Reiterated Full-Year 2026 Guidance for Revenue Growth of 19% to 21% and $615 Million to $645 Million in Adjusted EBITDA
Doubled Share Buyback Authorization to $600 Million
NEW YORK--(BUSINESS WIRE)--March 09, 2026--
American Express Global Business Travel ("Amex GBT" or the "Company") $(GBTG)$, a leading technology and services company for travel, expense, and meetings & events today reported fourth quarter and full-year 2025 financial results.
Fourth Quarter & Full-Year 2025 Financial Summary
YOY Increase YOY Increase
Three Months Ended / (Decrease) Year Ended / (Decrease)
December 31, December 31,
(in millions,
except
percentages;
unaudited) 2025 2024 2025 2024
Revenue $792 $591 34% $2,718 $2,423 12%
Total
operating
expenses $763 $561 36% $2,588 $2,308 12%
Gross Profit $431 $337 29% $1,562 $1,397 12%
Gross Profit
Margin 55% 57% (243)bps 57% 58% (15)bps
Net income
(loss) $ 83 $(14) n/m $ 111 $ (134) 182%
Net income
(loss)
margin 10% (3)% n/m 4% (6)% n/m
Adjusted
EBITDA $130 $110 17% $ 532 $ 478 11%
Adjusted
EBITDA
Margin 16% 19% (233)bps 20% 20% (17)bps
Net cash
provided by
operating
activities $ 52 $ 65 (23)% $ 233 $ 272 (15)%
Free Cash Flow $ 13 $ 33 (66)% $ 104 $ 165 (37)%
Net Debt / LTM 1.9x 1.8x
Adjusted
EBITDA
N/m = not meaningful. A reconciliation of non-GAAP financial measures to the most
comparable GAAP measure is provided at the end of this release.
Paul Abbott | Chief Executive Officer "We delivered strong financial results
in 2025 and expect even greater momentum in 2026. We are executing on our
growth strategy, including share gains, our strategic alliance with SAP Concur
and the successful closing of the CWT acquisition. We have now reached an
inflection point for AI to accelerate value creation in three ways:
revolutionize the customer experience, power the agentic transformation of B2B
travel and reduce operating costs. We have strong conviction that our AI
strategy provides significant upside and doubled our share repurchase
authorization to demonstrate our confidence."
------------------------------------------------------------------------------
Karen Williams | Chief Financial Officer "We reported double-digit revenue and
Adjusted EBITDA growth in 2025, executed accretive M&A, refinanced our debt
and doubled our share repurchase authorization to deploy capital in a
disciplined, value-accretive manner. With our CWT synergies and AI-powered
cost savings, we believe we have a significant cost optimization opportunity
that will drive material margin expansion over the medium term."
------------------------------------------------------------------------------
Business Highlights
-- Strong financial results. Q4 and FY'25 results in line with
expectations and reiterated FY'26 guidance for 19% to 21% revenue growth
and $615 million to $645 million in Adjusted EBITDA.
-- Continued share gains. Total New Wins Value of $3.3 billion and 96%
customer retention rate in 2025, excluding CWT.
-- Delivering on growth strategy. Launched "Complete," a new flagship
solution for travel and expense, in partnership with SAP Concur.
Launching next-gen Egencia in April with new AI features and user
experience and full integration to SAP Concur expense. Closed
transformative CWT acquisition in September 2025.
-- AI is powering further growth and value creation. Leveraging AI to 1)
revolutionize the customer experience, 2) power the agentic
transformation of B2B travel and 3) reduce operating costs.
-- Doubled share repurchase authorization to $600 million. Reflects
confidence in ability to deliver growth, AI-enabled product innovation,
margin expansion and cash generation while maintaining a strong balance
sheet and delivering attractive capital returns to shareholders.
Fourth Quarter 2025 Financial Highlights
(Changes compared to prior year period unless otherwise noted)
-- Revenue of $792 million increased 34%. Within this, Travel Revenue
increased 36% due to Transaction Growth of 37% and TTV growth of 45%,
both driven by the acquisition of CWT, business travel demand and share
gains. Product and Professional Services Revenue increased 27%. Excluding
the impact of CWT, revenue growth was 8%.
