Global Business Travel Group Inc

Latest Results (20.02.2026):

Global Business Travel Group Inc — third quarter 2025: Revenue grew to $674 million (up 13% YoY) and Adjusted EBITDA rose to $128 million (up 9% YoY), while net loss narrowed to $62 million. The company closed the CWT acquisition on September 2, 2025, raised full-year 2025 guidance (revenue growth ~12% and Adjusted EBITDA of $523–$533 million) and provided preliminary 2026 targets. Key cash and margin metrics reflect acquisition-related impacts and ongoing digital/AI initiatives.

Revenue & profitability

Q3 2025 revenue was $674M (+13% YoY). Adjusted Gross Profit was $404M (+12%) with an Adjusted Gross Profit margin ~60% (flat YoY). Adjusted EBITDA was $128M (+9%), but Adjusted EBITDA margin declined to 19% from 20% a year earlier (down ~70 bps). Net loss improved to $(62)M from $(128)M in Q3 2024.

Acquisition — CWT closed

The CWT acquisition closed Sept 2, 2025. Management cites $155M of identified synergies and integration-related charges driving much of the expense increase; excluding CWT, Q3 revenue growth was ~3% — CWT materially boosted reported growth.

Transaction and product trends

Travel revenue rose 10% (Transaction Growth +19%, TTV +23%, both including CWT). Product and Professional Services revenue increased 23%. Digital adoption is high: 82% of transactions are digital and >40% of call interactions are AI-assisted (ex-CWT).

Expenses and cash flow

Total operating expenses increased 16% to $662M, driven primarily by CWT-related costs (restructuring, higher cost of revenue, sales/marketing and technology). Net cash from operations was $71M (down 14%) and Free Cash Flow was $38M (down 33%), reflecting acquisition timing and higher capex.

Balance sheet & leverage

Net Debt at Sept 30, 2025 was $962M with Net Debt / LTM Adjusted EBITDA of 1.9x. Cash and equivalents were $427M; total debt (net of discounts/costs) was $1.389B.

Guidance & outlook

Updated FY2025 guidance reflects CWT: revenue $2.705B–$2.725B (~+12% YoY) and Adjusted EBITDA $523M–$533M. Free Cash Flow guidance lowered by ~$50M due to CWT cash impact (now $90M–$110M). Preliminary FY2026 expectations: revenue growth 19–21% and Adjusted EBITDA $615M–$645M.

Capital allocation & other highlights

Management noted $54M of share repurchases year-to-date, reiterated focus on margin expansion and double-digit Adjusted EBITDA growth, and emphasized strategic alliance with SAP Concur and a next‑gen Egencia Travel & Expense launch in Q1 2026 to capture SME opportunities.