NEW YORK--(BUSINESS WIRE)--May 04, 2026--
American Express Global Business Travel, which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) ("Amex GBT" or the "Company"), a leading software and services company for travel, expense and meetings & events, today reported first quarter 2026 financial results.
YOY
Three Months Ended Inc / (Dec)
----------------------------------- ------------------------- --------------
March 31,
------------------------------------------------------------- --------------
(in millions, except percentages;
unaudited) 2026 2025
----------------------------------- --------------- -------- --------------
Revenue $ 840 $ 621 35%
----------------------------------- ------ ------- ---- --------------
Total operating expenses $ 837 $ 566 48%
----------------------------------- ------ ------- ---- --------------
Gross Profit $ 471 $ 374 26%
----------------------------------- ------ ------- ---- --------------
Gross Profit Margin 56% 60% (410)bps
------------------------------------------- ------- ---- --------------
Net income $ 54 $ 75 (28)%
----------------------------------- ------ ------- ---- --------------
Net income margin 6% 12% (570)bps
------------------------------------------- ------- ---- --------------
Adjusted Gross Profit $ 490 $ 390 26%
----------------------------------- ------ ------- ---- --------------
Adjusted Gross Profit Margin 58% 63% (450)bps
------------------------------------------- ------- ---- --------------
Adjusted Operating Expenses $ 691 $ 480 44%
----------------------------------- ------ ------- ---- --------------
Adjusted EBITDA $ 150 $ 141 6%
----------------------------------- ------ ------- ---- --------------
Adjusted EBITDA Margin 18% 23% (490)bps
------------------------------------------- ------- ---- --------------
Net cash (used in) from operating
activities $ (15) $ 53 (129)%
----------------------------------- ------ ------- ---- --------------
Free Cash Flow $ (52) $ 26 (300)%
----------------------------------- ------ ------- ---- --------------
Net Debt / LTM Adjusted EBITDA 2.0x 1.7x
----------------------------------- --------------- -------- --------------
A reconciliation of non-GAAP financial measures to the most comparable GAAP
measure is provided at the end of this release.
Results include the impact of acquisitions for Q1 2026 only.
Paul Abbott, Chief Executive Officer:
"Our financial performance and continued commercial progress in Q1 was strong. Our next-gen Egencia, powered by Agentic AI, and strategic alliance with SAP Concur on Complete are reshaping how enterprises manage travel and expense globally. Total New Wins Value of $3.4 billion and 96% customer retention demonstrate the strength of our offerings and customer relationships."
Business Highlights
-- Strong financial performance. Delivered revenue growth of 35% with
Adjusted Gross Profit Margin of 58% and Adjusted EBITDA of $150 million.
-- Continued commercial progress. LTM Total New Wins Value of $3.4 billion,
including major new win with Pfizer, and 96% customer retention rate
since September 2025, including CWT. LTM SME New Wins Value of $2.0
billion include record new SME signatures in the first quarter.
-- Product innovation. Advanced our AI initiatives and competitive
positioning with launch of Complete and next-gen Egencia including
enhanced user experience, Agentic AI capabilities and integration with
Concur Expense.
-- Strategic alliance. 75% of eligible joint customers are now using
"Complete," the new, AI-powered flagship solution for travel and expense
in alliance with SAP Concur.
First Quarter 2026 Operational & Financial Highlights
(Changes compared to prior year period unless otherwise noted)
-- TTV growth of 54% and Transaction Growth of 41%.
-- Revenue of $840 million increased 35%. Within this, Travel Revenue
increased 33% due to acquisition impacts, growth in business travel
demand and share gains, as well as a favorable foreign exchange impact.
Product and Professional Services Revenue increased 44%. Excluding the
impact of acquisitions, revenue growth was 7%.
-- Total operating expenses of $837 million increased 48%, primarily due
to the impact of acquisitions, increased cost of revenue to support
growth in business travel demand and increased investments in technology
and content and sales and marketing costs, partially offset by $18
million of cost transformation benefits and $10 million of CWT net
synergies. Additionally, there were higher restructuring costs related to
achievement of CWT synergies and broader cost transformation, higher
depreciation and amortization and unfavorable foreign exchange impact.
