In its apparent waning days as a public company, American Express Global Business Travel on Tuesday reported second-quarter revenue outside of its acquisition of rival travel management company CWT increased 10 percent year over year.
Taking into account CWT, which Amex GBT formally acquired in in September 2025, revenue increased 38 percent year over year to $870 million, according to the company.
Amex GBT in May agreed to be acquired by investment company Long Lake Management in an all-cash transaction valued at $6.3 billion. GBT shareholders have overwhelmingly voted to approve the deal, the company disclosed in a Monday filing with the U.S. Securities and Exchange Commission. Upon the deal's close, which Amex GBT on Tuesday said it expected in the second half of 2026, it will become a privately held company.
Until then, the TMC still must report quarterly financial performance, and CEO Paul Abbott in a statement called the company's Q2 growth "strong," citing Google, Koch and Pfizer—each a member of BTN's Corporate Travel 100 list of the largest business travel spenders—as new client wins. He also noted "double-digit" growth among small and midsized enterprises and what he said was a "95 percent customer retention rate."
Meanwhile, Abbott said 83 percent of eligible customers are using Complete, its joint travel and expense offering it launched with SAP Concur last autumn. The product initially has been rolled out to clients of both companies, and they have the ability to opt out. The companies this week announced enhancements to the tool, including reporting on program leakage and self-service capabilities during travel disruptions.
Amex GBT Q2 Metrics
Beyond the acquisition of CWT, Amex GBT attributed the increase in second-quarter revenue to "growth in business travel demand and share gains."
Second-quarter net income increased to $17 million from $15 million the year prior year. The revenue increase was in part "offset by higher operating expenses, including restructuring costs related to achieving CWT synergies and broader cost transformation initiatives," according to the company.
Operating expenses increased 42 percent year over year to $846 million, "primarily due to the impact of acquisitions, increased cost of revenue to drive growth and increased investments in technology, content, sales and marketing," according to the company.