Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Global Business Travel Group I / Equity Bottom-Up

<ul><li>American Express Global Business Travel (Amex GBT) reported strong financial and operational performance in 2025, driven by organic growth, strategic acquisitions, and technological advancements focusing on artificial intelligence (AI).</li><li>The company executed its growth strategy effectively, achieving a 17% increase in total transaction value (TTV) and 12% revenue growth for the full year.</li><li>Adjusted gross profit margin stood at 60%, while adjusted EBITDA grew 11%, supported by a 96% customer retention rate and accelerated new business wins totaling $3.3 billion, excluding the acquired Carlson Wagonlit Travel (CWT).</li></ul>

American Express Global Business Travel (Amex GBT) reported strong financial and operational performance in 2025, driven by organic growth, strategic acquisitions, and technological advancements focusing on artificial intelligence (AI).The company executed its growth strategy effectively, achieving a 17% increase in total transaction value (TTV) and 12% revenue growth for the full year.Adjusted gross profit margin stood at 60%, while adjusted EBITDA grew 11%, supported by a 96% customer retention rate and accelerated new business wins totaling $3.3 billion, excluding the acquired Carlson Wagonlit Travel (CWT).

Global Business Travel Group’s $3.3 Billion Win — Can AI Supercharge Growth?

<ul><li>American Express Global Business Travel (Amex GBT) reported its financial results for the full year and fourth quarter of 2025, highlighting continued growth and strategic progress amidst ongoing industry challenges.</li><li>The company saw total transaction value increase by 17% in 2025 and revenue growth accelerate to 12%, while adjusted gross profit margin stood at 60%.</li><li>Adjusted EBITDA grew by 11%, supported by strong top-line performance, operational efficiencies, and cost synergies.</li></ul>

American Express Global Business Travel (Amex GBT) reported its financial results for the full year and fourth quarter of 2025, highlighting continued growth and strategic progress amidst ongoing industry challenges.The company saw total transaction value increase by 17% in 2025 and revenue growth accelerate to 12%, while adjusted gross profit margin stood at 60%.Adjusted EBITDA grew by 11%, supported by strong top-line performance, operational efficiencies, and cost synergies.

Global Business Travel Group: From Automation to Personalization—A High-Impact AI Transformation Story!

<ul><li>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.</li><li>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.</li><li>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.</li></ul>

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.

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

<ul><li>American Express Global Business Travel delivered strong financial results for the third quarter of 2025, highlighted by a 23% increase in Total Transaction Value (TTV) and a 13% rise in revenue.</li><li>The company's adjusted gross profit margin reached 60%, while adjusted EBITDA increased by 9%, supporting free cash flow generation of $38 million.</li><li>Over the past year, American Express Global Business Travel reported $3.2 billion in total new contract wins and returned $54 million to shareholders through share buybacks.</li></ul>

American Express Global Business Travel delivered strong financial results for the third quarter of 2025, highlighted by a 23% increase in Total Transaction Value (TTV) and a 13% rise in revenue.The company's adjusted gross profit margin reached 60%, while adjusted EBITDA increased by 9%, supporting free cash flow generation of $38 million.Over the past year, American Express Global Business Travel reported $3.2 billion in total new contract wins and returned $54 million to shareholders through share buybacks.

Global Business Travel: From Underpenetrated SMEs to Scalable Growth—A Strategic Play With Massive Upside!

<ul><li>American Express Global Business Travel reported strong financial performance for the fourth quarter and full year of 2024, showcasing a record year for adjusted EBITDA and revenue.</li><li>The company exceeded the midpoint of its guidance range, with adjusted EBITDA rising by 26% year-over-year.</li><li>These results were driven by growth in technology-enabled productivity, a scalable cost base, and robust free cash flow generation.</li></ul>

American Express Global Business Travel reported strong financial performance for the fourth quarter and full year of 2024, showcasing a record year for adjusted EBITDA and revenue.The company exceeded the midpoint of its guidance range, with adjusted EBITDA rising by 26% year-over-year.These results were driven by growth in technology-enabled productivity, a scalable cost base, and robust free cash flow generation.

Global Business Travel Set to Soar? $2.8 Billion in Wins and a Surge in Travel Demand Could Catalyze Growth!

United States

Global Business Travel Group, Inc. operates as a travel management company. The Company offers business trip planning, travel booking, expense management, meetings and events, and business consulting solutions. Global Business Travel Group serves customers worldwide.

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Global Business Travel Group I (GBTG US)

Global Business Travel Group’s $3.3 Billion Win — Can AI Supercharge Growth?

American Express Global Business Travel (Amex GBT) reported strong financial and operational performance in 2025, driven by organic growth,...

Baptista Research

Global Business Travel Group: From Automation to Personalization—A High-Impact AI Transformation Story!

American Express Global Business Travel (Amex GBT) reported its financial results for the full year and fourth quarter of 2025, highlighting...

Baptista Research

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...

Baptista Research

Global Business Travel: From Underpenetrated SMEs to Scalable Growth—A Strategic Play With Massive Upside!

American Express Global Business Travel delivered strong financial results for the third quarter of 2025, highlighted by a 23% increase in Total...

Baptista Research

Global Business Travel Set to Soar? $2.8 Billion in Wins and a Surge in Travel Demand Could Catalyze Growth!

American Express Global Business Travel reported strong financial performance for the fourth quarter and full year of 2024, showcasing a record...

Baptista Research

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