-- Net income of $54 million decreased 28%. Revenue growth, higher benefit
from income taxes and favorable foreign exchange movement were offset by
higher operating expenses, including higher restructuring costs related
to achieving CWT synergies and broader cost transformation initiatives,
and unfavorable movement on earnout derivative liabilities.
-- Net cash used in operating activities totaled $15 million, a decrease
of $68 million, primarily due to working capital timing, with the
year-over-year comparison impacted by the one-time interest rate swap
termination receipt in 2025.
-- Free Cash Flow outflow was $52 million, a decrease of $78 million,
primarily due to lower net cash from operating activities and increased
investments in purchase of property and equipment.
Given the announcement today of the proposed acquisition of the Company by Long Lake Management, (the "Merger"), Amex GBT will not host an earnings conference call and is suspending its practice of holding future earnings conference calls or providing financial guidance.
Glossary of Terms
See the "Glossary of Terms" for the definitions of certain terms used within this press release.
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. 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
(Unaudited)
Three months ended
March 31,
------------------------------
(in $ millions, except share and
per share data) 2026 2025
----------------------------------- ----------- -----------
Revenue $ 840 $ 621
Costs and expenses:
Cost of revenue (excluding
depreciation and amortization
shown separately below) 350 231
Sales and marketing 126 103
Technology and content 159 120
General and administrative 98 68
Restructuring and other exit
charges 44 4
Depreciation and amortization 60 40
----------- -----------
Total operating expenses 837 566
----------- -----------
Operating income 3 55
Interest income 1 2
Interest expense (27) (24)
Loss on early extinguishment of
debt -- (2)
Fair value movement on earnout
derivative liabilities 31 74
Other income (loss), net 3 (9)
----------- -----------
Income before income taxes 11 96
Benefit from (provision for)
income taxes 42 (21)
Share of income from equity
method investments 1 --
----------- -----------
Net income 54 75
Less: net income attributable to
non-controlling interests in
subsidiaries 2 --
----------- -----------
Net income attributable to the
Company's Class A common
stockholders $ 52 $ 75
=========== ===========
Basic income per share attributable
to the Company's Class A common
stockholders $ 0.10 $ 0.16
=========== ===========
Weighted average number of shares
outstanding - Basic 512,803,949 465,872,540
=========== ===========
Diluted income per share
attributable to the Company's Class
A common stockholders $ 0.10 $ 0.16
=========== ===========
Weighted average number of shares
outstanding - Diluted 519,400,271 478,715,682
=========== ===========
GLOBAL BUSINESS TRAVEL GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(in $ millions, except share and per March 31, December 31,
share data) 2026 2025
------------------------------------- ------------- -----------------
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 442 $ 434
Accounts receivable (net of
allowance for credit losses of
$10 and $9 as of March 31, 2026
and December 31, 2025,
respectively) 1,007 869
Due from affiliates 54 51
Prepaid expenses and other
current assets 254 215
-------- ----------
Total current assets 1,757 1,569
Property and equipment, net 302 308
Equity method investments 44 43
Goodwill 1,663 1,671
Other intangible assets, net 821 851
Operating lease right-of-use assets 62 66
Deferred tax assets 330 298
Other non-current assets 100 110
-------- ----------
Total assets $ 5,079 $ 4,916
======== ==========
Liabilities and shareholders' equity
Current liabilities:
Accounts payable $ 603 $ 515
Due to affiliates 23 25
Accrued expenses and other
current liabilities 781 757
Current portion of operating
lease liabilities 25 26
Current portion of long-term
debt 62 58
-------- ----------
Total current liabilities 1,494 1,381
Long-term debt, net of unamortized
debt discount and debt issuance
costs 1,455 1,360
Deferred tax liabilities 106 99
Pension liabilities 154 163
Long-term operating lease
liabilities 64 62
Earnout derivative liabilities 6 37
Other non-current liabilities 136 153
-------- ----------
Total liabilities 3,415 3,255
-------- ----------
Commitments and Contingencies
Redeemable non-controlling interest 50 49
-------- ----------
Shareholders' equity:
Class A common stock (par value
$0.0001; 3,000,000,000 shares
authorized; 545,696,620 and
