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Jun 30, 2025
GBTG Q2 2025 Earnings Report
American Express Global Business Travel reported Q2 2025 results ahead of expectations, driven by margin expansion and stable revenue.
Key Takeaways
Amex GBT achieved modest revenue growth and expanded adjusted EBITDA margin despite higher restructuring expenses. Net income declined, but cash flow remained strong, supporting a confident full-year guidance increase.
Revenue reached $631 million, up 1% YoY
Net income declined 48% YoY to $15 million
Adjusted EBITDA margin expanded 70 bps to 21%
Free cash flow totaled $27 million for the quarter
Revenue by Segment
Forward Guidance
Raised and narrowed FY25 guidance, excluding CWT acquisition. Revenue projected to grow 2–4% with improved margins.
Positive Outlook
- Revenue growth revised upward to 2–4%
- Adjusted EBITDA forecast raised to $505–540M
- Free cash flow projected at $140–160M
- CWT acquisition expected to close in Q3 2025
- Strong operating leverage supports confidence in full-year outlook
Challenges Ahead
- Net income declined 48% YoY
- Free cash flow down 45% YoY
- Operating income fell due to restructuring charges
- No GAAP EPS guidance provided
- Ongoing costs from acquisitions and integrations
Historical Earnings Impact
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Avg. Return Before/After Earnings
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