AUDIT INFORMATION |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Audit Information [Abstract] | |
| Auditor Firm ID | 185 |
| Auditor Name | KPMG LLP |
| Auditor Location | New York, New York |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Allowances for credit losses | $ 9 | $ 10 |
| Treasury shares (in shares) | 17,253,780 | 8,000,000 |
| Class A common stock | ||
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
| Common stock, shares authorized (in shares) | 3,000,000,000 | 3,000,000,000 |
| Common stock, shares issued (in shares) | 538,342,297 | 478,904,677 |
| Common stock, shares outstanding (in shares) | 521,088,517 | 470,904,677 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Cash, cash equivalents and restricted cash consist of: | ||
| Cash and cash equivalents | $ 434 | $ 536 |
| Cash and cash equivalents (included within held for sale assets - see notes 3 and 6) | 5 | 0 |
| Restricted cash (included in other non-current assets) | 40 | 25 |
| Cash, cash equivalents and restricted cash | $ 479 | $ 561 |
Business Description and Basis of Presentation |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Business Description and Basis of Presentation | Business Description and Basis of Presentation Global Business Travel Group, Inc. (“GBTG”), and its consolidated subsidiaries (GBTG, together with its consolidated subsidiaries, the "Company"), operating as American Express Global Business Travel ("Amex GBT"), is a leading technology and services company for travel, expense and meetings & events. The Company's comprehensive and competitive marketplace, industry leading software, Artificial Intelligence ("AI")-powered efficiencies and 24/7 global support team offer solutions, savings, and flexibility for companies of every size. GBTG is a Delaware corporation and tax resident in the United States of America (“U.S.”). On March 24, 2024, GBTG entered into an Agreement and Plan of Merger (as amended, the “Merger Agreement”) with CWT Holdings, LLC, a Delaware limited liability company (“CWT”). On September 2, 2025, GBTG completed the acquisition of CWT in accordance with the terms of the Merger Agreement (see note 3 - Business Acquisitions). The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
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Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Consolidation The Company’s consolidated financial statements include the accounts of GBTG, its wholly-owned subsidiaries and entities controlled by GBTG, including GBT JerseyCo Limited ("GBT JerseyCo"). The Company reports the non-controlling ownership interests in subsidiaries that are held by third-party owners as equity attributable to non-controlling interests in subsidiaries on the consolidated balance sheets. The portion of income or loss for the reporting periods that is attributable to third-party owners is reported as net income (loss) attributable to non-controlling interests in subsidiaries on the consolidated statements of operations. The Company has eliminated intercompany transactions and balances in its consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures in the consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, supplier revenue, allowance for credit losses, depreciable lives of property and equipment, purchase price allocations for business acquisitions including valuation of acquired intangible assets and goodwill and contingent consideration, valuation of operating lease right-of-use (“ROU”) assets, impairment of goodwill, other intangible assets, long-lived assets, capitalized client incentives and investments in equity method investments, valuation allowances on deferred income taxes, valuation of pensions, interest rate swaps, cross currency interest rate swaps, earnout shares and contingent liabilities. Actual results could differ materially from those estimates. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on hand and at bank, and bank deposits and other highly liquid investments with original maturities of 90 days or less. Restricted cash includes cash that is restricted through legal contracts or regulations. It primarily includes collateral provided for bank guarantees for certain office leases and to certain travel suppliers. Restricted cash is aggregated with cash and cash equivalents in the consolidated statements of cash flows. Accounts Receivable and Allowance for Credit Losses Accounts receivable primarily includes trade accounts receivable from business clients and travel suppliers, and receivables from government for grants, less allowances for credit losses. The Company establishes allowances for its receivables in accordance with the guidance contained in ASC 326, "Financial Instruments - Credit Losses" whereby the "expected loss" model is used for financial instruments measured at amortized cost. The Company estimates lifetime expected credit losses upon recognition of the financial assets, which primarily comprise accounts receivable. The Company has identified the relevant risk characteristics of its customers and the related receivables, which include size, type (e.g., business clients vs. supplier and credit card vs. non-credit-card customers) or geographic location of the customer, or a combination of these characteristics. The Company has considered the historical credit loss experience, current economic conditions, forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses on its accounts receivables. Other key factors that influence the expected credit loss analysis include customer demographics and payment terms offered in the normal course of business to customers. This is assessed each quarter based on the Company’s specific facts and circumstances. Actual write-offs may vary from such estimates of credit losses. The majority of the Company’s receivables are trade receivables due in less than one year. Receivables are considered to be delinquent when contractual payment terms are exceeded. All receivables aged over twelve months are generally fully reserved. Receivables are written off against the allowance when it is probable that all remaining contractual payments will not be collected as evidenced by factors such as the extended age of the balance, the exhaustion of collection efforts, and the lack of ongoing contact or billing with the customer. As of both December 31, 2025 and 2024, the Company had a receivable of $1 million, in relation to government grants and other government assistance, that is included in the accounts receivable balance in the consolidated balance sheets. These relate to payments that are expected to be received under the government programs where the Company has met the qualifying requirements and it is probable that payments will be received. Property and Equipment Property and equipment are recorded at cost, net of accumulated depreciation and amortization. The costs for additions, major improvements and renovations to property and equipment are capitalized, while maintenance, repairs and minor improvements are charged to operating expenses as incurred. The Company also capitalizes certain costs associated with the acquisition or development of internal-use software. The Company capitalizes costs incurred during the application development stage related to the development of internal use software. The Company expenses cost related to the planning and post-implementation phases of development as incurred. Depreciation is recognized once an asset is available for its intended use. Depreciation is computed using the straight-line method over the estimated useful lives of assets which are as follows:
Upon retirement or other disposal of property and equipment, the costs and related amounts of accumulated depreciation or amortization are eliminated from the asset and accumulated depreciation accounts, respectively. The difference, if any, between the net asset value and the proceeds received, if any, is recorded in consolidated statements of operations as gain (loss) on disposal of asset within general and administrative expense. Equity Method Investments Investments in entities in which the Company exercises significant influence over the operating and financial policies of the investee are accounted for using the equity method of accounting. Generally, if the Company owns voting rights of between 20% and 50% of equity interest, it is presumed to exercise significant influence. The Company’s proportionate share of the net income (loss) of the equity method investments is included in the Company’s results of operations. When the Company's share of losses of an equity method investment equals or exceeds its investment value plus advances made to equity method investment, the Company discontinues recognizing share of further losses. Additional losses are provided for and a liability is recognized, only to the extent the Company has legal or constructive obligations to fund further losses in the equity method investment. Dividends received from the equity method investees are recorded as reductions to the carrying value of the equity method investment. The Company periodically reviews the carrying value of these investments to determine if there has been an other-than temporary decline in their carrying values. A variety of factors are considered when determining if a decline in the carrying value of equity method investment is other than temporary, including, among others, the financial condition and business prospects of the investee, as well as the Company’s investment intent. There were no impairments of equity method investments during the years ended December 31, 2025, 2024 and 2023. In December 2025, the Company gained control over an equity-method investment by obtaining majority representation on its Board of Director and accounted for the transaction as a business acquisition (see note 3 - Business Acquisitions). Business Combinations and Goodwill The Company accounts for business combinations using purchase method of accounting which requires assigning the fair value of the consideration transferred to acquire a business to the tangible assets and identifiable intangible assets acquired and liabilities assumed on the basis of their fair values at the date of acquisition. Goodwill represents the excess of the purchase consideration over the fair value of net tangible and identifiable assets acquired. The purchase price allocation process requires the Company to make significant assumptions and estimates in determining the purchase price, fair value of assets acquired and liabilities assumed at the acquisition date, especially with respect to acquired intangible assets. Fair value measurements may include the use of appraisals, market quotes for similar transactions, discounted cash flow techniques or other methodologies management believes to be relevant. Significant estimates in valuing certain intangible assets include but are not limited to future expected cash flows from customer relationships (comprising of both business client and supplier relationships), and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Any changes to provisional amounts identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined. The Company evaluates goodwill for impairment on December 31 each year, or more frequently, if impairment indicators exist. The Company performs either a qualitative or quantitative assessment of whether it is more likely than not that the reporting unit’s fair value is less than its carrying value. A goodwill impairment loss is measured at the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. Fair values are determined using a combination of standard valuation techniques, including an income approach (discounted cash flows) and market approaches (e.g., sales or earnings before interest, taxes, depreciation, and amortization (“EBITDA”) multiples of comparable publicly traded companies) and based on market participant assumptions. Based on the results of the annual impairment test, the Company concluded that there was no impairment of goodwill during the years ended December 31, 2025, 2024 and 2023 because qualitative and/or quantitative tests indicated the reporting units’ fair value was in excess of their respective carrying values. The estimates and assumptions about future results of operations and cash flows made in connection with the impairment testing could differ from actual results of operations and cash flows, and if so, could cause the Company to conclude in the future that impairment indicators exist and that goodwill may become impaired. Impairment of Other Intangible Assets and Long-Lived Assets Finite-lived intangible assets are amortized on a straight-line basis and estimated to have useful lives as follows:
Finite-lived intangible assets and long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets or groups of assets that generate cash flows largely independent of other assets or asset groups, may not be recoverable. If impairment indicators exist, the undiscounted future cash flows associated with the expected service potential of the asset or asset group and cash flows from their eventual disposition are compared to the carrying value of the asset or asset group. If the sum of the undiscounted expected cash flows is less than the carrying amount of the asset or asset group, an impairment loss is recognized in an amount by which the carrying value of the asset or asset group exceeds its fair value through a charge to the Company’s consolidated statements of operations. The estimated fair value of the asset group is determined using appropriate valuation methodologies which would typically include an estimate of discounted cash flows. There was no impairment of finite-lived other intangible assets or long-lived assets during the years ended December 31, 2025, 2024 and 2023. Cloud Computing Arrangements The Company capitalizes qualifying implementation costs related to hosting arrangements that are service contracts (cloud computing arrangements). Such costs are amortized on a straight-line basis over the software’s estimated useful life, which is generally the term of the hosting relationship, and ranges from three to five years. The related amortization expense is recorded in operating expenses within the Company's consolidated statements of operations. Capitalized amounts are included in prepaid expenses and other current assets and other non-current assets on the Company's consolidated balance sheets. Leases The Company determines whether an arrangement contains a lease at inception of a contract. Lease assets represent the Company’s ROU of an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company’s accounting policy is to evaluate lease agreements with a minimum term greater than one year for recording on the consolidated balance sheet. Finance leases are generally those leases that allow the Company to either utilize the entire asset over its economic life or substantially pay for all of the fair value of the asset over the lease term. All other leases are categorized as operating leases. Lease ROU assets and lease liabilities are recognized based on the present value of the fixed lease payments over the lease term at the commencement date. As the interest rate implicit in the lease is generally not determinable in transactions where the Company is a lessee, the Company uses its incremental borrowing rate, based on the information available at the commencement date, in determining the present value of future payments and uses the implicit rate when readily available. The operating lease ROU assets include lease prepayments and initial direct costs and are reduced for deferred rent and any lease incentives. Certain of the Company’s lease agreements contain renewal options, early termination options and/or payment escalations based on fixed annual increases, local consumer price index changes or market rental reviews. The lease term may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company’s lease agreements may include both lease and non-lease components. For leases of information technology equipment used in its data centers, the Company accounts for the lease and non-lease components on a combined basis. For leases of all other assets, lease and non-lease components are accounted for separately. Operating leases are included in operating lease ROU assets, and current and long-term portion of operating lease liabilities on the Company’s consolidated balance sheets. Operating lease expense is generally recognized on a straight-line basis over the lease term. Finance lease assets are included in property and equipment, net, and finance lease liabilities are included within current portion of long-term debt and long-term debt, net of unamortized debt discount and debt issuance cost on the Company’s consolidated balance sheets. Income Taxes The Company accounts for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. All deferred income taxes are classified as non-current assets and/or liabilities on the Company’s consolidated balance sheets. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that apply to taxable income in effect for the years in which those tax assets or liabilities are expected to be realized or settled. The Company regularly assesses the realizability of all its deferred tax assets. An adjustment to the conclusion as to whether it is more likely than not that the Company will realize the benefit of the deferred tax assets would impact the income tax expense in the period for which it is determined this analysis has changed. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon future taxable income in those jurisdictions where the deferred tax assets are located during the periods in which those temporary differences become deductible. When assessing the need for a valuation allowance, all positive and negative evidence is analyzed, including the Company’s ability to carry back net operating losses ("NOLs") to prior periods, the reversal of deferred tax liabilities, tax planning strategies and projected future taxable income. A change in the Company’s estimate of future taxable income may change the Company’s conclusion on its ability to realize all or a part of its net deferred tax assets, requiring an adjustment to the valuation allowance charged to the provision for income taxes in the period in which such a determination is made. The Company recognizes deferred taxes on undistributed earnings of foreign subsidiaries because it does not plan to indefinitely reinvest such earnings. A two-step approach is applied in the recognition and measurement of uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained on examination by the taxing authorities, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits within the benefit from/provision for income taxes in its consolidated statements of operations. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches. A hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market rates obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s estimates about the assumptions market participants would use in the pricing of the asset or liability based on the best information available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 — Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices in non-active markets or for which all significant inputs, other than quoted prices, are observable either directly or indirectly, or for which unobservable inputs are corroborated by market data. Level 3 — Valuations based on inputs that are unobservable and significant to overall fair value measurement. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss), net of taxes, consists of (i) foreign currency translation adjustments, including unrealized gains and losses on derivatives accounted for as net investment hedges, (ii) unrealized actuarial gains and losses on defined benefit plans and unamortized prior service cost and (iii) unrealized gains and losses on derivatives accounted for as effective cash flow hedges. Certain Risks and Concentrations Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash, cash equivalents and restricted cash and accounts receivable. The Company maintains cash, cash equivalents and restricted cash balances with financial institutions that are in excess of Federal Deposit Insurance Corporation (or equivalent) insurance limits. The Company’s cash, cash equivalents and restricted cash are primarily composed of current account balances in banks, are primarily denominated in U.S. dollar, British pound sterling and Euro currencies and a portion of which is interest-bearing. As of December 31, 2025, approximately 47% of the Company's cash, cash equivalents and restricted cash balance is with three banks. Concentrations of credit risk associated with accounts receivable are considered minimal due to the Company’s diverse customer base spread across different countries. Revenue Recognition The Company generates revenue in two primary ways: •Travel Revenues which include fees received from business clients and travel suppliers relating to servicing a travel transaction, which can be air, hotel, car rental, rail or other travel-related bookings or reservations, cancellations, exchanges or refunds and •Products and Professional Services Revenues which include revenues received from business clients, travel suppliers and Network Partners for using the Company’s platform, products and value-added services. Revenue is recognized when control of the promised services in an arrangement is transferred to the customers in an amount that reflects the expected consideration in exchange for those services. The Company’s customers are its (i) business clients to whom the Company provides travel processing, consultancy and management services and (ii) travel suppliers including providers of Global Distribution Systems (“GDS”). The Company has determined a net presentation of revenue (that is, the amount billed to a business client less the amount paid to a travel supplier) is appropriate for the majority of the Company’s transactions as the travel supplier is primarily responsible for providing the underlying travel services and the Company does not control the service provided to the traveler/business clients. The Company excludes all taxes assessed by a government authority, if any, from the measurement of transaction prices that are imposed on its travel-related services or collected by the Company from customers (which are therefore excluded from revenue). Travel Revenues Client Fees Transaction Fees and Other Revenues: The Company enters into contracts with business clients to provide travel-related services each period over the contract term. The Company’s obligation to the client is to stand ready to provide service over the contractual term. The performance obligations under these contracts are typically satisfied over time as the clients benefit from these services as they are performed. The Company receives nonrefundable transaction fees from business clients each time a travel transaction is processed. Transaction fee revenue, which is unit-priced under the service contract, is generally allocated to and recognized in the period the transaction is processed. The Company also receives revenue from the provision of other transactional services to clients such as revenue generated from the provision of servicing after business close or during travel disruption. Such other transactional travel revenue is also generally allocated to and recognized in the period when the travel transaction is processed. Consideration Payable to Clients and Client Incentives: As part of the arrangements with business clients, the Company may be contractually obligated to share with them the commissions collected from travel suppliers that are directly attributable to the Company’s business with the business clients. Additionally, in certain contractual agreements with its clients, the Company promises consideration to them in the form of credits or upfront payments. The Company capitalizes such consideration payments to its clients and recognizes it ratably over the period of contract, as a reduction of revenue, as the revenue is recognized, unless the payment is in exchange for a distinct good or service that the business clients transfer to the Company. The capitalized upfront payments are reviewed for recoverability and impairment based on future forecasted revenues, and are included within other non-current assets or liabilities, net, on the Company’s consolidated balance sheets. Supplier Fees Base Commissions and Incentives: Certain of the Company’s travel suppliers (e.g., airlines, hotels, car rental companies, and rail carriers) pay commissions and/or fees on tickets issued, sales and other services provided by the Company based on contractual agreements to promote or distribute the travel supplier content. Commissions and fees from travel suppliers are generally recognized (i) at the time a ticket is purchased for air travel reservations as the Company’s performance obligation to the supplier is satisfied at the time of ticketing and (ii) upon fulfillment of the reservation for hotels and car rentals as the performance obligation to the hotel and car rental companies is not satisfied until the customer has checked-in to the hotel property and/or picked-up the rental car. Incentive Revenues: The Company receives incentives from air travel suppliers for flown incremental bookings above minimum targeted thresholds established under the contract. The Company estimates such incentive revenues using internal and external data detailing completed and estimated completed airline travel and the price thresholds applicable to the volume for the period, as the consideration is variable and determined by meeting volume targets. The Company allocates the variable consideration to the flown bookings during the incentive period, which is generally determined by the airlines to be a single fiscal quarter, and recognizes that amount as the related performance obligations are satisfied, to the extent that it is probable that a subsequent change in the estimate would not result in a significant revenue reversal. GDS Revenues: In certain transactions, the GDS provider receives commission revenues from travel suppliers in exchange for distributing its content and distributes a portion of these commissions to the Company as an incentive for the Company to utilize its platform. Therefore, the Company views payments from the providers of the GDS as commissions from travel suppliers and recognize these commissions in revenue as travel bookings are made through the GDS platform. Products and Professional Services Revenues Management Fees: The Company receives management fees from business clients for travel management services. The Company’s obligation to the client is to stand ready to provide service over the contractual term. The performance obligation under these contracts are typically satisfied over time as the clients benefit from these services as they are performed. Management fees are recognized ratably over the contract term as the performance obligation is satisfied on a stand-ready basis over the contract period. Product Revenues: Revenue from provision of travel management tools to business clients to manage their travel programs are recognized ratably over the contract term as the performance obligation is satisfied over the contract period over which the travel-related products are made available to the clients. Consulting and Meeting and Events Revenues: The Company receives fees from consulting and meetings and events planning services that are recognized over the contract term as the promised services are delivered by the Company’s personnel. Other Revenues: Fees from Network Partners are recognized in proportion to sales as sales occur over the contract term, as the performance obligation is satisfied. Cost of revenue Cost of revenue primarily consists of (i) salaries and benefits of the Company’s travel counselors, meetings and events teams and their supporting functions and (ii) the cost of outsourcing resources in transaction processing and the processing costs of online booking tools. Sales and marketing Sales and marketing primarily consists of (i) salaries and benefits of the Company’s employees in its sales and marketing function and (ii) the expenses for acquiring and maintaining customer partnerships including account management, sales, marketing, and consulting alongside the functions that support these efforts. Technology and content Technology and content primarily consists of (i) salaries and benefits of employees engaged in the Company’s product and content development, back-end applications, support infrastructure and maintenance of the security of the Company’s networks and (ii) other costs associated with licensing of software and information technology maintenance expense. General and Administrative General and administrative expenses consists of (i) salaries and benefits of the Company’s employees in finance, legal, human resources and administrative support, (ii) integration expenses related to acquisitions and mergers and acquisitions costs primarily related to due diligence, legal expenses and related professional services fees and (iii) fees