538,342,297 shares issued,
522,526,763 and 521,088,517 shares
outstanding as of March 31, 2026
and December 31, 2025,
respectively) -- --
Additional paid-in capital 3,273 3,277
Accumulated deficit (1,414) (1,466)
Accumulated other comprehensive
loss (84) (75)
Treasury shares, at cost
(23,169,857 and 17,253,780 shares
as of March 31, 2026 and December
31, 2025, respectively) (166) (128)
-------- ----------
Total equity of the Company's
shareholders 1,609 1,608
Equity attributable to
non-controlling interest in
subsidiaries 5 4
-------- ----------
Total shareholders' equity 1,614 1,612
-------- ----------
Total liabilities and shareholders'
equity $ 5,079 $ 4,916
======== ==========
GLOBAL BUSINESS TRAVEL GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended
March 31,
---------------------------
(in $ millions) 2026 2025
------------------------------------------ ------- ------
Operating activities:
Net income $ 54 $ 75
Adjustments to reconcile net income to
net cash from operating activities:
Depreciation and amortization 60 40
Deferred tax (benefit) charge (28) 3
Equity-based compensation 17 19
Allowance for credit losses 2 2
Loss on early extinguishment of debt -- 2
Fair value movement on earnout
derivative liabilities (31) (74)
Other, net (1) 8
Changes in working capital:
Accounts receivable (151) (136)
Prepaid expenses and other current
assets (47) (8)
Due from affiliates (3) (2)
Due to affiliates (2) 13
Accounts payable, accrued expenses
and other current liabilities 123 86
Defined benefit pension funding (8) (6)
Proceeds from termination of interest
rate swap contracts -- 31
------- ------
Net cash (used in) from operating
activities (15) 53
------- ------
Investing activities:
Business acquisition, net of cash and
restricted cash acquired 10 --
Purchase of property and equipment (37) (27)
Proceeds from foreign exchange forward
contracts -- 9
------- ------
Net cash used in investing activities (27) (18)
------- ------
Financing activities:
Proceeds from senior secured term loans 132 99
Repayment of senior secured term loans (36) (103)
Repurchase of common shares (38) (1)
Contributions for ESPP 4 4
Payment of taxes withheld on vesting of
equity awards (14) (24)
Other 1 --
------- ------
Net cash from (used in) financing
activities 49 (25)
------- ------
Effect of exchange rate changes on cash,
cash equivalents and restricted cash (6) 6
------- ------
Net increase in cash, cash equivalents and
restricted cash 1 16
Cash, cash equivalents and restricted cash,
beginning of period 479 561
------- ------
Cash, cash equivalents and restricted cash,
end of period $ 480 $ 577
======= ======
Supplemental cash flow information:
Cash paid for income taxes (net of
refunds) $ 3 $ 4
Cash paid for interest (net of interest
received) $ 25 $ 30
Non-cash additions for operating lease
right-of-use assets $ 4 $ --
Non-cash additions for finance lease $ -- $ 1
Additional Information and Disclosures
Glossary of Terms
-- AI refers to Artificial Intelligence.
-- CWT refers to CWT Holdings, LLC.
-- Customer retention rate is calculated based on transactions.
-- LTM refers to the last twelve months ended March 31, 2026.
-- GMN refers to Global & Multinational Enterprises and SME refers to
Small and Medium-sized Enterprises. For organizational management
purposes, Amex GBT divides the customer base into these two general
categories, generally on the basis of annual TTV, although this measure
can vary by country and by customer preference. Amex GBT offers all
products and services to all sizes of customer, as customers of all sizes
may prefer different solutions.
-- SME New Wins Value is calculated using expected annual Total
Transaction Value (TTV) over the contract term from all SME new client
wins over 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 net transactions in the comparative previous
period/ year to the total number of net 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, 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, foreign currency gains (losses) and non-service components of net periodic pension benefit (costs).
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 to 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 a measure of liquidity or as a measure 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.
We use these 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. 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 flow 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 flow 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 flow from operating activities as a measure of liquidity.
