Global Business Travel Group (GBTG) Company Report

American Express Global Business Travel (AMEX GBT) delivered strong Q3 2025 results, with total transaction value (TTV) growing 23% and revenue accelerating to 13%. Adjusted EBITDA grew 9% to $128 million, and the adjusted gross profit margin was 60%.
The company successfully closed the acquisition of CWT on September 2, 2025, which is expected to grow revenues by approximately 30% and contribute to $155 million in net cost synergies over three years, with $55 million anticipated in 2025 and 2026.
AMEX GBT raised its full-year 2025 guidance, now expecting revenue between $2.705 billion and $2.725 billion and adjusted EBITDA between $523 million and $533 million. Preliminary expectations for full-year 2026 include 19%-21% revenue growth and adjusted EBITDA of $615 million-$645 million.
A new long-term strategic alliance with SAP Concur was announced to co-develop a new travel and expense solution and integrate Agencia with SAP Concur Expense, aiming to accelerate growth in the SME segment. The company also returned $54 million to shareholders through share buybacks year-to-date through November 6th.

Nov 10, 2025, 2:00 PM

Transcript

Global Business Travel Group Q1 2025 Results, Earnings Call & Guidance Update

GBTG

Earnings

Guidance Update

Debt Issuance

M&A

Share Buyback

Strong Q1 2025 performance: Revenue reached $621M and Adjusted EBITDA increased 15% YOY to $141M with a 260bps margin expansion.
Updated guidance: For Q2 2025, revenue is expected between $615M-$635M with adjusted EBITDA projected at $130M, and for FY 2025, revenue of $2.38B-$2.48B, Adjusted EBITDA of $480M-$540M, and free cash flow of $120M-$160M.
Improved efficiency & cash flow: Free Cash Flow rose 9% YOY to $26M alongside a 1% decrease in adjusted operating expenses.
Solid capital management: Leverage ratio reduced to 1.7x adjusted EBITDA, complemented by credit rating upgrades, a $300M share buyback authorization, and ongoing strategic M&A activities.
Robust customer metrics: Achieved a 96% LTM customer retention rate with significant new wins totaling $3.2B.

May 6, 2025, 1:01 PM

Transcript Presentation 8-K

Global Business Travel Group, Inc. Amends Merger Agreement With CWT

GBTG

M&A

Legal Proceedings

Amex GBT announced amendments to its merger agreement with CWT, revising several key terms of the original deal.
The amended terms set a revised CWT valuation at approximately $540 million, with a fixed stock price of $7.50 per share, resulting in the issuance of about 50 million shares and an additional $70 million cash component.
The agreement also extends the transaction's critical deadline to December 31, 2025, and includes a $25 million termination fee if the merger fails to close under specific conditions.

Mar 21, 2025, 12:00 AM

8-K

Global Business Travel Group Receives CMA Approval for CWT Acquisition

GBTG

M&A

Legal Proceedings

CMA Approval Received: The company secured approval from the UK Competition and Markets Authority to complete its proposed acquisition of CWT Holding, LLC.
Ongoing Legal Defense: The company is defending against a lawsuit by the U.S. Department of Justice’s Antitrust Division regarding the acquisition.

Mar 6, 2025, 12:00 AM

8-K

GBTG Q4 2024 Performance & 2025 Guidance

GBTG

Earnings

Share Buyback

Guidance Update

Revenue Acceleration/Inflection

M&A

Q4 2024: Achieved $591M in revenue (up 8% YoY) and $110M Adjusted EBITDA (up 39% YoY) with margin expansion to 19% (~300 bps)
Full-Year 2024: Generated $2.42B in revenue (up 6% YoY), $478M Adjusted EBITDA (up 26% YoY), delivered $165M in free cash flow, and posted customer retention rates of 97%-99%
2025 Guidance: Projects 5%-7% revenue growth and an increase in Adjusted EBITDA of 11%-17% to a range of $530–$560M, leveraging technology investments and operating leverage
Shareholder Initiatives: Authorized a $300M share buyback with flexibility for future M&A opportunities
Cost Efficiency: Achieved over $100M in cost savings in Q4
Financial Position: Maintained a leverage ratio of 1.8x, reducing it to below 2x

Feb 27, 2025, 12:00 AM

Transcript Presentation 8-K

Global Business Travel Group Announces Provisional CMA Clearance for CWT Acquisition

GBTG

M&A

Legal Proceedings

GBTG announced that the UK's Competition and Markets Authority has provisionally cleared its proposed acquisition of CWT, with the final decision expected by March 9, 2025.
The company is concurrently defending itself against a lawsuit initiated by the U.S. Department of Justice, seeking to block the transaction.

Feb 18, 2025, 12:00 AM

8-K

Global Business Travel Group Inc. Amends Credit Agreement

GBTG

Debt Issuance

Updated Credit Agreement: Global Business Travel Group, Inc. filed its 8-K on February 4, 2025, to announce an amended and restated credit agreement originally dated July 26, 2024, which has been updated with Amendment No. 1, addressing refinancing of its term loans.
Key Financial Provisions: The amendment outlines the use of credit facility proceeds to refinance existing term loans, pay associated fees and expenses, and confirms adherence to financial covenants and regulatory requirements.

Feb 4, 2025, 12:00 AM

8-K

Global Business Travel Group Amends Merger Agreement

GBTG

M&A

Global Business Travel Group, Inc. filed an 8-K on January 17, 2025, disclosing an amendment to its Agreement and Plan of Merger with affiliated parties including CWT Holdings, LLC and related merger subsidiaries.
The amendment revises the Drop Dead Date in the merger agreement, replacing the previous date with the earlier of March 17, 2025 or ten business days after the issuance of the CMA’s final report.

Jan 17, 2025, 12:00 AM

8-K