and costs related to accounting, tax and other professional services, legal related costs, and other miscellaneous expenses. Restructuring and Other Exit Charges Restructuring and other exit charges consist primarily of costs associated with employee severances and contract exit costs. One-time involuntary employee termination benefits are recognized as a liability at estimated fair value when the plan of termination has been communicated to employees and certain other criteria have been met. With respect to employee terminations under ongoing benefit arrangements, a liability for termination benefits is recognized at estimated fair value when it is probable that amounts will be paid to employees and such amounts are reasonably estimable. Costs associated with exit or disposal activities and contract termination costs are presented as restructuring charges in the consolidated statement of operations. Restructuring accruals are recorded within restructuring and other exit charges in the consolidated statements of operations and the restructuring liability is included within accrued expenses and other current liabilities in the consolidated balance sheets. Advertising Expense Advertising costs are expensed in the period incurred and include online marketing costs, such as search and banner advertising, and offline marketing, such as television, media and print advertising. Advertising expense, included in sales and marketing expenses on the consolidated statements of operations, was approximately $6 million, $5 million and $5 million for the years ended December 31, 2025, 2024 and 2023, respectively. Equity-based Compensation The Company has an equity-based compensation plan that provides for grants of equity awards to employees and non-employee directors of the Company who perform services for the Company. The awards are equity-classified and the compensation is expensed, net of actual forfeitures, on a straight line basis over the requisite service period based upon the fair value of the award on the grant date and vesting conditions. Pension and Other Post-retirement Benefits The Company sponsors defined contribution savings plans under which the Company matches the contributions of participating employees on the basis specified by the plan. The Company’s costs for contributions to these plans are recognized as a component of salaries and benefits, in the Company’s consolidated statements of operations as such costs are incurred. The Company also sponsors both non-contributory and contributory defined benefit pension plans whereby benefits are based on an employee’s years of credited service and a percentage of final average compensation, or as otherwise described by the plan. The Company recognizes the funded status of its defined benefit plans and presents it as a non-current liability on its consolidated balance sheets. The funded status is the difference between the fair value of plan assets and the benefit obligation as of the balance sheet date. The measurement date used to determine benefit obligations and the fair value of plan assets for all defined benefit plans is December 31 of each year. Defined benefit plan expenses are recognized in the Company’s consolidated statements of operations based upon various actuarial assumptions, including expected long-term rates of return on plan assets, discount rates, employee turnover, and mortality rates. Actuarial gains or losses arise from actual returns on plan assets being different from expected returns and from changes in assumptions used to calculate the projected benefit obligation each year. The defined benefit obligation may also be adjusted for any plan amendments. Such actuarial gains and losses and adjustments resulting from plan amendments are deferred within accumulated other comprehensive income (loss), net of tax. The amortization of actuarial gains and losses is determined by using a 10% corridor of the greater of the fair value of plan assets or the defined benefit obligation. Total unamortized actuarial gains and losses in excess of the corridor are amortized over the average remaining future service. For plans with no active employees, they are amortized over the average life expectancy of plan participants. Adjustments resulting from plan amendments are generally amortized over the average remaining future service of plan participants at the time of the plan amendment. All components of net periodic pension cost (benefit), other than service cost, is recognized within other income (loss), net, on the Company’s consolidated statements of operations. Service cost is recognized as a component of salaries and wages on the Company’s consolidated statements of operations. Interest Expense and Interest Income Interest expense is primarily comprised of interest expense on debt including the amortization of debt discount and debt issuance costs, calculated using the effective interest method and amounts reclassified from accumulated other comprehensive loss related to terminated interest rate swaps that were accounted for as effective cash flow hedges. Interest income is comprised of interest earned from bank deposits. Foreign Currency Translations and Transaction Gain (Loss) On consolidation, assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated into U.S. dollars based upon exchange rates prevailing at the end of each reporting period and the subsidiaries’ results of operations are translated in U.S. dollars at the spot/daily exchange rates. The resulting translation adjustments are included in accumulated other comprehensive income (loss), a component of total equity on the Company’s consolidated balance sheets, as currency translation adjustments. Translation adjustments are reclassified to earnings upon the sale or substantial liquidation of investments in foreign operations. Gains and losses related to transactions in a currency other than the functional currency or upon remeasurement of non-functional currency denominated monetary assets and liabilities into functional currency are reported within other income (expense), net, in the Company’s consolidated statements of operations. During the years ended December 31, 2025, 2024 and 2023, the Company has net foreign exchange (loss) gain of $(19) million, $22 million and $(5) million, respectively, which is included within other income (loss), net, on the consolidated statements of operations. Income (Loss) Per Share Basic net income (loss) per share is computed by dividing the net income (loss) available to the Company’s common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing the net income (loss) available to the Company’s common shareholders by the weighted average number of common shares outstanding and potentially dilutive securities outstanding during the period. Potentially dilutive securities include restricted stock units ("RSU") and stock options, calculated using the treasury stock method. Potentially dilutive securities may also include performance stock units ("PSU") and other contingently issuable shares assuming the end of the reporting period is the end of contingency period. Potentially dilutive securities are excluded from the computations of diluted income (loss) per share if their effect of inclusion would be antidilutive. Earnout Derivative Liabilities The Company accounts for its earnout shares (see note 17 – Earnout Derivative Liabilities) in accordance with the guidance contained in ASC 815, “Derivatives and Hedging,” (“ASC 815”) whereby, under that provision, the earnout shares do not meet the criteria for equity treatment and are recorded as liabilities. Accordingly, the Company classifies the earnout shares as liabilities at fair value at each balance sheet date and any change in the fair value is recognized in the Company’s consolidated statements of operations. The earnout share liabilities will be remeasured at fair value until such earnout shares are no longer contingent. The fair value of earnout shares is determined using Monte Carlo valuation method and is categorized as level 3 on the fair value hierarchy (see note 22 – Fair Value Measurements). Recently Adopted Accounting Pronouncements Income Taxes In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The update primarily requires the Company to provide (i) further disaggregation for specific categories on the effective tax rate reconciliation, as well as additional information about federal, state/local and foreign income taxes and (ii) annually disclose its income taxes paid (net of refunds received), disaggregated by jurisdiction. The Company adopted this guidance on January 1, 2025, on a prospective basis, and there was no impact on the Company’s consolidated financial statements upon the adoption of this guidance. However, additional disclosures related to the Company’s income taxes have been disclosed (see note 5 - Income Taxes). Segment Reporting In November 2023, the Financial Accounting Standard Board (the "FASB") issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands the segment reporting disclosures and primarily requires disclosures on (i) significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and are included within each reported measure of segment operating results, (ii) the total amount of any other items included in segment operating results which were not deemed to be significant expenses for separate disclosure, along with a qualitative description of the composition of these other items and (iii) CODM’s title and position and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing performance and deciding how to allocate resources. The update also aligns interim segment reporting disclosure requirements with annual segment reporting disclosure requirements. The Company adopted this guidance on January 1, 2024, on a retrospective basis, as required, and there was no impact on the Company’s consolidated financial statements upon the adoption of this guidance. However, additional disclosures related to the Company’s segment have been disclosed (see note 24 - Segment Information). Accounting Pronouncements – Not Yet Adopted Disaggregated Expenses In November 2024, the FASB issued ASU No. 2024-03 "Disaggregation of Income Statement Expenses" which provides guidance on additional disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The update is to be applied on a prospective basis, although optional retrospective application is permitted. While the update will require additional disclosures related to the Company’s expenses, it is not expected to have any impact on the Company’s consolidated operating results, financial condition or cash flows. Internal-Use Software In September 2025, the FASB issued ASU No. 2025-06, "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software," which applies to costs incurred to develop or obtain software for internal use. The ASU amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will commence capitalizing eligible costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The guidance is effective for annual periods beginning after December 15, 2027 and can be applied on a prospective basis, a modified basis for in-process projects or on a retrospective basis. The Company is currently evaluating the impact of this accounting standard on its consolidated financial statements.
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Business Acquisitions |
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| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Acquisitions | Business Acquisitions CWT On September 2, 2025, the Company completed the previously announced acquisition of all of the issued and outstanding equity interests of CWT in accordance with the terms of the Merger Agreement for a total purchase consideration of $597 million. CWT is a global business travel and meetings management company that provides corporate travel booking, program management and related services to enterprises and government customers. The acquisition of CWT is expected to enhance the Company’s geographic reach, broaden its customer base, and generate operating synergies through integration of technology platforms, supplier relationships, and operational efficiencies. The components of the total purchase consideration, as further discussed below, consisted of (i) $408 million in shares, (ii) $186 million in cash, and (iii) $3 million in contingent consideration. At the closing of the acquisition, pursuant to the terms of the Merger Agreement, the Company issued 50,357,742 shares (based on the agreed share price of $7.50 per share) of its Class A common stock, par value $0.0001 per share (“Class A common stock”), to CWT’s legacy equityholders, and paid $160.19 to CWT’s legacy equityholders in lieu of fractional shares of Class A common stock. The purchase consideration for shares issued was determined based on the price of shares on the closing date of $8.11 per share, amounting to $408 million in aggregate. The Company funded the cash portion of the total purchase consideration with cash on hand. The cash of $186 million paid by the Company comprised of: (a) $144 million for repayment of CWT's first lien debt, interest thereon and related fees settled by the Company at the time of closing the transaction, (b) $37 million of certain CWT transaction costs paid for by the Company at the time of closing the transaction, and (c) $5 million in cash. The Company initially deposited $15 million with an escrow agent as security for certain purchase price adjustments set forth in the Merger Agreement and delivered $50,000 to a representative of CWT’s legacy equityholders for the purposes of paying or reimbursing such representative for any third-party expenses it incurs pursuant to the Merger Agreement. Subsequent to the balance sheet date of December 31, 2025, upon finalization of the working capital adjustments with the CWT legacy equityholders, $10 million was released back to the Company from the escrow account in full and final settlement in accordance with the terms of the Merger Agreement. This was considered as an adjusting post balance sheet event reducing the cash paid for acquisition to $5 million (see note 25 - Subsequent Events). The acquisition was accounted for as a business combination, with the Company acquiring CWT, in accordance with ASC 805, Business Combinations. Under the acquisition method of accounting, the aggregate of total purchase consideration and fair value of non-controlling interest acquired, as set out below, was allocated to the identified assets acquired and liabilities assumed based on their respective acquisition date fair value, with any excess allocated to goodwill.
The following table reflects the Company’s preliminary fair values of the assets acquired and liabilities assumed of CWT as of the date of the acquisition:
The Company, at the time of acquisition of CWT, determined that it would sell certain smaller CWT business operations within one year of the acquisition and accordingly classified assets and liabilities of these businesses as held for sale assets and liabilities, and measured them at fair value less cost to sell. The above allocation is preliminary and subject to change during the measurement period as the Company finalizes income tax effects of the transaction. The goodwill recognized is attributable to the acquired workforce, expected synergies, and anticipated future growth. Goodwill is not deductible for income tax purposes. The fair value and amortization periods of identifiable intangible assets acquired is as follows:
The fair value of customer relationships was determined utilizing the excess earnings method of valuation, and the fair values of tradenames and acquired technology was determined utilizing the relief from royalty method. The process for estimating the fair values of identifiable intangible assets requires the use of significant estimates and assumptions, including revenue growth rates, operating margin, income tax rates, obsolescence curves, royalty rates and discount rates. Intangible assets are being amortized over their average useful lives primarily based upon the pattern in which anticipated economic benefits from such assets are expected to be realized. Total transaction costs incurred by the Company for the CWT acquisition were $83 million in aggregate. During the years ended December 31, 2025 and 2024, the Company incurred $38 million and $45 million in acquisition-related costs, which were expensed as incurred and are included in general and administrative expenses in the Company’s consolidated statements of operations. The financial results of CWT have been included in the Company’s consolidated financial statements since the date of its acquisition. The amount of revenue and net loss of the CWT business since the acquisition date included in the consolidated statements of operations for the year ended December 31, 2025 was $209 million and $61 million, respectively. Assuming an acquisition date of January 1, 2024, the unaudited pro forma revenue and net income (loss) of the Company for the years ended December 31, 2025 and 2024 would have been as follows:
The unaudited pro forma financial information adjusts for material business combination items including those related to amortization of acquired intangible assets and software, elimination of interest expense related to CWT's certain debt and the corresponding income tax effects. These pro forma results are not necessarily indicative of the results that would have occurred if the acquisition had taken place on January 1, 2024, nor are they necessarily indicative of future results. Uvet GBT On December 19, 2025, the Company entered into an agreement with UVET Viaggi Turismo S.p.A., pursuant to which it is entitled to appoint a majority of the members of the board of directors of Uvet Global Business Travel S.p.A ("Uvet GBT"), a company registered in Italy. On December 29, 2025, the Company appointed a majority of the members of the board of directors of Uvet GBT pursuant to this agreement, while maintaining its 35% ownership in Uvet GBT, thereby obtaining a controlling financial interest. Prior to obtaining a controlling interest through its majority representation on the board of directors of Uvet GBT, the Company accounted for its 35% ownership in Uvet GBT as an equity method investment. This transaction was accounted for as a "step acquisition" (as defined by U.S. GAAP). As such, the Company remeasured its pre-existing equity interest in Uvet GBT immediately prior to the completion of the acquisition to its estimated fair value. The results of Uvet GBT have been included in the Company's consolidated financial statements since the acquisition date, which were immaterial, with the portion outside of its control forming a noncontrolling interest. The fair value of Uvet GBT, determined utilizing multiple of earnings and discounted cash flow valuation techniques, on the acquisition date totaled $111 million, which included the Company’s equity interest immediately prior to the acquisition of $39 million and the non-controlling interest of $72 million (see note 15 - Other non-current liabilities for mandatorily redeemable non-controlling interests and note 19 - Shareholders' Equity for redeemable non-controlling interest). The preliminary amounts recognized for assets acquired and liabilities assumed as of the acquisition date included: cash of $34 million; goodwill of $81 million; intangible assets of $71 million related to customer relationships; $61 million of primarily current assets; and $136 million of primarily current liabilities. The fair value allocation is preliminary and subject to change during the measurement period as the Company finalizes valuation of intangibles, certain other assets and liabilities and income tax effects of the transaction. Customer relationship assets are reported within other intangible assets on the Company's consolidated balance sheets and are being amortized over a period of 15 years in accordance with the underlying pattern of expected economic benefit. Goodwill is primarily attributed to the value expected from synergies resulting from Uvet GBT's acquisition. The goodwill recognized is not deductible for income tax purposes. In accordance with accounting for a step acquisition, the Company recognized a gain of $39 million during the year ended December 31, 2025 as a result of remeasuring its pre-existing interest in Uvet GBT held immediately before the business combination, which was included in the Company's consolidated statements of operations.
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Revenue from Contracts with Customers |
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| Revenue from Contracts with Customers | Revenue from Contracts with Customers The Company disaggregates revenue based on (i) Travel Revenues which include all revenue relating to servicing a transaction, which can be air, hotel, car rental, rail or other travel-related booking or reservation and (ii) Products and Professional Services Revenues which include all revenue relating to using the Company’s platform, products and value-added services. The following table presents the Company’s disaggregated revenue by nature of service. Sales and usage-based taxes are excluded from revenue.
Payments from customers are generally received within 30-60 days of invoicing or from their contractual date agreed under the terms of contract. The Company evaluates collectability of accounts receivable based on a combination of factors and records credit losses applying its accounting policy. Contract Balances Contract assets represent the Company’s right to consideration in exchange for services transferred to a customer when that right is conditioned on the Company’s future performance obligations. Contract liabilities represent the Company’s obligation to transfer services to a customer for which the Company has received consideration (or the amount is due) from the customer. The opening and closing balances of the Company’s accounts receivable, net, contract assets and contract liabilities are as follows:
Accounts receivables, net, exclude balances not related to contracts with customers. Deferred revenue is recorded when a performance obligation has not been satisfied but an invoice has been raised. Cash payments received from customers in advance of the Company completing its performance obligations are included in deferred revenue in the Company’s consolidated balance sheets. The Company generally expects to complete its performance obligations under the contracts within one year. During the year ended December 31, 2025, the cash payments received or due in advance of the satisfaction of the Company’s performance obligations were offset by $25 million of revenue recognized that was included in the deferred revenue balance as of December 31, 2024. Remaining Performance Obligations The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected contract term of one year or less. As of December 31, 2025, the aggregate amount of the transaction price allocated to the Company’s remaining performance obligations was approximately $2 million, which the Company expects to recognize as revenue as performance obligations are satisfied over the next 2 years.
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Income Taxes |
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| Income Taxes | Income Taxes The following table summarizes the Company’s domestic (U.S.) and foreign results (non-U.S.) before income taxes and share of income from equity method investments.
The components of (provision for) benefit from income taxes consist of the following:
Following adoption of ASU 2023-09, the table below sets forth a reconciliation of amounts and percentages computed by applying the U.S. federal statutory income tax rate of 21% to income before income taxes and share of income from equity method investments to provision for income taxes for the year ended December 31, 2025.
*State taxes in California, New jersey, New York City and New York state make up the majority (greater than 50%) of the tax effect in this category. The Company’s effective tax rate for the year ended December 31, 2025 was 27.41% primarily due to non-deductible expenses offset by non-taxable income (gain from the movement in the fair market value on the earnout shares and the gain on remeasurement of the Uvet GBT investment) and a net reduction in valuation allowances. As previously disclosed, prior to the adoption of ASU 2023-09, the table below sets forth a reconciliation of amounts computed by applying the U.S. federal statutory income tax rate of 21% to loss before income taxes to (provision for) benefit from income taxes for the years ended December 31, 2024 and 2023.
The Company’s effective tax rate for the year ended December 31, 2024 was significantly higher than the statutory rate of 21% primarily due to expenses not deductible for taxes. The Company’s effective tax rate for the year ended December 31, 2023 was lower than the statutory tax rate of 21% primarily due to changes in valuation allowances and expenses not deductible for taxes. Following adoption of ASU 2023-09, the following table presents supplemental cash flow information related to income taxes paid (net of refunds received) for the year ended December 31, 2025:
The significant components of the Company’s deferred tax assets and liabilities are as follows:
The Company recognizes deferred taxes on the undistributed earnings of foreign subsidiaries, as these earnings are not deemed to be indefinitely reinvested. Foreign deferred taxes liabilities of approximately $6 million and $3 million as of December 31, 2025, and 2024 , respectively, have been provided on these earnings. The Company has net operating loss (“NOL”) carryforwards related to its global operations of approximately $2,482 million, of which $2,310 million have an indefinite life. The remaining NOL carryforwards will expire as follows:
As of December 31, 2025 and 2024, the Company had valuation allowance on its deferred tax assets of $376 million and $149 million, respectively, that is related primarily to unrealized NOLs. The increase in the valuation allowance during the year ended December 31, 2025 includes approximately $210 million recognized in connection with the acquisition of CWT during the year, which gave rise to additional deferred tax assets that were not supported by sufficient sources of taxable income. As of December 31, 2025, a valuation allowance has been created against deferred tax assets relating to approximately $368 million of the total gross losses, and other acquired attributes, where the Company believes it is less likely that it will be able to utilize these assets in the future. For the deferred tax assets related to remaining NOLs against which there is no valuation allowance, the Company believes it is more likely than not that the results of future operations will generate sufficient taxable income to realize these deferred tax assets. Many jurisdictions are introducing or have recently introduced tax legislation that aims to impose minimum taxation in an attempt to raise taxes (e.g. Organization for Economic Co-Operation and Development's Base Erosion and Profit Shifting ("BEPS") Pillar 2 measures and the U.S. Inflation Reduction Act ("IRA")). The Company does not expect a material impact from the implementation of this legislation but continues to monitor and assess any future impacts. As of December 31, 2025 and 2024, the Company has recognized a tax liability of $164 million and $16 million, respectively, associated with uncertain tax positions, including interest and penalties thereon, arising from differences between amounts recorded in the consolidated financial statements and amounts expected to be included in tax returns. The majority of uncertain tax positions are under discussions with tax authorities and the Company does not believe that the outcome of current and future examinations will have a material impact on its consolidated financial statements. The movement of uncertain tax position liability is as follows:
There was no settlement of uncertain tax position liability during any of the years presented. The Company recognizes interest and penalties accrued related to unrecognized tax benefits as part of the provision for/ benefit from income taxes in its consolidated statement of operations. During the years ended December 31, 2025 and 2024, the Company recognized $15 million and $3 million, respectively, of interest and penalties. There were no material amounts of interest or penalty charged (credited) to the Company’s consolidated statements of operations for the year ended December 31, 2023. The Company is subject to taxation in various countries in which the Company operates. As of December 31, 2025, tax years for 2015 through 2025 are open to examination by the tax authorities in the major tax jurisdictions. On July 4, 2025, the One Big Beautiful Bill Act ("OBBB") was signed into law, which includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain key Tax Cuts & Jobs Act provisions. For the provisions effective in 2025, there was no material impact to the Company's effective tax rate for the year ended December 31, 2025.