-- Total operating expenses of $763 million increased 36%, primarily due
to the consolidation of CWT, Transaction Growth which resulted in
increased cost of revenue, increased investments in technology and
content and sales and marketing costs, partially offset by $37 million of
cost transformation benefits and $5 million of CWT synergies.
Additionally, there were higher restructuring and integration costs
related to cost transformation and CWT synergies and higher depreciation
and amortization.
-- Net income of $83 million improved by $97 million, primarily due to
fair value movements on earnout derivative liabilities and gain on
remeasurement of previously held equity interest.
-- Net cash provided by operating activities totaled $52 million, a
decrease of 23%, primarily due to net working capital usage and increased
cash restructuring costs primarily related to CWT synergies, partially
offset by stronger profitability.
-- Free Cash Flow totaled $13 million, a decrease of 66%, due to lower net
cash from operating activities and increased purchase of property and
equipment primarily due to capitalized technology investments.
Full-Year 2025 Financial Highlights
(Changes compared to prior year period unless otherwise noted)
-- Revenue of $2,718 million increased 12%. Within this, Travel Revenue
increased 12% due to Transaction Growth of 14% and TTV growth of 17%,
both driven by the acquisition of CWT, business travel demand and share
gains. Product and Professional Services Revenue increased 15%.
-- Total operating expenses of $2,588 million increased 12%, primarily due
to the consolidation of CWT, Transaction Growth which resulted in
increased cost of revenue, increased investments in technology and
content and sales and marketing costs, partially offset by $103 million
of cost transformation benefits and $5 million of CWT synergies.
Additionally, there were higher restructuring costs related to cost
transformation and CWT synergies and higher depreciation and
amortization.
-- Net income of $111 million improved by $245 million, primarily due to
increased operating income, gain on remeasurement of previously held
equity interest, fair value movements on earnout derivative liabilities,
loss on extinguishment of debt in the prior year period and lower
interest expense.
-- Net cash provided by operating activities totaled $233 million, a
decrease of 15%, primarily due to the non-recurrence of a prior year
benefit from Egencia net working capital optimization, higher cash taxes
and higher cash M&A costs related to CWT, partially offset by higher
operating income and cash inflows from termination of interest rate swap
contracts.
-- Free Cash Flow totaled $104 million, a decrease of 37%, due to lower
net cash from operating activities primarily related to CWT and increased
purchase of property and equipment primarily due to capitalized
technology investments.
Reiterated Full-Year 2026 Guidance
Full-Year 2026 Guidance Year-over-Year Growth
Revenue $3.235B -- $3.295B + 19% -- 21%
Adjusted EBITDA $615M -- $645M + 16% -- 21%
Free Cash Flow $125M -- $155M + 20% -- $49%
Please refer to the section below titled "Reconciliation of Full-Year 2026
Adjusted EBITDA and Free Cash Flow Guidance" for a description of certain
assumptions and risks associated with this guidance and reconciliation to GAAP
measures.
Amex GBT will host its fourth quarter and full-year 2025 investor conference call today at 9:00 a.m. E.T. The live webcast and accompanying slide presentation can be accessed on the Amex GBT Investor Relations website at investors.amexglobalbusinesstravel.com. A replay of the event will be available on the website for at least 90 days following the event.
Glossary of Terms
See the "Glossary of Terms" for the definitions of certain terms used within this press release.
Non-GAAP Financial Measures
The Company refers to certain financial measures that are not recognized under GAAP in this press release, including EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Expenses, Adjusted Gross Profit, Free Cash Flow and Net Debt. See "Non-GAAP Financial Measures" below for an explanation of these non-GAAP financial measures and "Tabular Reconciliations for Non-GAAP Financial Measures" below for reconciliations of the non-GAAP financial measures to the comparable GAAP measures.
