American Express Global Business Travel (Amex GBT) had a 34% increase in revenue in the fourth quarter of 2025, partly as a result of the company’s acquisition of CWT, according to executives speaking on an earnings call.
The increase in revenue, according to executives, included a 36% increase in travel revenue year over year. Total transaction value was up 45% for the quarter, the first full quarter since the Amex GBT-CWT deal was completed.
Without the impact of CWT, Amex GBT’s revenue increased 8% year over year in the fourth quarter, with in an increase in business travel demand and share gains contributing to the increase, according to the company.
Paul Abbott, CEO, said the company has reached an “exciting inflection point” in its AI strategy. He said, “We have proven that automation is a tailwind for a business, a tailwind that is being accelerated by AI.” Over the past five years, he said, Amex GBT’s digital transactions have grown from 60% to 83% of total transactions, and AI will further power that trend.
Evan Konwiser, chief product and strategy officer, said that Egencia AI will launch in April, enabling travelers to book and manage travel using natural-language inquiries and following policies and traveler preferences.
“Already on Egencia,” said Konwiser, “we have an average booking time of under three minutes, which is expected to go down even more with these new tools, as AI agents complete more of the workload.” In short order, he said, “this will be available in a multitude of channels: the web, Egencia Mobile as well as the major enterprise collaboration tools that most of our customers are using today.”
Konwiser said similar offerings are underway for both Amex GBT’s Neo booking tool and Complete, the integrated offering with SAP Concur that the companies put forward last year. He said the rollout plan for Complete began in the fourth quarter, with plans to have 90%-95% of customers using the solution this year.
“Human agents will interact with fewer transactions over time,” Konwiser said, “but when they do, it will be critical to revenue retention and growth.” Even the savviest digital traveler, he said, “cannot predict when any given trip may require some human help.”
Commenting on the conflict in the Middle East, Abbott said there has been an impact on volumes in that region, adding, “depending on how long the situation lasts, we are going to see some impact to forward bookings in the region.”
Amex GBT reported a net income of $83 million for the fourth quarter, compared with a $14 million loss in the fourth quarter of 2025. For the full year, Amex GBT’s net income was $111 million, compared with a $134 million loss in 2024.