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Prepaid Expenses and Other Current Assets |
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| Prepaid Expense and Other Assets, Current [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of:
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Property and Equipment, Net |
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| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment, Net | Property and Equipment, Net Property and equipment, net, consist of:
As of December 31, 2025 and 2024, the Company had capital lease assets of $18 million and $15 million, respectively, with accumulated depreciation of $4 million and $7 million, respectively, included within computer equipment and furniture, fixtures and equipment. Depreciation and amortization expense for the years ended December 31, 2025, 2024 and 2023 was $132 million, $107 million and $104 million, respectively. Depreciation and amortization include $97 million, $79 million and $71 million of amortization related to capitalized software for internal use for the years ended December 31, 2025, 2024 and 2023, respectively. There were no material gain or loss on disposal of property and equipment recorded within each of the years in the three-year period ended December 31, 2025.
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Goodwill and Other Intangible Assets, Net |
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Other Intangible Assets, Net | Goodwill and Other Intangible Assets, Net The following table sets forth changes in goodwill during the years ended December 31, 2025 and 2024:
There were no goodwill impairment losses recorded for the years ended December 31, 2025, 2024 and 2023 and there are no accumulated goodwill impairment losses as of December 31, 2025. The following table sets forth the Company’s other intangible assets with definite lives as of December 31, 2025 and 2024:
Amortization expense relating to definite-lived intangible assets was $60 million, $71 million and $90 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the estimated amortization expense relating to definite-live intangible assets, assuming no subsequent impairment of the underlying assets, for each of the five succeeding years and periods thereafter is as follows:
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Leases |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases The Company has operating leases in various countries primarily for office facilities and finance leases primarily for information technology equipment and vehicles. As of December 31, 2025, the Company’s leases generally do not contain any material residual value guarantees or material restrictive covenants. The depreciable life of lease ROU assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The operating lease cost, including short term leases, recognized in the consolidated statement of operations for the years ended December 31, 2025, 2024 and 2023 was $31 million, $24 million and $31 million, respectively. Short term lease cost is $4 million, $2 million and $5 million for the years ended December 31, 2025, 2024 and 2023, respectively. The finance lease amounts recognized in the consolidated statements of operations relating to amortization of ROU assets and interest on finance lease obligations was $4 million, $3 million and $2 million for the years ended December 31, 2025, 2024, and 2023, respectively. The following table sets out supplemental cash flow information related to leases for the years ended December 31, 2025, 2024 and 2023:
The following table sets out supplemental other information related to leases:
During the years ended December 31, 2025 and 2024, the Company undertook an initiative to consolidate and rationalize its office facilities at different geographical locations. The Company applied lease reassessment and modification guidance and evaluated the ROU assets for potential impairment. Where the Company plans to exit all or distinct portions of a facility and does not have the ability or intent to sublease, the Company accelerates the amortization of operating lease ROU asset and related leasehold improvements at those premises. Accelerated amortization is recognized from the date that the Company approves the plan to fully or partially vacate a facility, for which there is no intent or ability to enter into a sublease, through the final vacate date. The accelerated amortization of operating lease ROU asset is recorded as a component of general and administrative expense in the Company’s consolidated statements of operations. Accelerated amortization of any related leasehold improvements is recorded as a component of depreciation and amortization in the Company’s consolidated statements of operations. Estimated future costs related to other non-lease components (e.g., common area maintenance charges) were accrued as part of restructuring expense and recorded as a liability on the facilities abandonment date. For the years ended December 31, 2025, 2024 and 2023, the Company recorded $6 million, $4 million and $7 million as accelerated amortization of operating lease ROU asset. The following table sets out the undiscounted future payments for operating lease liabilities as of December 31, 2025. For the undiscounted future payments for finance lease liabilities see note 13 - Long-term Debt.
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| Leases | Leases The Company has operating leases in various countries primarily for office facilities and finance leases primarily for information technology equipment and vehicles. As of December 31, 2025, the Company’s leases generally do not contain any material residual value guarantees or material restrictive covenants. The depreciable life of lease ROU assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The operating lease cost, including short term leases, recognized in the consolidated statement of operations for the years ended December 31, 2025, 2024 and 2023 was $31 million, $24 million and $31 million, respectively. Short term lease cost is $4 million, $2 million and $5 million for the years ended December 31, 2025, 2024 and 2023, respectively. The finance lease amounts recognized in the consolidated statements of operations relating to amortization of ROU assets and interest on finance lease obligations was $4 million, $3 million and $2 million for the years ended December 31, 2025, 2024, and 2023, respectively. The following table sets out supplemental cash flow information related to leases for the years ended December 31, 2025, 2024 and 2023:
The following table sets out supplemental other information related to leases:
During the years ended December 31, 2025 and 2024, the Company undertook an initiative to consolidate and rationalize its office facilities at different geographical locations. The Company applied lease reassessment and modification guidance and evaluated the ROU assets for potential impairment. Where the Company plans to exit all or distinct portions of a facility and does not have the ability or intent to sublease, the Company accelerates the amortization of operating lease ROU asset and related leasehold improvements at those premises. Accelerated amortization is recognized from the date that the Company approves the plan to fully or partially vacate a facility, for which there is no intent or ability to enter into a sublease, through the final vacate date. The accelerated amortization of operating lease ROU asset is recorded as a component of general and administrative expense in the Company’s consolidated statements of operations. Accelerated amortization of any related leasehold improvements is recorded as a component of depreciation and amortization in the Company’s consolidated statements of operations. Estimated future costs related to other non-lease components (e.g., common area maintenance charges) were accrued as part of restructuring expense and recorded as a liability on the facilities abandonment date. For the years ended December 31, 2025, 2024 and 2023, the Company recorded $6 million, $4 million and $7 million as accelerated amortization of operating lease ROU asset. The following table sets out the undiscounted future payments for operating lease liabilities as of December 31, 2025. For the undiscounted future payments for finance lease liabilities see note 13 - Long-term Debt.
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Other Non-Current Assets |
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| Other Assets, Noncurrent Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Non-Current Assets | Other Non-Current Assets Other non-current assets consist of:
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Accrued Expenses and Other Current Liabilities |
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| Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of:
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Restructuring, Exit and Related Charges |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring, Exit and Related Charges | Restructuring, Exit and Related Charges The table below sets forth accrued restructuring, exit and related costs included in accrued expenses and other current liabilities, for the years ended December 31, 2025, and 2024 :
Employee Severance Costs From time to time, the Company takes initiatives to reduce costs, exit from non-profitable business components and geographical regions and/or improve operational efficiency for which it records restructuring costs. Further, in September 2025, following a review of the combined business after completion of the CWT acquisition, the Company approved restructuring actions to reduce operating costs, focus on long-term growth opportunities, improve financial performance and cash flow generation, integrate operations and realize synergies from acquisition. Such actions require the Company to reduce its workforce and certain office facilities. Employees impacted by such actions are eligible to receive termination benefits under ongoing benefit arrangement and the Company records this liability under ASC 712, Nonretirement Postemployment Benefits, when it is considered probable that employees are entitled to benefits and the amounts can be reasonably estimated. The Company recognized employee related severance costs, within restructuring charges in the consolidated statements of operations, of approximately $48 million, $11 million and $39 million during the years ended December 31, 2025, 2024 and 2023. The Company continues to evaluate opportunities to streamline the combined business post the CWT acquisition and realize synergies, including reducing workforce and eliminating certain other costs. Facilities Consolidation and Rationalization The Company undertakes initiatives to consolidate and rationalize its office facilities at different geographical locations to reduce costs and improve efficiency. See note 9 - Leases for further discussion. Facility - lease related charges consist of (i) accelerated amortization of operating lease ROU assets of $6 million, $4 million and $7 million for the years ended December 31, 2025, 2024 and 2023, respectively, which is included within general and administrative expense and (ii) accelerated amortization of leasehold improvements related to abandoned leases of $3 million, $1 million and $3 million for the years ended December 31, 2025, 2024 and 2023, respectively, which is included within depreciation and amortization expense, in the consolidated statements of operations. Estimated future costs related to other non-lease components (e.g.,common area maintenance charges) and related expenses, accrued as part of restructuring expense and recorded as a liability on the facilities abandonment date, amounted to $4 million, $2 million and $3 million for the year ended December 31, 2025, 2024 and 2023, respectively.
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Long-term Debt |
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| Long-Term Debt, Unclassified [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-term Debt | Long-term Debt The outstanding amount of the Company’s long-term debt consists of:
Amended and Restated Senior Secured Credit Agreement On July 26, 2024, GBTG and GBT US III LLC, a wholly-owned subsidiary of GBTG (the "Initial Borrower") entered into an amended and restated senior secured credit agreement (the “A&R Credit Agreement”) which provides for a $1,400 million senior secured first lien term loan facility (the “Initial Term Facility,” and the loans thereunder, the “Initial Term Loans”) and a $360 million senior secured first lien revolving credit facility (the “Revolving Credit Facility.” and the loans thereunder, the “Revolving Loans”). The Initial Term Loans were drawn in full at closing and the proceeds thereof were used to repay in full the outstanding principal amount of all tranches of term loans outstanding, including accrued interest and other amounts payable, under the Company's then existing senior secured credit agreement (the "Original Credit Agreement"). The A&R Credit Agreement amended and restated the Original Credit Agreement in its entirety. The repayment of term loans under the Original Credit Agreement resulted in a loss on early extinguishment of debt of $38 million. The Company incurred total costs of debt refinancing of $25 million, which has been capitalized as debt issuance cost and is being amortized to interest expense over the term of the Initial Term Facility and the Revolving Credit Facility, using the effective interest rate method. The A&R Credit Agreement initially provided that the Initial Term Loans and the Revolving Loans (collectively, the “Loans”) bear interest based on the secured overnight financing rate ("SOFR") (or an alternative reference rate for amounts denominated in a currency other than U.S. dollars), or, at the Initial Borrower’s option, in the case of amounts denominated in U.S. dollars,the Base Rate (as defined in the A&R Credit Agreement), plus, as applicable, a margin of (i) in the case of Initial Term Loans, 3.00%% per annum for SOFR-based Loans (or 2.00% per annum for Base Rate-based Loans) and (ii) in the case of the Revolving Loans, 2.75% per annum for SOFR-based Loans (or 1.75% per annum for Base Rate-based Loans). The SOFR floor is 0.00% for Loans under the A&R Credit Agreement. On February 4, 2025, GBTG, the Initial Borrower and certain subsidiaries of GBTG entered into an amendment (“Amendment No. 1”) to the A&R Credit Agreement (as so amended, the "Amended Credit Agreement") to reprice the Initial Term Loans. The loans under the repriced Initial Term Facility are referred to hereafter as the "Repriced Term Loans." After giving effect to Amendment No. 1, the interest rate margin applicable to the Repriced Term Loans (the “Term B-1 Loans,” and the senior secured credit facility being "Term B-1 Facility") was reduced by 0.50%. The Term B-1 Loans bear interest based on SOFR or, at the Initial Borrower’s option, at the Base Rate (as defined in the Amended Credit Agreement), plus, as applicable, a margin of 2.50% per annum for SOFR-based Term B-1 Loans (or 1.50% per annum for Base Rate-based Term B-1 Loans). The repricing was accounted for as modification of debt, except for lenders leaving the consortium, which was accounted for as an extinguishment of debt resulting in a $2 million recognition of loss on early extinguishment of debt. Except as noted above, the Term B-1 Loans have substantially the same terms as the Initial Term Loans under the A&R Credit Agreement. At the option of the Initial Borrower (upon prior written notice), the Term B-1 Loans may be voluntarily prepaid, in whole or in part, at any time without premium or penalty (other than (x) a prepayment premium of 1% of the principal amount of the Repriced Term Loans subject to certain repricing transactions occurring prior to August 4, 2025 and (y) customary breakage costs in connection with certain prepayments of loans). The Term B-1 Loans mature on July 26, 2031 and are required to be repaid on a quarterly basis, that commenced on March 31, 2025, at an amortization rate of 1.00% per annum, with the balance due at maturity. Further, subject to certain exceptions set forth in the Amended Credit Agreement, the Initial Borrower is required to prepay loans under the Term B-1 Facility with (i) 50% (subject to leverage-based step-downs) of annual excess cash flow (calculated in a manner set forth in the Amended Credit Agreement ) in excess of a threshold amount, (ii) 100% (subject to leverage-based step-downs) of the net cash proceeds from certain asset sales and casualty events, subject to customary reinvestment rights, and (iii) 100% of the net cash proceeds from the incurrence of certain indebtedness. During the year ended December 31, 2025, the Company repaid the contractual quarterly installment of $14 million of the principal amount of Term B-1 Loans. The Revolving Credit Facility has (i) a $150 million sublimit for extensions of credit denominated in certain currencies other than U.S. dollars, (ii) a $50 million sublimit for letters of credit, and (iii) a $50 million sublimit for swingline borrowings. Extensions of credit under the Revolving Credit Facility are generally subject to customary borrowing conditions. The proceeds from borrowings under the Revolving Credit Facility may be used for working capital and other general corporate purposes. The Revolving Credit Facility matures on July 26, 2029. At the option of the Initial Borrower, amounts borrowed under the Revolving Credit Facility may be voluntarily prepaid, and/or the commitments thereunder may be voluntarily reduced or terminated, in each case, in whole or in part, at any time without premium or penalty (other than customary breakage costs in connection with certain prepayments of loans). As of December 31, 2025, the Company had $360 million of availability under the Revolving Credit Facility. Upon the upgrade in the Company's credit rating in February 2025, the fee for the Revolving Credit Facility, calculated based on the average daily unused commitments under the Revolving Credit Facility and payable quarterly in arrears, reduced to 0.25% per annum from 0.375% per annum. The Initial Borrower is also obligated to pay a customary agency fee and other customary fees described in the Amended Credit Agreement. Security; Guarantees GBTG and certain of its direct and indirect subsidiaries, as guarantors (such guarantors, collectively with the Initial Borrower, the “Loan Parties”), provide an unconditional guarantee, on a joint and several basis, of all obligations under the Amended Credit Agreement and under cash management agreements and swap contracts with the lenders or their affiliates (with certain limited exceptions). Subject to certain cure rights, as of the end of each fiscal quarter, at least 70% of Consolidated EBITDA (as defined in the Amended Credit Agreement) of the Loan Parties and their subsidiaries must be attributable, in the aggregate, to the Loan Parties for the four prior fiscal quarters. Further, the lenders have a first priority security interest in substantially all of the assets of the Loan Parties. Covenants The Amended Credit Agreement contains various affirmative and negative covenants, including a financial covenant and limitations (subject to exceptions) on the ability of the Loan Parties and their subsidiaries to: (i) incur indebtedness or issue preferred stock; (ii) incur liens on their assets; (iii) consummate certain fundamental changes (such as acquisitions, mergers, liquidations or changes in the nature of the business); (iv) dispose of all or any part of their assets; (v) pay dividends or other distributions with respect to, or repurchase, any equity interests of any Loan Party or subsidiary of any Loan Party; (vi) make investments, loans or advances; (vii) enter into transactions with affiliates; (viii) modify the terms of, or prepay, any of their subordinated or junior lien indebtedness; and (ix) enter into certain burdensome agreements. The Amended Credit Agreement contains a financial covenant applicable solely to the Revolving Credit Facility that requires the first lien net leverage ratio (calculated in a manner set forth in the Amended Credit Agreement) to be less than or equal to 3.50 to 1.00 as of the last day of any fiscal quarter on which the aggregate principal amount of outstanding loans and letters of credit under the Revolving Credit Facility exceeds 35% of the aggregate principal amount of the Revolving Credit Facility (subject to a $10 million exclusion for utilization of the letter of credit sublimit). The Amended Credit Agreement provides that such financial covenant is suspended for a limited period of time if an event that constitutes a “Travel MAC” (as defined in the Amended Credit Agreement) has occurred and the Loan Parties are unable to comply with such covenant as a result of such event. Such financial covenant did not apply as of December 31, 2025. As of December 31, 2025, the Loan Parties and their subsidiaries were in compliance with all applicable covenants under the Amended Credit Agreement. Events of Default The Amended Credit Agreement contains default events (subject to certain materiality thresholds and grace periods), which could require early prepayment, termination of the Amended Credit Agreement or other enforcement actions customary for facilities of this type. As of December 31, 2025, no event of default existed under the Amended Credit Agreement. The Company's effective interest rate on its term loan borrowings, for the years ended December 31, 2025, 2024 and 2023 was approximately 6.7%, 8.9%, and 11.5%. Other borrowings primarily relate to (i) borrowings by Uvet GBT of $33 million (ii) $14 million of finance leases, including those recognized on acquisition of CWT and (iii) an amount of $4 million borrowed under a revolving credit facility that the Company assumed as part of the CWT acquisition. Amortization of Debt Discount and Debt Issuance Costs The debt discount and debt issuance costs are amortized over the term of the related debt into earnings as part of the interest expense in the consolidated statements of operations. The changes in total unamortized debt discount and debt issuance costs are summarized below:
During the years ended December 31, 2025 and 2024, the Company wrote-off $2 million and $12 million of unamortized debt discount and debt issuance costs as loss on extinguishment of debt upon the early repayment of term loans as discussed above. Debt Maturities Aggregate maturities of debt as of December 31, 2025 are as follows:
In January 2026, the Company entered into an amendment to the Amended Credit Agreement, reducing the margin on the Term B-1 Loans by 50 basis points and borrowing an additional amount of term loan of $100 million (see note 25 - Subsequent Events).
