Global Business Travel Group, Inc. GBTG
American Express Global Business Travel, operated by Global Business Travel Group, Inc., a Delaware corporation, ("Amex GBT") is a leading technology and services company for travel, expense, and meetings & events. We are committed to offering companies and their travelers access to the most valuable marketplace in business travel for one simple reason: when people come together, great ideas come to life.
We believe business travel is a fundamental driver of progress and innovation that can be both transactional and transformational. Our comprehensive and competitive marketplace, industry-leading software, AI (as defined herein)-powered efficiencies and 24/7 global support team offer solutions, savings, and flexibility for companies of every size. We believe this is why Amex GBT is one of the most trusted brands in the industry, dedicated to enabling better business travel.1
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.72B | $2.42B | $2.29B | $1.85B | $763.0M | $793.0M | $0 | — |
| SG&A | $290.0M | $308.0M | $294.0M | $313.0M | $213.0M | $181.0M | $1.9K | — |
| Total operating expenses | $2.59B | $2.31B | $2.30B | $2.05B | $1.32B | $1.54B | $1.9K | — |
| Operating income | $130.0M | $115.0M | -$8.0M | -$198.0M | -$560.0M | -$747.0M | — | — |
| Interest expense | $95.0M | $115.0M | $141.0M | $98.0M | $53.0M | $27.0M | — | — |
| Pre-tax income | $147.0M | -$71.0M | -$145.0M | -$287.0M | -$653.0M | -$759.0M | — | — |
| Income tax | $40.0M | $66.0M | $9.0M | $61.0M | $186.0M | $145.0M | — | — |
| Net income | $111.0M | -$134.0M | -$136.0M | -$229.0M | -$475.0M | -$619.0M | -$1.9K | — |
| EPS, basic | 0.22 | -0.30 | -0.25 | -0.50 | — | — | — | — |
| EPS, diluted | 0.22 | -0.30 | -0.30 | -0.51 | — | — | — | — |
| Shares, diluted (wtd. avg.) | $492.8M | $462.7M | $458.1M | $445.7M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $434.0M | $536.0M | $489.0M | $316.0M | $525.0M | $593.0M | $499.0M | $0 |
| Receivables | $869.0M | $571.0M | $726.0M | $765.0M | $381.0M | — | — | — |
| Total current assets | $1.57B | $1.28B | $1.36B | $1.23B | $1.05B | $1.4M | $1.9K | — |
| Property, plant and equipment | $308.0M | $232.0M | — | $218.0M | $216.0M | — | — | — |
| Goodwill | $1.67B | $1.20B | $1.21B | $1.19B | $1.36B | $1.03B | — | — |
| Other intangibles | $851.0M | $480.0M | $552.0M | $636.0M | $746.0M | — | — | — |
| Total assets | $4.92B | $3.62B | $3.75B | $3.73B | $3.77B | $818.4M | $1.9K | — |
| Accounts payable | $515.0M | $263.0M | $302.0M | $253.0M | $137.0M | $383.2K | — | — |
| Short-term debt | $58.0M | $19.0M | $7.0M | $3.0M | $3.0M | — | — | — |
| Total current liabilities | $1.38B | $780.0M | $831.0M | $773.0M | $721.0M | $2.3M | — | — |
| Long-term debt | $1.36B | $1.36B | $1.35B | $1.22B | $1.02B | — | — | — |
| Total liabilities | $3.25B | $2.57B | $2.54B | $2.36B | $2.28B | $105.5M | — | — |
| Retained earnings | -$1.47B | -$1.57B | -$1.44B | -$175.0M | -$1.06B | -$103.9M | -$30.0K | — |
| Total equity | $1.61B | $1.05B | $1.21B | $1.37B | $1.33B | $984.0M | $1.68B | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $233.0M | $272.0M | $162.0M | -$394.0M | -$512.0M | -$250.0M | $0 | — |
| Depreciation and amortisation | $192.0M | $178.0M | $194.0M | $182.0M | $154.0M | $148.0M | — | — |
| Stock-based compensation | $76.0M | $77.0M | $75.0M | $39.0M | $3.0M | $3.0M | — | — |
| Capital expenditure | $129.0M | $107.0M | $113.0M | $94.0M | $44.0M | $47.0M | — | — |
| Investing cash flow | -$206.0M | -$102.0M | -$119.0M | -$95.0M | -$27.0M | -$47.0M | $0 | — |
| Financing cash flow | -$128.0M | -$85.0M | $120.0M | $292.0M | $478.0M | $384.0M | $0 | — |
| Buybacks | $73.0M | $55.0M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-015817.
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