Global Business Travel Group, Inc.

For full-year 2025, total transaction value grew 17%, revenue grew 12%, adjusted gross profit margin was 60%, adjusted EBITDA grew 11%, and free cash flow was $104 million. Excluding CWT, new wins value accelerated to $3.3 billion and customer retention was 96%. In Q4 2025, TTV grew 45% to $10 billion, revenue rose 34% to $792 million, transaction growth was 37%, travel revenue increased 36%, product and professional services revenue increased 27%, excluding CWT revenue grew 8%, and adjusted EBITDA increased 17% to $130 million. For 2026, the company reiterated revenue guidance of $3.235 billion to $3.295 billion and adjusted EBITDA guidance of $615 million to $645 million; on a pro forma basis including full CWT synergies, adjusted EBITDA would be $715 million to $745 million. Free cash flow guidance is $125 million to $155 million, or $235 million to $265 million excluding restructuring and CWT integration cash impacts.

Paul Abbott framed 2025 as evidence that the company is gaining share, retaining customers, and translating automation into better economics. He emphasized that AI is already improving self-service, lowering handling times, and helping revenue conversion, while also supporting a broader move toward agentic AI in business travel. His tone was confident and forward-looking, with repeated references to stronger momentum in 2026, the SAP Concur partnership, the launch of next-gen Egencia, and the recently completed CWT acquisition.

Karen Williams focused on the financial contribution from CWT, margin moderation from the acquisition, and the company’s cash and capital allocation capacity. She said full-year free cash flow was $104 million, leverage was 1.9x net debt to last-twelve-month adjusted EBITDA, and the company refinanced debt in January to lower its borrowing rate by 50 basis points. She also highlighted $155 million of bottom-line CWT synergies, $55 million of in-year synergies expected in 2026, and noted that $45 million has already been actioned. Capital allocation priorities remain balance sheet strength, disciplined growth investment, accretive M&A, and share repurchases, with buyback authorization doubled from $300 million to $600 million and $103 million returned to shareholders to date.

Analysts pressed on the pace of AI-driven service improvement, especially Egencia’s 57% chat deflection rate, and management said that figure should rise meaningfully as full transaction capabilities roll out across hotel, air, rail, and ground. They also asked about the SAP Complete partnership, and management said rollout has started, early feedback has been positive, and 90% to 95% plus of joint customers are expected to use Complete this year. Questions on regional trends brought out comments that the U.S. government shutdown hurt Q4 but improved into Q1, while Middle East disruption is creating short-term transaction spikes but could pressure forward bookings; management sized the region at about 5% of revenue.