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Employee Benefit Plans |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans | Employee Benefit Plans Defined Contribution Plan The Company's employees in the U.S. are eligible to participate in Company-sponsored defined contribution savings plans, which are qualified plans under the requirements of Section 401(k) of the Internal Revenue Code. The Company also sponsors several country-specific defined contribution savings plans worldwide, which are generally tax qualified defined contribution plans that allow tax deferred savings by eligible employees to provide funds for their retirement. Benefits are determined and funded regularly based on terms of the plans or as stipulated by local jurisdiction requirements. The Company matches the contributions of participating employees on the basis specified by the plans. The Company’s contributions for these plans, including statutory defined contribution plans, were $65 million, $59 million and $58 million for the years ended December 31, 2025, 2024 and 2023, respectively. Defined Benefit Plans The Company sponsors both contributory and non-contributory defined benefit pension plans in certain non-U.S. subsidiaries. Under the plans, benefits are based on employees’ years of credited service and a percentage of final average compensation, or as otherwise described by the plan. The Company’s defined benefit plans in the U.K. are frozen, meaning that no new employees can participate in the plan and the active/former employees do not accrue additional benefits. As of December 31, 2025 and 2024, the aggregate projected benefit obligations of these plans were $734 million and $570 million, respectively, and the aggregate accumulated benefit obligation of these plans were $720 million and $557 million, respectively. The Company uses a December 31 measurement date each year to determine its defined benefit pension obligations. For such plans, the following tables provide a statement of funded status as of December 31, 2025 and 2024 and summaries of the changes in the defined benefit obligation and fair value of plan assets for the years then ended:
For the defined benefit obligation, the actuarial gain, net, of $22 million and $49 million for the years ended December 31, 2025 and 2024, respectively, is primarily attributable to changes in the discount rate, inflation rate and plan experience. The following table sets out the amounts recognized in the consolidated balance sheets:
The amount included in accumulated other comprehensive loss that has not been recognized as a component of net periodic pension cost is as follows:
The following table provides the components of net periodic pension cost for the years ended December 31, 2025, 2024 and 2023:
The weighted average assumptions used to determine the net periodic pension cost and projected benefit obligation were as follows:
The discount rate assumption is developed by determining a constant effective yield that produces the same result as discounting projected plan cash flows using high quality (AA) bond yields of corresponding maturities as of the measurement date. The expected long-term rate of return for plan assets has been determined using historical returns for the different asset classes held by the Company’s trusts and its asset allocation, as well as inputs from internal and external sources regarding expected capital market return, inflation and other variables. Investment objectives, policies and strategies are generally set by the independent custodians of the pension plans. The overall investment strategy for plan assets is to provide and maintain sufficient assets to fund pension payment obligations both as an ongoing business, as well as in the event of termination, at the lowest cost consistent with prudent investment management, actuarial circumstances and economic risk, while minimizing the earnings impact. The assets of the plans are managed in the long-term interests of the participants and beneficiaries of the plans. Investment objectives have been established based on a comprehensive review of the capital markets and each underlying plan’s current and projected financial requirements. The assets and their investments and allocation strategy, is determined by the independent custodians of the pension plan assets with the assistance of independent diversified professional investment management organization. For U.K. plans, diversification is provided by using an asset allocation primarily between matching assets / liability-driven investments, or "LDIs" (combination of bonds and derivatives aimed at hedging against interest and inflation risks associated with pension liabilities) and return-seeking investments consisting of equity, debt, real estate and other funds in proportions expected to provide opportunities for reasonable long-term returns with acceptable levels of investment risk. The Company's U.K. defined benefit pension plans are the largest of the Company's total consolidated defined benefit plans. Its trustees determine the investment strategy for the plan’s assets which is set with the objective of ensuring that the plan has sufficient assets to meet its obligations to pensioners. The trustees use a funding valuation methodology for their decision making with the help of external advisors. The asset allocation determined by the trustees consists of a number of LDIs and growth return-seeking assets. The return-seeking assets seek to narrow the deficit existing between value of assets and liabilities; the LDIs seek to have the asset portfolio match movements in the value of liabilities, to help reduce the risk of the funding deficit increasing. The U.K. schemes are currently approximately 80% to 130% hedged (meaning any change in valuation of liabilities due to interest rate and/or inflation expectations is hedged up to approximately 80% to 130% by the change in the fair value of assets). To meet the current objective of hedging the risk of movement in liability, the scheme trustees have determined target strategic asset allocation of 36% to 52% of scheme assets to LDIs and 48% to 64% to return-seeking investments and cash. Certain of the other defined pension plans in Europe invest fully in insurance contracts or collective pension foundation and do not have target assets allocations. The table below sets out the fair value of pension plan assets as of December 31, 2025:
The table below sets out the fair value of pension plan assets as of December 31, 2024:
The increase in Level 3 plan assets is primarily resulting from consolidation of CWT pension plan assets. Equity, debt and real estate securities are primarily held in pooled investment funds that are valued based on the fair value provided by the fund administrator. Other investments primarily consist of investments in diversified funds. The Company has taken practical expedient for investments that are measured at fair value using the Net Asset Value (“NAV”) and has not classified them in the fair value hierarchy. Assets measured at NAV include investments in commingled funds that are comprised of equity and real estate investments. These commingled funds are not publicly traded, and therefore no publicly quoted market price is readily available. These are closed-ended funds without a redemption option. The fair value amounts presented in the “Other investments measured at NAV” are intended to permit reconciliation of the pension plan assets presented within the fair value hierarchy to the closing balance of total fair value of plan assets. Annual contributions to the Company’s defined benefit pension plans are based on several factors that may vary from year to year. The Company’s policy is to contribute amounts sufficient to meet minimum funding requirements as set forth in employee benefit plan, tax laws or as per the contribution plan agreed with the trustees, plus such additional amounts as the Company determines to be appropriate. Past contributions are not always indicative of future contributions. Based on current assumptions, the Company expects to make $35 million in contributions to its defined benefit pension plans in 2026. The Company expects the defined benefit pension plans to make the following estimated future benefit payments:
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Other non-current liabilities |
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| Other non-current liabilities | Other non-current liabilities Other non-current liabilities consist of:
Asset retirement obligations are mainly associated with closure, reclamation and removal costs for leasehold premises. Estimated asset retirement obligation costs and settlement dates, which affect the carrying value of the liability and the related capitalized asset, are reviewed periodically to ensure that any material changes are incorporated into the latest estimate of the obligation. As part of business acquisition of Uvet GBT (see note 3 - Business Acquisitions), the Company agreed to purchase, at a later date of January 15, 2029, 20% of equity interest of Uvet GBT from the non-controlling interest shareholders. The purchase price will be paid by the Company in cash and is determined based on multiple of earnings, adjusted for net debt, as defined in the agreement . The Company has accounted for this liability as mandatorily redeemable non-controlling interest at fair value of $23 million determined using enterprise value analyses which include guideline public company and discounted cash flow analyses.
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Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 2025 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies Purchase Commitment In the ordinary course of business, the Company makes various commitments to purchase goods and services from specific suppliers, including those related to capital expenditures. As of December 31, 2025, the Company had approximately $481 million of outstanding non-cancellable purchase commitments, primarily relating to service, hosting, licensing and other information technology contracts, of which $177 million relates to the year ending December 31, 2026. These purchase commitments extend through 2031. Guarantees The Company has obtained bank guarantees and letters of credit primarily in respect of certain travel suppliers, credit facility / credit card programs and real estate lease agreements amounting to $36 million as of December 31, 2025. Many of these bank guarantees and letters of credit require the Company to maintain cash collateral which has been presented as restricted cash within other non-current assets in the Company’s consolidated balance sheet. Legal Contingencies The Company recognizes legal fees as expense when the legal services are provided. Based on its current knowledge, and taking into consideration its litigation-related liabilities, the Company believes it is not a party to any pending legal proceeding or governmental examination that would have a material adverse effect on the Company’s consolidated financial condition or liquidity. Indemnification Liability CWT, prior to its acquisition by the Company, and pursuant to the Business Restructuring (as defined in the Merger Agreement), had agreed to reimburse the buyer of the Business Restructuring for certain restructuring costs incurred by such buyer following the consummation of the Business Restructuring. CWT believed it was probable that the entire amount would become payable to the buyer, and accrued a liability towards this contingency on its consolidated balance sheet. The Company, upon the consummation of its acquisition of CWT, assumed this contingent liability at fair value.
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Earnout Derivative Liabilities |
12 Months Ended |
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Dec. 31, 2025 | |
| Earnout Shares | |
| Earnout Derivative Liabilities | Earnout Derivative Liabilities Certain stockholders and employees are entitled to additional consideration in the form of approximately 15 million earnout shares of Common Stock to be issued when the price of the Common Stock achieves certain milestones within specified periods. These shares will be issued in tranches based on the following conditions: (1)If the volume-weighted average share price (“VWAP”) of Common Stock equals or exceeds $12.50 per share for any 20 trading days within any consecutive 30-trading day period prior to the five-year anniversary from May 27, 2022 (the "Closing Date"), then the Company is required to issue Common Stock to the holders with the contingent right to receive approximately 50% of the earnout shares. These earnout shares may instead be issued in the event of a change of control prior to the five-year anniversary of the Closing Date if the per share consideration in such transaction is at least $12.50. (2)If the VWAP of the Common Stock equals or exceeds $15.00 per share for any 20 trading days within any consecutive 30-trading day period prior to the five-year anniversary from May 27, 2022, then the Company is required to issue Common Stock to the holders with the contingent right to receive the remainder of the earnout shares. These earnout shares may instead be issued in the event of a change of control prior to May 27, 2027 if the per share consideration in such transaction is at least $15.00. Further, approximately 8 million shares of Common Stock issued to APSG Sponsor, L.P. ("Sponsor Shares") in May 2022, were deemed unvested and, in order to be considered as vested, were subject to similar triggering events of market share price thresholds as mentioned above (see note 19 - Shareholders' Equity). These shares are accounted for as earnout shares. If the stock price thresholds mentioned above are not achieved during the five-year period as mentioned above (assuming there is no change in control event), the earnout shares are forfeited for no additional consideration. The earnout shares to stockholders are accounted under Accounting Standard Codification 815, “Derivatives and Hedging” (“ASC 815”). Such guidance provides that because the earnout shares do not meet the criteria for equity treatment thereunder, earnout shares must be recorded as a liability. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the earnout shares liability is adjusted to its fair value, with the change in fair value recognized in the Company’s consolidated statements of operations. The fair value of the earnout shares is estimated using the Monte Carlo simulation of the stock prices based on its historical and implied market volatility (see note 22 – Fair Value Measurements). As of December 31, 2025 and December 31, 2024, the fair value of the earnout shares liability was $37 million and $133 million, respectively. The Company recognized a gain (loss) on the fair value change in earnout shares liability of $96 million, $(56) million and $13 million in its consolidated statement of operations for the years ended December 31, 2025, 2024 and 2023, respectively.
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Equity-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity-Based Compensation | Equity-Based Compensation Management Incentive Plan The table below presents the activity of the Company's stock options, granted under Global Business Travel Group, Inc. Management Incentive Plan (the “GBTG MIP”), for the year ended December 31, 2025:
Total shares withheld to cover the stock option costs and taxes were 3,469,914 shares and were based on the value of the shares on their respective exercise dates. Total payment for the employees’ tax obligations to taxing authorities was $3 million for the year ended December 31, 2025 and is reflected as a financing activity within the consolidated statements of cash flows. The fair value of GBTG Options were determined utilizing Black-Scholes model. There were no stock options granted in 2025, 2024 or 2023. 2022 Equity Incentive Plan The Company has Global Business Travel Group, Inc. 2022 Equity Incentive Plan (the “2022 Plan”) under which, a maximum of 47,870,291 shares of Common Stock are available for issuance which is also the maximum number of shares that may be issued in respect of incentive stock options (“Share Reserve”). Under the 2022 Plan, GBTG may issue options, stock appreciation rights, restricted and performance stock, restricted stock units or performance stock units, or other awards that are payable in, or valued in, in whole or part by reference to GBTG shares. The 2022 Share Reserve will also be increased by the number of shares underlying the portion of an award granted under the GBTG MIP that is cancelled, terminated or forfeited or lapses after the effective date of the 2022 Plan. Shares issued by GBTG in connection with the assumption or substitution of outstanding grants or under certain stockholder approved plans from an acquired company will not reduce the number of shares available for awards under the 2022 Plan. Shares underlying the portion of an award that is forfeited or otherwise terminated for any reason whatsoever, in any case, without the issuance of shares, will be added back to the number of shares available for grant under the 2022 Plan. Shares issued under the 2022 Plan may, at the election of the board of directors of GBTG (the “GBTG Board”), be (i) authorized but previously unissued or (ii) previously issued and outstanding and reacquired by GBTG. During the year ended December 31, 2025, the Company granted 7 million RSUs under the 2022 Plan to certain of its key employees and directors (who are deemed as employees of the Company solely for purposes of stock compensation accounting). The RSUs generally vest one-third annually or on such dates as determined under the award agreement. The vesting is conditional upon continued employment of the grantee through the applicable vesting period and subject to such other terms and conditions as set forth in the applicable restricted stock unit award agreement. The RSUs do not accrue dividends or dividend equivalent right associated with the underlying stock. The table below presents the activity of the Company’s RSUs granted under the 2022 Plan for the year ended December 31, 2025:
The RSUs were net-share settled such that the Company withheld shares with value equivalent to no more than the employee’s maximum statutory obligation for applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. A total of 4,731,699 shares were withheld and were based on the value of the RSUs on their respective vesting dates as determined by the Company's closing stock price. Total employees’ tax obligations to taxing authorities was $40 million and is reflected as a financing activity within the consolidated statements of cash flows. The fair value of RSUs is determined to be the market price of Common Stock at the date of grant. The weighted average grant-date fair value of the RSUs granted in 2024 and 2023 was $5.54 and $6.63 per RSU, respectively. Performance Stock Units ("PSUs") During the year ended December 31, 2025, as part of its annual grant program, the Company granted 774,644 PSUs under the 2022 Equity Incentive Plan to certain of its key employees. The PSUs cliff-vest at the end of three years from the grant date based on the outcome of certain performance criteria that are established and approved by the Compensation Committee of the Board of Directors. The actual number of equity awards earned is based on the average level of performance goals achieved over a three-year period, relative to established performance goals for each of the respective years within the three-year period. The number of PSUs that will vest based on achievement of performance goals range from 0% to 150% of the original grant. No PSUs vest if the actual performance is less than 50% of performance goals set. The number of PSUs earned upon achievement of performance goals will further be adjusted and the ultimate number of PSUs that will be earned by the grantee will be based on the percentile ranking of the Company’s total shareholder return ("TSR") over the three-year performance period as compared to the TSR of the members of the S&P 500 Index over the same period ("TSR Goal"). However, the total number of PSUs that will ultimately be earned by the grantee will not exceed 187.5% of the original grant, and if the Company's TSR is negative, the ultimate number of PSUs earned by the grantee cannot exceed the original grant. All the PSUs will be settled in the Company's Class A common stock. The PSUs do not accrue dividends or dividend equivalent rights associated with the underlying stock. The TSR Goal is considered a “market condition” under ASC 718, Compensation-Stock Compensation. The Company uses a Monte Carlo simulation model to determine the grant date fair value of PSUs with a market condition utilizing following assumptions: the expected volatility of 47.40%, the expected term of 2.8 years, the dividend rate of 0% and the risk-free interest rate of 3.94%, which resulted in a calculated fair value of 11.14 per PSU. The Monte Carlo simulation takes into consideration the probability that the market condition will be achieved based on predicted stock price paths compared to peer companies in the S&P 500 Index. The Company recognizes the equity compensation expense related to PSUs based on the grant-date fair value and number of PSUs expected to vest. Each reporting period, the Company assesses the probability of vesting of the PSUs and, if there is any change in such probability, the Company records the cumulative effect of the adjustment in the current reporting period. Employee Stock Purchase Plan In May 2022, GBTG stockholders approved the Global Business Travel Group, Inc. Employee Stock Purchase Plan (the “ESPP”) under which a maximum of 11,068,989 shares of Common Stock (the “ Initial ESPP Reserve”) are initially available for purchase under the ESPP. The ESPP allows eligible employees to purchase shares of Common Stock through payroll deductions of up to 15% of their eligible compensation. Under the ESPP, there are two six-month offering periods - from February 15 through August 14 and August 15 through February 14 of each year. The price of the Common Stock purchased under the ESPP is 85% of the fair market value of Common Stock on the end date of each six-month offering period. On January 1 of each year during which the ESPP is in effect, the number of shares of Common Stock available for purchase under the ESPP will be automatically increased by the lesser of (x) the Initial ESPP Reserve, (y) 1% of the number of shares of all classes of common stock outstanding as of the immediately preceding December 31 (calculated on a fully diluted basis) and (z) such lesser number of shares as the GBTG Board may determine. As of December 31, 2025, there were 7.8 million shares available for issuance under the ESPP. During the year ended December 31, 2025, 1,087,753 shares were issued under the ESPP. Total equity-based compensation expense recognized in the Company’s consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023 amount to $76 million, $77 million and $75 million, respectively, ($60 million, $60 million and $57 million after considering the tax impact) and were included as follows:
As of December 31, 2025, the Company expects compensation expense, related to unvested RSUs and PSUs of approximately $68 million to be recognized over the remaining weighted average period of 1.7 years. As of December 31, 2025, there are no unvested stock options remaining.
