpay offers a variety of payment solutions that simplify, automate, secure, digitize and effectively control the way businesses and consumers manage and pay their expenses. We provide our payment solutions to our business, merchant, consumer and payment network customers in more than 200 countries around the world today, although we operate primarily in three geographies, with approximately 76% of our busi ness in the U.S., Brazil and the U.K. Our customers may include commercial businesses (obtained through direct and indirect channels) and partners for whom we manage payment programs, as well as consumers.

Current wording

Corpay offers a variety of payment solutions that simplify, automate, secure, digitize and effectively control the way businesses and consumers manage and pay their expenses. We provide our payment solutions to our business, merchant, consumer and payment network customers in more than 200 countries around the world today, although we operate primarily in three geographies, with approxima tely 76% of our busi ness in the U.S., Brazil and the U.K. Our customers may include commercial businesses (obtained through direct and indirect channels) and partners for whom we manage payment programs, as well as consumers.

Previous wording

We report information about our operating segments in accordance with the authoritative guidance related to segments. During the first quarter of 2026, the Company refined its segment composition within its existing reportable segments to reflect how our Chief Executive Officer, who is the Chief Operating Decision Maker (CODM), organizes and manages the global business. We manage and report our operating results through the following three reportable segments: Corporate Payments, Vehicle Payments and Lodging Payments. The remaining results are included within Other, which includes our Gift, Outsourced Card Processing and Payroll Card businesses. The refined composition within these reportable segments align with how the CODM allocates resources, assesses performance and reviews financial information. The presentation of segment information has been recast for the prior periods to align with the revised segment presentation.

Current wording

We report information about our operating segments in accordance with the authoritative guidance related to segments. During the first quarter of 2026, the Company refined its segment composition within its existing reportable segments to reflect how our Chief Executive Officer, who is the Chief Operating Decision Maker (CODM), organizes and manages the global business. We manage and report our operating results through the following three reportable segments: Corporate Payments, Vehicle Payments and Lodging Payments. The remaining results are included within Other, which includes our Gift, Outsourced Card Processing and Payroll Card businesses. The refined composition within these reportable segments aligns with how the CODM allocates resources, assesses performance and reviews financial information. The presentation of segment information has been recast for the prior periods to align with the revised segment presentation.

Previous wording

Revenues, net, by Segment. During the first quarter of 2026, we refined our segment composition within our existing reportable segments to reflect how our CODM currently organizes and manages the global business. As a result of the changes, our segment structure was updated. These changes include realignment of our outsourced card processing business from Corporate Payments to Other, and enterprise clients using our spend management product for vehicle and corporate payments from Vehicle Payments to Corporate Payments. The refined composition within our reportable segments aligns with how the CODM allocates resources, assesses performance and reviews financial information. Prior periods have been recast to conform with current segment presentation. For the three and six months ended June 30, 2026 and 2025, our segments generated the following revenues, net (in millions, except percentages).

Current wording

Revenues, net, by Segment. During the first quarter of 2026, we refined our segment composition within our existing reportable segments to reflect how our CODM currently organizes and manages the global business. As a result of the changes, our segment structure was updated. These changes include realignment of our outsourced card processing business from Corporate Payments to Other, and enterprise clients using our spend management product for vehicle and corporate payments from Vehicle Payments to Corporate Payments. The refined composition within our reportable segments aligns with how the CODM allocates resources, assesses performance and reviews financial information. Prior periods have been recast to conform with current segment presentation. For the three and nine months ended September 30, 2026 and 2025, our segments generated the following revenues, net (in millions, except percentages).

Previous wording

Revenues, net, by Geography. Revenues, net by geography for the three and six months ended June 30, 2026 and 2025, were as follows (in millions, except percentages):

Current wording

Revenues, net, by Geography. Revenues, net by geography for the three and nine months ended September 30, 2026 and 2025, were as follows (in millions, except percentages):

Previous wording

3 Represents total tag subscription transactions in the period. Average monthly tag subscriptions for the second quarter of 2026 is 8.0 million.

