Amex GBT revenue surges 35% following CWT integration and business travel growth
Global Business Travel Group (NYSE:GBTG), operating as American Express Global Business Travel (Amex GBT), reported a 35% increase in first-quarter 2026 revenue to $840 million.
The results reflect a period of high-velocity growth fueled by the integration of CWT and a robust recovery in global business travel demand, with Total Transaction Value (TTV) surging 54% and transaction volumes climbing 41% year-over-year.
The company’s Travel Revenue grew 33%, supported by a combination of share gains and favorable foreign exchange movements.
Its Product and Professional Services segment saw even stronger momentum, increasing 44%.
While a large portion of the top-line growth was attributed to recent acquisitions, organic revenue growth remained steady at 7% when excluding those impacts.
Total operating expenses rose 48% to $837 million, primarily due to the increased cost of revenue required to support higher travel volumes and significant investments in technology.
The company is currently undergoing a massive synergy program following its acquisition of CWT, realizing $10 million in net synergies and $18 million in cost transformation benefits during the quarter.
However, these benefits were offset by higher restructuring costs and an unfavorable movement on earnout derivative liabilities.
As a result, net income fell 28% to $54 million.
Management noted that the current expense profile reflects the "heavy lifting" phase of the CWT integration, which is expected to yield higher margins as redundant systems and processes are phased out over the coming fiscal year.
Meanwhile, Amex GBT reported a net cash outflow from operating activities of $15 million, down from the prior year.
This was largely driven by working capital timing and the year-over-year comparison against a one-time interest rate swap termination receipt in 2025.
Free cash flow also recorded an outflow of $52 million, reflecting increased capital expenditures as the company continues to invest in its software-led travel and expense management platforms.