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Shareholders' Equity |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity | Shareholders’ Equity GBTG’s authorized capital stock consists of: (i)3,000,000,000 shares of Class A common stock, par value $0.0001 per share (the “Class A Common Stock” or the "Common Stock"), of which 521,088,517 shares are outstanding as of December 31, 2025; (ii)3,000,000,000 shares of Class B common stock, par value $0.0001 per share (the “Class B Common Stock”), none of which are issued and outstanding as of December 31, 2025 ; and (iii)6,010,000,000 shares of preferred stock, par value of $0.00001 per share, none of which are issued and outstanding as of December 31, 2025. Further (a) 3,000,000,000 shares of Class A-1 preferred stock are designated as Class A-1 preferred stock, none of which are issued and outstanding as of December 31, 2025, (b) 3,000,000,000 shares of Class B-1 preferred stock are designated as Class B-1 preferred stock, none of which are issued and outstanding as of December 31, 2025 and (c) the remaining 10,000,000 shares of preferred stock are undesignated preferred stock, none of which are issued and outstanding as of December 31, 2025. Holders of Class A Common Stock and Class B Common Stock vote together as a single class on all matters submitted to the stockholders for their vote or approval, except as required by applicable law. Class A Common Stock Voting: Holders of Class A Common Stock are entitled to one vote for each share on all matters submitted to the stockholders for their vote or approval. Dividend: Holders of shares of Class A Common Stock are entitled to receive ratably, in proportion to the number of shares held by them, dividends and other distributions when, as, and if declared by the GBTG Board out of legally available funds, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock or loan agreements. Liquidation: Further, in the case of the Company’s liquidation, dissolution or winding up and after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of shares of Class A Common Stock will be entitled to receive, ratably on a per share basis with other holders of Class A Common Stock (subject to the nominal economic rights of holders of the Class B Common Stock), the Company’s remaining assets available for distribution to stockholders. Other rights: Except as set forth in the Shareholders Agreement , holders of shares of Class A Common Stock do not have preemptive, subscription, redemption or conversion rights. Class B Common Stock Voting: Holders of Class B Common Stock are entitled to one vote for each share on all matters submitted to the stockholders for their vote or approval. Dividend: The shares of Class B Common Stock generally have only nominal economic rights (limited to the right to receive up to the par value in the event of a liquidation, dissolution or winding up of GBTG). Liquidation: Holders of shares of Class B Common Stock have the right to receive, ratably on a per share basis with other holders of Class B Common Stock and holders of Class A Common Stock, a distribution from GBTG’s remaining assets available for distribution to stockholders, up to the par value of such shares of Class B Common Stock, but otherwise are not entitled to receive any assets of GBTG in connection with any such liquidation, dissolution or winding up. Other rights: Except as set forth in the Shareholders Agreement , holders of shares of Class B Common Stock do not have preemptive, subscription, redemption or conversion rights. Preferred Stock Voting: Holders of Class A-1 preferred stock and Class B-1 preferred stock have no voting rights except as otherwise from time to time required by law. Generally, holders of Class A-1 preferred stock are entitled to the same rights and privileges, qualifications and limitations as holders of Class A Common Stock and holders of Class B-1 preferred stock are entitled to the same rights and privileges, qualifications and limitations as holders of Class B Common Stock. Further, Class A-1 preferred stock shall be identical in all respects to the Class A Common Stock and Class B-1 preferred stock shall be identical in all respects to the Class B Common Stock. Distributions There were no distributions to shareholders during the years ended December 31, 2025, 2024 and 2023. Registration Rights Agreement In May 2022, GBTG, APSG Sponsor, L.P., (the “Sponsor”), certain of Apollo Strategic Growth Capital’s then existing board members (the “Insiders”) and the and American Express Travel Holdings Netherlands Coöperatief U.A. (“Amex Coop”), Juweel Investors (SPC) Limited ("Juweel") and Expedia (collectively, the "Continuing JerseyCo Owners") entered into an amended and restated registration rights agreement (the “Registration Rights Agreement”), pursuant to which, among other things, GBTG has registered for resale, pursuant to Rule 415 under the Securities Act, certain shares of Common Stock and other equity securities of GBTG that are held by the holders party to the Registration Rights Agreement from time to time. Sponsor Side Letter In December 2021, the Company entered into a side letter with the Sponsor (as amended in May 2022, “Sponsor Side Letter”) pursuant to which approximately 8 million of the shares issued to the Sponsor (the "Sponsor Shares") were deemed unvested and were subject to certain triggering events to occur within five years following the closing (the “Sponsor Side Letter Vesting Period”) for these shares to vest. If, within the Sponsor Side Letter Vesting Period, the volume-weighted average share price ("VWAP") of Common Stock is greater than or equal to $12.50 for any 20 trading days within a period of 30 consecutive trading days, approximately 5 million of the unvested Sponsor Shares will vest. If, within the Sponsor Side Letter Vesting Period, the VWAP of Common Stock is greater than or equal to $15.00 for any 20 trading days within a period of 30 consecutive trading days the remaining approximately 3 million of the unvested Sponsor Shares will vest. To the extent that either of the aforementioned triggering events do not occur within the Sponsor Side Letter Vesting Period, such Sponsor Shares will be forfeited and terminated by GBTG. The registered holder(s) of the unvested Sponsor Shares continue to be entitled to all of the rights of ownership thereof, including the right to vote and receive dividends and other distributions in respect thereof. The number of shares and the price targets listed above will be equitably adjusted for stock splits, reverse stock splits, dividends (cash or stock), reorganizations, recapitalizations, reclassifications, combinations or other like changes or transactions with respect to the Common Stock. These shares are accounted for as part of earnout shares discussed above in note 17 – Earnout Derivative Liabilities. Common Stock held by the Sponsor, other than the Sponsor Shares, are not subject to the vesting or transfer restrictions described above. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) represents certain components of revenues, expenses, gains and losses that are included in comprehensive income (loss) but are excluded from net income (loss). Other comprehensive income (loss) amounts are recorded directly as an adjustment to total equity, net of tax. The changes in the accumulated other comprehensive loss, net of tax, were as follows:
The tax benefit (expense) for net changes related to (i) currency translation adjustments was $13 million, $0 and $0 for the years ended December 31, 2025, 2024 and 2023, respectively, (ii) defined benefit pension plans was less than $1 million, less than $(1) million and $11 million for the years ended December 31, 2025, 2024 and 2023, respectively and (iii) unrealized gain on cash flow hedges was $7 million , $(7) million and $0 for the years ended December 31, 2025, 2024 and 2023, respectively. Amounts in accumulated other comprehensive loss are presented net of the related tax impact. Reclassifications out of accumulated other comprehensive losses related to amortization of (i) actuarial losses and prior service costs (component of net periodic pension cost (benefit)) is included within other income (expense), net, and (ii) gain on termination of cash flow hedge is included within interest expense, in the Company’s consolidated statements of operations. Share Repurchase On October 2024, the GBTG's Board authorized the Company's management to repurchase shares of the Company’s Class A common stock through December 31, 2027 in an amount not to exceed $300 million (see note 25 - Subsequent Events). Under the share repurchase program, the Company is authorized to repurchase, on a discretionary basis and from time-to-time, outstanding shares of the Company's Class A common stock by means of open market transactions, privately negotiated transactions, and/or by other means deemed appropriate or advisable by Company management. The timing, manner, price and amount of any repurchases will be subject to the Company's discretion and depend on a variety of factors, including the market price of the Company’s Class A common stock, general market and economic conditions, regulatory requirements and other business considerations. The share repurchase program may be suspended, modified or discontinued at any time, and the Company has no obligation to repurchase any amount of its Class A common stock under the program. Pursuant to the above program, during the year ended December 31, 2025, the Company repurchased 9,253,780 shares of its Class A common stock at an average cost of $7.92 under its share repurchase program. As of December 31, 2025, $227 million remains available to be utilized until December 31, 2027 under the Company's share repurchase program. In August 2024, pursuant to a share repurchase agreement, GBTG repurchased 8 million shares of Class A common stock from a shareholder, in a privately negotiated transaction, at a purchase price of approximately $6.85 per share, or $55 million in aggregate. The shares repurchased are held as treasury shares, measured at cost based on the amount paid to repurchase the shares and is presented as a reduction of equity on the Company's consolidated balance sheets. Redeemable Non-Controlling Interest As part of obtaining control of Uvet GBT (see note 3 - Business Acquisitions), and further to the agreed purchase of 20% of non-controlling interests as discussed in note 15 - Other non-current liabilities, the non-controlling interest shareholder has a put option to sell their remaining 45% equity interest in Uvet GBT to the Company, which may be exercised from August 1, 2029 through December 31, 2031. Further, the Company also has a call option to purchase the remaining non-controlling interests of 45%, which may be exercised from January 1, 2032 through December 31, 2033. In certain instances, the Company has the right to exercise call option on remaining 45% of non-controlling interest from August 1, 2029, if certain conditions, as set out in the agreement, are triggered. The purchase price of the options is based on multiple of earnings, as adjusted for net debt, or at fair value, as provided in the agreement. Given these provisions within the options, the Company has classified the redeemable non-controlling interest as mezzanine equity on the Company's consolidated balance sheets, outside of permanent equity, and measured initially at fair value of $49 million.
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Earnings (Loss) per share |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings (Loss) per share | Earnings (Loss) per share Basic earnings (loss) per share is based on the average number of shares of Class A Common Stock outstanding during the period. Diluted earnings (loss) per share is based on the average number of shares of Class A Common Stock used for the basic earnings (loss) per share calculation, adjusted for the dilutive effect of (i) stock options and RSUs using the “treasury stock” method, (ii) PSUs and other contingently issuable shares assuming the end of the reporting period is the end of contingency period and (i) Class B Common Stock, using the “if converted” method, for the period they were outstanding. As discussed in note 17 – Earnout Derivative Liabilities, the Company has issued and outstanding approximately 23 million of earnout shares, which are subject to forfeiture if the achievement of certain stock price thresholds are not met. In accordance with ASC 260, “Earnings Per Share,” earnout shares are excluded from weighted-average shares outstanding to calculate basic earnings (loss) per share as they are considered contingently issuable shares due to their potential forfeiture. Earnout shares will be included in weighted-average shares outstanding to calculate basic earnings (loss) per share as of the date their stock price thresholds are met and they are no longer subject to forfeiture. Additionally, dividends accrued on earnout shares, if any, will be forfeited if the pricing thresholds for earnout shares are not met during the specified time period. For the year ended December 31, 2025, 2024 and 2023, the Company has excluded (i) 4 million, 13 million and 20 million of stock options (ii) 0, 25 million and 24 million of RSUs, from the calculation of diluted earnings (loss) per share as their inclusion would have resulted in anti-dilutive effect on earnings (loss) per share. Additionally, the Company has excluded (i) 0.6 million of PSUs which were subject to the achievement of performance-based vesting conditions and (ii) 23 million of earnout shares discussed above, from the computation of diluted weighted average common shares because the conditions were not met as of December 31, 2025. The following table reconciles the numerators and denominators used in the computation of basic and diluted earnings (loss) per share from continuing operations:
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Derivatives and Hedging |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives and Hedging | Derivatives and Hedging Except as mentioned below, the Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. The Company does not hold or issue financial instruments for speculative or trading purposes. The Company does not offset derivative assets and derivative liabilities within the consolidated balance sheets. Interest Rate Swaps The Company is subject to market risk exposure arising from changes in interest rates on debt, which bears interest at variable rates. Until July 26, 2024, the Company had interest rate risk primarily related to its senior secured term loans under the Original Credit Agreement, which bore interest at a variable rate that was based on synthetic LIBOR or SOFR (subject to certain benchmark replacement provisions and certain interest rate floors, as applicable). Upon refinancing in July 2024, the Company has interest rate risk primarily related to its Term Loans (see note 13 - Long-term Debt ) which bear interest at a variable rate based on SOFR (subject to certain benchmark replacement provisions and an interest rate floor). In order to protect against potential higher interest costs resulting from anticipated increases in the variable rates, the Company, from time-to-time, has entered into interest rate swap contracts (discussed below) that fixed the benchmark interest rate with respect to a portion of its variable rate debt. In September 2024, the Company terminated its previous interest rate swap contracts that were designated as cash flow hedges and made a payment to the counter-party of $4 million, in cash, representing the fair value of the contracts on the termination date. The Company simultaneously entered into two new rate swap agreements with the following terms:
Under ASC 815, Derivatives and Hedging ("ASC 815") the fair value loss of the terminated interest rate swaps of $4 million recorded in accumulated other comprehensive loss will be proportionately included as interest expense, in the Company's consolidated statement of operations until March 2027 as the interest payments are made over this period. In January 2025, the Company terminated the above interest rate swap agreements and received $31 million, in cash, representing the fair value of the contracts on the termination date. The Company simultaneously entered into two new interest rate swap agreements with similar terms as set out below that had fair value liability of $24 million as of December 31, 2025:
Under ASC 815, the fair value gain of the terminated interest rate swaps of $31 million recorded in accumulated other comprehensive income will be proportionately included as interest expense, in the Company's consolidated statement of operations until July 2029 as the interest payments are made over this period. Further, the Company has determined that the new interest rate swap contracts will be designated as cash flow hedges that are highly effective at offsetting the increases in cash outflows when the three-month SOFR exceeds respective fixed rates under the contracts. Changes in the fair value of the interest rate swaps, net of tax, are recognized in other comprehensive income (loss) and are reclassified out of accumulated other comprehensive income (loss) into interest expense when the hedged interest obligations affect earnings. Cross Currency Interest Rate Swaps and Net Investment Hedges In August 2024, the Company entered into a fixed-to-fixed cross currency interest rate swap ("CCS") contract. Under the CCS, the Company will receive fixed interest at 7.5% per annum on a USD notional amount of $263 million and will pay fixed interest of 6.527% per annum on Euro ("EUR") notional amount of €240 million. Notional amounts in the respective currencies are deemed to be exchanged at the beginning and end of the swap period. The swaps maturity date is July 26, 2029. Interest settlements under the CCS occur semi-annually in January and July of each year, from January 26, 2025, until July 26, 2029. In December 2024, in order to benefit from lower market interest rates, the Company terminated the above CCS and simultaneously entered into a new CCS contract. Under the new contract, the Company will receive fixed interest at 7.5% per annum on a USD notional amount of $251 million and will pay fixed interest of 5.6390% per annum on EUR notional amount of €240 million. All other terms of December 2024 CCS remained the same as August 2024 CCS. As a result of the termination of August 2024 CCS the Company received $1 million in cash proceeds towards accrued interest and fair value of terminated CCS. The fair value liability of this CCS as of December 31, 2025, was $30 million. The Company has designated these CCS contracts as a net investment hedge, hedging foreign exchange translation risk related to a portion of its investments in EUR functional currency denominated subsidiaries on an after-tax basis. The Company has elected the spot method for measuring hedge effectiveness. As a result, the change in the fair value of CCS attributable to the changes in the spot rates are recorded in the cumulative translation adjustment (CTA) section of other comprehensive income (loss). The initial value of the excluded components are recognized in interest expense under a systematic and rational method in accordance with ASC 815. Any difference between the change in fair value of the excluded components and the amounts recognized in earnings under the swap accrual process are also reported in the CTA section of other comprehensive income (loss). Amounts related to the CCS representing net periodic interest accruals are recognized in “Interest expense” on the Company's consolidated statements of operations. Foreign Currency Forward Contracts There are no foreign currency forward contracts open as of December 31, 2025. However, during the year ended December 31, 2025, the Company entered into certain foreign currency forward contracts that acted as economic hedges to partially offset exposure to foreign currency exchange rate fluctuations that resulted from certain intercompany balances. These contracts were not designated as hedging instruments under ASC 815. The changes in the fair value of the foreign currency forward contracts were recognized in other income (loss), net, on the Company's consolidated statements of operations. All contracts had maturities of 90 days or less when entered into. The Company realized in cash and recognized a gain of $27 million on the change in fair value of the foreign currency forward contracts in its consolidated statements of operations for the year ended December 31, 2025. The cash proceeds received upon settlement of these foreign currency forward contracts is presented as an investing activity within the Company's consolidated statements of cash flows. Earnout Shares The Company has issued and outstanding earnout shares (see note 17 – Earnout Derivative Liabilities). The non-employee earnout shares are classified as derivative liabilities under ASC 815 and are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. As of December 31, 2025, the number of non-employee earnout shares, including the Sponsor Shares, issued and outstanding were approximately 23 million. The following table presents the balance sheet location and fair value of the Company’s derivative instruments, on a gross basis, under ASC 815:
The table below presents the impact of changes in fair values of derivatives on other comprehensive income (loss) and on net income (loss):
As of December 31, 2025, the Company expects $5 million of gain on the interest rate swap contracts to be reclassified from accumulated other comprehensive loss to net earnings as a credit to interest expense within the next 12 months.
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | Fair Value Measurements Financial instruments which are measured at fair value, or for which a fair value is disclosed, are classified in the fair value hierarchy, as discussed and outlined in note 2 - Summary of Significant Accounting Policies - Fair Value Measurements. As of December 31, 2025, the Company’s financial assets and liabilities recorded at fair value on a recurring basis consist of its derivative instruments — interest rate swaps, cross currency interest rate swaps and non-employee earnout shares. The fair value of the Company’s interest rate swaps is primarily calculated using a discounted cash flow analysis by taking the present value of the fixed and floating rate cash flows utilizing the appropriate forward SOFR curves and the counterparty’s credit risk, which was determined to be not material. The fair value of the Company’s cross currency interest rate swaps is calculated by using discounted cash flows of the contracts using market observable inputs including currency spot and forward rates of the underlying currencies. The fair value of non-employee earnout shares is determined using Monte Carlo valuation method. Presented below is a summary of the gross carrying value and fair value of the Company’s assets and liabilities measured at a fair value on a recurring basis:
The fair value of earnout shares was estimated using the Monte Carlo method. Inherent in the Monte Carlo method are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimated the volatility of the earnout shares based on its own share price volatility that matches the expected remaining life of the earnout shares. The risk-free interest rate was based on the U.S. Treasury zero-coupon yield curve for a maturity similar to the expected remaining life of the earnout shares. The expected life of the earnout shares was assumed to be equivalent to their remaining contractual term. The Company anticipated the dividend rate will remain at zero. The following table presents the assumptions used for the measurement of the fair value of outstanding earnout shares liabilities:
The following table presents changes in Level 3 financial liabilities measured at fair value for the years ended December 31, 2025 and 2024:
The Company does not measure its debt at fair value in its consolidated balance sheets. Where the fair value of the Company’s long-term debt is determined based on quoted prices in inactive markets for identical debt instruments, or for similar debt instruments, when traded as assets, it is categorized within Level 2 of the fair value hierarchy. Where quoted prices are not available, fair value is estimated using discounted cash flows and market-based expectation of interest rates, credit risks and the contractual term of the debt instruments and is categorized within Level 3 of the fair value hierarchy. The fair values of the Company’s outstanding senior secured term loans are as follows:
______________________________________________________ (1)Represents outstanding principal amount of senior secured term loans less unamortized debt discount and debt issuance costs. The carrying amounts of cash and cash equivalents, accounts receivable, due from affiliates, other current assets, accounts payable, due to affiliates and accrued expenses and other current liabilities approximate their fair value due to the short-term maturities of these assets and liabilities. Certain non-financial assets and liabilities, such as long-lived assets, goodwill and other intangible assets, are adjusted to fair value when an impairment charge is recognized. The Company continually monitors events and changes in circumstances such as changes in market conditions, near and long-term demand and other relevant factors, that could indicate that the fair value of such non-financial assets may more likely than not have fallen below its respective carrying amounts. Such fair value measurements are based predominately on Level 3 inputs utilizing several methods including discounted cash flow method. The Company has not identified any triggering events or changes in circumstances requiring it to perform an impairment testing and determination of fair value of long-lived assets and other intangible assets. For goodwill, the Company carried out a quantitative assessment and concluded there is no impairment as the fair value of the reporting unit was determined to be more than their carrying value.
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Related Party Transactions |
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| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions | Related Party Transactions The following summaries relate to certain related party transactions entered into by the Company with certain of its shareholders, its shareholders affiliates and the Company’s affiliates. Commercial Agreements The Company has various commercial agreements with the affiliates of American Express Company (collectively with its subsidiaries, "American Express"). In respect of such agreements, the table below sets out revenue accrued and expenses incurred by the Company during the years ended December 31, 2025, 2024 and 2023:
The table below sets out amount receivable and payable to affiliates of American Express (including amounts collected by the Company on behalf of affiliates of American Express against certain receivables), as of December 31, 2025 and 2024:
In November 2021, GBT Travel Services UK Limited (“GBT UK”), an indirect wholly-owned subsidiary of GBTG and EAN.com LP, an affiliate of Expedia, entered into a ten-year term marketing partner agreement to provide GBTG’s business customers with access to Expedia group hotel content. Additionally, GBT UK, and Expedia, Inc., an affiliate of Expedia, entered into the following agreements: •a transition services agreement in 2021 (as amended from time to time) , pursuant to which Expedia, Inc.and its affiliates provided certain transition services through April 30, 2024 to GBT UK and its affiliates to facilitate an orderly transfer of Egencia from Expedia to the Company; •an operating agreement in 2024 (as amended from time to time) whereby the affiliate of Expedia would continue to provide certain operational services in support of the Egencia business for up to eighteen months; and •a services agreement in 2023, whereby the affiliate of Expedia would provide artificial intelligence-based, fraud prevention services involving ancillary license of software to GBT UK and its affiliates in support of the Egencia business for up to three years. The table below set out revenue accrued and expenses incurred by the Company during the years ended December 31, 2025, 2024 and 2023, in respect of these agreements:
The table below sets out amount receivable and payable to affiliates of Expedia as of December 31, 2025 and 2024:
During the year ended December 31, 2023, pursuant to an agreement with Expedia, the Company issued 575,409 shares of Common Stock to Expedia to settle, in part, $4 million of liability for a loss contingency accrued in 2022. As of December 31, 2024, the Company had $7 million that remained payable in this respect. During the year ended December 31, 2025, the Company paid $3 million as the full and final amount towards this accrual and released the $4 million liability balance which is included in the Company's consolidated statements of operations. License of American Express Trademarks In May 2022, GBT UK entered into a long-term, 11-year amended and restated trademark license agreement (unless earlier terminated or extended) with an affiliate of American Express pursuant to which GBT UK was granted an exclusive, non-assignable, worldwide, royalty-free license to use, and the right to sublicense to all wholly owned operating subsidiaries of GBTG and other permitted sublicensees the right to use, the American Express trademarks used in the American Express Global Business Travel brand, and the American Express GBT Meetings & Events brands for business travel, meetings and events, business consulting and other services related to business travel (“Business Travel Services”). The amended and restated trademark license agreement also provides GBTG the flexibility to operate non-Business Travel Services businesses under brands that do not use any trademarks owned by American Express, subject to certain permissibility and other requirements. Shareholders Agreement In May 2022, GBTG, GBT JerseyCo and the Continuing JerseyCo Owners entered into a shareholders agreement (as further clarified by those certain letters dated November 17, 2022, and July 10, 2023, the “Original Shareholders Agreement”). Juweel has since distributed all of its equity interests in the Company and GBT JerseyCo to it is equityholders, including QIA, and Amex Coop has since assigned all of its rights and obligations under the Original Shareholders Agreement to American Express. On January 11, 2024, GBTG entered into the Shareholders Agreement (as defined above) with GBT JerseyCo, Juweel, American Express, Expedia, and QIA, pursuant to which, among other things, Juweel was removed as a party to the Shareholders Agreement and QIA was made subject to certain obligations and provided with certain rights previously provided to Juweel. On January 11, 2024, GBTG also entered into a letter agreement with GBT JerseyCo, Juweel, Amex, Expedia, QIA and Juweel's other equityholders (the "Specified Juweel Investors"), pursuant to which the Specified Juweel Investors agreed to be bound by certain restrictive covenants in the Shareholders Agreement as if they were a party thereto. The Shareholders Agreement sets forth various restrictions, limitations and other terms concerning the transfer of equity securities of GBTG and GBT JerseyCo by the parties thereto (other than, in most circumstances, the GBT JerseyCo A Ordinary Shares). Among other matters, and subject to certain terms, conditions and exceptions, the Shareholders Agreement prohibits American Express, Expedia and QIA, severally and not jointly, from effecting transfers of such equity securities to certain specified restricted persons, as well as transfers that would violate applicable securities laws. The Shareholders Agreement also sets out the composition and appointment of the GBTG Board, and provides for various provisions for transfer of shares, shareholder rights and termination of such rights. Loan to equity affiliate As of December 31, 2023, the Company had a loan receivable of $5 million from one of its equity affiliates which was received in June 2024.