Current wording

2 Represents total tag subscription transactions in the period. Average monthly tag subscriptions for the third quarter of 2026 were 8.0 million.

Previous wording

4 Parking transactions relates to PayByPhone, a mobile parking payments business within our Vehicle Payments segment, which we sold to a third party in March 2026.

Current wording

3 Parking transactions relate to PayByPhone, a mobile parking payments business within our Vehicle Payments segment, which we sold to a third party in March 2026.

Previous wording

5 Other includes Gift, Outsourced Card Processing and Payroll Card operating segments.

Current wording

4 Other includes Gift, Outsourced Card Processing and Payroll Card operating segments.

Previous wording

•Foreign currency changes—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 44% and 50% of our revenues in the six months ended June 30, 2026 and 2025, respectively, were derived in U.S. dollars and were not affected by foreign currency exchange rates. See "Results of Operations" for information related to foreign currency impact on our total revenues, net.

Current wording

•Foreign currency changes—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 44% and 50% of our revenues in the nine months ended September 30, 2026 and 2025, respectively, were derived in U.S. dollars and were not affected by foreign currency exchange rates. See "Results of Operations" for information related to foreign currency impact on our total revenues, net.

Previous wording

•Fuel price volatility—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. A change in retail fuel prices could cause a decrease or increase in our revenue from several sources, including fees paid to us based on a percentage of each customer’s total purchase. Changes in the absolute price of fuel may also impact unpaid account balances and the late fees and charges based on these amounts. We estimate approximately 6% and 8% of revenues, net were directly impacted by changes in fuel price in the six months ended June 30, 2026 and 2025, respectively. See "Results of Operations" for information related to the fuel price impact on our total revenues, net.

Current wording

•Fuel price volatility—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. A change in retail fuel prices could cause a decrease or increase in our revenue from several sources, including fees paid to us based on a percentage of each customer’s total purchase. Changes in the absolute price of fuel may also impact unpaid account balances and the late fees and charges based on these amounts. We estimate approximately 6% and 8% of revenues, net were directly impacted by changes in fuel price in the nine months ended September 30, 2026 and 2025, respectively. See "Results of Operations" for information related to the fuel price impact on our total revenues, net.

Previous wording

•Fuel-price spread volatility—A portion of our revenue involves transactions where we derive revenue from fuel price spreads, which is the difference between the price charged to a fleet customer for a transaction and the price paid to the merchant for the same transaction. In these transactions, the price paid to the merchant is based on the wholesale cost of fuel. The merchant’s wholesale cost of fuel is dependent on several factors including, among others, the factors described above affecting fuel prices. The fuel price that we charge to our customer is dependent on several factors including, among others, the fuel price paid to the merchant, posted retail fuel prices and competitive fuel prices. We experience fuel price spread contraction when the merchant’s wholesale cost of fuel increases at a faster rate than the fuel price we charge to our customers, or the fuel price we charge to our customers decreases at a faster rate than the merchant’s wholesale cost of fuel. The inverse of these situations produces fuel price spread expansion. We estimate approximately 5% and 4% of revenues, net were directly impacted by fuel price spreads in the six months ended June 30, 2026 and 2025, respectively. See "Results of Operations" for information related to the fuel price spread impact on our total revenues, net.

Current wording

•Fuel-price spread volatility—A portion of our revenue involves transactions where we derive revenue from fuel price spreads, which is the difference between the price charged to a fleet customer for a transaction and the price paid to the merchant for the same transaction. In these transactions, the price paid to the merchant is based on the wholesale cost of fuel. The merchant’s wholesale cost of fuel is dependent on several factors including, among others, the factors described above affecting fuel prices. The fuel price that we charge to our customer is dependent on several factors including, among others, the fuel price paid to the merchant, posted retail fuel prices and competitive fuel prices. We experience fuel price spread contraction when the merchant’s wholesale cost of fuel increases at a faster rate than the fuel price we charge to our customers, or the fuel price we charge to our customers decreases at a faster rate than the merchant’s wholesale cost of fuel. The inverse of these situations produces fuel price spread expansion. We estimate approximately 4% of revenues, net were directly impacted by fuel price spreads in the nine months ended September 30, 2026 and 2025. See "Results of Operations" for information related to the fuel price spread impact on our total revenues, net.

