CPAYHIGH SIGNALFINANCIAL10-K

CPAY shows massive balance sheet expansion with total deposits surging 170% and total assets growing 47% to $26.4B, while operating cash flow declined 23% despite revenue growth.

The dramatic increase in deposits and current liabilities suggests CPAY is holding significantly more customer funds, which could indicate rapid business growth but also increases operational complexity and regulatory risk. The disconnect between 14% revenue growth and declining operating cash flow raises questions about profitability and cash conversion efficiency that investors should monitor closely.

Comparing 2026-02-27 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

CPAY's financials show a company in rapid expansion mode, with total assets growing 47% to $26.4B driven primarily by a 170% surge in deposits to $492M and proportional increases in current assets and liabilities. While revenue grew a healthy 14% to $4.5B and debt increased moderately by 25%, the concerning trend is the 23% decline in operating cash flow to $1.5B alongside reduced share buybacks, suggesting potential pressure on cash generation despite top-line growth. This profile indicates a business scaling rapidly but facing execution challenges in converting growth into cash flow.

FINANCIAL STATEMENT CHANGES
Total Deposits
Balance Sheet
+169.7%
$182.5M→$492.3M

Deposits grew 169.7% — expanding customer base or increased trust in the institution.

Current Liabilities
Balance Sheet
+64.2%
$8.7B→$14.3B

Current liabilities surged 64.2% — significant near-term obligations; verify ability to meet short-term debt.

Current Assets
Balance Sheet
+60.9%
$8.7B→$14.0B

Current assets grew 60.9% — improving short-term liquidity or inventory/receivables build.

Cash & Equivalents
Balance Sheet
+55%
$1.6B→$2.4B

Cash position surged 55% — strong cash generation or capital raise providing significant financial cushion.

Total Assets
Balance Sheet
+47.1%
$18.0B→$26.4B

Asset base grew 47.1% — expansion through organic growth, acquisitions, or capital deployment.

Share Buybacks
Cash Flow
-39.2%
$1.3B→$782.8M

Buyback activity reduced 39.2% — capital being redeployed elsewhere or cash conservation underway.

Total Debt
Balance Sheet
+25.1%
$8.0B→$10.0B

Debt rose 25.1% — additional borrowing for investment or operations; monitor coverage ratios.

Stockholders Equity
Balance Sheet
+24.4%
$3.1B→$3.9B

Equity base grew 24.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Cash Flow
Cash Flow
-22.7%
$1.9B→$1.5B

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

Revenue
P&L
+13.9%
$4.0B→$4.5B

Revenue growing 13.9% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-27
ADDED
(Exact name of registrant as specified in its charter) __________________________________________________________ Delaware 72-1074903 (State or other jurisdiction of incorporation or organization) (I.R.S.
As of February 17, 2026 , there were 68,050,296 shares of common stock outstanding.
Forward-looking statements can be identified by the use of words such as anticipate, intend, believe, estimate, plan, seek, project, expect, may, will, would, could or should, the negative of these terms or other comparable terminology and similar expressions.
We have based these forward-looking statements on preliminary information, internal estimates and management's assumptions, expectations and plans about future conditions, events and results.
(the "Company") is a global corporate payments company that helps businesses and consumers better manage and pay their expenses in a simple, controlled manner.
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REMOVED
__________________________________________________________ Delaware 72-1074903 (State or other jurisdiction of incorporation or organization) (I.R.S.
The aggregate market value of the registrant s common stock held by non-affiliates of the registrant was appr oximately $ 17,904,831,658 as of June 30, 2024 , the last business day of the registrant s most recently completed second fiscal quarter, based on the closing sale price as reported on the New York Stock Exchange.
As of February 17, 2025 , there were 70,249,923 shares of common stock outstanding.
Forward-looking statements can be identified by the use of words such as anticipate, intend, believe, estimate, plan, seek, project or expect, may, will, would, could or should, the negative of these terms or other comparable terminology.
We have based these forward-looking statements largely on our current expectations and projections about future events.
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