About American Express Global Business Travel
American Express Global Business Travel (Amex GBT) is a leading software and services company for travel, expense, and meetings & events. We have built the most valuable marketplace in travel with the most comprehensive and competitive content. A choice of solutions brought to you through a strong combination of technology and people, delivering the best experiences, proven at scale. With travel professionals and business partners in more than 140 countries, our solutions deliver savings, flexibility, and service from a brand you can trust -- Amex GBT.
Visit amexglobalbusinesstravel.com for more information about Amex GBT. Follow @amexgbt on LinkedIn and Instagram.
GLOBAL BUSINESS TRAVEL GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Year ended
December 31,
--------------------------------------------------------------------------
(in $ millions, except share
and per share data) 2025 2024
---------------------------- -------------------------------- ----------------------------------------
Revenue $ 2,718 $ 2,423
Costs and expenses:
Cost of revenue
(excluding depreciation
and amortization shown
separately below) 1,085 967
Sales and marketing 442 400
Technology and content 527 442
General and
administrative 290 308
Restructuring and other
exit charges 52 13
Depreciation and
amortization 192 178
------------------------------ ------------------------------------
Total operating
expenses 2,588 2,308
------------------------------ ------------------------------------
Operating income 130 115
Interest income 8 6
Interest expense (95) (115)
Loss on early
extinguishment of debt (2) (38)
Fair value movement on
earnout derivative
liabilities 96 (56)
Gain on remeasurement of
previously held equity
interest 39 --
Other (loss) income, net (29) 17
------------------------------ ------------------------------------
Income (loss) before income
taxes and share of income
from equity method
investments 147 (71)
Provision for income
taxes (40) (66)
Share of income from
equity method
investments 4 3
------------------------------ ------------------------------------
Net income (loss) 111 (134)
Less: net income
attributable to
non-controlling
interests in
subsidiaries 2 4
------------------------------ ------------------------------------
Net income (loss)
attributable to the
Company's Class A common
stockholders $ 109 $ (138)
============================== ====================================
Basic income (loss) per share
attributable to the
Company's Class A common
stockholders $ 0.22 $ (0.30)
============================== ====================================
Weighted average number of
shares outstanding -- Basic 484,518,813 462,695,229
============================== ====================================
Diluted income (loss) per
share attributable to the
Company's Class A common
stockholders $ 0.22 $ (0.30)
============================== ====================================
Weighted average number of
shares outstanding --
Diluted 492,791,804 462,695,229
============================== ====================================
GLOBAL BUSINESS TRAVEL GROUP, INC.
CONSOLIDATED BALANCE SHEETS
As of December 31,
(in $ millions except share and per share
data) 2025 2024
------------------------------------------- ------------ ----------
Assets
Current assets:
Cash and cash equivalents $ 434 $ 536
Accounts receivable (net of
allowance for credit losses of $9
and $10 as of December 31, 2025 and
2024, respectively) 869 571
Due from affiliates 51 46
Prepaid expenses and other current
assets 215 128
------- ------
Total current assets 1,569 1,281
Property and equipment, net 308 232
Equity method investments 43 14
Goodwill 1,671 1,201
Other intangible assets, net 851 480
Operating lease right-of-use assets 66 59
Deferred tax assets 298 268
Other non-current assets 110 89
------- ------
Total assets $ 4,916 $ 3,624
======= ======
Liabilities and shareholders' equity
Current liabilities:
Accounts payable $ 515 $ 263
Due to affiliates 25 22
Accrued expenses and other current
liabilities 757 461
Current portion of operating lease
liabilities 26 15
Current portion of long-term debt 58 19
------- ------
Total current liabilities 1,381 780
Long-term debt, net of unamortized debt
discount and debt issuance costs 1,360 1,365
