American Express Global Business Travel (NYSE:GBTG) reported a transformative fourth quarter on Monday, as the integration of recent acquisition CWT propelled revenue up 34% to $792 million.
The London-headquartered travel management giant successfully navigated a complex merger year, swinging to a full-year net profit of $111 million.
Despite the top-line surge, shares hit a 52-week low in intraday trading as investors weighed the heavy costs of integration against a more cautious free cash flow outlook.
The company’s fourth-quarter performance was defined by the first full quarter of consolidated results following the September 2025 close of the CWT acquisition.
Total Transaction Value (TTV) jumped 45% to $10 billion, while Travel Revenue alone grew 36%.
Even excluding the inorganic contribution from CWT, the core business maintained steady momentum with 8% revenue growth, supported by high customer retention and new wins in the small and medium enterprise (SME) sector.
On the bottom line, Amex GBT reported quarterly net income of $83 million, a significant turnaround from the $14 million loss in the same period last year.
This improvement was largely technical, driven by fair value movements on earnout liabilities.