Corpay, Inc. completed the sale of its PayByPhone mobile parking payments business to Lightyear Capital on April 1 2026, with the announcement made on April 6 2026. The transaction is expected to reduce Corpay’s rest‑of‑year 2026 revenues by approximately $75 million, reflecting the divestiture of a non‑core asset. While the purchase price was not disclosed, the deal aligns with Corpay’s strategy to streamline its portfolio and concentrate on higher‑margin corporate payments.
The $75 million revenue reduction is projected to be neutral to Corpay’s 2026 earnings‑per‑share outlook, as the proceeds are earmarked for share repurchases. Management has reiterated that the company still expects 10 % organic revenue growth for 2026, a target that includes the impact of the PayByPhone sale. The divestiture therefore does not alter the company’s growth trajectory but shifts its revenue mix toward the corporate payments segment.
Ron Clarke, Chairman and CEO, said, "We've completed the sale of our PayByPhone business. The transaction simplifies our portfolio and furthers our rotation to corporate payments." He added, "We've agreed to terms to divest our PayByPhone business, and hope that PBP will prosper under Lightyear's ownership." Jonny Combe, President and CEO of PayByPhone, noted, "Today marks a pivotal milestone in PayByPhone's growth strategy and strengthens our ability to deliver best‑in‑class products, service and support for our clients wherever they are. We are confident about the future and look forward to a strong and exciting journey with Lightyear.”
Corpay’s sale follows its acquisition of PayByPhone from Volkswagen Financial Services in September 2023 and its own rebranding from FLEETCOR to Corpay in March 2024. The company reported strong Q4 2025 results, with earnings per share of $6.04 and revenue of $1.25 billion, a 21 % year‑over‑year increase. For 2026, Corpay is forecasting 16 % revenue growth and 22 % adjusted EPS growth, with 10 % organic revenue growth as a midpoint.
Following the Q4 2025 earnings release, analysts at UBS raised their price target for Corpay to $380 from $315, reflecting confidence in the company’s high‑margin corporate payments focus. The PayByPhone sale is viewed as a continuation of the strategic shift that underpinned the earnings beat, reinforcing investor sentiment that Corpay is concentrating on its core strengths.
By divesting PayByPhone, Corpay removes a legacy business that generated lower margins and reallocates capital to its corporate payments platform. The move is expected to improve operational leverage, enhance margin stability, and provide the company with additional resources for share repurchases and future growth initiatives in its core segment. The transaction signals Corpay’s commitment to a focused, high‑margin business model and positions it for sustained long‑term value creation.
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