Deferred tax liabilities 99 36
Pension liabilities 163 156
Long-term operating lease liabilities 62 63
Earnout derivative liabilities 37 133
Other non-current liabilities 153 34
------- ------
Total liabilities 3,255 2,567
------- ------
Commitments and Contingencies
Redeemable non-controlling interest 49 --
------- ------
Shareholders' equity:
Class A common stock (par value
$0.0001; 3,000,000,000 shares
authorized; 538,342,297 and
478,904,677 shares issued,
521,088,517 and 470,904,677 shares
outstanding as of December 31, 2025
and December 31, 2024,
respectively) -- --
Additional paid-in-capital 3,277 2,827
Accumulated deficit (1,466) (1,575)
Accumulated other comprehensive loss (75) (146)
Treasury shares, at cost (17,253,780
shares and 8,000,000 shares as of
December 31, 2025 and December 31,
2024, respectively) (128) (55)
------- ------
Total equity of the Company's
shareholders 1,608 1,051
Equity attributable to
non-controlling interest in
subsidiaries 4 6
------- ------
Total shareholders' equity 1,612 1,057
------- ------
Total liabilities and shareholders' equity $ 4,916 $ 3,624
======= ======
GLOBAL BUSINESS TRAVEL GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended December 31,
---------------------------------
(in $ millions) 2025 2024
-------------------------------------- --------------- ----------------
Operating activities:
Net income (loss) $ 111 $ (134)
Adjustments to reconcile net loss
to net cash from operating
activities:
Depreciation and amortization 192 178
Deferred tax (benefit) charge (15) 34
Equity-based compensation 76 77
Allowance for credit losses 5 9
Loss on early extinguishment of
debt 2 38
Fair value movements on earnout
derivative liabilities (96) 56
Gain on remeasurement of
previously held equity
interest (39) --
Other, net 32 (23)
Changes in working capital:
Accounts receivable (48) 123
Prepaid expenses and other
current assets 20 (28)
Due from affiliates (5) (5)
Due to affiliates 3 (17)
Accounts payable, accrued
expenses and other current
liabilities (7) (5)
Defined benefit pension funding (29) (27)
Payment for termination of interest
rate swap contracts 31 (4)
------- ---------
Net cash from operating activities 233 272
------- ---------
Investing activities:
Business acquisitions, net of cash
and restricted cash acquired (104) --
Purchase of property and equipment (129) (107)
Proceeds from foreign exchange
forward contracts 27 --
Other -- 5
------- ---------
Net cash used in investing activities (206) (102)
------- ---------
Financing activities:
Proceeds from senior secured term
loans, net of debt discount 99 1,397
Repayment of senior secured term
loans (113) (1,372)
Repurchase of common shares (73) (55)
Contributions for ESPP and proceeds
from exercise of stock options 8 29
Payment of taxes withheld on
vesting of equity awards (43) (28)
Payment of debt financing costs -- (25)
Prepayment penalty and other costs
related to early extinguishment of
debt -- (26)
Other (6) (5)
------- ---------
Net cash (used in) from financing
activities (128) (85)
------- ---------
Effect of exchange rates changes on
cash, cash equivalents and restricted
cash 19 (13)
Net (decrease) increase in cash, cash
equivalents and restricted cash (82) 72
Cash, cash equivalents and restricted
cash, beginning of year 561 489
------- ---------
Cash, cash equivalents and restricted
cash, end of year $ 479 $ 561
------- ---------
Supplemental cash flow information:
Cash paid for income taxes (net of
refunds) $ 52 $ 14
Cash paid for interest (net of
interest received) $ 94 $ 99
Issuance of common shares pursuant
to the CWT acquisition $ 408 $ --
Glossary of Terms
-- AI refers to Artificial Intelligence.
-- B2B refers to business-to-business.
-- Customer retention rate is calculated based on transactions.
-- CWT refers to refers to CWT Holdings, LLC.
-- M&A refers to mergers and acquisitions
-- LTM refers to the last twelve months.
-- Total New Wins Value is calculated using expected annual Total
Transaction Value (TTV) over the contract term from all new client wins
over the last twelve months.
-- Total Transaction Value or TTV refers to the sum of the total price
paid by travelers for air, hotel, rail, car rental and cruise bookings,
including taxes and other charges applied by suppliers at point of sale,
less cancellations and refunds.
