Global Business Travel Group, Inc.

Listed Company

GBTGCIK 0001820872NYSEAcceleratedTransportation ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.72B

Net Income

$111.00M

Total Assets

$4.92B

Equity

$1.61B

Shares Out

524.00M

Op. Cash Flow

$233.00M

Business

Global Business Travel Group, Inc. operates American Express Global Business Travel as a software and services company for corporate travel, expense and meetings & events. It offers proprietary digital platforms and tools including Amex GBT Egencia, Amex GBT Neo and Neo1, plus solutions such as Amex GBT Select and Ovation, meetings & events management, consulting and sports & entertainment travel services. Its business is organized around travel solutions, specialized professional services and GBT Partner Solutions for Network Partners. It distributes globally via digital channels, travel counselors and partner networks serving clients worldwide.

Summary from filing dated 2025-03-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	2,718	2,423	2,290	1,851	763
Cost of revenue (excluding depreciation and amortization shown separately below)	1,085	967	961	832	477
Sales and marketing	442	400	394	337	201
Technology and content	527	442	413	388	264
General and administrative	290	308	294	313	213
Restructuring and other exit charges	52	13	42	−3	14
Depreciation and amortization	192	178	194	182	154
Total operating expenses	2,588	2,308	2,298	2,049	1,323
Operating income (loss)	130	115	−8	−198	−560
Interest income	8	6	1	0	1
Interest expense	−95	−115	−141	−98	—
Loss on early extinguishment of debt	−2	−38	0	0	−49
Fair value movement on earnout derivative liabilities	96	−56	13	—	—
Gain on remeasurement of previously held equity interest	39	0	0	—	—
Other (loss) income, net	−29	17	−10	1	8
Income (loss) before income taxes and share of income from equity method investments	147	−71	−145	−287	−653
(Provision for) benefit from income taxes	−40	−66	9	61	186
Share of income from equity method investments	4	3	0	−3	−8
Net income (loss)	111	−134	−136	−229	−475
Less: net income (loss) attributable to non-controlling interests in subsidiaries	2	4	−73	−204	−475
Net income (loss) attributable to the Companys Class A common stockholders	109	−138	−63	−25	0
Basic income (loss) per share attributable to the Companys Class A common stockholders (in dollars per share)	0.22	−0.3	−0.25	−0.5	—
Weighted average number of shares outstanding - Basic (in shares)	485	463	252	51	—
Diluted income (loss) per share attributable to the Companys Class A common stockholders (in dollars per share)	0.22	−0.3	−0.3	−0.51	—
Weighted average number of shares outstanding - Diluted (in shares)	493	463	458	446	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	434	536	476	303	516
Accounts receivable (net of allowance for credit losses of $9 and $10 as of December 31, 2025 and 2024, respectively)	869	571	726	765	381
Due from affiliates	51	46	42	36	—
Prepaid expenses and other current assets	215	128	116	130	137
Total current assets	1,569	1,281	1,360	1,234	1,052
Property and equipment, net	308	232	—	218	216
Equity method investments	43	14	14	14	17
Goodwill	1,671	1,201	1,212	1,188	1,358
Other intangible assets, net	851	480	552	636	746
Operating lease right-of-use assets	66	59	50	58	59
Deferred tax assets	298	268	281	333	282
Other non-current assets	110	89	50	47	41
Total assets	4,916	3,624	3,751	3,728	3,771
Accounts payable	515	263	302	253	137
Due to affiliates	25	22	39	48	—
Accrued expenses and other current liabilities	757	461	466	452	519
Current portion of operating lease liabilities	26	15	17	17	21
Current portion of long-term debt	58	19	7	3	3
Total current liabilities	1,381	780	831	773	721
Long-term debt, net of unamortized debt discount and debt issuance costs	1,360	1,365	1,355	1,219	1,020
Deferred tax liabilities	99	36	5	24	119
Pension liabilities	163	156	183	147	333
Long-term operating lease liabilities	62	63	55	61	61
Earnout derivative liabilities	37	133	77	90	—
Other non-current liabilities	153	34	33	43	23
Total liabilities	3,255	2,567	2,539	2,357	2,277
Commitments and Contingencies (see note 16)	—	—	—	—	—
Redeemable non-controlling interest	49	0	—	—	—
Additional paid-in-capital	3,277	2,827	2,748	334	2,560
Accumulated deficit	−1,466	−1,575	−1,437	−175	−1,065
Accumulated other comprehensive loss	−75	−146	−103	−7	−162
Treasury shares, at cost (17,253,780 shares and 8,000,000 shares as of December 31, 2025 and December 31, 2024, respectively)	−128	−55	0	—	—
Total equity of the Companys shareholders	1,608	1,051	1,208	152	1,333
Equity attributable to non-controlling interest in subsidiaries	4	6	4	1,219	1
Total shareholders equity	1,612	1,057	1,212	1,371	1,334
Total liabilities and shareholders equity	4,916	3,624	3,751	3,728	3,771

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	192	178	194	182	154
Deferred tax (benefit) charge	−15	34	−30	−65	−178
Equity-based compensation	76	77	75	39	3
Allowance for credit losses	5	9	9	19	−5
Other, net	32	−23	17	22	3
Accounts receivable	−48	123	49	−427	−85
Prepaid expenses and other current assets	20	−28	9	−29	40
Due from affiliates	−5	−5	−4	−18	−3
Due to affiliates	3	−17	−5	7	8
Accounts payable, accrued expenses and other current liabilities	−7	−5	26	122	2
Defined benefit pension funding	−29	−27	−29	−32	−25
Proceeds from (payment for) termination of interest rate swap contracts	31	−4	0	—	—
Net cash from operating activities	233	272	162	−394	−512
Business acquisitions, net of cash and restricted cash acquired	−104	0	0	—	—
Purchase of property and equipment	−129	−107	−113	−94	−44
Proceeds from foreign exchange forward contracts	27	0	0	—	—
Other	0	5	−6	−1	−3
Net cash used in investing activities	−206	−102	−119	−95	−27
Proceeds from senior secured term loans, net of debt discount	99	1,397	131	200	935
Repayment of senior secured term loans	−113	−1,372	−3	−3	−551
Repurchase of common shares	−73	−55	0	0	—
Contributions for ESPP and proceeds from exercise of stock options	8	29	7	0	0
Payment of taxes withheld on vesting of equity awards	−43	−28	−14	0	0
Payment of debt financing costs	0	−25	−2	0	—
Prepayment penalty and other costs related to early extinguishment of debt	0	−26	0	0	−34
Other	−6	−5	1	−6	−1
Net cash (used in) from financing activities	−128	−85	120	292	478
Effect of exchange rates changes on cash, cash equivalents and restricted cash	19	−13	10	−12	−7
Net (decrease) increase in cash, cash equivalents and restricted cash	−82	72	173	−209	−68
Cash paid for income taxes (net of refunds)	52	14	2	−1	−5
Cash paid for interest (net of interest received)	94	99	142	96	47
Issuance of shares to settle liability	0	0	4	0	0
Issuance of common shares pursuant to the CWT acquisition	408	0	0	—	—

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