v3.26.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Schedule of Foreign Exchange Losses The Company recognized net foreign exchange gains and losses, which are recorded within other expense, net in the Unaudited Consolidated Statements of Income, for the three and six months ended June 30, 2026 and 2025 as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Foreign exchange (gains) losses$— $(1.0)$0.8 $2.7 
Schedule of Foreign Currency Gain and Losses on Long-Term Intra-entity Transactions
The Company recorded foreign currency gains and losses on long-term intra-entity transactions included as a component of foreign currency translation (gains) losses, net of tax, in the Unaudited Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025 as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Foreign currency (gains) losses on long-term intra-entity transactions$(3.2)$83.3 $(66.9)$111.0 
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets to amounts within the Unaudited Consolidated Statements of Cash Flows (in thousands):
June 30, 20261
December 31, 2025June 30, 2025December 31, 2024
Cash and cash equivalents$3,163,539 $2,408,097 $2,192,849 $1,553,642 
Restricted cash7,004,803 6,583,843 3,338,509 2,902,703 
Total cash and cash equivalents and restricted cash$10,168,342 $8,991,940 $5,531,358 $4,456,345 
1 Amounts exclude $24.7 million of cash held for sale related to the Maintenance disposition. See Note 15 for further information.
Restrictions on Cash and Cash Equivalents
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets to amounts within the Unaudited Consolidated Statements of Cash Flows (in thousands):
June 30, 20261
December 31, 2025June 30, 2025December 31, 2024
Cash and cash equivalents$3,163,539 $2,408,097 $2,192,849 $1,553,642 
Restricted cash7,004,803 6,583,843 3,338,509 2,902,703 
Total cash and cash equivalents and restricted cash$10,168,342 $8,991,940 $5,531,358 $4,456,345 
1 Amounts exclude $24.7 million of cash held for sale related to the Maintenance disposition. See Note 15 for further information.
Disaggregation of Revenue
Revenues, net by segment for the three and six months ended June 30, 2026 and 2025 were as follows (in millions, except percentages):
Revenues, net by Segment*
Three Months Ended June 30,Six Months Ended June 30,
2026%2025%2026%2025%
Corporate Payments$548.7 41 %$387.3 35 %$1,052.6 40 %$732.4 35 %
Vehicle Payments580.2 43 %512.0 46 %1,144.1 44 %986.3 47 %
Lodging Payments123.2 9 %119.8 11 %234.2 9 %230.0 11 %
Other86.7 6 %82.9 8 %168.9 6 %159.0 8 %
Consolidated revenues, net$1,338.8 100 %$1,102.0 100 %$2,599.8 100 %$2,107.7 100 %
*Columns may not calculate due to rounding. Segment results for 2025 have been recast to conform with current period segment presentation as discussed in Note 11.
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue
Revenue by geography for the three and six months ended June 30, 2026 and 2025 was as follows (in millions, except percentages):
Revenues, net by Geography*Three Months Ended June 30,Six Months Ended June 30,
2026%2025%2026%2025%
United States$600.2 45 %$541.4 49 %$1,143.7 44 %$1,048.7 50 %
Brazil217.2 16 %170.3 15 %428.4 16 %332.8 16 %
United Kingdom202.2 15 %148.2 13 %407.0 16 %294.2 14 %
Other319.2 24 %242.2 22 %620.8 24 %432.0 20 %
Consolidated revenues, net$1,338.8 100 %$1,102.0 100 %$2,599.8 100 %$2,107.7 100 %
*Columns may not calculate due to rounding.
Schedule of Derivative Assets at Fair Value The following table presents the Company’s spot trade assets and liabilities at their fair value at June 30, 2026 and December 31, 2025 (in millions):
June 30, 2026December 31, 2025
Gross Offset on the Balance SheetNet GrossOffset on the Balance SheetNet
Assets
Accounts Receivable$7,629.2 $(7,235.7)$393.5 $5,285.7 $(5,086.5)$199.2 
Liabilities
Accounts Payable$7,538.1 $(7,235.7)$302.4 $5,194.1 $(5,086.5)$107.6 
The following table presents the fair value of the Company’s derivative assets and liabilities, as well as their classification on the accompanying Consolidated Balance Sheets, as of June 30, 2026 and December 31, 2025 (in millions): 
June 30, 2026December 31, 2025
  Balance Sheet ClassificationFair Value
   
Derivative AssetsPrepaid expenses and other current assets$702.9 $660.4 
Derivative AssetsOther assets$347.1 $288.7 
Derivative LiabilitiesOther current liabilities$462.8 $450.0 
Derivative LiabilitiesOther noncurrent liabilities$280.7 $205.1 
Schedule of Changes in Redeemable Noncontrolling Interest The following table presents a reconciliation of the changes in the redeemable noncontrolling interest balance (in thousands):
Redeemable Noncontrolling Interest
Balance at December 31, 2025
$302,000 
Net income attributable to redeemable noncontrolling interest
6,185 
Adjustment to redemption value (non-cash)
5,815 
Balance at June 30, 2026
$314,000