-- Transaction Growth represents year-over-year increase or decrease as a
percentage of the total transactions, including air, hotel, car rental,
rail or other travel-related transactions, recorded at the time of
booking, and is calculated on a net basis to exclude cancellations,
refunds and exchanges. To calculate year-over-year growth or decline, we
compare the total number of transactions in the comparative previous
period/ year to the total number of transactions in the current
period/year in percentage terms. We have presented Transaction Growth on
a net basis to exclude cancellations, refunds and exchanges as management
believes this better aligns Transaction Growth with the way we measure
TTV and earn revenue. Prior period Transaction Growth percentages have
been recalculated and represented to conform to current period
presentation.
Non-GAAP Financial Measures
We report our financial results in accordance with GAAP. Our non-GAAP financial measures are provided in addition to, and should not be considered as an alternative to, other performance or liquidity measures derived in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and you should not consider them either in isolation or as a substitute for analyzing our results as reported under GAAP. In addition, because not all companies use identical calculations, the presentations of our non-GAAP financial measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company.
Management believes that these non-GAAP financial measures provide users of our financial information with useful supplemental information that enables a better comparison of our performance or liquidity across periods. In addition, we use certain of these non-GAAP financial measures as performance measures as they are important metrics used by management to evaluate and understand the underlying operations and business trends, forecast future results and determine future capital investment allocations. We also use certain of our non-GAAP financial measures as indicators of our ability to generate cash to meet our liquidity needs and to assist our management in evaluating our financial flexibility, capital structure and leverage. These non-GAAP financial measures supplement comparable GAAP measures in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and/or to compare our performance and liquidity against that of other peer companies using similar measures.
We define Adjusted Gross Profit as revenue less cost of revenue (excluding depreciation and amortization).
We define Adjusted Gross Profit Margin as Adjusted Gross Profit divided by revenue.
We define EBITDA as net income (loss) before interest income, interest expense, gain (loss) on early extinguishment of debt, benefit from (provision for) income taxes and depreciation and amortization.
We define Adjusted EBITDA as net income (loss) before interest income, interest expense, gain (loss) on early extinguishment of debt, benefit from (provision for) income taxes and depreciation and amortization and as further adjusted to exclude costs that management believes are non-core to the underlying business of the Company, consisting of restructuring, exit and related charges, integration costs, costs related to mergers and acquisitions, non-cash equity-based compensation and related employer taxes, long-term incentive plan costs, certain corporate costs, fair value movements on earnout derivative liabilities, gain (loss) on remeasurement of previously held equity investment, foreign currency gains (losses) and non-service components of net periodic pension benefit (cost).
We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue.
We define Adjusted Operating Expenses as total operating expenses excluding depreciation and amortization and costs that management believes are non-core to the underlying business of the Company, consisting of restructuring, exit and related charges, integration costs, costs related to mergers and acquisitions, non-cash equity-based compensation and related employer taxes, long-term incentive plan costs and certain corporate costs.
Adjusted Gross Profit, Adjusted Gross Profit Margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Operating Expenses are supplemental non-GAAP financial measures of operating performance that do not represent and should not be considered as alternatives to gross profit, net income (loss) or total operating expenses, as determined under GAAP. In addition, these measures may not be comparable to similarly titled measures used by other companies.
These non-GAAP measures have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of the Company's results or expenses as reported under GAAP. Some of these limitations are that these measures do not reflect:
-- changes in, or cash requirements for, our working capital needs or
contractual commitments;
-- our interest expense, or the cash requirements to service interest or
principal payments on our indebtedness;
-- our tax expense, or the cash requirements to pay our taxes;
-- recurring, non-cash expenses of depreciation and amortization of
property and equipment and definite-lived intangible assets and, although
these are non-cash expenses, the assets being depreciated and amortized
may have to be replaced in the future;
-- the non-cash expense of stock-based compensation, which has been, and
will continue to be for the foreseeable future, an important part of how
we attract and retain our employees and a significant recurring expense
in our business;
-- restructuring, mergers and acquisition and integration costs, all of
which are intrinsic of our acquisitive business model; and
-- impact on earnings or changes resulting from matters that are non-core
to our underlying business, as we believe they are not indicative of our
underlying operations.
