Amex GBT Restores Profit Growth After a Slow First Quarter

The Tip Desk · August 4, 2026 · 3 min read

Second-quarter revenue reached $870 million, up 38%, and Adjusted EBITDA rose 34% to $178 million as year-over-year growth reaccelerated from the first quarter.

Global Business Travel Group, Inc. (GBTG), which operates American Express Global Business Travel, reported second-quarter revenue of $870 million, up 38% from a year earlier, a faster year-over-year pace than the 35% increase recorded in the first quarter.

Excluding acquisitions, revenue growth was 10%, compared with 7% in the prior quarter. Total Transaction Value grew 57% and Transaction Growth was 45%, both faster than the 54% and 41% rates in the first quarter. The company’s travel revenue rose 38% on acquisition impacts, growth in business travel demand and share gains, and Product and Professional Services revenue also increased 38%.

Adjusted EBITDA was $178 million, up 34% from a year earlier, after 6% growth in the first quarter. Adjusted EBITDA margin recovered to 21% from 18%. Adjusted Gross Profit was $514 million, and the adjusted gross profit margin was 59%, a 250-basis-point year-over-year compression that was milder than the 450-basis-point decline in the first quarter.

Total operating expenses were $846 million. The increase was primarily due to the impact of acquisitions, higher cost of revenue to drive growth and increased investments in technology, content, sales and marketing, partially offset by $18 million of cost transformation benefits and $14 million of CWT net synergies, in line with expectations. Restructuring and other exit charges were $41 million. Net income was $17 million, or $0.03 a share, down from $54 million, or $0.03 a share, in the first quarter. Revenue growth and a higher benefit from income taxes were offset by higher operating expenses, including restructuring costs related to achieving CWT synergies and broader cost transformation, and unfavorable movement on earnout derivative liabilities.

Net cash from operating activities was $142 million, versus a $15 million outflow in the first quarter, primarily due to favorable working capital timing and lower cash taxes. Free cash flow was $103 million, versus a $52 million outflow in the first quarter. Cash and cash equivalents were $518 million at June 30, 2026. Net debt was $994 million, and net debt to last-twelve-months Adjusted EBITDA was 1.7 times.

Chief Executive Officer Paul Abbott said total new wins value accelerated to $3.5 billion on a last-twelve-months basis, with double-digit SME growth and major wins with Google, Koch and Pfizer, while customer retention remained at 95%. Last-twelve-months SME new wins value was $2.3 billion, up 11% year-over-year. In the first quarter, last-twelve-months total new wins value was $3.4 billion and SME new wins value was $2.0 billion.

Eighty-three percent of eligible joint customers were using Complete by SAP Concur and Amex GBT, up from 75% in the first quarter. The company launched an Egencia AI connector in Claude, expanded Egencia’s conversational AI into Google Chat, started a conversational AI pilot in Microsoft Teams for Neo customers, and made the Egencia integration with Concur Expense live for all customers.

Shareholder approval for the proposed acquisition of the company by Long Lake Management was obtained on August 3, 2026. The merger is expected to close in the second half of 2026, subject to customary closing conditions, including regulatory approvals.