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Segment Information |
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| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Segment Information The Company's reportable segments are determined based upon its internal organizational structure; the manner in which the Company’s operations are managed; the criteria used by the Company’s Chief Executive Officer, who is also the Company’s CODM, to evaluate segment performance; the availability of separate financial information utilized on a regular basis by the CODM to assess financial performance and to allocate resources; and overall materiality considerations. All significant operating decisions are based on analysis of the Company as a single global business. For the year ended December 31, 2025, the Company has determined it has one operating and reporting segment. The financial measures which the Company’s CODM uses to evaluate the performance of the Company are revenue and consolidated net income (loss), considering the adjusted cost and expenses as shown in the table below. The CODM also regularly reviews revenue by transaction type – Travel Revenue and Products and Professional Services Revenue (see note 4 – Revenue from Contracts with Customers). The table below sets forth information about reported segment revenue, significant segment expenses, other segment items and consolidated net income (loss).
(a)The significant expense categories and amounts align with the information that is regularly provided to the CODM. (b)Excludes primarily non-cash equity-based compensation and related employer taxes. (c)Excludes primarily non-cash equity-based compensation and related employer taxes, restructuring costs related to facilities consolidation, integration costs, costs related to mergers and acquisitions, non-cash equity-based compensation and related employer taxes, certain corporate costs. (d)Relates primarily to restructuring, exit and other related charges, integration costs, mergers and acquisitions, equity based compensation and related employer taxes, fair value movement of earnout derivative liabilities, gain on remeasurement of previously held equity investment, foreign currency gains (losses) and non-service components of net periodic pension cost. The table below presents the Company’s revenue and long-lived assets, comprising property and equipment (excluding capitalized software and related capital projects), net, and operating lease ROU assets, by geographic location:
The geographical determination of revenue is based on the jurisdiction of the legal entity contracting with the customer. No single customer accounted for 10 percent or more of the Company’s revenue for the years ended December 31, 2025, 2024 and 2023. Similarly, no single customer accounted for 10 percent or more of the accounts receivable balance as of December 31, 2025 and 2024.
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Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events Amendment to Amended Credit Agreement On January 21, 2026, GBTG, the Initial Borrower and certain subsidiaries of GBTG entered into an amendment (“Amendment No. 2”) to its A&R Credit Agreement as amended by Amendment No. 2 to reprice its then outstanding Term B-1 Loans and provide for an incremental term loan facility in the aggregate principal amount of $100 million. After giving effect to Amendment No. 2 and the borrowing contemplated thereby, the interest rate margin applicable to all outstanding term loans (the “Term B-2 Loans,” and the senior secured credit facility being “Term B-2 Facility”) was reduced by 0.50%. The Term B-2 Loans bear interest based on SOFR or, at the Initial Borrower’s option, at the Base Rate (as defined in the A&R Credit Agreement as amended by Amendment No. 2), plus, as applicable, a margin of 2.00% per annum for SOFR-based Term B-2 Loans (or 1.00% per annum for Base Rate-based Term B-2 Loans). Except as noted above, the Term B-2 Loans have substantially the same terms as the previously existing term loans under the Amended Credit Agreement. At the option of the Initial Borrower (upon prior written notice), the repriced term loans may be voluntarily prepaid, in whole or in part, at any time without premium or penalty (other than (x) a prepayment premium of 1% of the principal amount of the Term B-2 Loans subject to certain repricing transactions occurring prior to July 21, 2026 and (y) customary breakage costs in connection with certain prepayments of loans). The repricing was accounted for as debt modification. CWT Acquisition - Release from Escrow Account In February 2026, in accordance with the terms of the Merger Agreement, the Company and CWT's legacy shareholders finalized the working capital amount that resulted in a release of $10 million of cash to the Company (from the initial $15 million deposited by the Company with an escrow agent upon acquisition of CWT on September 2, 2025). This was considered as an adjusting post balance sheet event reducing the purchase consideration and was accounted for during the year ended December 31, 2025. Share Repurchase Program On February 17, 2026, the Company's Board of Directors authorized an increase in amount to its existing share repurchase program from $300 million to $600 million.
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Schedule II - Valuation and Qualifying Accounts |
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| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule II - Valuation and Qualifying Accounts |
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Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | We regularly assess risks from cybersecurity threats, monitor our information systems for potential vulnerabilities and test those systems pursuant to our cybersecurity policies, standards, processes and practices, which are integrated into our overall risk management system. We take a risk-based approach to cybersecurity aligned with National Institute of Standards and Technology ("NIST") Cybersecurity Framework principles and have implemented controls throughout our operations that are designed to address cybersecurity threats and incidents. To protect our information systems from cybersecurity threats, we use various security tools that are designed to help us identify, escalate, investigate, resolve and recover from security incidents in a timely manner. Our cybersecurity program and policies articulate the expectations and requirements with respect to acceptable use, education and awareness, security incident management and reporting, identity and access management, vendor due diligence, security (with respect to physical assets, products, networks, and systems), security monitoring and vulnerability identification. Our cybersecurity program and policies are operated by a dedicated cybersecurity operations team in conjunction with our enterprise Risk Management and Compliance program. Our cyber risk management program identifies, tracks, escalates, remediates, and reports cyber related risks throughout the Company. These risk areas include internal, product, vendor, supply chain, and external services utilized across the Company. These risks are assessed, prioritized, and both tactically and strategically addressed via process, technology, and personnel improvements to ensure ongoing mitigation and tracking. We utilize internal and external resources, including leading third-party providers in the cybersecurity prevention, detection and monitoring space, to monitor for cybersecurity threats to our systems and networks and to understand the broader threat environment. Vendors and third-party service providers are subject to security assessments and contractual security requirements commensurate with the nature of the services provided and the sensitivity of the data accessed. Our cybersecurity strategy is guided by prioritized risk, identified areas for improvement based on the NIST Cybersecurity Framework, and emerging business needs. Cybersecurity risks are continually monitored and shared with the executive leadership team on a quarterly basis. We maintain a global incident response plan, coupled with a global continuous monitoring program. We regularly test our incident response plan through tabletop exercises and simulations. This plan and program include incident alerting, comprehensive incident criticality assessments, and escalation processes designed to support our teams, our senior leadership, and the GBTG Board. This escalation process also includes cross-functional materiality determinations and applicable reporting requirements. Our cybersecurity operations team manages all facets of cybersecurity monitoring including the deployment of AI-based tools for threat detection and incident triage, coordinating with managed services security providers and internal analysts across the Company. All employees are provided cybersecurity awareness training, which includes topics on our policies and procedures for reporting potential incidents. Our cybersecurity team regularly evaluates emerging risks, regulations, and compliance matters and updates applicable policies and procedures accordingly. To date, cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected and we believe are not reasonably likely to materially affect the Company, including its business strategy, results of operations or financial condition. Refer to “Part I, Item 1A. Risk Factors” for additional description of cybersecurity risks and potential related impacts on the Company, including the risk factor captioned “Cybersecurity attacks, security breaches or incidents impacting our systems or data could adversely affect our ability to operate, could result in personal information and our proprietary information being lost, stolen, made inaccessible, improperly disclosed or misappropriated and may cause us to be held liable or subject to regulatory penalties and sanctions and to litigation (including class action litigation), which could have a material adverse effect on our reputation and business.”
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | We regularly assess risks from cybersecurity threats, monitor our information systems for potential vulnerabilities and test those systems pursuant to our cybersecurity policies, standards, processes and practices, which are integrated into our overall risk management system. We take a risk-based approach to cybersecurity aligned with National Institute of Standards and Technology ("NIST") Cybersecurity Framework principles and have implemented controls throughout our operations that are designed to address cybersecurity threats and incidents. To protect our information systems from cybersecurity threats, we use various security tools that are designed to help us identify, escalate, investigate, resolve and recover from security incidents in a timely manner.
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| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | The Board, directly and through its committees, oversees our risk management process, including cybersecurity risks, and regularly receives presentations and reports from management. Pursuant to the Risk Management and Compliance Committee Charter, the Risk Management and Compliance Committee of the Board provides compliance oversight of our risk assessment and risk management policies, which include cybersecurity, and receives regular reports and updates on the steps management has taken to monitor and mitigate such exposures and risks.
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Pursuant to the Risk Management and Compliance Committee Charter, the Risk Management and Compliance Committee of the Board provides compliance oversight of our risk assessment and risk management policies, which include cybersecurity, and receives regular reports and updates on the steps management has taken to monitor and mitigate such exposures and risks. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our Chief Information Security Officer ("CISO"), in coordination with our Chief Information Technology Officer, is responsible for leading the assessment and management of cybersecurity risks. The current CISO has over 25 years of experience managing robust security programs, including in heavily regulated environments such as financial services. The CISO possesses extensive experience in information security, risk management, and technology governance, with a strong background in both strategic leadership and technical security operations. The CISO presents twice-per-year to the Risk Management and Compliance Committee on our cybersecurity program. |
| Cybersecurity Risk Role of Management [Text Block] | Our cybersecurity program and policies articulate the expectations and requirements with respect to acceptable use, education and awareness, security incident management and reporting, identity and access management, vendor due diligence, security (with respect to physical assets, products, networks, and systems), security monitoring and vulnerability identification. Our cybersecurity program and policies are operated by a dedicated cybersecurity operations team in conjunction with our enterprise Risk Management and Compliance program.
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The current CISO has over 25 years of experience managing robust security programs, including in heavily regulated environments such as financial services. The CISO possesses extensive experience in information security, risk management, and technology governance, with a strong background in both strategic leadership and technical security operations. The CISO presents twice-per-year to the Risk Management and Compliance Committee on our cybersecurity program. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | The current CISO has over 25 years of experience managing robust security programs, including in heavily regulated environments such as financial services. The CISO possesses extensive experience in information security, risk management, and technology governance, with a strong background in both strategic leadership and technical security operations. The CISO presents twice-per-year to the Risk Management and Compliance Committee on our cybersecurity program. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | The Board, directly and through its committees, oversees our risk management process, including cybersecurity risks, and regularly receives presentations and reports from management. Pursuant to the Risk Management and Compliance Committee Charter, the Risk Management and Compliance Committee of the Board provides compliance oversight of our risk assessment and risk management policies, which include cybersecurity, and receives regular reports and updates on the steps management has taken to monitor and mitigate such exposures and risks.
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| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Summary of Significant Accounting Policies (Policies) |
12 Months Ended | ||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||
| Consolidation | Consolidation The Company’s consolidated financial statements include the accounts of GBTG, its wholly-owned subsidiaries and entities controlled by GBTG, including GBT JerseyCo Limited ("GBT JerseyCo"). The Company reports the non-controlling ownership interests in subsidiaries that are held by third-party owners as equity attributable to non-controlling interests in subsidiaries on the consolidated balance sheets. The portion of income or loss for the reporting periods that is attributable to third-party owners is reported as net income (loss) attributable to non-controlling interests in subsidiaries on the consolidated statements of operations. The Company has eliminated intercompany transactions and balances in its consolidated financial statements.
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| Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures in the consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, supplier revenue, allowance for credit losses, depreciable lives of property and equipment, purchase price allocations for business acquisitions including valuation of acquired intangible assets and goodwill and contingent consideration, valuation of operating lease right-of-use (“ROU”) assets, impairment of goodwill, other intangible assets, long-lived assets, capitalized client incentives and investments in equity method investments, valuation allowances on deferred income taxes, valuation of pensions, interest rate swaps, cross currency interest rate swaps, earnout shares and contingent liabilities. Actual results could differ materially from those estimates.
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| Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash on hand and at bank, and bank deposits and other highly liquid investments with original maturities of 90 days or less. Restricted cash includes cash that is restricted through legal contracts or regulations. It primarily includes collateral provided for bank guarantees for certain office leases and to certain travel suppliers. Restricted cash is aggregated with cash and cash equivalents in the consolidated statements of cash flows.
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| Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses Accounts receivable primarily includes trade accounts receivable from business clients and travel suppliers, and receivables from government for grants, less allowances for credit losses. The Company establishes allowances for its receivables in accordance with the guidance contained in ASC 326, "Financial Instruments - Credit Losses" whereby the "expected loss" model is used for financial instruments measured at amortized cost. The Company estimates lifetime expected credit losses upon recognition of the financial assets, which primarily comprise accounts receivable. The Company has identified the relevant risk characteristics of its customers and the related receivables, which include size, type (e.g., business clients vs. supplier and credit card vs. non-credit-card customers) or geographic location of the customer, or a combination of these characteristics. The Company has considered the historical credit loss experience, current economic conditions, forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses on its accounts receivables. Other key factors that influence the expected credit loss analysis include customer demographics and payment terms offered in the normal course of business to customers. This is assessed each quarter based on the Company’s specific facts and circumstances. Actual write-offs may vary from such estimates of credit losses. The majority of the Company’s receivables are trade receivables due in less than one year. Receivables are considered to be delinquent when contractual payment terms are exceeded. All receivables aged over twelve months are generally fully reserved. Receivables are written off against the allowance when it is probable that all remaining contractual payments will not be collected as evidenced by factors such as the extended age of the balance, the exhaustion of collection efforts, and the lack of ongoing contact or billing with the customer. As of both December 31, 2025 and 2024, the Company had a receivable of $1 million, in relation to government grants and other government assistance, that is included in the accounts receivable balance in the consolidated balance sheets. These relate to payments that are expected to be received under the government programs where the Company has met the qualifying requirements and it is probable that payments will be received.
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| Property and Equipment | Property and Equipment Property and equipment are recorded at cost, net of accumulated depreciation and amortization. The costs for additions, major improvements and renovations to property and equipment are capitalized, while maintenance, repairs and minor improvements are charged to operating expenses as incurred. The Company also capitalizes certain costs associated with the acquisition or development of internal-use software. The Company capitalizes costs incurred during the application development stage related to the development of internal use software. The Company expenses cost related to the planning and post-implementation phases of development as incurred. Depreciation is recognized once an asset is available for its intended use. Depreciation is computed using the straight-line method over the estimated useful lives of assets which are as follows:
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| Equity Method Investments | Equity Method Investments Investments in entities in which the Company exercises significant influence over the operating and financial policies of the investee are accounted for using the equity method of accounting. Generally, if the Company owns voting rights of between 20% and 50% of equity interest, it is presumed to exercise significant influence. The Company’s proportionate share of the net income (loss) of the equity method investments is included in the Company’s results of operations. When the Company's share of losses of an equity method investment equals or exceeds its investment value plus advances made to equity method investment, the Company discontinues recognizing share of further losses. Additional losses are provided for and a liability is recognized, only to the extent the Company has legal or constructive obligations to fund further losses in the equity method investment. Dividends received from the equity method investees are recorded as reductions to the carrying value of the equity method investment. The Company periodically reviews the carrying value of these investments to determine if there has been an other-than temporary decline in their carrying values. A variety of factors are considered when determining if a decline in the carrying value of equity method investment is other than temporary, including, among others, the financial condition and business prospects of the investee, as well as the Company’s investment intent. There were no impairments of equity method investments during the years ended December 31, 2025, 2024 and 2023.
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| Business Combinations and Goodwill | Business Combinations and Goodwill The Company accounts for business combinations using purchase method of accounting which requires assigning the fair value of the consideration transferred to acquire a business to the tangible assets and identifiable intangible assets acquired and liabilities assumed on the basis of their fair values at the date of acquisition. Goodwill represents the excess of the purchase consideration over the fair value of net tangible and identifiable assets acquired. The purchase price allocation process requires the Company to make significant assumptions and estimates in determining the purchase price, fair value of assets acquired and liabilities assumed at the acquisition date, especially with respect to acquired intangible assets. Fair value measurements may include the use of appraisals, market quotes for similar transactions, discounted cash flow techniques or other methodologies management believes to be relevant. Significant estimates in valuing certain intangible assets include but are not limited to future expected cash flows from customer relationships (comprising of both business client and supplier relationships), and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Any changes to provisional amounts identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined. The Company evaluates goodwill for impairment on December 31 each year, or more frequently, if impairment indicators exist. The Company performs either a qualitative or quantitative assessment of whether it is more likely than not that the reporting unit’s fair value is less than its carrying value. A goodwill impairment loss is measured at the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. Fair values are determined using a combination of standard valuation techniques, including an income approach (discounted cash flows) and market approaches (e.g., sales or earnings before interest, taxes, depreciation, and amortization (“EBITDA”) multiples of comparable publicly traded companies) and based on market participant assumptions. Based on the results of the annual impairment test, the Company concluded that there was no impairment of goodwill during the years ended December 31, 2025, 2024 and 2023 because qualitative and/or quantitative tests indicated the reporting units’ fair value was in excess of their respective carrying values. The estimates and assumptions about future results of operations and cash flows made in connection with the impairment testing could differ from actual results of operations and cash flows, and if so, could cause the Company to conclude in the future that impairment indicators exist and that goodwill may become impaired.
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| Impairment of Other Intangible Assets and Long-Lived Assets | Impairment of Other Intangible Assets and Long-Lived Assets Finite-lived intangible assets are amortized on a straight-line basis and estimated to have useful lives as follows:
Finite-lived intangible assets and long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets or groups of assets that generate cash flows largely independent of other assets or asset groups, may not be recoverable. If impairment indicators exist, the undiscounted future cash flows associated with the expected service potential of the asset or asset group and cash flows from their eventual disposition are compared to the carrying value of the asset or asset group. If the sum of the undiscounted expected cash flows is less than the carrying amount of the asset or asset group, an impairment loss is recognized in an amount by which the carrying value of the asset or asset group exceeds its fair value through a charge to the Company’s consolidated statements of operations. The estimated fair value of the asset group is determined using appropriate valuation methodologies which would typically include an estimate of discounted cash flows. There was no impairment of finite-lived other intangible assets or long-lived assets during the years ended December 31, 2025, 2024 and 2023.
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| Cloud Computing Arrangements | Cloud Computing Arrangements The Company capitalizes qualifying implementation costs related to hosting arrangements that are service contracts (cloud computing arrangements). Such costs are amortized on a straight-line basis over the software’s estimated useful life, which is generally the term of the hosting relationship, and ranges from three to five years. The related amortization expense is recorded in operating expenses within the Company's consolidated statements of operations. Capitalized amounts are included in prepaid expenses and other current assets and other non-current assets on the Company's consolidated balance sheets.
