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Dec 31, 2025
GBTG Q4 2025 Earnings Report
Revenue and profitability increased strongly as business travel demand and the CWT acquisition drove significant growth.
Key Takeaways
GBTG delivered strong Q4 2025 results with revenue growth driven by higher business travel demand and the CWT acquisition. Net income turned positive while Adjusted EBITDA increased year-over-year.
Revenue increased 34% year-over-year to 792000000 driven by travel demand and the CWT acquisition.
Net income reached 83000000 compared with a 14000000 loss in the prior year quarter.
Adjusted EBITDA increased to 130000000 with a 16% margin.
Free cash flow declined to 13000000 due to lower operating cash flow and higher capital expenditures.
Revenue by Segment
Forward Guidance
The company reiterated strong 2026 guidance expecting continued growth driven by travel demand, the CWT acquisition and operational efficiencies.
Positive Outlook
- Revenue expected between 3235000000 and 3295000000 in 2026.
- Guidance implies revenue growth of 19% to 21%.
- Adjusted EBITDA expected between 615000000 and 645000000.
- Synergies from the CWT acquisition expected to support margin expansion.
- AI initiatives expected to improve customer experience and reduce operating costs.
Challenges Ahead
- Free cash flow declined year-over-year in the quarter.
- Operating expenses increased due to integration and restructuring costs.
- Gross margin declined compared to the prior year period.
- Integration costs from acquisitions may continue in the near term.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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