Core Insights - American Express Global Business Travel (Amex GBT) reported a 13% increase in revenue for Q3 2025, reaching $674 million, and a 9% growth in Adjusted EBITDA, totaling $128 million [1][6][9] - The company raised its full-year 2025 guidance, projecting revenue growth of approximately 12% and Adjusted EBITDA between $523 million and $533 million [1][9][8] - The acquisition of CWT, completed on September 2, 2025, is expected to accelerate revenue growth and cost transformation, with identified synergies of $155 million [1][7][4] Financial Performance - Total operating expenses increased by 16% to $662 million, primarily due to the CWT acquisition and related restructuring initiatives [1][6][7] - Net loss improved to $62 million from $128 million, reflecting lower non-operating expenses [1][6][7] - Net cash from operating activities decreased by 14% to $71 million, while Free Cash Flow fell by 33% to $38 million, largely due to the CWT acquisition [1][6][7] Strategic Developments - Amex GBT announced a strategic alliance with SAP Concur to co-develop a new travel and expense solution, integrating AI features to enhance user experience [3][7] - The company is focusing on AI initiatives to improve productivity and redefine customer experience, with 82% of transactions being digital and over 40% of call interactions assisted by AI [7][3] Future Outlook - Preliminary expectations for full-year 2026 include revenue growth of 19% to 21% and Adjusted EBITDA between $615 million and $645 million, representing a year-over-year growth of 16% to 22% [9][8] - The company is confident in achieving consistent double-digit Adjusted EBITDA growth and margin expansion, supported by ongoing capital allocation priorities [4][3]