Previous wording

•Interest rates— We are exposed to market risk changes in interest rates on our debt, particularly in rising interest rate environments, which is partially offset by incremental interest income earned on cash and restricted cash. As of June 30, 2026, we have a number of receive-variable SOFR, pay-fixed interest rate swap derivative contracts with a cumulative notional U.S. dollar value of $4.0 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.

Current wording

•Interest rates— We are exposed to market risk from changes in interest rates on our debt, particularly in rising interest rate environments, which is partially offset by incremental interest income earned on cash and restricted cash. As of September 30, 2026, we have a number of receive-variable SOFR, pay-fixed interest rate swap derivative contracts with a cumulative notional U.S. dollar value of $2.5 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.

Previous wording

The OBBBA and Pillar Two directive did not have a material effect on our consolidated financial statements for the three and six months ended June 30, 2026, and we are continuing to evaluate the potential effects on future periods.

Current wording

The OBBBA and Pillar Two directive did not have a material effect on our consolidated financial statements for the three and nine months ended September 30, 2026, and we are continuing to evaluate the potential effects on future periods.

Previous wording

•In March 2026, we sold PayByPhone, a mobile parking payments business within our Vehicle Payments segment, to a third party. We received total proceeds, net of cash disposed, of approximately $421.7 million. In connection with the sale, we recorded a pre-tax net gain on disposal of $122.9 million during the six months ended June 30, 2026, which represents the proceeds received less the derecognition of the related net assets and the reclassification of accumulated foreign currency translation gains.

Current wording

•In March 2026, we sold PayByPhone, a mobile parking payments business within our Vehicle Payments segment, to a third party. We received total proceeds, net of cash disposed, of approximately $424.7 million. In connection with the sale, we recorded a pre-tax net gain on disposal of $125.5 million during the nine months ended September 30, 2026, which represents the proceeds received less the derecognition of the related net assets and the reclassification of accumulated foreign currency translation gains.

Previous wording

•In June 2026, we signed a definitive agreement to sell our Maintenance business to a third party for approximately £600 million (approximately $800 million). The transaction is expected to be completed in the second half of 2026, pending U.K. and Australian regulatory approval. We determined that the Maintenance disposal group met all of the required criteria to be classified as held for sale during the second quarter of 2026 and as such, all related assets and liabilities were classified as current on our Unaudited Consolidated Balance Sheets as of June 30, 2026.

Current wording

•In June 2026, we signed a definitive agreement to sell our Maintenance business to a third party for approximately £600 million (approximately $800 million). We determined that the Maintenance disposal group met all of the required criteria to be classified as held for sale during the second quarter of 2026 and as such, all related assets and liabilities were classified as current on our Unaudited Consolidated Balance Sheets as of September 30, 2026. The disposal was completed on November 2, 2026.

Previous wording

Consolidated revenues were $1,338.8 million in the three months ended June 30, 2026, an increase of 21.5% compared to the comparable prior period. The increase in consolidated revenues was due primarily to organic growth of 10%, driven by increases in spend and transaction volumes, implementation and ramping of new sales and business initiatives. Consolidated revenues also grew 7% from acquisitions completed in 2025. This growth was partially offset by a reduction in revenue of $28 million from the impact of dispositions completed in 2025 and 2026.

Current wording

Consolidated revenues were $1,381.9 million in the three months ended September 30, 2026, an increase of 17.9% compared to the comparable prior period. The increase in consolidated revenues was due primarily to organic growth of 11%, driven by increases in spend and transaction volumes, implementation and ramping of new sales and business initiatives. Consolidated revenues also grew 7% from acquisitions completed in 2025 and 2026. This growth was partially offset by a reduction in revenue of $26 million from the impact of dispositions completed in 2025 and 2026.

