Global Business Travel Group (GBTG) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 Adjusted EBITDA of $478M, up 26% year-over-year, and revenue of $2.42B, up 6% year-over-year, with margin expanding over 300 basis points to 20%.

• Free cash flow more than tripled to $165M, exceeding guidance, and leverage ratio reduced to 1.8x from 2.3x.

• Customer retention reached 99% for global multinationals and 97% overall, with $2.8B in new wins, $2.2B from SME customers.

• $300M share buyback authorization announced, with 8M shares repurchased in 2024.

• CWT acquisition advanced with UK CMA approval; US DOJ challenge ongoing, trial set for September 2025.

Financial highlights

• Full-year 2024 revenue grew 6% to $2.42B; Q4 revenue up 8% year-over-year to $591M.

• Adjusted EBITDA for 2024 was $478M, up 26% year-over-year; Q4 Adjusted EBITDA up 39% to $110M.

• Adjusted EBITDA margin improved by 310 basis points for the year and 420 basis points in Q4.

• Free cash flow for 2024 was $165M, up 235% year-over-year; net cash from operating activities was $272M.

• Net interest costs reduced by $60M after refinancing, nearly 40% lower than 2023.

Outlook and guidance

• 2025 revenue expected to grow 5%-7% in constant currency, with Adjusted EBITDA guidance of $530M-$560M (11%-17% growth) and margin expansion of 120-190 basis points.

• Free cash flow expected to exceed $160M, with underlying growth offset by one-time M&A costs.

• $95M in gross cost savings targeted, with $65M to be reinvested in growth and technology.

• FX expected to be a 2% headwind to reported revenue; guidance excludes CWT acquisition impact.

• Target leverage ratio of 1.5x–2.5x, with net interest costs expected to decline by $60M versus 2023.