Global Business Travel Group Inc

Latest Results (21.11.2025):

Global Business Travel Group, Inc.'s (American Express Global Business Travel) first quarter 2025 results show continued recovery and margin improvement: revenue of $621 million (Q1 2025) rose 2% year‑over‑year (4% on a workday‑adjusted, constant‑currency basis), Adjusted EBITDA increased 15% to $141 million with a 23% margin (+260 bps), and net income was $75 million versus a $19 million loss a year earlier.

Revenue and Transaction Volume

Q1 2025 revenue: $621M (+2% YOY; +4% workday‑adjusted/constant currency). Total Transaction Value (TTV) was $8.35B (+3% YOY). Travel revenue was $499M and product & professional services $122M.

Profitability and Margins

Adjusted EBITDA was $141M (+15% YOY) and Adjusted EBITDA margin expanded to 23% (+260bps). Operating income rose to $55M (from $16M), and net income improved to $75M (from a $19M loss).

Expenses and Cost Actions

Total operating expenses fell 5% to $566M; Adjusted operating expenses declined 1% to $480M, reflecting productivity gains and cost‑savings actions alongside ongoing investments in technology and sales.

Cash Flow and Balance Sheet

Net cash from operations was $53M (+9% YOY) and Free Cash Flow was $26M (+9%). Net debt was $832M with net leverage at 1.7x LTM Adjusted EBITDA (down from 2.2x year‑ago); cash balance was $552M.

Customers and Growth

Last‑12‑month total new wins value accelerated to $3.2B (including $2.3B from SME) and LTM customer retention remained high at 96%, supporting expected future transaction growth.

Capital Allocation and M&A

Company announced a $300M share buyback program, reduced stock consideration in the amended CWT acquisition agreement (from ~72M to ~50M shares), lowered leverage and received two credit rating upgrades.

Guidance Update

Q2 2025 guidance: revenue $615M–$635M and Adjusted EBITDA $125M–$135M. Updated FY 2025 guidance: revenue $2.38B–$2.48B, Adjusted EBITDA $480M–$540M, Free Cash Flow $120M–$160M. Management trimmed the midpoint of full‑year Adjusted EBITDA by ~6% citing greater economic uncertainty, while expecting continued margin expansion.

Management Commentary

CEO Paul Abbott and CFO Karen Williams emphasized strong profit growth, margin expansion and cash generation in Q1, and stated that the company’s transformation playbook and cost actions position it to navigate a more uncertain environment.