We define Net Debt as total debt outstanding consisting of the 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 Adjusted Gross Profit to Gross Profit:
Three months ended March 31,
--------------------------------------
(in $ millions) 2026 2025
--------------------------------- -------- ---- -------- ----
Revenue $ 840 $ 621
Cost of revenue (excluding
depreciation and amortization) 350 231
-------- ---- -------- ----
Adjusted Gross Profit 490 390
Depreciation and amortization
related to cost of revenue 19 16
-------- ---- -------- ----
Gross Profit 471 374
Gross Profit Margin 56% 60%
Adjusted Gross Profit Margin 58% 63%
Reconciliation of net income to EBITDA and Adjusted EBITDA:
Three months ended March 31,
--------------------------------------
(in $ millions) 2026 2025
--------------------------------- -------- ---- -------- ----
Net income $ 54 $ 75
Interest income (1) (2)
Interest expense 27 24
Loss on early extinguishment of
debt -- 2
(Benefit from) provision for
income taxes (42) 21
Depreciation and amortization 60 40
-------- ---- -------- ----
EBITDA 98 160
Restructuring, exit and related
charges (a) 49 4
Integration costs (b) 9 5
Mergers and acquisitions costs (c) 3 6
Equity-based compensation and
related employer taxes (d) 25 31
Fair value movement on earnout
derivative liabilities (e) (31) (74)
Other adjustments, net (f) (3) 9
-------- --- -------- ----
Adjusted EBITDA $ 150 $ 141
======== ==== ======== ====
Net income Margin 6% 12%
Adjusted EBITDA Margin 18% 23%
Reconciliation of total operating expenses to Adjusted Operating Expenses:
Three months ended March 31,
--------------------------------------
(in $ millions) 2026 2025
--------------------------------- --- ---------- ---------
Total operating expenses $ 837 $ 566
Adjustments:
Depreciation and amortization (60) (40)
Restructuring, exit and related
charges (a) (49) (4)
Integration costs (b) (9) (5)
Mergers and acquisitions costs
(c) (3) (6)
Equity-based compensation and
related employer taxes (d) (25) (31)
--- ---------- ---------
Adjusted Operating Expenses $ 691 $ 480
=== ========== =========
a) Includes (i) employee severance costs of $40 million and $4 million for
the three months ended March 31, 2026 and 2025, respectively, (ii)
accelerated amortization of operating lease ROU assets of $5 million for
the three months ended March 31, 2026 and (iii) contract costs related to
facility abandonment of $4 million for the three months ended March 31,
2026.
b) Represents expenses related to the integration of business acquisitions.
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) Adjusted Operating Expenses excludes (i) long-term incentive plan expense
of $1 million for the three months ended March 31, 2025, and (ii) legal
and professional services (reversals) of $(1) million for the three months
ended March 31, 2025. Adjusted EBITDA additionally excludes (i) unrealized
foreign exchange gain (loss) of $5 million and $(7) million for the three
months ended March 31, 2026 and 2025, respectively, and (ii) non-service
component of our net periodic pension cost related to our defined benefit
pension plans of $2 million and $2 million for the three months ended
March 31, 2026 and 2025, respectively.
Reconciliation of last twelve months Adjusted EBITDA:
Last
twelve
months
Three months ended ended
----------------------------------------- --------
June March March
30, September December 31, 31,
(in $ millions) 2025 30, 2025 31, 2025 2026 2026
---------------- ----- ------------- ------------ ----- --------
Net income (loss) $ 15 $ (62) $ 83 $ 54 $ 90
Interest income (2) (2) (2) (1) (7)
Interest expense 23 24 24 27 98
Provision for
(benefit from)
income taxes 21 24 (26) (42) (23)
Depreciation and
amortization 43 49 60 60 212
--- ---- --- ---- --- ---
EBITDA 100 33 139 98 370
Restructuring,
exit and related
charges 13 31 10 49 103
Integration costs 3 4 8 9 24
Mergers and
acquisitions 18 10 1 3 32
Equity-based
compensation and
related employer
taxes 20 19 20 25 84
Fair value
movement on
earnout
derivative
liabilities (32) 26 (16) (31) (53)
Gain on
remeasurement of
equity method
investment at
fair value -- -- (39) -- (39)
Other
adjustments,
net 11 5 7 (3) 20
--- ---- --- ---- --- ---
Adjusted
EBITDA $133 $ 128 $ 130 $150 $541
=== ==== === ==== === ===
Reconciliation of net cash (used in) from operating activities to Free
Cash Flow:
Three months ended March 31,
------------------------------------
(in $ millions) 2026 2025
---- ---------- ---- --------
Net cash (used in) from operating
activities $ (15) $ 53
Less: Purchase of property and
equipment (37) (27)
---- ---------- --- --------
Free Cash Flow $ (52) $ 26
==== ========== === ========
Reconciliation of Net Debt:
As of
(in $ millions) March 31, 2026 December 31, 2025 March 31, 2025
Current portion
of long-term
debt $ 62 $ 58 $ 19
Long-term debt,
net of
