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Global Business Travel Group (GBTG) investor relations material
Global Business Travel Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary5 Aug, 2025
Executive summary
Q2 2025 revenue grew 1% year-over-year to $631M, with results ahead of expectations and significant margin expansion achieved.
Adjusted EBITDA rose 4% year-over-year to $133M (21% margin), surpassing €500M/$500M over the last twelve months.
DOJ dismissed its challenge to the $540M CWT acquisition, which is expected to close in Q3 2025.
Customer retention remained strong at 95% LTM, with new wins value reaching $3.2B and SME segment contributing $2.2B in new wins.
Cost savings initiatives and productivity improvements contributed to lower cost of revenue and G&A expenses.
Financial highlights
Total transaction value (TTV) for Q2 2025 was $7.9B, up 2–3% year-over-year, driven by higher transaction growth and FX.
Free cash flow for Q2 was $27M, down year-over-year due to lower net cash from operating activities and higher investments.
Net debt decreased to $780M as of June 30, 2025, with leverage ratio improved to 1.6x from 2.0x a year ago.
Travel revenue was flat at $507M, while product/professional services revenue increased 4% to $124M.
Net income for Q2 2025 was $15M, with a net income margin of 2%.
Outlook and guidance
Full-year 2025 revenue guidance raised to 2–4% growth, midpoint $2.488B.
Adjusted EBITDA guidance increased to $505M–$540M, representing 6–13% growth and margin expansion to 21%.
Free cash flow guidance set at $140M–$160M for 2025.
Guidance excludes impact of the pending CWT acquisition, which will be updated post-closing.
Full-year revenue yield expected to decline 10–20 bps year-over-year due to digital mix shift.
How will increased sales investments impact SME growth?
What drove the deceleration in APAC transactions?
What H2 transaction growth is implied in the guidance?
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Next Global Business Travel Group earnings date
Q3 20254 Nov, 2025
Next Global Business Travel Group earnings date
Q3 20254 Nov, 2025
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Frequently asked questions
Global Business Travel Group, Inc. is a leading provider of travel management services for businesses and corporate clients. Through its platform, the company offers a range of services, including travel booking, expense management, and travel risk management solutions, tailored to meet the specific needs of corporate travelers. Global Business Travel Group serves companies across various industries, helping them manage their travel programs efficiently, reduce costs, and ensure employee safety while traveling. The company also provides consulting and technology solutions to enhance the overall travel experience and operational efficiency for businesses. The company is headquartered in New York, New York, and its shares are listed on the NYSE.
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