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Sep 30, 2025
GBTG Q3 2025 Earnings Report
GBTG reported Q3 2025 results with 13% revenue growth and narrowed net loss driven by the CWT acquisition and continued digitalization.
Key Takeaways
American Express Global Business Travel (GBTG) delivered solid Q3 2025 results, with revenue climbing to $674 million and net loss improving year-over-year. The company benefited from its acquisition of CWT and continued growth in digital transactions and AI integration. Despite a drop in free cash flow, adjusted EBITDA rose 9%, and the company raised full-year guidance.
Revenue rose 13% YoY to $674 million, driven by both organic growth and the CWT acquisition.
Net loss improved significantly to $62 million from $128 million a year ago.
Adjusted EBITDA increased 9% YoY to $128 million, with a margin of 19%.
Free cash flow declined to $38 million due to increased capital investment and CWT integration costs.
Forward Guidance
Guidance for FY 2025 was raised to reflect the CWT acquisition, with full-year revenue now expected to grow 12% and adjusted EBITDA forecasted between $523M–$533M. Preliminary 2026 expectations suggest continued acceleration with 19%–21% revenue growth.
Positive Outlook
- Raised FY 2025 revenue guidance to $2.705B–$2.725B.
- Adjusted EBITDA now expected at $523M–$533M for FY 2025.
- CWT acquisition expected to deliver $155 million in synergies.
- Strong momentum from AI and digital transactions (82% digital).
- Launch of next-gen Egencia solution with SAP Concur in Q1 2026.
Challenges Ahead
- Free cash flow guidance for FY 2025 lowered by $50M due to CWT impact.
- Operating cash flow declined 14% YoY in Q3.
- Free cash flow declined 33% YoY due to increased CapEx.
- Cost base expanded due to CWT integration and restructuring.
Historical Earnings Impact
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