Previous wording

Although we cannot precisely measure the impact of the macroeconomic environment, in total we believe it had a positive impact of approximately $67 million on our consolidated revenues for the three months ended June 30, 2026 over the comparable prior period. This positive impact was driven primarily by favorable foreign exchange rates of approximately $37 million, driven by our Brazil, Mexico and Australian businesses, fuel prices of approximately $20 million and fuel price spreads of approximately $10 million.

Current wording

Although we cannot precisely measure the impact of the macroeconomic environment, in total we believe it had a positive impact of approximately $32 million on our consolidated revenues for the three months ended September 30, 2026 over the comparable prior period. This positive impact was driven primarily by favorable foreign exchange rates of approximately $16 million, driven by our Brazil, Mexico and Australian businesses and fuel prices of approximately $22 million, partially offset by unfavorable fuel price spreads of approximately $5 million.

Previous wording

Processing. Processing expenses were $275.2 million in the three months ended June 30, 2026, an increase of 15.4% compared to the comparable prior period. Increases in processing expenses were primarily due to approximately $17 million of expenses related to acquisitions completed in 2025, higher variable expenses driven by increased transaction volumes, higher credit loss expense of approximately $14 million due to increased transaction volumes and higher fuel prices, investments to drive future growth and the unfavorable impact of foreign exchange rates of approximately $8 million. This increase was partially offset by lower expense of approximately $6 million from the impact of dispositions completed in 2025 and 2026.

Current wording

Processing. Processing expenses were $298.1 million in the three months ended September 30, 2026, an increase of 19.8% compared to the comparable prior period. Increases in processing expenses were primarily due to approximately $24 million of expenses related to acquisitions completed in 2025, higher variable expenses driven by increased transaction volumes, higher credit loss expense of approximately $21 million due to increased transaction volumes and higher fuel prices, investments to drive future growth and the unfavorable impact of foreign exchange rates of approximately $4 million. This increase was partially offset by lower expense of approximately $5 million from the impact of dispositions completed in 2025 and 2026.

Previous wording

Selling. Selling expenses were $150.6 million in the three months ended June 30, 2026, an increase of 30.1% from the comparable prior period. Increases in selling expenses were primarily due to marketing investments to drive future growth, increased commissions from higher sales volume, approximately $14 million of expenses related to acquisitions completed in 2025 and the unfavorable impact of foreign exchange rates of approximately $4 million. This increase was partially offset by lower expense of approximately $2 million from the impact of dispositions completed in 2025 and 2026.

Current wording

Selling. Selling expenses were $145.4 million in the three months ended September 30, 2026, an increase of 23.6% from the comparable prior period. Increases in selling expenses were primarily due to marketing investments to drive future growth, increased commissions from higher sales volume, approximately $14 million of expenses related to acquisitions completed in 2025 and the unfavorable impact of foreign exchange rates of approximately $2 million. This increase was partially offset by lower expense of approximately $2 million from the impact of dispositions completed in 2025 and 2026.

Previous wording

General and administrative. General and administrative expenses were $223.7 million in the three months ended June 30, 2026, an increase of 26.4% from the comparable prior period. The increase in general and administrative expenses was primarily due to acquisition-related deal fees, information technology investments, approximately $14 million of expenses related to acquisitions completed in 2025 and the unfavorable impact of foreign exchange rates of approximately $3 million. This increase was partially offset by lower expense of approximately $5 million from the impact of dispositions completed in 2025 and 2026.

Current wording

General and administrative. General and administrative expenses were $204.2 million in the three months ended September 30, 2026, an increase of 14.3% from the comparable prior period. The increase in general and administrative expenses was primarily due to information technology investments, approximately $12 million of expenses related to acquisitions completed in 2025, higher stock based compensation expense of $6 million and the unfavorable impact of foreign exchange rates of approximately $1 million. This increase was partially offset by lower expense of approximately $5 million from the impact of dispositions completed in 2025 and 2026.

