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American Express Global Business Travel: A $155 Million Synergy Plan Is Taking Shape!

American Express Global Business Travel reported fourth-quarter and full-year 2025 results that reflected solid underlying growth, the impact of the CWT acquisition, and continued investment in AI-driven digital transformation. For the full year, total transaction value increased 17%, revenue rose 12%, adjusted gross profit margin remained strong at 60%, adjusted EBITDA grew 11%, and free cash flow reached $104 million. In the fourth quarter, growth accelerated with CWT included: TTV rose 45% to $10 billion, revenue increased 34% to $792 million, and adjusted EBITDA grew 17% to $130 million. Excluding CWT, fourth-quarter revenue still grew 8%, while customer retention remained high at 96%. Margin performance reflected both resilience and near-term integration pressure. Full-year adjusted EBITDA margin declined modestly to 20% because CWT came in at a lower initial margin.