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| Leases | Leases The Company determines whether an arrangement contains a lease at inception of a contract. Lease assets represent the Company’s ROU of an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company’s accounting policy is to evaluate lease agreements with a minimum term greater than one year for recording on the consolidated balance sheet. Finance leases are generally those leases that allow the Company to either utilize the entire asset over its economic life or substantially pay for all of the fair value of the asset over the lease term. All other leases are categorized as operating leases. Lease ROU assets and lease liabilities are recognized based on the present value of the fixed lease payments over the lease term at the commencement date. As the interest rate implicit in the lease is generally not determinable in transactions where the Company is a lessee, the Company uses its incremental borrowing rate, based on the information available at the commencement date, in determining the present value of future payments and uses the implicit rate when readily available. The operating lease ROU assets include lease prepayments and initial direct costs and are reduced for deferred rent and any lease incentives. Certain of the Company’s lease agreements contain renewal options, early termination options and/or payment escalations based on fixed annual increases, local consumer price index changes or market rental reviews. The lease term may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company’s lease agreements may include both lease and non-lease components. For leases of information technology equipment used in its data centers, the Company accounts for the lease and non-lease components on a combined basis. For leases of all other assets, lease and non-lease components are accounted for separately. Operating leases are included in operating lease ROU assets, and current and long-term portion of operating lease liabilities on the Company’s consolidated balance sheets. Operating lease expense is generally recognized on a straight-line basis over the lease term. Finance lease assets are included in property and equipment, net, and finance lease liabilities are included within current portion of long-term debt and long-term debt, net of unamortized debt discount and debt issuance cost on the Company’s consolidated balance sheets.
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| Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. All deferred income taxes are classified as non-current assets and/or liabilities on the Company’s consolidated balance sheets. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that apply to taxable income in effect for the years in which those tax assets or liabilities are expected to be realized or settled. The Company regularly assesses the realizability of all its deferred tax assets. An adjustment to the conclusion as to whether it is more likely than not that the Company will realize the benefit of the deferred tax assets would impact the income tax expense in the period for which it is determined this analysis has changed. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon future taxable income in those jurisdictions where the deferred tax assets are located during the periods in which those temporary differences become deductible. When assessing the need for a valuation allowance, all positive and negative evidence is analyzed, including the Company’s ability to carry back net operating losses ("NOLs") to prior periods, the reversal of deferred tax liabilities, tax planning strategies and projected future taxable income. A change in the Company’s estimate of future taxable income may change the Company’s conclusion on its ability to realize all or a part of its net deferred tax assets, requiring an adjustment to the valuation allowance charged to the provision for income taxes in the period in which such a determination is made. The Company recognizes deferred taxes on undistributed earnings of foreign subsidiaries because it does not plan to indefinitely reinvest such earnings. A two-step approach is applied in the recognition and measurement of uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained on examination by the taxing authorities, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits within the benefit from/provision for income taxes in its consolidated statements of operations.
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| Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches. A hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market rates obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s estimates about the assumptions market participants would use in the pricing of the asset or liability based on the best information available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 — Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices in non-active markets or for which all significant inputs, other than quoted prices, are observable either directly or indirectly, or for which unobservable inputs are corroborated by market data. Level 3 — Valuations based on inputs that are unobservable and significant to overall fair value measurement.
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| Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss), net of taxes, consists of (i) foreign currency translation adjustments, including unrealized gains and losses on derivatives accounted for as net investment hedges, (ii) unrealized actuarial gains and losses on defined benefit plans and unamortized prior service cost and (iii) unrealized gains and losses on derivatives accounted for as effective cash flow hedges.
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| Certain Risks and Concentrations | Certain Risks and Concentrations Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash, cash equivalents and restricted cash and accounts receivable. The Company maintains cash, cash equivalents and restricted cash balances with financial institutions that are in excess of Federal Deposit Insurance Corporation (or equivalent) insurance limits. The Company’s cash, cash equivalents and restricted cash are primarily composed of current account balances in banks, are primarily denominated in U.S. dollar, British pound sterling and Euro currencies and a portion of which is interest-bearing. As of December 31, 2025, approximately 47% of the Company's cash, cash equivalents and restricted cash balance is with three banks. Concentrations of credit risk associated with accounts receivable are considered minimal due to the Company’s diverse customer base spread across different countries.
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| Revenue Recognition | Revenue Recognition The Company generates revenue in two primary ways: •Travel Revenues which include fees received from business clients and travel suppliers relating to servicing a travel transaction, which can be air, hotel, car rental, rail or other travel-related bookings or reservations, cancellations, exchanges or refunds and •Products and Professional Services Revenues which include revenues received from business clients, travel suppliers and Network Partners for using the Company’s platform, products and value-added services. Revenue is recognized when control of the promised services in an arrangement is transferred to the customers in an amount that reflects the expected consideration in exchange for those services. The Company’s customers are its (i) business clients to whom the Company provides travel processing, consultancy and management services and (ii) travel suppliers including providers of Global Distribution Systems (“GDS”). The Company has determined a net presentation of revenue (that is, the amount billed to a business client less the amount paid to a travel supplier) is appropriate for the majority of the Company’s transactions as the travel supplier is primarily responsible for providing the underlying travel services and the Company does not control the service provided to the traveler/business clients. The Company excludes all taxes assessed by a government authority, if any, from the measurement of transaction prices that are imposed on its travel-related services or collected by the Company from customers (which are therefore excluded from revenue). Travel Revenues Client Fees Transaction Fees and Other Revenues: The Company enters into contracts with business clients to provide travel-related services each period over the contract term. The Company’s obligation to the client is to stand ready to provide service over the contractual term. The performance obligations under these contracts are typically satisfied over time as the clients benefit from these services as they are performed. The Company receives nonrefundable transaction fees from business clients each time a travel transaction is processed. Transaction fee revenue, which is unit-priced under the service contract, is generally allocated to and recognized in the period the transaction is processed. The Company also receives revenue from the provision of other transactional services to clients such as revenue generated from the provision of servicing after business close or during travel disruption. Such other transactional travel revenue is also generally allocated to and recognized in the period when the travel transaction is processed. Consideration Payable to Clients and Client Incentives: As part of the arrangements with business clients, the Company may be contractually obligated to share with them the commissions collected from travel suppliers that are directly attributable to the Company’s business with the business clients. Additionally, in certain contractual agreements with its clients, the Company promises consideration to them in the form of credits or upfront payments. The Company capitalizes such consideration payments to its clients and recognizes it ratably over the period of contract, as a reduction of revenue, as the revenue is recognized, unless the payment is in exchange for a distinct good or service that the business clients transfer to the Company. The capitalized upfront payments are reviewed for recoverability and impairment based on future forecasted revenues, and are included within other non-current assets or liabilities, net, on the Company’s consolidated balance sheets. Supplier Fees Base Commissions and Incentives: Certain of the Company’s travel suppliers (e.g., airlines, hotels, car rental companies, and rail carriers) pay commissions and/or fees on tickets issued, sales and other services provided by the Company based on contractual agreements to promote or distribute the travel supplier content. Commissions and fees from travel suppliers are generally recognized (i) at the time a ticket is purchased for air travel reservations as the Company’s performance obligation to the supplier is satisfied at the time of ticketing and (ii) upon fulfillment of the reservation for hotels and car rentals as the performance obligation to the hotel and car rental companies is not satisfied until the customer has checked-in to the hotel property and/or picked-up the rental car. Incentive Revenues: The Company receives incentives from air travel suppliers for flown incremental bookings above minimum targeted thresholds established under the contract. The Company estimates such incentive revenues using internal and external data detailing completed and estimated completed airline travel and the price thresholds applicable to the volume for the period, as the consideration is variable and determined by meeting volume targets. The Company allocates the variable consideration to the flown bookings during the incentive period, which is generally determined by the airlines to be a single fiscal quarter, and recognizes that amount as the related performance obligations are satisfied, to the extent that it is probable that a subsequent change in the estimate would not result in a significant revenue reversal. GDS Revenues: In certain transactions, the GDS provider receives commission revenues from travel suppliers in exchange for distributing its content and distributes a portion of these commissions to the Company as an incentive for the Company to utilize its platform. Therefore, the Company views payments from the providers of the GDS as commissions from travel suppliers and recognize these commissions in revenue as travel bookings are made through the GDS platform. Products and Professional Services Revenues Management Fees: The Company receives management fees from business clients for travel management services. The Company’s obligation to the client is to stand ready to provide service over the contractual term. The performance obligation under these contracts are typically satisfied over time as the clients benefit from these services as they are performed. Management fees are recognized ratably over the contract term as the performance obligation is satisfied on a stand-ready basis over the contract period. Product Revenues: Revenue from provision of travel management tools to business clients to manage their travel programs are recognized ratably over the contract term as the performance obligation is satisfied over the contract period over which the travel-related products are made available to the clients. Consulting and Meeting and Events Revenues: The Company receives fees from consulting and meetings and events planning services that are recognized over the contract term as the promised services are delivered by the Company’s personnel. Other Revenues: Fees from Network Partners are recognized in proportion to sales as sales occur over the contract term, as the performance obligation is satisfied.
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| Cost of revenue | Cost of revenue Cost of revenue primarily consists of (i) salaries and benefits of the Company’s travel counselors, meetings and events teams and their supporting functions and (ii) the cost of outsourcing resources in transaction processing and the processing costs of online booking tools.
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| Sales and marketing | Sales and marketing Sales and marketing primarily consists of (i) salaries and benefits of the Company’s employees in its sales and marketing function and (ii) the expenses for acquiring and maintaining customer partnerships including account management, sales, marketing, and consulting alongside the functions that support these efforts.
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| Technology and content | Technology and content Technology and content primarily consists of (i) salaries and benefits of employees engaged in the Company’s product and content development, back-end applications, support infrastructure and maintenance of the security of the Company’s networks and (ii) other costs associated with licensing of software and information technology maintenance expense.
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| General and Administrative | General and Administrative General and administrative expenses consists of (i) salaries and benefits of the Company’s employees in finance, legal, human resources and administrative support, (ii) integration expenses related to acquisitions and mergers and acquisitions costs primarily related to due diligence, legal expenses and related professional services fees and (iii) fees and costs related to accounting, tax and other professional services, legal related costs, and other miscellaneous expenses.
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| Restructuring and Other Exit Charges | Restructuring and Other Exit Charges Restructuring and other exit charges consist primarily of costs associated with employee severances and contract exit costs. One-time involuntary employee termination benefits are recognized as a liability at estimated fair value when the plan of termination has been communicated to employees and certain other criteria have been met. With respect to employee terminations under ongoing benefit arrangements, a liability for termination benefits is recognized at estimated fair value when it is probable that amounts will be paid to employees and such amounts are reasonably estimable. Costs associated with exit or disposal activities and contract termination costs are presented as restructuring charges in the consolidated statement of operations. Restructuring accruals are recorded within restructuring and other exit charges in the consolidated statements of operations and the restructuring liability is included within accrued expenses and other current liabilities in the consolidated balance sheets.
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| Advertising Expense | Advertising Expense Advertising costs are expensed in the period incurred and include online marketing costs, such as search and banner advertising, and offline marketing, such as television, media and print advertising.
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| Equity-based Compensation | Equity-based Compensation The Company has an equity-based compensation plan that provides for grants of equity awards to employees and non-employee directors of the Company who perform services for the Company. The awards are equity-classified and the compensation is expensed, net of actual forfeitures, on a straight line basis over the requisite service period based upon the fair value of the award on the grant date and vesting conditions.
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| Pension and Other Post-retirement Benefits | Pension and Other Post-retirement Benefits The Company sponsors defined contribution savings plans under which the Company matches the contributions of participating employees on the basis specified by the plan. The Company’s costs for contributions to these plans are recognized as a component of salaries and benefits, in the Company’s consolidated statements of operations as such costs are incurred. The Company also sponsors both non-contributory and contributory defined benefit pension plans whereby benefits are based on an employee’s years of credited service and a percentage of final average compensation, or as otherwise described by the plan. The Company recognizes the funded status of its defined benefit plans and presents it as a non-current liability on its consolidated balance sheets. The funded status is the difference between the fair value of plan assets and the benefit obligation as of the balance sheet date. The measurement date used to determine benefit obligations and the fair value of plan assets for all defined benefit plans is December 31 of each year. Defined benefit plan expenses are recognized in the Company’s consolidated statements of operations based upon various actuarial assumptions, including expected long-term rates of return on plan assets, discount rates, employee turnover, and mortality rates. Actuarial gains or losses arise from actual returns on plan assets being different from expected returns and from changes in assumptions used to calculate the projected benefit obligation each year. The defined benefit obligation may also be adjusted for any plan amendments. Such actuarial gains and losses and adjustments resulting from plan amendments are deferred within accumulated other comprehensive income (loss), net of tax. The amortization of actuarial gains and losses is determined by using a 10% corridor of the greater of the fair value of plan assets or the defined benefit obligation. Total unamortized actuarial gains and losses in excess of the corridor are amortized over the average remaining future service. For plans with no active employees, they are amortized over the average life expectancy of plan participants. Adjustments resulting from plan amendments are generally amortized over the average remaining future service of plan participants at the time of the plan amendment. All components of net periodic pension cost (benefit), other than service cost, is recognized within other income (loss), net, on the Company’s consolidated statements of operations. Service cost is recognized as a component of salaries and wages on the Company’s consolidated statements of operations.
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| Interest Expense and Interest Income | Interest Expense and Interest Income Interest expense is primarily comprised of interest expense on debt including the amortization of debt discount and debt issuance costs, calculated using the effective interest method and amounts reclassified from accumulated other comprehensive loss related to terminated interest rate swaps that were accounted for as effective cash flow hedges. Interest income is comprised of interest earned from bank deposits.
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| Foreign Currency Translations and Transaction Gain (Loss) | Foreign Currency Translations and Transaction Gain (Loss) On consolidation, assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated into U.S. dollars based upon exchange rates prevailing at the end of each reporting period and the subsidiaries’ results of operations are translated in U.S. dollars at the spot/daily exchange rates. The resulting translation adjustments are included in accumulated other comprehensive income (loss), a component of total equity on the Company’s consolidated balance sheets, as currency translation adjustments. Translation adjustments are reclassified to earnings upon the sale or substantial liquidation of investments in foreign operations. Gains and losses related to transactions in a currency other than the functional currency or upon remeasurement of non-functional currency denominated monetary assets and liabilities into functional currency are reported within other income (expense), net, in the Company’s consolidated statements of operations.
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| Income (Loss) Per Share | Income (Loss) Per Share Basic net income (loss) per share is computed by dividing the net income (loss) available to the Company’s common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing the net income (loss) available to the Company’s common shareholders by the weighted average number of common shares outstanding and potentially dilutive securities outstanding during the period. Potentially dilutive securities include restricted stock units ("RSU") and stock options, calculated using the treasury stock method. Potentially dilutive securities may also include performance stock units ("PSU") and other contingently issuable shares assuming the end of the reporting period is the end of contingency period. Potentially dilutive securities are excluded from the computations of diluted income (loss) per share if their effect of inclusion would be antidilutive.
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| Earnout Derivative Liabilities | Earnout Derivative Liabilities The Company accounts for its earnout shares (see note 17 – Earnout Derivative Liabilities) in accordance with the guidance contained in ASC 815, “Derivatives and Hedging,” (“ASC 815”) whereby, under that provision, the earnout shares do not meet the criteria for equity treatment and are recorded as liabilities. Accordingly, the Company classifies the earnout shares as liabilities at fair value at each balance sheet date and any change in the fair value is recognized in the Company’s consolidated statements of operations. The earnout share liabilities will be remeasured at fair value until such earnout shares are no longer contingent. The fair value of earnout shares is determined using Monte Carlo valuation method and is categorized as level 3 on the fair value hierarchy
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| Recently Adopted Accounting Pronouncements and Accounting Pronouncements – Not Yet Adopted | Recently Adopted Accounting Pronouncements Income Taxes In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The update primarily requires the Company to provide (i) further disaggregation for specific categories on the effective tax rate reconciliation, as well as additional information about federal, state/local and foreign income taxes and (ii) annually disclose its income taxes paid (net of refunds received), disaggregated by jurisdiction. The Company adopted this guidance on January 1, 2025, on a prospective basis, and there was no impact on the Company’s consolidated financial statements upon the adoption of this guidance. However, additional disclosures related to the Company’s income taxes have been disclosed (see note 5 - Income Taxes). Segment Reporting In November 2023, the Financial Accounting Standard Board (the "FASB") issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands the segment reporting disclosures and primarily requires disclosures on (i) significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and are included within each reported measure of segment operating results, (ii) the total amount of any other items included in segment operating results which were not deemed to be significant expenses for separate disclosure, along with a qualitative description of the composition of these other items and (iii) CODM’s title and position and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing performance and deciding how to allocate resources. The update also aligns interim segment reporting disclosure requirements with annual segment reporting disclosure requirements. The Company adopted this guidance on January 1, 2024, on a retrospective basis, as required, and there was no impact on the Company’s consolidated financial statements upon the adoption of this guidance. However, additional disclosures related to the Company’s segment have been disclosed (see note 24 - Segment Information). Accounting Pronouncements – Not Yet Adopted Disaggregated Expenses In November 2024, the FASB issued ASU No. 2024-03 "Disaggregation of Income Statement Expenses" which provides guidance on additional disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The update is to be applied on a prospective basis, although optional retrospective application is permitted. While the update will require additional disclosures related to the Company’s expenses, it is not expected to have any impact on the Company’s consolidated operating results, financial condition or cash flows. Internal-Use Software In September 2025, the FASB issued ASU No. 2025-06, "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software," which applies to costs incurred to develop or obtain software for internal use. The ASU amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will commence capitalizing eligible costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The guidance is effective for annual periods beginning after December 15, 2027 and can be applied on a prospective basis, a modified basis for in-process projects or on a retrospective basis. The Company is currently evaluating the impact of this accounting standard on its consolidated financial statements.
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Summary of Significant Accounting Policies (Tables) |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||
| Schedule of Estimated Used Lives of Assets | Depreciation is computed using the straight-line method over the estimated useful lives of assets which are as follows:
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| Schedule of Useful Life of Finite Lived Intangible Assets | Finite-lived intangible assets are amortized on a straight-line basis and estimated to have useful lives as follows:
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Business Acquisitions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination, Recognized Asset Acquired and Liability Assumed |
The following table reflects the Company’s preliminary fair values of the assets acquired and liabilities assumed of CWT as of the date of the acquisition:
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| Business Combination, Intangible Asset, Acquired, Finite-Lived | The fair value and amortization periods of identifiable intangible assets acquired is as follows:
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| Business Combination, Pro Forma Information | Assuming an acquisition date of January 1, 2024, the unaudited pro forma revenue and net income (loss) of the Company for the years ended December 31, 2025 and 2024 would have been as follows:
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Revenue from Contracts with Customers (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Disaggregation of Revenue | The following table presents the Company’s disaggregated revenue by nature of service. Sales and usage-based taxes are excluded from revenue.
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| Schedule of Accounts Receivable, Net, Contract Assets and Contract Liabilities | The opening and closing balances of the Company’s accounts receivable, net, contract assets and contract liabilities are as follows:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income Before Income Tax as Per Jurisdictions | The following table summarizes the Company’s domestic (U.S.) and foreign results (non-U.S.) before income taxes and share of income from equity method investments.
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| Schedule of Components of Income Tax (Provision) Benefit | The components of (provision for) benefit from income taxes consist of the following:
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| Schedule of Reconciliation of Company's Effective Income Tax Rate | Following adoption of ASU 2023-09, the table below sets forth a reconciliation of amounts and percentages computed by applying the U.S. federal statutory income tax rate of 21% to income before income taxes and share of income from equity method investments to provision for income taxes for the year ended December 31, 2025.
*State taxes in California, New jersey, New York City and New York state make up the majority (greater than 50%) of the tax effect in this category. the table below sets forth a reconciliation of amounts computed by applying the U.S. federal statutory income tax rate of 21% to loss before income taxes to (provision for) benefit from income taxes for the years ended December 31, 2024 and 2023.
