American Express Global Business Travel Reports Strong Q1 2026 Financial Results
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...
NEW YORK: 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.
(in millions, except percentages; unaudited) | Three Months Ended | YOY Inc / (Dec) | |||
March 31, | |||||
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 | ||||||
(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 share data) |
| March 31, |
| December 31, | ||||
|
| (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 |
|
|
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