Global Business Travel Group (GBTG) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 rose 35% year-over-year to $840 million, driven by acquisitions, organic growth, and significant commercial progress, including a $3.4 billion Total New Wins Value and 96% customer retention rate since September 2025.

• Net income attributable to common stockholders was $52 million, down from $75 million in Q1 2025, reflecting higher operating expenses and restructuring charges; another report notes net income at $54 million, down 28% year-over-year.

• The company completed the acquisition of CWT and gained control of Uvet GBT, consolidating their results.

• Advanced AI initiatives with the launch of next-gen Egencia and the "Complete" solution in alliance with SAP Concur, adopted by 75% of eligible joint customers.

• A definitive merger agreement was signed in May 2026 for acquisition by Long Lake Management at $9.50 per share in cash, suspending future earnings calls and guidance.

Financial highlights

• Revenue rose to $840 million, up 35% year-over-year; Travel Revenue increased 33% and Product/Professional Services Revenue grew 44%.

• Adjusted EBITDA was $150 million (18% margin), up 6% year-over-year, but margin declined from 23% in Q1 2025.

• Adjusted Gross Profit was $490 million (58% margin), down from 63% in Q1 2025.

• Free cash flow was negative $52 million, compared to positive $26 million in Q1 2025.

• Net debt increased to $1,075 million from $984 million at year-end 2025, following a $100 million term loan draw.

Outlook and guidance

• The proposed merger is expected to close in the second half of 2026, subject to regulatory and shareholder approvals.

• No financial guidance provided due to the pending acquisition by Long Lake Management; future earnings calls suspended.

• Management expects continued integration of recent acquisitions and ongoing cost-saving initiatives.

• Liquidity is considered adequate for foreseeable needs, with $442 million in cash and a fully undrawn $360 million revolving credit facility.