Global Business Travel Group Inc

Latest Results (16.05.2026):

Global Business Travel Group, Inc. — Q2 2025: The company reported revenue of $631 million (up 1% year‑over‑year) and adjusted EBITDA of $133 million (up 4% YoY) with a 21% adjusted EBITDA margin (+70 bps). Net income was $15 million (down 48% YoY) and free cash flow was $27 million (down 45% YoY). Net debt was $780 million (net debt / LTM adjusted EBITDA 1.6x) and management raised and narrowed full‑year 2025 guidance while expecting the CWT acquisition to close in Q3 2025.

Financial snapshot

Revenue $631M (+1% YoY); Travel revenue $507M; Product & professional services $124M (+4% YoY). Total Transaction Value (TTV) $7.891B (+2%). Operating income $34M (‑21% YoY); net income $15M (‑48% YoY).

Profitability & margins

Adjusted EBITDA $133M (+4% YoY) and adjusted EBITDA margin expanded 70 bps to 21%. Adjusted operating expenses were essentially flat at $500M, reflecting efficiency gains despite restructuring charges.

Cash flow & balance sheet

Q2 net cash from operations $57M; free cash flow $27M (down 45% YoY). Cash balance $601M. Net debt $780M and leverage 1.6x on LTM adjusted EBITDA of $502M.

Customers and commercial momentum

Strong retention and new business: 95% LTM customer retention and LTM total new wins value of $3.2B (including $2.2B from SME), supporting continued share gains.

Guidance

Raised and narrowed FY‑2025 guidance (ex‑CWT): revenue growth +2% to +4% (midpoint +3%); adjusted EBITDA $505M–$540M (+6% to +13% YoY); free cash flow $140M–$160M.

CWT acquisition & capital allocation

DOJ litigation dismissed; CWT acquisition now expected to close in Q3 2025 (subject to remaining conditions). Management plans to accelerate share repurchases post‑close and retains balance sheet flexibility for integration and capital priorities.