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Global Business Travel Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Q3 2025 delivered 13% revenue and 9% adjusted EBITDA growth, driven by strong core execution and the completed CWT acquisition, which added scale, new verticals, and a $155 million synergy target.
Announced a strategic alliance with SAP Concur and the upcoming launch of a next-gen Egencia and Complete T&E solution, leveraging AI for productivity and customer experience.
Returned $54 million to shareholders via share buybacks year-to-date.
Net loss for the quarter was $62 million, a significant improvement from a $128 million loss in the prior year period.
Restructuring actions post-acquisition led to $29 million in charges for the quarter, focused on workforce and facility reductions.
Financial highlights
Q3 TTV reached $9.5 billion, up 23% year-over-year, with 9% growth in the core business and a boost from CWT.
Revenue rose 13% to $674 million; travel revenue increased 10% and product/professional services revenue rose 23%.
Adjusted EBITDA grew 9% to $128 million; adjusted EBITDA margin was 19%.
Adjusted gross profit margin was 60% for the quarter.
Free cash flow was $38 million for the quarter; net cash from operating activities was $71 million.
Outlook and guidance
Raised and narrowed full-year 2025 guidance: revenue of $2.705–$2.725 billion (12% growth), adjusted EBITDA of $523–$533 million (up 9–11%), and free cash flow of $90–$110 million.
Preliminary 2026 expectations: 19–21% revenue growth and $615–$645 million in adjusted EBITDA (16–22% growth).
Management expects continued integration of CWT to drive further cost synergies and operational efficiencies.
Liquidity is considered adequate for foreseeable needs, with $427 million in cash and a fully undrawn $360 million revolving credit facility.
What strategic value do CWT's new verticals add?
SAP Concur alliance: expected market share gains?
Quantify AI's long-term gross margin expansion
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Next Global Business Travel Group earnings date
Q4 202524 Feb, 2026
Next Global Business Travel Group earnings date
Q4 202524 Feb, 2026
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Frequently asked questions
Global Business Travel Group, Inc. is a leading provider of travel management services for businesses and corporate clients. Through its platform, the company offers a range of services, including travel booking, expense management, and travel risk management solutions, tailored to meet the specific needs of corporate travelers. Global Business Travel Group serves companies across various industries, helping them manage their travel programs efficiently, reduce costs, and ensure employee safety while traveling. The company also provides consulting and technology solutions to enhance the overall travel experience and operational efficiency for businesses. The company is headquartered in New York, New York, and its shares are listed on the NYSE.
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