Amex GBT’s $840M Quarter Shows Corporate Travel Is Still Moving

American Express Global Business Travel reported stronger first-quarter results, as business travel activity increased and recent acquisitions added more volume.

Revenue rose 35 percent year over year to US$840 million, while adjusted EBITDA increased 6 percent to US$150 million. Net income fell 28 percent to US$54 million because costs rose faster than revenue.  

Corporate travel is still moving

Amex GBT is one of the world’s largest corporate travel management companies. It helps businesses manage flights, hotels, rail, car rentals, meetings, events, and expenses through one platform.

The company said total transaction value rose 54 percent, while transaction growth increased 41 percent. In simple terms, more trips were booked through Amex GBT, and the value of those bookings also grew. The company also reported US$3.4 billion in new wins value over the last twelve months and a 96 percent customer retention rate since September 2025, including CWT.

Growth came with higher expenses

The strong revenue growth also came with heavier costs. Operating expenses rose 48 percent to US$837 million. Amex GBT said the increase was linked to acquisitions, higher demand, technology investment, sales and marketing, and restructuring work tied to CWT.

This pushed margins lower. Adjusted EBITDA margin fell to 18 percent from 23 percent a year earlier. The company is still profitable on an adjusted basis, but the results show that scale is expensive. Amex GBT is investing in technology and integration while trying to turn recent acquisitions into long-term savings.

AI is becoming a bigger part of the platform

Amex GBT also pointed to its AI strategy, including next-generation Egencia and Complete, its travel and expense product developed with SAP Concur. These tools are designed to help companies manage bookings, policy rules, expenses, and traveler support in a more automated way.

In corporate travel, AI must work inside company rules. It needs to help employees book approved trips, control spending, support duty of care, and connect travel data with expense systems. Amex GBT said 75 percent of eligible joint customers are already using Complete, showing that AI is moving from experiment to daily business travel operations.

The market is growing, but confidence is weaker

The wider business travel market remains active, but companies are more cautious. GBTA said in April 2026 that global business travel is continuing, although conflict, higher costs, and operational complexity have weakened confidence. Its survey found that 30 percent of travel buyers expected business trips to increase in 2026, down from 35 percent in January.

That makes Amex GBT’s growth important. Large companies are still traveling, but they want more control over budgets, risk, and disruption. This gives large travel management companies an opportunity, especially if they can combine human service with better automation.

Long Lake deal could define the next stage

Amex GBT’s latest results matter beyond one quarter: the company is entering a new ownership phase. Long Lake agreed to buy the company in a US$6.3 billion all-cash deal. The buyer will pay US$9.50 per share, a 60.2 percent premium to Amex GBT’s May 1 closing price. The transaction is expected to close in the second half of 2026.

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