Global Business Travel Group (GBTG) Q4 2025 earnings summary

Executive summary

• Delivered strong Q4 and FY 2025 results, with robust revenue, adjusted EBITDA, and free cash flow growth, supported by operational efficiency, AI-powered solutions, and successful CWT integration.

• Maintained high customer retention (96%) and gained market share through new business wins, product innovation, and digital transformation initiatives.

• Strategic partnership with SAP Concur and launch of next-gen Egencia and Complete platforms are enhancing customer experience and operational leverage.

• Artificial intelligence initiatives are driving digital transformation, customer experience, and operational efficiency.

• Doubled share repurchase authorization to $600 million, reflecting confidence in future growth and capital returns.

Financial highlights

• Total transaction value (TTV) grew 17% year-over-year for 2025; Q4 TTV up 45% to $10 billion.

• Revenue increased 12% for the year and 34% in Q4 to $792 million; travel revenue up 36% in Q4.

• Adjusted EBITDA grew 11% for FY to $532 million and 17% in Q4 to $130 million.

• Adjusted gross profit margin reached 60% for the year; free cash flow totaled $104 million.

• Customer retention rate at 96% in 2025; transaction growth of 14% year-over-year.

Outlook and guidance

• 2026 revenue guidance: $3.235–$3.295 billion (19–21% growth); adjusted EBITDA: $615–$645 million (16–21% growth); free cash flow: $125–$155 million.

• Pro forma adjusted EBITDA (including full CWT synergies): $715–$745 million.

• Free cash flow (ex-restructuring/CWT integration): $235–$265 million.

• Expect 51% of 2026 revenue and 53% of adjusted EBITDA in H1, with Q1 being seasonally lower.

• Guidance does not include prolonged Middle East conflict impact; region represents ~5% of revenue.