Amex GBT Delivers Solid 2025 Growth but Integration Pressure Is Just Starting

American Express Global Business Travel reported stronger fourth-quarter and full-year 2025 results, helped by the CWT acquisition, steady corporate travel demand, and strong client retention.

The company also kept its 2026 guidance unchanged, showing that management still expects solid growth as it focuses on integration, product upgrades, and AI tools.

Revenue grew quickly, with CWT playing a major role

Amex GBT said fourth-quarter revenue rose to $792 million, up 34 percent year over year. Full-year revenue reached $2.718 billion, up 12 percent.

The company said growth came from more travel transactions, higher total transaction value, and market share gains.

But the CWT deal was a major factor behind that jump. Amex GBT closed the acquisition in September 2025, adding a large amount of travel volume to the business.

Excluding CWT, fourth-quarter revenue growth was 8 percent. That is still a solid result, but it gives a clearer picture of the company’s underlying growth.

Profit improved, but costs and cash flow remain important

Amex GBT posted net income of $83 million in the fourth quarter, compared with a loss a year earlier.

For full-year 2025, net income turned positive at $111 million. Adjusted EBITDA rose to $532 million, showing stronger operating performance.

At the same time, the company’s costs increased. Amex GBT said operating expenses rose because of the CWT integration, higher transaction volumes, and continued spending on technology, content, and sales. Free cash flow declined as well, showing that the company is still balancing growth with heavy investment.

What Amex GBT’s results say about corporate travel demand

Amex GBT is one of the biggest companies in managed business travel. It helps corporate clients book trips, manage travel programs, control spending, and run meetings and events.

The latest numbers suggest that demand remains stable. Amex GBT said its 2025 customer retention rate was 96 percent, excluding CWT, and that total new wins value reached $3.3 billion.

Growth plans are in place, now execution matters

Amex GBT is trying to become more than a traditional travel management company. It is expanding its platform through deeper SAP Concur integration, the upcomingEgencia launch, and wider use of AI to improve service and efficiency.

For 2026, the company reiterated guidance for revenue of $3.235 billion to $3.295 billion and adjusted EBITDA of $615 million to $645 million. It also increased its share buyback authorization to $600 million.

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