Business Wire·Mar 9, 2026, 7:45 AM ET

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

GBTG

American Express Global Business Travel (Amex GBT) reported fourth quarter & full-year 2025 financial results with full-year revenue of $2.718 billion, a 12% year-over-year increase.
Full-year 2025 Adjusted EBITDA reached $532 million, representing an 11% year-over-year increase.
The company reiterated full-year 2026 guidance for revenue growth of 19% to 21% and Adjusted EBITDA between $615 million and $645 million.
Amex GBT doubled its share buyback authorization to $600 million to reflect confidence in growth, AI innovation, and cash generation.
The company closed its transformative acquisition of CWT in September 2025, which contributed significantly to Q4 revenue growth of 34%.
Q4 2025 revenue totaled $792 million, a 34% increase driven by CWT consolidation, transaction growth of 37%, and travel value growth of 45%.
Full-year 2025 net income improved to $111 million from a loss of $134 million in the prior year, primarily due to operating income growth and fair value movements on earnout liabilities.
Strategic partnerships include the launch of "Complete" with SAP Concur and the upcoming April 2026 launch of next-gen Egencia with AI features.
The company highlighted AI strategies focused on revolutionizing customer experience, powering B2B travel agentic transformation, and reducing operating costs.
Full-year 2025 Free Cash Flow was $104 million, a 37% decrease from the prior year due to increased technology investments and CWT-related costs.
Total New Wins Value for 2025 was $3.3 billion with a 96% customer retention rate, excluding CWT.
Net Debt / LTM Adjusted EBITDA ratio stood at 1.9x as of December 31, 2025.
Q4 2025 net income was $83 million, a $97 million improvement year-over-year driven by earnout derivative liabilities and equity interest remeasurement gains.