Amex GBT reported preliminary unaudited financial results for the fourth quarter (Q4) and full year (FY) ended December 31, 2025. Q4 revenue rose 34% to USD 792 million, with total transaction value (TTV) up 45% to USD 10 billion. Adjusted EBITDA grew 17% to USD 130 million. Net income reached USD 83 million, compared to a net loss in the prior year. Net cash from operating activities was USD 52 million, and free cash flow was USD 13 million. For FY 2025, revenue increased 12% to USD 2.72 billion, while TTV grew 17% to USD 36 billion. The company attributed its strong results to accelerating business travel demand, market share gains, the successful closing of the CWT acquisition in September 2025, and ongoing cost optimization. Guidance for FY 2026 forecasts revenue growth of 19% to 21%, reaching USD 3.24–3.30 billion, and adjusted EBITDA growth of 16% to 21%, reaching USD 615–645 million. Final audited results are expected to be released before market open on March 9, 2026.

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