American Express Global Business Travel Reports Strong Fourth Quarter and Full-Year 2025 Financial Results

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: American Express Global Business Travel ("Amex GBT" or the "Company") (NYSE: 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

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

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.