Adjusted Gross Profit, Adjusted Gross Profit Margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Operating Expenses should not be considered as measures of liquidity or as measures determining discretionary cash available to us to reinvest in the growth of our business or as measures of cash that will be available to us to meet our obligations.
We believe that the adjustments applied in presenting Adjusted Gross Profit, Adjusted Gross Profit Margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Operating Expenses are appropriate to provide additional information to investors about certain material non-cash and other items that management believes are non-core to our underlying business.
These non-GAAP measures supplement comparable GAAP measures in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. We also believe that Adjusted Gross Profit, Adjusted Gross Profit Margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Operating Expenses are helpful supplemental measures to assist potential investors and analysts in evaluating our operating results across reporting periods on a consistent basis.
We define Free Cash Flow as net cash from (used in) operating activities, less cash used for additions to property and equipment.
We believe Free Cash Flow is an important measure of our liquidity. This measure is a useful indicator of our ability to generate cash to meet our liquidity demands. We use this measure to conduct and evaluate our operating liquidity. We believe it typically presents an alternate measure of cash flows since purchases of property and equipment are a necessary component of our ongoing operations and it provides useful information regarding how cash provided by operating activities compares to the property and equipment investments required to maintain and grow our platform. We believe Free Cash Flow provides investors with an understanding of how assets are performing and measures management's effectiveness in managing cash.
Free Cash Flow is a non-GAAP measure and may not be comparable to similarly named measures used by other companies. This measure has limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent cash flow for discretionary expenditures. This measure should not be considered as a measure of liquidity or cash flows from operations as determined under GAAP. This measure is not a measurement of our financial performance under GAAP and should not be considered in isolation or as an alternative to net income (loss) or any other performance measures derived in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of liquidity.
We define Net Debt as total debt outstanding consisting of current and non-current portion of long-term debt, net of unamortized debt discount and unamortized debt issuance costs, minus cash and cash equivalents. Net Debt is a non-GAAP measure and may not be comparable to similarly named measures used by other companies. This measure is not a measurement of our indebtedness as determined under GAAP and should not be considered in isolation or as an alternative to assess our total debt or any other measures derived in accordance with GAAP or as an alternative to total debt. Management uses Net Debt to review our overall liquidity, financial flexibility, capital structure and leverage. Further, we believe that certain debt rating agencies, creditors and credit analysts monitor our Net Debt as part of their assessment of our business.
Reconciliation of net income (loss) to EBITDA and Adjusted
EBITDA:
Three Months Ended Year Ended
December 31, December 31,
----------------------- -------------------
(in $ millions) 2025 2024 2025 2024
----------------- ------------ --------- -------- ---------
Net income (loss) $ 83 $(14) $111 $(134)
Interest income (2) (2) (8) (6)
Interest expense 24 22 95 115
