Global Business Travel Group (GBTG) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue grew 1% year-over-year to $631 million, with results ahead of expectations and significant margin expansion; adjusted EBITDA rose 4% to $133 million, with a 21% margin, and customer retention remained strong at 95%.

• Free cash flow for Q2 was $27 million, and net debt decreased by $70 million year-over-year to $780 million, lowering the leverage ratio to 1.6x.

• Full-year 2025 guidance was raised and narrowed due to improved demand and commercial success.

• DOJ dismissed its challenge to the $540 million CWT acquisition, which is expected to close in Q3 2025, with $155 million in identified net synergies and CWT shareholders to own ~10% of the combined company.

• Cost savings initiatives and productivity improvements contributed to lower cost of revenue and G&A expenses.

Financial highlights

• Revenue for Q2 2025 was $631 million, up 1% year-over-year, with total transaction value (TTV) up 2%-3% to $7.89 billion.

• Adjusted EBITDA increased 4% to $133 million, with margin up 70 basis points to 21%.

• Free cash flow was $27 million for the quarter, down year-over-year due to prior one-time benefits and increased investments.

• Net income for Q2 2025 was $15 million, with a net income margin of 2%.

• Net debt at quarter-end was $780 million, down from $850 million a year ago.

Outlook and guidance

• Full-year 2025 revenue guidance raised to 2%-4% year-over-year growth, midpoint $2.488 billion.

• Adjusted EBITDA guidance increased to $505-$540 million, up 6%-13%, midpoint $523 million.

• Adjusted EBITDA margin expected to expand 80-180 basis points year-over-year, midpoint 21%.

• Free cash flow guidance for the year is $140-$160 million.

• Guidance excludes impact of the pending CWT acquisition, which will be updated post-close.