Global Business Travel Group Stock Price, News & Analysis

Global Business Travel Group, Inc. (NYSE: GBTG) operates American Express Global Business Travel ("Amex GBT"), which is described in company disclosures and press releases as a software and services company focused on business travel, expense, and meetings & events. According to the company, Amex GBT has built a business-to-business travel marketplace and travel platform that combines technology with travel professionals to serve corporate and other organizational clients.

The company is identified in regulatory filings as Global Business Travel Group, Inc., a Delaware corporation with its Class A common stock listed on the New York Stock Exchange under the ticker symbol GBTG. In its public communications, Amex GBT describes itself as having travel professionals and business partners in more than 140 countries, and as providing software and services that help organizations manage travel, expenses, and meetings & events.

Business model and revenue sources

According to the company description provided by Polygon, Global Business Travel Group, Inc. operates a business-to-business travel platform. It is engaged in providing software and services to manage travel, expenses, and meetings and events for companies of various sizes. Polygon further notes that the company generates revenue in two main ways:

• Fees and other revenues related to processing and servicing travel transactions received from clients and travel suppliers, and
• Revenues from products and professional services that are not directly related to transactions received from clients, travel suppliers, and network partners.

Company press releases emphasize software, services and a travel marketplace that aggregates travel content and connects customers with travel suppliers. Amex GBT also highlights professional services related to meetings and events and consulting, and references sustainability solutions in connection with its broader services offering.

Travel marketplace and technology focus

In multiple news releases, Amex GBT states that it has built what it calls the "most valuable marketplace in travel" with "comprehensive and competitive" content. The company describes its model as offering a choice of solutions through a combination of technology and people, with the aim of delivering traveler experiences and service at scale. Amex GBT also reports that a large share of its transactions are digital and that a significant portion of call interactions are assisted by artificial intelligence, indicating a focus on AI and digitalization in its operations.

The company’s communications highlight that it uses software and data to support travel and expense management. In its alliance with SAP Concur, Amex GBT describes plans for a next-generation solution that integrates booking, servicing, expense, payments, and marketplace access into a single experience. This underscores the company’s emphasis on software-based travel and expense workflows and integration with third-party technology partners.

Customer segments and solutions

In its glossary of terms, Amex GBT refers to customer segments such as Global & Multinational Enterprises (GMN) and Small and Medium-sized Enterprises (SME). The company notes that, for organizational management purposes, it divides its customer base into these categories, generally based on annual Total Transaction Value (TTV), although this can vary by country and customer preference. Amex GBT states that it offers all of its products and services to customers of all sizes, acknowledging that customers may prefer different solutions.

Amex GBT also references proprietary travel and expense software solutions, including Neo and Egencia, and Select, which enables integration with technology partners. In connection with the acquisition of CWT, the company notes that CWT customers gain access to these software solutions and to an extensive portfolio of professional services spanning meetings and events, consulting, and sustainability-related services.

Acquisition of CWT and corporate development

Global Business Travel Group, Inc. has reported a significant corporate transaction through its SEC filings and press releases. On September 2, 2025, the company completed the acquisition of CWT Holdings, LLC ("CWT"), a global business travel and meetings solutions provider. An 8-K filed with the U.S. Securities and Exchange Commission describes the transaction structure, including the merger of CWT into subsidiaries of Global Business Travel Group, Inc., resulting in CWT becoming an indirect subsidiary of the company.

The related press releases state that the acquisition brings CWT customers and employees into Amex GBT’s software and services ecosystem. The company has identified expected synergies from the transaction and has indicated that CWT customers will have access to Amex GBT’s travel and expense software, marketplace content, and professional services. The acquisition is also referenced in the company’s financial guidance and non-GAAP metrics discussions.

Financial reporting and non-GAAP measures

Global Business Travel Group, Inc. regularly reports financial results for Amex GBT and uses a set of non-GAAP financial measures alongside GAAP results. In its earnings releases, the company defines and discusses metrics such as Total Transaction Value (TTV), Transaction Growth, Adjusted Gross Profit, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Expenses, Free Cash Flow, and Net Debt. The company provides reconciliations of these non-GAAP measures to the most comparable GAAP measures and explains how management uses them to evaluate operations, trends, and capital allocation.

These disclosures indicate that the company’s performance is closely tied to transaction volumes, travel revenue, and product and professional services revenue, as well as to cost management and margin expansion. The company also discusses the impact of digital transactions, restructuring and integration costs, and foreign exchange on its financial results.

Strategic alliances and technology partnerships

Amex GBT has announced a strategic alliance with SAP Concur, described as a global leader in travel and expense management. According to company news, the alliance is intended to co-develop "Complete," a next-generation travel and expense solution, and to integrate Amex GBT’s Egencia offering with Concur Expense. The company states that this collaboration aims to combine travel and expense software, services, and marketplace capabilities in a single experience, with features such as AI-powered user experience, personalization, and enhanced use of travel and expense data.

The company’s communications also note that its AI initiatives are aimed at redefining the customer experience and improving productivity and margins. References to high levels of digital transactions and AI-assisted call interactions illustrate how technology is embedded in its service delivery.

Position within the travel industry

In its public statements, Amex GBT consistently describes itself as a software and services company for business travel, expense, and meetings & events, operating a large travel marketplace with extensive content. It emphasizes the combination of technology platforms, travel professionals, and partner networks in more than 140 countries. These elements position Global Business Travel Group, Inc. within the travel agencies and business travel management segment, with a focus on corporate and organizational clients that require managed travel and related services.

Investors and observers can learn about the company’s operations and strategy through its SEC filings, including Form 8-K reports on material events such as acquisitions and earnings releases, and through its periodic financial results announcements. These materials provide detail on the company’s business model, financial performance, and key initiatives such as acquisitions, alliances, and technology investments.