Global Business Travel Group (GBTG) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered strong results: Adjusted EBITDA up 15% to $141M, margin expanded by 260bps to 23%, and free cash flow increased 9% to $26M.

• Revenue grew 2% to $621M (4% constant currency, workday adjusted), with TTV up 3% to $8.35B, driven by increased demand and share gains.

• Net income reached $75M, reversing a $19M loss in the prior year period, with net margin improving to 12%.

• Customer retention remained high at 96%, with LTM total new wins value at $3.2B.

• Operating model remains resilient and flexible, with strong cost control and productivity gains.

Financial highlights

• Adjusted EBITDA: $141M (+15% YOY); margin: 23% (+260bps); Operating income: $55M (+251%).

• Free cash flow: $26M (+9% YOY); net cash from operations: $53M.

• Revenue yield: 7.4%, slightly down year-over-year due to digital shift and FX.

• Adjusted operating expenses declined 1% to $480M; total operating expenses down 5% to $566M.

• Leverage ratio improved to 1.7x net debt/adjusted EBITDA; net debt reduced to $832M.

Outlook and guidance

• Q2 2025 guidance: revenue $615–$635M (flat to +2% YOY), adjusted EBITDA $125–$135M (flat to +6%), margin 20.3–21.3%.

• FY 2025 guidance: revenue $2.38–$2.48B (flat to +2% YOY), adjusted EBITDA $480–$540M (flat to +13%), margin 20.2–21.8%.

• Free cash flow guidance: $120M–$160M; midpoint $140M ($190M excluding M&A costs).

• Guidance reflects a more uncertain economic environment, flat transaction growth, and $110M in cost actions.