Loss on early
extinguishment of
debt -- -- 2 38
(Benefit from)
Provision for
income taxes (26) 11 40 66
Depreciation and
amortization 60 40 192 178
--- --- --- --- --- ----
EBITDA 139 57 432 257
Restructuring,
exit and related
charges(a) 10 3 58 17
Integration
costs(b) 8 4 20 24
Mergers and
acquisitions(c) 1 8 35 45
Equity-based
compensation and
related employer
taxes(d) 20 19 90 83
Fair value
movements on
earnout
derivative
liabilities(e) (16) 42 (96) 56
Gain on
remeasurement of
previously held
equity
interest(f) (39) -- (39) --
Other adjustments,
net(g) 7 (23) 32 (4)
--- --- --- --- ----
Adjusted
EBITDA $ 130 $110 $532 $ 478
=== === === === === ====
Net income
(loss)
Margin 10% (3)% 4% (6)%
Adjusted
EBITDA
Margin 16% 19% 20% 20%
Reconciliation of total operating expenses to Adjusted
Operating Expenses:
Three Months
Ended December Year Ended
31, December 31,
--------------- ------------------
(in $ millions) 2025 2024 2025 2024
-------------------- -------- ----- ------- ---------
Total operating
expenses $763 $561 $2,588 $2,308
Adjustments:
Depreciation and
amortization (60) (40) (192) (178)
Restructuring,
exit and related
charges(a) (10) (3) (58) (17)
Integration
costs(b) (8) (4) (20) (24)
Mergers and
acquisitions(c) (1) (8) (35) (45)
Equity-based
compensation and
related employer
taxes(d) (20) (19) (90) (83)
Other
adjustments,
net(g) (2) (3) (3) (13)
--- --- ----- -----
Adjusted Operating
Expenses $662 $484 $2,190 $1,948
=== === ===== =====
a) Includes (i) employee severance costs of $4 million and $3 million for the
three months ended December 31, 2025 and 2024, respectively, and
$48 million and $11 million for the years ended December 31, 2025 and
2024, respectively, (ii) accelerated amortization of operating lease ROU
assets of $3 million and $0 for the three months ended December 31, 2025
and 2024, respectively, and $6 million and $4 million for the years ended
December 31, 2025 and 2024, respectively, and (iii) contract costs related
to leased facilities abandonment of $3 million and $0 for three months
ended December 31, 2025 and 2024, respectively, and $4 million and $2
million for the years ended December 31, 2025 and 2024, respectively.
b) Represents expenses related to the integration of businesses acquired.
c) Represents expenses related to business acquisitions, including potential
business acquisitions, and includes pre-acquisition due diligence and
related activities costs.
d) Represents non-cash equity-based compensation expense and employer taxes
paid related to equity incentive awards to certain employees.
e) Represents fair value movements on earnout derivative liabilities during
the periods.
f) Represents gain on remeasurement of a previously held equity investment in
Uvet GBT.
g) Adjusted Operating Expenses excludes (i) long-term incentive plan expense
of $0 and $2 million for the three months ended December 31, 2025 and
2024, respectively, and $1 million and $8 million for the years ended
December 31, 2025 and 2024, respectively, and (ii) legal and professional
services costs of $2 million and $1 million for the three months ended
December 31, 2025 and 2024, respectively, and $2 million and $5 million
for the years ended December 31, 2025 and 2024, respectively. Adjusted
EBITDA additionally excludes (i) unrealized foreign exchange loss (gains)
of $0 and ($27) million for the three months ended December 31, 2025 and
2024, respectively, and $19 million and $(22) million for the years ended
December 31, 2025 and 2024, respectively, and (ii) non-service component
of our net periodic pension cost related to our defined benefit pension
plans of $5 million and $1 million for the three months ended December 31,
2025 and 2024, respectively, and $10 million and $5 million for the years
ended December 31, 2025 and 2024, respectively.
