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."
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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."
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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
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March 09, 2026 07:45 ET (11:45 GMT)