American Express Global Business Travel has reported Q4 2025 and full-year 2025 earnings on 9 March, 2026, showing strong performance driven by the CWT acquisition (closed in September 2025) and market share gains. Q4 highlighted acceleration in business travel activity, with the company swinging to profitability and positioning for stronger growth in 2026.
“We delivered strong financial results in 2025 and expect even greater momentum in 2026,” said Paul Abbott, CEO. “We are executing on our growth strategy, including share gains, our strategic alliance with SAP Concur and the successful closing of the CWT acquisition. We have now reached an inflection point for AI to accelerate value creation in three ways: revolutionise the customer experience, power the agentic transformation of B2B travel and reduce operating costs. We have strong conviction that our AI strategy provides significant upside and doubled our share repurchase authorisation to demonstrate our confidence.”
Q4 revenue of $792m was up 34% – slightly ahead of analyst estimates. Adjusted EBITDA was $13m, up 17% y-o-y, while net income was $83m (vs. $14m loss in Q4 2024) and full-year 2025 revenues were $2,718m, up 12% y-o-y. Highlights included 96% customer retention (excluding CWT) and $3.3 bn in new wins.
The CWT acquisition accelerated growth but also temporarily pressured margins due to integration costs. Synergies of $5m were realised in 2025, with $155m more expected over three years.
Amex GBT also expected AI-driven efficiencies and margin expansion and Abbott said the company had proven that automation is a tailwind for a business, “a tailwind that is being accelerated by AI”. He said AI could cut average booking times to under three minutes.
Amex GBT has said it plans to launch the Egencia AI application in April to enable travellers to book and manage travel using natural-language inquiries and follow policies and preferences.
Abbott also said that over the last week there had been an impact to volumes in the Middle East and admitted there would be “some impact to forward bookings in the region”.