Previous wording

Depreciation and amortization. Depreciation and amortization expenses were $118.3 million in the three months ended June 30, 2026, an increase of 29.5% from the comparable prior period. Depreciation and amortization expenses increased due to incremental investments in capital expenditures, $12 million of expenses related to acquisitions completed in 2025 and the unfavorable impact of foreign exchange rates of approximately $2 million. This increase was partially offset by lower expense of approximately $2 million from the impact of dispositions completed in 2025 and 2026.

Current wording

Depreciation and amortization. Depreciation and amortization expenses were $115.7 million in the three months ended September 30, 2026, an increase of 24.2% from the comparable prior period. Depreciation and amortization expenses increased due to incremental investments in capital expenditures and $11 million of expenses related to acquisitions completed in 2025. This increase was partially offset by lower expense of approximately $2 million from the impact of dispositions completed in 2025 and 2026.

Previous wording

Other operating, net. Other operating, net was $99.9 million in the three months ended June 30, 2026 and primarily relates to a contingent loss related to the FTC legal matter of $100 million.

Current wording

Other operating, net. Other operating, net was $0.3 million in the three months ended September 30, 2026 and is not material.

Previous wording

Gain on disposition, net. During the three months ended June 30, 2026, we recognized an additional net gain of approximately $1.1 million resulting from working capital adjustments related to our March 2026 disposal of PayByPhone, a mobile parking payments business within our Vehicle Payments segment.

Current wording

Gain on disposition, net. During the three months ended September 30, 2026, we recognized an additional net gain of approximately $3.0 million resulting from working capital adjustments related to our March 2026 disposal of PayByPhone, a mobile parking payments business within our Vehicle Payments segment.

Previous wording

Other expense, net. Other expense, net was $6.3 million in the three months ended June 30, 2026, which primarily represented net losses related to our equity method investments and the impact of fluctuations in foreign exchange rates on non-functional currency balances. Other income, net was $10.6 million in the three months ended June 30, 2025, which primarily represented a gain realized upon the disposition of a cost method investment in the second quarter of 2025.

Current wording

Other expense, net. Other expense, net was $10.2 million in the three months ended September 30, 2026, an increase of $8.8 million from the comparable prior period. This increase primarily represents net losses related to our equity method investments and the impact of fluctuations in foreign exchange rates on non-functional currency balances.

Previous wording

Interest expense, net. Interest expense, net was $114.7 million in the three months ended June 30, 2026, an increase of $17.8 million from the comparable prior period. The increase in interest expense was primarily due to increased borrowings used for acquisitions, partially offset by lower interest rates and higher interest income earned on higher cash balances. The following table sets forth the average interest rates paid on borrowings under our Credit Facility, excluding the related unused facility fees and swaps.

Current wording

Interest expense, net. Interest expense, net was $108.8 million in the three months ended September 30, 2026, an increase of $8.7 million from the comparable prior period. The increase in interest expense was primarily due to increased borrowings used for acquisitions and share repurchases, partially offset by lower interest rates and higher interest income earned on higher cash balances. The following table sets forth the average interest rates paid on borrowings under our Credit Facility, excluding the related unused facility fees and swaps.

Previous wording

We have a portfolio of interest rate swaps, which are designated as cash flow hedges and cross-currency interest rate swaps, which are designated as net investment hedges. During the three months ended June 30, 2026, as a result of these swap contracts and net investment hedges, we recorded a net benefit to interest expense of $3.0 million.

Current wording

We have a portfolio of interest rate swaps, which are designated as cash flow hedges and cross-currency interest rate swaps, which are designated as net investment hedges. During the three months ended September 30, 2026, as a result of these swap contracts and net investment hedges, we recorded a net benefit to interest expense of $3.1 million.

Previous wording

Provision for income taxes. The provision for income taxes and effective tax rate were $92.9 million and 27.0%, respectively, for the three months ended June 30, 2026, compared to $109.0 million and 27.7%, respectively, for the comparable prior period. The change in the effective tax rate for the three months ended June 30, 2026 was driven primarily by an improvement in our geographic mix of earnings and other one-time items.

