Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q1'25 → | B+ | B |
| Q2'25 → | B+ | B |
| Q3'25 → | B+ | B |
| Q4'25 → | B+ | B |
| Q1'26 → | B+ | B |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q1'26 | ✅ | PayByPhone divestiture to close in 2026 Closed March 31, removed $75M from rest-of-year guidance as promised | delivered |
| Q1'26 | ✅ | Lodging low single-digit growth in 2026 with back-half recovery Now expecting 'mid- to high single-digit growth' based on Q1 performance | exceeded |
| Q1'26 | ✅ | 10% organic revenue growth for 2025 Delivered exactly 10% for full year, fourth consecutive quarter of 11% | delivered |
| Q1'26 | ✅ | Alpha paired with Avid to contribute approximately $1 of cash EPS to 2026 Maintained $1 accretion target with high confidence | delivered |
| Q1'26 | ✅ | Alpha acquisition to contribute about $300 million incremental revenue in 2026 On track with Alpha delivering 17% organic growth and strong integration progress | exceeded |
| Q1'26 | ✅ | Full year 2025 revenue $4.5 billion and cash EPS $21.38 Actually delivered $4.528B revenue and $21.38 EPS, slightly ahead | delivered |
| Q4'25 | ✅ | Expected to have good idea on divestitures when we speak in 90 days Two additional divestitures now in final stages, 30-day timeline provided | delivered |
| Q4'25 | ⏳ | Mastercard investment close on or around December 1 No update provided, may have slipped | pending |
| Q4'25 | ✅ | Q4 organic revenue growth of approximately 10% Delivered 11% organic growth | exceeded |
| Q4'25 | ✅ | Q4 expecting Corporate Payments segment to finish approximately mid-teens Hit 16% organic growth as guided | delivered |
| Q4'25 | ✅ | Alpha would be $0.50 accretive (Q3 guidance) Raised to $1 combined accretion with Avid, mostly Alpha-driven | exceeded |
| Q4'25 | ✅ | Alpha acquisition expected to contribute about $300 million of revenue (Q3: 'circa $300 million-ish') Alpha overperformed expectations in Q4 and January | exceeded |
| Q3'25 | ⏳ | Net proceeds from divestitures will exceed $1.5 billion if we can successfully transact Process launched, first bids due in coming weeks, will know by next call | pending |
| Q3'25 | ⏳ | Mastercard partnership pipeline converting to accounts in Q1 Still in pipeline phase, hoping to convert in Q1 - no progress reported | pending |
| Q3'25 | ⏳ | Avid transaction to be accretive to earnings in 2026 Deal closed October 15, now part of combined $0.75 accretion guidance | pending |
| Q3'25 | ⏳ | Alpha acquisition will be at least $0.50 accretive in 2026 Maintained $0.50 commitment, deal closed October 31, accretion starts 2026 | pending |
| Q3'25 | ✅ | Progress repositioning the company towards Corporate Payments to reach $2 billion in revenue Now outlooking over $2 billion in Corporate Payments revenue next year | delivered |
| Q3'25 | ✅ | Corporate Payments business continuing to rock, outlooking high teens growth for the full year 17% in Q3 maintains high-teens pace for full year | delivered |
| Q3'25 | ✅ | Vehicle segment tracking to plan and expect it to accelerate to 10% here in the second half Hit 10% Vehicle growth in Q3, confirming second-half acceleration as promised | delivered |
| Q2'25 | ⏳ | Mastercard and Avid partnerships tracking to Q4 closing Both deals still on track for Q4 close, cleared HSR on Avid | pending |
| Q2'25 | ⏳ | Corporate Payments high-teens to 20% growth for full year Q2 was 18% so tracking to lower end, maintained high-teens guidance | pending |
| Q2'25 | ✅ | Vehicle Payments to improve in second half Guiding to 10% organic growth in H2, significant improvement from flat/negative | delivered |
| Q2'25 | ✅ | MCA product signed over 2,000 clients with $800M deposits Now at 10,000 accounts and $1B deposits, well ahead of Q1 targets | exceeded |
| Q2'25 | ✅ | Launch payables product in UK using next-gen tech this summer Corpay Complete payables platform just launched in UK as promised | delivered |
| Q2'25 | ✅ | Enterprise client will process over $30 billion in annual spend Now tracking to $18 billion annually ($1.5B monthly x 12) which exceeds original $30B target | exceeded |
| Q1'25 | ✅ | We'll be nimble in adjusting spending as warranted Operating expenses up only 5% ex-M&A despite revenue growth | delivered |
| Q1'25 | ⏳ | Payables product launch in UK using next-gen tech this summer Still on track for summer launch | pending |
| Q1'25 | ❌ | US Vehicle Payments 'big pivot in organic revenue growth in 60 days' Still down 3% organic in Q1, now saying recovery in H2 | missed |
| Q1'25 | ⏳ | Corporate Payments high-teens to 20% growth for full year Q1 at 19% organic, right in the range | pending |
| Q1'25 | ⏳ | Full-year organic revenue growth of 11% at midpoint Q1 came in at 9% but they maintained full-year guide | pending |
| Q1'25 | ✅ | We expect the single mega client will process over $30 billion in annual spend Client went live in Q1 and is ramping as expected | delivered |
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