unamortized debt
discount and
debt issuance
costs 1,455 1,360 1,365
-------- --- -------- --------
Total debt, net
of unamortized
debt discount
and debt
issuance costs 1,517 1,418 1,384
Less: Cash and
cash
equivalents (442) (434) (552)
-------- --- -------- --------
Net Debt $ 1,075 $ 984 $ 832
======== === ======== ========
LTM Adjusted
EBITDA $ 541 $ 532 $ 496
Net Debt / LTM 2.0x 1.9x 1.7x
Adjusted EBITDA
Forward-Looking Statements
Certain statements made in this release, including statements regarding the Merger, stockholder approvals for the Merger, any expected timetable for completing the Merger, the expected benefits of the Merger and other statements regarding our financial position, business strategy, and the plans and objectives of management for future operations and full-year guidance, are "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide our current expectations or forecasts of future events. Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. 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 release 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, including as a result of the proposed Merger, 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 travel and our services); (10) the effect of legal, tax and regulatory changes; (11) the impact of any future acquisitions including the integration of any acquisition; (12) the decisions of market data providers, indices and individual investors; (13) costs related to, or the inability to recognize the anticipated benefits of our merger with CWT; (14) risks related to the business of CWT or unexpected liabilities that arise in connection with the integration of CWT into our business, including our ability to apply our procedures regarding internal controls over financial reporting to CWT; (15) the outcome of any legal proceedings that may be instituted against the Company in connection with our merger with CWT or the proposed Merger; (16) the ability to complete the proposed Merger on the anticipated terms and timing, or at all, including obtaining required regulatory approvals and the satisfaction of other conditions to the completion of the proposed Merger; (17) the risk that disruptions from the proposed Merger (such as the ability of certain customers of Amex GBT to terminate or amend contracts upon a change of control, or to withhold consent to such change of control) will harm Amex GBT's business, including current plans and operations, during the pendency, and following the completion of, the proposed Merger; (18) the diversion of management's time and attention from ordinary course business operations to completion of the proposed Merger; (19) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed Merger; (20) contractual provisions that may impact Amex GBT's ability to pursue certain business opportunities or strategic transactions during the pendency, and/or following the completion of, the proposed Merger; (21) the occurrence of any event, change, or other circumstance that could give rise to the termination of the proposed Merger, including in circumstances requiring Amex GBT to pay a termination fee to the acquirer in the Merger; (22) those risks and uncertainties found in Amex GBT's filings with the U.S. Securities and Exchange Commission (the "SEC"), including the risk factors discussed in Amex GBT's most recent Annual Reports on Form 10-K, as updated by our Quarterly Reports on Form 10-Q and future filings with the SEC from time to time, which are available via the SEC's website at www.sec.gov; and (23) those risks that will be described in the proxy statement that will be filed with the SEC. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.
These risks, as well as other risks associated with the Merger, will be more fully discussed in the proxy statement that will be filed with the SEC in connection with the Merger. There can be no assurance that the Merger will be completed, or if it is completed, that it will close within the anticipated time period. These factors should not be construed as exhaustive and should be read in conjunction with the other forward-looking statements. The forward-looking statements relate only to events as of the date on which the statements are made. The Company does not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements.
Disclaimer
An investment in Global Business Travel Group, Inc. is not an investment in American Express. American Express shall not be responsible in any manner whatsoever for, and in respect of, the statements herein, all of which are made solely by Global Business Travel Group, Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260504793180/en/
CONTACT:
Investor Contact: Jennifer Thorington, investor@amexgbt.com
Media Contact: Megan Kat, megan.kat@amexgbt.com
(END) Dow Jones Newswires
May 04, 2026 07:35 ET (11:35 GMT)