Current wording

Provision for income taxes. The provision for income taxes and effective tax rate were $120.0 million and 23.9%, respectively, for the three months ended September 30, 2026, compared to $143.3 million and 34.0%, respectively, for the comparable prior period. The change in the effective tax rate for the three months ended September 30, 2026 was driven primarily by an improvement in our geographic mix of earnings and excess tax benefits from stock option exercises.

Previous wording

Net income attributable to Corpay. For the reasons discussed above, our net income attributable to Corpay decreased to $248.3 million during the three months ended June 30, 2026.

Current wording

Net income attributable to Corpay. For the reasons discussed above, our net income attributable to Corpay increased to $378.4 million during the three months ended September 30, 2026.

Previous wording

Corporate Payments revenues were $548.7 million in the three months ended June 30, 2026, an increase of 41.7% from the comparable prior period. Corporate Payments revenues increased primarily due to organic revenue growth of 16%, driven by 43% growth in spend volume, strong new sales in our payables and cross-border solutions, the impact of our acquisitions, which contributed approximately $78 million in revenues, the impact of favorable changes in foreign exchange rates of $7 million and the favorable impact of fuel prices of approximately $4 million. Corporate Payments revenue per spend dollar decreased over the comparable prior period due to the impact of new payables and cross-border enterprise clients.

Current wording

Corporate Payments revenues were $571.3 million in the three months ended September 30, 2026, an increase of 40.8% from the comparable prior period. Corporate Payments revenues increased primarily due to organic revenue growth of 18%, driven by 24% growth in spend volume, strong new sales in our payables and cross-border solutions, the impact of our acquisitions, which contributed approximately $75 million in revenues, and the favorable impact of fuel prices of approximately $3 million.

Previous wording

Corporate Payments operating income was $199.6 million in the three months ended June 30, 2026, an increase of 27.2% from the comparable prior period. Corporate Payments operating income increased primarily due to organic revenue growth, integration synergies, the impact of our acquisitions and the overall net favorable impact of the macroeconomic environment, partially offset by sales investments to grow the business and one-time integration expenses.

Current wording

Corporate Payments operating income was $226.6 million in the three months ended September 30, 2026, an increase of 30.7% from the comparable prior period. Corporate Payments operating income increased primarily due to organic revenue growth, integration synergies, the impact of our acquisitions and the overall net favorable impact of the macroeconomic environment, partially offset by sales investments to grow the business and one-time integration expenses.

Previous wording

Vehicle Payments revenues were $580.2 million in the three months ended June 30, 2026, an increase of 13.3% from the comparable prior period. Vehicle Payments revenues increased primarily due to organic revenue growth of 8%, new sales growth in our international markets, the favorable changes in foreign exchange rates on revenue of $29 million, and the favorable impact of fuel prices and fuel price spreads of approximately $17 million and $10 million, respectively. These increases were partially offset by dispositions completed in 2026 and 2025, which lowered revenue by approximately $28 million.

Current wording

Vehicle Payments revenues were $579.8 million in the three months ended September 30, 2026, an increase of 7.7% from the comparable prior period. Vehicle Payments revenues increased primarily due to organic revenue growth of 8%, new sales growth in our international markets, the favorable changes in foreign exchange rates on revenue of $15 million, and the favorable impact of fuel prices of approximately $18 million, respectively. These increases were partially offset by dispositions completed in 2026 and 2025, which lowered revenue by approximately $26 million, as well as the unfavorable impact of fuel spreads of approximately $5 million.

Previous wording

Vehicle Payments operating income was $190.1 million, a decrease of 21.4% from the comparable prior period. Vehicle Payments operating income decreased in the three months ended June 30, 2026 due to the impact of a contingent loss related to the FTC legal matter of $100 million and the impact of dispositions. Operating income was positively impacted by the revenue growth discussed above and the overall net favorable impact of the macroeconomic environment.