Reconciliation of Adjusted Gross Profit:
Three Months Ended
December 31, Year Ended December 31,
----------------------- -----------------------
(in $ millions) 2025 2024 2025 2024
------------------------ ---------- ----------- ----------- ----------
Revenue $792 $591 $2,718 $2,423
Cost of revenue
(excluding depreciation
and amortization) 342 238 1,085 967
--- ---- --- ----- ----- --- -----
Adjusted Gross Profit 450 353 1,633 1,456
Depreciation and
amortization related to
cost of revenue 19 16 71 59
Gross Profit 431 337 1,562 1,397
Gross Profit Margin 55% 57% 57% 58%
Adjusted Gross Profit
Margin 57% 60% 60% 60%
Reconciliation of net cash from operating activities to Free
Cash Flow:
Three Months Ended Year Ended
December 31, December 31,
------------------------ -------------------
(in $ millions) 2025 2024 2025 2024
---------------- ------------- --------- --------- --------
Net cash from
operating
activities $ 52 $ 65 $ 233 $ 272
Less:
Purchase of
property and
equipment (39) (32) (129) (107)
---- --- ---- ---- ----
Free Cash Flow $ 13 $ 33 $ 104 $ 165
==== === ==== ==== ====
Reconciliation of Net Debt:
As of December 31,
------------------------
(in $ millions) 2025 2024
------------------------------------------- ------------ ----------
Current portion of long-term debt $ 58 $ 19
Long-term debt, net of unamortized debt
discount and debt issuance costs 1,360 1,365
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Total debt, net of unamortized debt discount
and debt issuance costs 1,418 1,384
Less: Cash and cash equivalents (434) (536)
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Net Debt $ 984 $ 848
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LTM Adjusted EBITDA $ 532 $ 478
Net Debt / LTM Adjusted EBITDA 1.9x 1.8x
Reconciliation of Full-Year 2026 Adjusted EBITDA and Free Cash Flow Guidance
The Company's full-year 2026 guidance considers various material assumptions. Because the guidance is forward-looking and reflects numerous estimates and assumptions with respect to future industry performance under various scenarios as well as assumptions for competition, general business, economic, market and financial conditions and matters specific to the business of Amex GBT, all of which are difficult to predict and many of which are beyond the control of Amex GBT, actual results may differ materially from the guidance due to a number of factors, including the ultimate inaccuracy of any of the assumptions described above and the risks and other factors discussed in the section entitled "Forward-Looking Statements" below and the risk factors in the Company's SEC filings.
Adjusted EBITDA guidance for the year ending December 31, 2026 consists of expected net income (loss) for the year ending December 31, 2026, adjusted for: (i) interest expense - net of approximately $85 million; (ii) provision for income taxes of approximately $70-80 million; (iii) depreciation and amortization of property and equipment of approximately $230 million; (iv) restructuring costs of approximately $30-50 million; (v) integration expenses and costs related to mergers and acquisitions of approximately $60-65 million; (vi) non-cash equity-based compensation and related employer taxes of approximately $75 million, and; (vii) other adjustments, including litigation and professional services costs and non-service component of our net periodic pension benefit related to our defined benefit pension plans of approximately $10 million.
We are unable to reconcile Adjusted EBITDA to net income (loss) determined under U.S. GAAP due to the unavailability of information required to reasonably predict certain reconciling items such as impairment of long-lived assets and right-of-use assets, fair value movement on earnout derivative liabilities, foreign exchange gains (loss) and/or loss on early extinguishment of debt and the related tax impact of these adjustments. The exact amount of these adjustments is not currently determinable but may be significant.
Free Cash Flow guidance for the year ending December 31, 2026 consists of expected net cash from operating activities of approximately $285-325 million less purchase of property and equipment of approximately $160-170 million.
Forward-Looking Statements
This communication contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding our financial position, business strategy, and the plans and objectives of management for future operations and full-year guidance. These statements constitute projections, forecasts and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements contained in this communication are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following risks, uncertainties and other factors: (1) changes to projected financial information or our ability to achieve our anticipated growth rate and execute on industry opportunities; (2) our ability to maintain our existing relationships with clients and suppliers and to compete with existing and new competitors; (3) various conflicts of interest that could arise among us, affiliates and investors; (4) our success in retaining or recruiting, or changes required in, our officers, key employees or directors; (5) factors relating to our business, operations and financial performance, including market conditions and global and economic factors beyond our control; (6) the impact of geopolitical conflicts, including the war in Ukraine, the conflicts in the Middle East, tensions between China and Taiwan and military operations in Venezuela, as well as related changes in base interest rates, inflation and significant market volatility on our business, the travel industry, travel trends and the global economy generally; (7) the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs; (8) the effect of a prolonged or substantial decrease in global travel on the global travel industry; (9) political, social and macroeconomic conditions (including the widespread adoption of teleconference and virtual meeting technologies which could reduce the number of in-person business meetings and demand for
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