Amex GBT Q2 Revenue Jumps 38% to $870M, Adjusted EBITDA Up 34% as Merger Nears Close
GBTG sits 90% above its 52-week low of $4.955 on light trading volume (0.3× avg).
Summary
Amex GBT posted Q2 revenue of $870M (+38% YoY) and Adjusted EBITDA of $178M (+34% YoY), fueled by the CWT acquisition. The results come one day after shareholders approved the $9.50/share buyout by Long Lake Management, which is expected to close in H2 2026.
Key Events · Earnings and Guidance · GBTG
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Q2 Revenue +38% to $870M
Revenue reached $870 million, up 38% year-over-year, with $175 million from acquired businesses and $64 million from organic transaction growth. Travel revenue rose 38% to $700 million, while product and professional services revenue increased 38% to $170 million.
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Adjusted EBITDA +34% to $178M
Adjusted EBITDA climbed 34% to $178 million, with margin holding at 21%. The improvement was driven by revenue growth and cost synergies, partially offset by higher integration and restructuring costs.
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Restructuring Charges Hit $85M in H1
Restructuring and exit charges totaled $85 million in the first half, primarily from workforce reductions and facility consolidation following the CWT acquisition. The company expects these actions to improve long-term efficiency.
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Earnout Liability Written to Zero
The fair value of earnout derivative liabilities was reduced to $0, resulting in a $37 million non-cash gain in H1 2026. The write-down reflects the low probability of earnout shares vesting given the pending merger at $9.50/share.
Analysis · GBTG · Energy & Transportation
Global Business Travel Group delivered a strong second quarter, with revenue surging 38% to $870 million and Adjusted EBITDA climbing 34% to $178 million, driven by the CWT acquisition and organic transaction growth. The results land just one day after shareholders overwhelmingly approved the $9.50/share buyout by Long Lake Management, clearing the final hurdle for a deal expected to close in the second half of 2026. While the top-line growth is impressive, operating income fell as restructuring charges tied to the CWT integration hit $85 million in the first half. The earnout derivative liability was written down to zero, generating a $37 million non-cash gain that flatters net income. With the merger all but certain, these results serve more as a final report card than a forward-looking catalyst — the $9.50 cash offer caps the upside, and the stock is already trading near that level.
At the time of this filing, GBTG was trading at $9.40 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $4.9B. The 52-week trading range was $4.96 to $9.54. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.