Current wording

Vehicle Payments operating income was $297.4 million, an increase of 15.9% from the comparable prior period. Vehicle Payments operating income increased in the three months ended September 30, 2026 due to the revenue growth discussed above and the overall net favorable impact of the macroeconomic environment.

Previous wording

Lodging Payments revenues were $123.2 million in the three months ended June 30, 2026, an increase of 2.8% from the comparable prior period. The increase in Lodging Payments revenues was primarily due to an increase in revenue per room night across all solutions.

Current wording

Lodging Payments revenues were $131.1 million in the three months ended September 30, 2026, an increase of 3.2% from the comparable prior period. The increase in Lodging Payments revenues was primarily due organic revenue growth of 3% and an increase in revenue per room night across all solutions.

Previous wording

The following table sets forth selected unaudited consolidated statements of income for the six months ended June 30, 2026 and 2025 (in millions, except percentages)*.

Current wording

The following table sets forth selected unaudited consolidated statements of income for the nine months ended September 30, 2026 and 2025 (in millions, except percentages)*.

Previous wording

Consolidated revenues were $2,599.8 million in the six months ended June 30, 2026, an increase of 23.3% compared to the comparable prior period. The increase in consolidated revenues was due primarily to organic growth of 10%, driven by increases in spend and transaction volumes, implementation and ramping of new sales and business initiatives. Consolidated revenues also grew 7% from acquisitions completed in 2026 and 2025 and by the positive impact of the macroeconomic environment. These increases were partially offset by a reduction in revenue of $32 million from the impact of dispositions completed in 2025 and 2026.

Current wording

Consolidated revenues were $3,981.7 million in the nine months ended September 30, 2026, an increase of 21.4% compared to the comparable prior period. The increase in consolidated revenues was due primarily to organic growth of 11%, driven by increases in spend and transaction volumes, implementation and ramping of new sales and business initiatives. Consolidated revenues also grew 7% from acquisitions completed in 2026 and 2025 and by thepositive impact of the macroeconomic environment. These increases were partially offset by a reduction in revenue of $53 million from the impact of dispositions completed in 2025 and 2026.

Previous wording

Although we cannot precisely measure the impact of the macroeconomic environment, in total we believe it had a positive impactof approximately $131 million on our consolidated revenues for the six months ended June 30, 2026 over the comparable prior period, driven primarily by favorable foreign exchange rates of approximately $99 million, mostly in our

Current wording

Although we cannot precisely measure the impact of the macroeconomic environment, in total we believe it had a positive impactof approximately $163 million on our consolidated revenues for the nine months ended September 30, 2026 over the comparable prior period, driven primarily by favorable foreign exchange rates of approximately $115 million, mostly in our

Previous wording

Brazil, U.K. and Australian businesses, the favorable impact of fuel prices of approximately $24 million and the favorable impact of fuel price spreads of approximately $8 million.

Current wording

Brazil, U.K. and Australian businesses, the favorable impact of fuel prices of approximately $46 million and the favorable impact of fuel price spreads of approximately $3 million.

Previous wording

Processing. Processing expenses were $547.2 million in the six months ended June 30, 2026, an increase of 18.9% compared to the comparable prior period. Increases in processing expenses were primarily due to approximately $30 million of expenses related to acquisitions completed in 2025, higher variable expenses driven by increased transaction volumes and investments to drive future growth, higher bad debt of $25 million due to increased transaction volumes and the unfavorable impact of foreign exchange rates of approximately $20 million. This increase was partially offset by lower expense of approximately $6 million from the impact of dispositions completed in 2025 and 2026.

Current wording

Processing. Processing expenses were $845.3 million in the nine months ended September 30, 2026, an increase of 19.2% compared to the comparable prior period. Increases in processing expenses were primarily due to approximately $54 million of expenses related to acquisitions completed in 2025, higher variable expenses driven by increased transaction volumes and investments to drive future growth, higher credit loss of $47 million due to increased transaction volumes and the unfavorable impact of foreign exchange rates of approximately $23 million. This increase was partially offset by lower expense of approximately $11 million from the impact of dispositions completed in 2025 and 2026.