American Express Global Business Travel (Amex GBT) reported third‑quarter 2025 results that beat analyst expectations on both revenue and earnings per share. Total revenue rose 13% to $674 million, driven by a 10% increase in Travel Revenue and a 23% jump in Product and Professional Services Revenue, reflecting stronger demand for its integrated travel and expense solutions and a growing client base in the corporate services segment.
Adjusted EBITDA fell to $128 million, a 9% year‑over‑year increase, but the margin contracted from 20% in Q3 2024 to 19% in Q3 2025. The decline is largely attributable to a 16% rise in operating expenses, driven by integration costs and restructuring initiatives associated with the September 2 acquisition of CWT, which added significant headcount and technology investments. The company’s focus on AI‑powered automation—such as proprietary email AI and GitHub Copilot—has offset some cost pressure by improving productivity across sales, marketing, and operations.
Net loss narrowed to $62 million from a $128 million loss in the same quarter of 2024, a result of higher revenue and disciplined cost management. Earnings per share were $0.0514, beating the consensus estimate of $0.0426 by $0.009 or roughly 21%. The EPS beat was driven by the combination of revenue growth, margin improvement in high‑margin digital transactions, and effective control of one‑time integration expenses.
Amex GBT raised its full‑year 2025 guidance, projecting revenue of $2.705 billion to $2.725 billion and adjusted EBITDA of $523 million to $533 million. The upward revision reflects confidence in the continued integration of CWT, which is expected to deliver $155 million in annual synergies, and the momentum behind its AI initiatives. Free cash flow guidance was lifted to $90 million to $110 million, acknowledging the cash impact of the CWT acquisition and the company’s investment in technology and talent.
Management highlighted the strategic importance of the CWT deal and the launch of a next‑generation Egencia integrated travel and expense solution slated for Q1 2026. CEO Paul Abbott said the quarter “demonstrates strong execution within our core business and the acquisition of CWT, positioning us for accelerated growth.” CFO Karen Williams noted that the raised guidance signals “accelerated growth and cost transformation in 2026.”
Investors reacted cautiously to the results, with some concern over the margin contraction and the higher operating costs associated with the CWT integration, despite the earnings beat and guidance upgrade. The company’s focus on AI, strategic alliances such as the partnership with SAP Concur, and the planned Egencia launch are viewed as key drivers for future revenue and margin expansion.
The announcement underscores Amex GBT’s strategy of leveraging technology to drive margin expansion while maintaining strong revenue growth, positioning the firm for accelerated scale and market share gains in the business‑travel sector. The guidance lift signals management confidence in continued performance, and the CWT acquisition is expected to accelerate the company’s growth trajectory and enhance its competitive positioning.
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