American Express Global Business Travel (Amex GBT) is a business-to-business travel management company (TMC) that sits between corporate clients and travel suppliers — airlines, hotels, car rental companies, and rail operators. Corporate clients use Amex GBT to aggregate employee travel demand, enforce spending policies, access negotiated rates, and ensure traveler safety through what the industry calls "managed travel" programs. Amex GBT serves both large global multinationals and SMEs, with SME representing roughly 46% of total transaction value (TTV) and management's primary growth opportunity. Amex GBT's key software platforms include Egencia (a digital-first, all-in-one travel platform targeting SMEs), Neo (for clients preferring customized booking tools), and Complete (co-developed with SAP Concur). Amex GBT generated approximately $36.3B in TTV and $2.72B in revenue in FY25. Amex GBT makes money from both sides of the marketplace: clients pay per-transaction booking fees, software subscription fees, and management fees for dedicated staffing, while suppliers pay volume-linked fees for access to Amex GBT's premium corporate traveler base. Roughly 50% of revenue moves with transaction counts, 30% moves with TTV, and the remaining ~20% is recurring product and professional services revenue. A key margin driver is digital adoption — when travelers book through Amex GBT's own platforms rather than calling a travel counselor, unit costs drop. Amex GBT's growth strategy focuses on penetrating the large unmanaged SME travel market, leveraging a new distribution partnership with SAP, integrating the recently acquired CWT, and using AI to reduce transaction costs.