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| Schedule of Income Taxes Paid (Net of Refund Received) | Following adoption of ASU 2023-09, the following table presents supplemental cash flow information related to income taxes paid (net of refunds received) for the year ended December 31, 2025:
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| Schedule of Components of the Company's Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities are as follows:
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| Schedule of Net Operating Loss Carryforwards | The remaining NOL carryforwards will expire as follows:
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| Schedule of Movement of Uncertain Tax Position Liability | The movement of uncertain tax position liability is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expenses and Other Current Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prepaid Expense and Other Assets, Current [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment, Net (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property and Equipment, Net | Property and equipment, net, consist of:
|
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Goodwill and Other Intangible Assets, Net (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Goodwill | The following table sets forth changes in goodwill during the years ended December 31, 2025 and 2024:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Intangible Assets with Definite Lives | The following table sets forth the Company’s other intangible assets with definite lives as of December 31, 2025 and 2024:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Estimated Amortization Expense | As of December 31, 2025, the estimated amortization expense relating to definite-live intangible assets, assuming no subsequent impairment of the underlying assets, for each of the five succeeding years and periods thereafter is as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Supplemental Cash Flow and Other Information Related to Leases | The following table sets out supplemental cash flow information related to leases for the years ended December 31, 2025, 2024 and 2023:
|
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| Schedule of Undiscounted Future Payments for Finance Lease Liabilities | The following table sets out supplemental other information related to leases:
|
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| Schedule of Undiscounted Future Payments for Operating Lease Liabilities | The following table sets out the undiscounted future payments for operating lease liabilities as of December 31, 2025. For the undiscounted future payments for finance lease liabilities see note 13 - Long-term Debt.
|
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Other Non-Current Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets, Noncurrent Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Non-current Assets | Other non-current assets consist of:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Current Liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of:
|
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Restructuring, Exit and Related Charges (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accrued Restructuring Cost | The table below sets forth accrued restructuring, exit and related costs included in accrued expenses and other current liabilities, for the years ended December 31, 2025, and 2024 :
|
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Long-term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt, Unclassified [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Outstanding Amount of Long-term Debt | The outstanding amount of the Company’s long-term debt consists of:
|
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| Schedule of Changes in Total Unamortized Debt Discount and Debt Issuance Costs | The changes in total unamortized debt discount and debt issuance costs are summarized below:
|
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| Schedule of Aggregate Maturities of Debt | Aggregate maturities of debt as of December 31, 2025 are as follows:
|
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Employee Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | For such plans, the following tables provide a statement of funded status as of December 31, 2025 and 2024 and summaries of the changes in the defined benefit obligation and fair value of plan assets for the years then ended:
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| Schedule of Defined Benefit Plans Disclosures | The following table sets out the amounts recognized in the consolidated balance sheets:
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| Schedule of Net Periodic Cost (Benefit) Not yet Recognized | The amount included in accumulated other comprehensive loss that has not been recognized as a component of net periodic pension cost is as follows:
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| Schedule of Components of Net Periodic Pension Cost (Benefit) | The following table provides the components of net periodic pension cost for the years ended December 31, 2025, 2024 and 2023:
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| Schedule of Weighted Average Assumptions used to Determine the Net Periodic Pension Cost (Benefit) and Projected Benefit Obligation | The weighted average assumptions used to determine the net periodic pension cost and projected benefit obligation were as follows:
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| Schedule of Fair Value of Pension Plan Assets | The table below sets out the fair value of pension plan assets as of December 31, 2025:
The table below sets out the fair value of pension plan assets as of December 31, 2024:
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| Schedule of Defined Benefit Pension Plans to Make the Following Estimated Future Benefit Payments | The Company expects the defined benefit pension plans to make the following estimated future benefit payments:
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Other non-current liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities, Noncurrent [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Other Non-current Liabilities | Other non-current liabilities consist of:
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Equity-Based Compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Activity of Options Granted Under the Plan | The table below presents the activity of the Company's stock options, granted under Global Business Travel Group, Inc. Management Incentive Plan (the “GBTG MIP”), for the year ended December 31, 2025:
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| Schedule of Activity of RSUs Granted Under the 2022 Plan | The table below presents the activity of the Company’s RSUs granted under the 2022 Plan for the year ended December 31, 2025:
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| Schedule of Equity-based Compensation Expense Recognized in Consolidated Statements of Operations | Total equity-based compensation expense recognized in the Company’s consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023 amount to $76 million, $77 million and $75 million, respectively, ($60 million, $60 million and $57 million after considering the tax impact) and were included as follows:
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Shareholders' Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in the Accumulated Other Comprehensive Loss, Net of Tax | The changes in the accumulated other comprehensive loss, net of tax, were as follows:
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Earnings (Loss) per share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share Basic and Diluted | The following table reconciles the numerators and denominators used in the computation of basic and diluted earnings (loss) per share from continuing operations:
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Derivatives and Hedging (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Derivative Instruments | The Company simultaneously entered into two new rate swap agreements with the following terms:
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| Schedule of Balance Sheet Location and Fair Value of Company's Derivative Instruments, on a Gross Basis, Under ASC 815 | The following table presents the balance sheet location and fair value of the Company’s derivative instruments, on a gross basis, under ASC 815:
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| Schedule of Impact of Changes in Fair Values of Derivatives on Other Comprehensive Income (Loss) and on Net Income (Loss) | The table below presents the impact of changes in fair values of derivatives on other comprehensive income (loss) and on net income (loss):
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Fair Value Measurements (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Gross Carrying Value and Fair Value of Company's Assets and Liabilities Measured at Fair Value on Recurring Basis | Presented below is a summary of the gross carrying value and fair value of the Company’s assets and liabilities measured at a fair value on a recurring basis:
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| Schedule of Assumptions Used for Initial Measurement of Equity Instruments | The following table presents the assumptions used for the measurement of the fair value of outstanding earnout shares liabilities:
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| Schedule of Changes in Level 3 Financial Liabilities Measured at Fair Value | The following table presents changes in Level 3 financial liabilities measured at fair value for the years ended December 31, 2025 and 2024:
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| Schedule of Fair Values of the Company's Outstanding Senior Secured Term Loans | The fair values of the Company’s outstanding senior secured term loans are as follows:
______________________________________________________ (1)Represents outstanding principal amount of senior secured term loans less unamortized debt discount and debt issuance costs.
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Related Party Disclosures (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Related Party Transactions | In respect of such agreements, the table below sets out revenue accrued and expenses incurred by the Company during the years ended December 31, 2025, 2024 and 2023:
The table below sets out amount receivable and payable to affiliates of American Express (including amounts collected by the Company on behalf of affiliates of American Express against certain receivables), as of December 31, 2025 and 2024:
The table below set out revenue accrued and expenses incurred by the Company during the years ended December 31, 2025, 2024 and 2023, in respect of these agreements:
The table below sets out amount receivable and payable to affiliates of Expedia as of December 31, 2025 and 2024:
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Segment Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Revenue from Segments to Consolidated | The table below sets forth information about reported segment revenue, significant segment expenses, other segment items and consolidated net income (loss).
(a)The significant expense categories and amounts align with the information that is regularly provided to the CODM. (b)Excludes primarily non-cash equity-based compensation and related employer taxes. (c)Excludes primarily non-cash equity-based compensation and related employer taxes, restructuring costs related to facilities consolidation, integration costs, costs related to mergers and acquisitions, non-cash equity-based compensation and related employer taxes, certain corporate costs. (d)Relates primarily to restructuring, exit and other related charges, integration costs, mergers and acquisitions, equity based compensation and related employer taxes, fair value movement of earnout derivative liabilities, gain on remeasurement of previously held equity investment, foreign currency gains (losses) and non-service components of net periodic pension cost.
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| Schedule of Revenue and Long-lived Assets, Comprising Property and Equipment, Net, and Operating Lease ROU Assets, by Geographic Location | The table below presents the Company’s revenue and long-lived assets, comprising property and equipment (excluding capitalized software and related capital projects), net, and operating lease ROU assets, by geographic location:
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Summary of Significant Accounting Policies - Narrative (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Accounting Policies [Abstract] | |||
| Grants receivable | $ 1,000,000 | $ 1,000,000 | |
| Equity method investment, other-than-temporary impairment | 0 | 0 | $ 0 |
| Goodwill impairment loss | 0 | 0 | 0 |
| Impairment of intangible assets, finite-lived | $ 0 | 0 | 0 |
| Percentage of cash balance is with a single bank | 47.00% | ||
| Advertising expense | $ 6,000,000 | 5,000,000 | 5,000,000 |
| Net foreign exchange (loss) gain | $ (19,000,000) | $ 22,000,000 | $ (5,000,000) |
Summary of Significant Accounting Policies - Impairment of Other Intangible Assets and Long-Lived Assets (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Supplier relationships | |
| Summary of Significant Accounting Policies | |
| Finite-lived intangible assets, useful life | 10 years |
| Travel partner network | |
| Summary of Significant Accounting Policies | |
| Finite-lived intangible assets, useful life | 10 years |
| Minimum | Trademarks / tradenames | |
| Summary of Significant Accounting Policies | |
| Finite-lived intangible assets, useful life | 2 years |
| Minimum | Business client relationships | |
| Summary of Significant Accounting Policies | |
| Finite-lived intangible assets, useful life | 10 years |
| Maximum | Trademarks / tradenames | |
| Summary of Significant Accounting Policies | |
| Finite-lived intangible assets, useful life | 10 years |
| Maximum | Business client relationships | |
| Summary of Significant Accounting Policies | |
| Finite-lived intangible assets, useful life | 15 years |
Business Acquisitions - Acquisition Date Fair Value (Details) - CWT Holdings LLC $ in Millions |
Sep. 02, 2025
USD ($)
|
|---|---|
| Business Acquisitions | |
| Purchase consideration | $ 597 |
| Fair value of noncontrolling interest | (2) |
| Net assets acquired at fair value | $ 595 |
Business Acquisitions - Fair Values of the Assets Acquired and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Sep. 02, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|---|
| Business Acquisitions | ||||
| Goodwill | $ 1,671 | $ 1,201 | $ 1,212 | |
| CWT Holdings LLC | ||||
| Business Acquisitions | ||||
| Cash and cash equivalents | $ 37 | |||
| Accounts receivable | 198 | |||
| Prepaid expenses and other current assets | 46 | |||
| Held for sale assets | 12 | |||
| Property and equipment | 69 | |||
| Equity method investments | 28 | |||
| Goodwill | 348 | |||
| Other intangible assets | 351 | |||
| Operating lease right-of-use assets | 22 | |||
| Deferred tax assets | 23 | |||
| Other non-current assets | 55 | |||
| Total assets | 1,189 | |||
| Accounts payable | 150 | |||
| Accrued expenses and other current liabilities | 259 | |||
| Current portion of operating lease liabilities | 8 | |||
| Current portion of long-term debt | 8 | |||
| Held for sale liabilities | 11 | |||
| Long-term debt | $ 14 | 4 | ||
| Long-term operating lease liabilities | 15 | |||
| Deferred tax liabilities | 75 | |||
| Pension liabilities | 23 | |||
| Other non-current liabilities | 41 | |||
| Total liabilities | 594 | |||
| Net assets acquired at fair value | $ 595 |
Business Acquisitions - Fair value of Acquired Intangibles And Amortization Period (Details) - CWT Holdings LLC $ in Millions |
Sep. 02, 2025
USD ($)
|
|---|---|
| Business client relationships | |
| Business Acquisitions | |
| Fair value of acquired intangibles | $ 340 |
| Amortization period (in years) | 15 years |
| Tradenames | |
| Business Acquisitions | |
| Fair value of acquired intangibles | $ 11 |
| Amortization period (in years) | 2 years |
| Acquired technology | |
| Business Acquisitions | |
| Fair value of acquired intangibles | $ 46 |
| Amortization period (in years) | 3 years |
Business Acquisitions - Unaudited Pro Forma Revenue and Net Loss (Details) - CWT Holdings LLC - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Business Acquisitions | ||
| Revenue | $ 3,148 | $ 3,189 |
| Net income (loss) | $ 72 | $ (204) |
Revenue from Contracts with Customers - Disaggregated Revenue by Nature (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Revenue from Contracts with Customers | |||
| Total revenue | $ 2,718 | $ 2,423 | $ 2,290 |
| Travel revenue | |||
| Revenue from Contracts with Customers | |||
| Total revenue | 2,154 | 1,932 | 1,827 |
| Products and professional services revenue | |||
| Revenue from Contracts with Customers | |||
| Total revenue | $ 564 | $ 491 | $ 463 |
Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Revenue from Contracts with Customers | ||
| Revenue recognized | $ 25 | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | ||
| Revenue from Contracts with Customers | ||
| Remaining performance obligation, amount | $ 2 | |
| Performance obligation satisfied, period | 2 years | |
| Minimum | ||
| Revenue from Contracts with Customers | ||
| Invoice payment period | 30 days | |
| Maximum | ||
| Revenue from Contracts with Customers | ||
| Invoice payment period | 60 days | |
Revenue from Contracts with Customers - Summary of Opening and Closing Contract Balances (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Opening and closing balances of the Company's accounts receivables, net, contract assets and contract liabilities | ||
| Accounts receivables, net | $ 868 | $ 570 |
| Client incentives, net (non-current) | 47 | 19 |
| Deferred revenue (current) | $ 23 | $ 31 |
Income Taxes - Schedule of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | |||
| Domestic | $ 59 | $ (3) | $ (37) |
| Foreign | 88 | (68) | (108) |
| Income (loss) before income taxes and share of income from equity method investments | $ 147 | $ (71) | $ (145) |
Income Taxes - Schedule of Components of Benefit From Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Current taxes: | |||
| Domestic | $ (30) | $ (11) | $ (14) |
| Foreign | (25) | (21) | (7) |
| Current income tax expense | (55) | (32) | (21) |
| Deferred taxes: | |||
| Domestic | (16) | (35) | 34 |
| Foreign | 31 | 1 | (4) |
| Deferred tax benefit (charge) | 15 | (34) | 30 |
| (Provision for) benefit from income taxes | $ (40) | $ (66) | $ 9 |
Income Taxes - Narrative (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Taxes | |||
| Effective tax rate | 27.41% | (92.96%) | 6.32% |
| Deferred tax liability, undistributed foreign earnings | $ 6,000,000 | $ 3,000,000 | |
| Net operating loss carryforwards | 2,482,000,000 | ||
| Operating loss carryforward having an indefinite life | 2,310,000,000 | ||
| Valuation allowance | 376,000,000 | 149,000,000 | |
| Valuation allowance related to operating loss | 368,000,000 | ||
| Accrual for income tax liability | 164,000,000 | 16,000,000 | |
| Uncertain tax position liability | 0 | ||
| Accrued income tax penalties and interest | 15,000,000 | $ 3,000,000 | $ 0 |
| CWT Holdings LLC | |||
| Income Taxes | |||
| Write-offs and other adjustments | $ 210,000,000 | ||
Income Taxes - Schedule of Income Taxes Paid (Net of Refund Received) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Taxes | |||
| U.S. Federal | $ 29 | ||
| U.S. State and Local | 3 | ||
| Total income tax paid (net of refunds) | 52 | $ 14 | $ 2 |
| U.K. | |||
| Income Taxes | |||
| Income Tax Paid, Foreign, after Refund Received | 5 | ||
| Germany | |||
| Income Taxes | |||
| Income Tax Paid, Foreign, after Refund Received | 3 | ||
| Others | |||
| Income Taxes | |||
| Income Tax Paid, Foreign, after Refund Received | $ 12 | ||
Income Taxes - Schedule of Net Operating Loss Carryforwards (Details) $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| Income Taxes | |
| Net operating loss carryforwards | $ 2,482 |
| 2026-2030 | |
| Income Taxes | |
| Net operating loss carryforwards | 112 |
| 2031-2035 | |
| Income Taxes | |
| Net operating loss carryforwards | 35 |
| 2036-2045 | |
| Income Taxes | |
| Net operating loss carryforwards | $ 25 |
Income Taxes - Schedule of Movement of Uncertain Tax Position Liability (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Reconciliation of uncertain tax position | |||
| Balance, beginning of the year | $ 16 | $ 11 | $ 4 |
| Acquisition related | 142 | 0 | 0 |
| Decrease in tax positions related to prior years | (1) | 0 | (1) |
| Release due to expiry of statute of limitations | 0 | (2) | 0 |
| Foreign exchange movement | (1) | ||
| Foreign exchange movement | 2 | 0 | |
| Increases to tax positions related to the current year | 5 | 8 | 8 |
| Balance, end of the year | $ 164 | $ 16 | $ 11 |
Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Prepaid Expense and Other Assets, Current [Abstract] | ||
| Prepaid technology costs | $ 56 | $ 47 |
| Prepaid travel expenses | 32 | 12 |
| Value added and similar taxes receivables | 22 | 9 |
| Cloud computing arrangements | 21 | 7 |
| Held for sale assets | 12 | 0 |
| Income tax receivable | 9 | 9 |
| Other prepayments and receivables | 63 | 44 |
| Prepaid expenses and other current assets | $ 215 | $ 128 |
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Property and Equipment, Other | ||
| Property and equipment, gross | $ 842 | $ 644 |
| Less: accumulated depreciation and amortization | (534) | (412) |
| Property and equipment, net | 308 | 232 |
| Capitalized software for internal use | ||
| Property and Equipment, Other | ||
| Property and equipment, gross | 671 | 521 |
| Computer equipment | ||
| Property and Equipment, Other | ||
| Property and equipment, gross | 69 | 57 |
| Leasehold improvements | ||
| Property and Equipment, Other | ||
| Property and equipment, gross | 76 | 50 |
| Furniture, fixtures and other equipment | ||
| Property and Equipment, Other | ||
| Property and equipment, gross | 15 | 10 |
| Capital projects in progress | ||
| Property and Equipment, Other | ||
| Property and equipment, gross | $ 11 | $ 6 |
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Property and Equipment, Other | |||
| Depreciation and amortization, property and equipment | $ 132 | $ 107 | $ 104 |
| Computer equipment | |||
| Property and Equipment, Other | |||
| Capital lease assets | 18 | 15 | |
| Accumulated depreciation | 4 | 7 | |
| Capitalized software for internal use | |||
| Property and Equipment, Other | |||
| Depreciation and amortization, property and equipment | $ 97 | $ 79 | $ 71 |
Goodwill and Other Intangible Assets, Net - Changes in Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Changes in goodwill | ||
| Beginning balance | $ 1,201 | $ 1,212 |
| Currency translation adjustments | 41 | (11) |
| Ending balance | 1,671 | $ 1,201 |
| CWT Holdings LLC | ||
| Changes in goodwill | ||
| Additions for acquisition | 348 | |
| Uvet GBT Holdings LLC | ||
| Changes in goodwill | ||
| Additions for acquisition | $ 81 | |
Goodwill and Other Intangible Assets, Net - Narrative (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | |||
| Goodwill impairment loss | $ 0 | $ 0 | $ 0 |
| Accumulated goodwill impairment loss | 0 | ||
| Amortization expense | $ 60,000,000 | $ 71,000,000 | $ 90,000,000 |
Goodwill and Other Intangible Assets, Net - Other Intangible Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Other intangible assets with definite lives | ||
| Cost | $ 1,609 | $ 1,169 |
| Accumulated amortization | (758) | (689) |
| Net | 851 | 480 |
| Tradenames | ||
| Other intangible assets with definite lives | ||
| Cost | 126 | 114 |
| Accumulated amortization | (88) | (79) |
| Net | 38 | 35 |
| Business client relationships | ||
| Other intangible assets with definite lives | ||
| Cost | 1,225 | 797 |
| Accumulated amortization | (413) | (354) |
| Net | 812 | 443 |
| Supplier relationships | ||
| Other intangible assets with definite lives | ||
| Cost | 254 | 254 |
| Accumulated amortization | (253) | (252) |
| Net | 1 | 2 |
| Travel partner network | ||
| Other intangible assets with definite lives | ||
| Cost | 4 | 4 |
| Accumulated amortization | (4) | (4) |
| Net | $ 0 | $ 0 |
Goodwill and Other Intangible Assets, Net -Schedule of Estimated Amortization Expense (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||
| 2026 | $ 83 | |
| 2027 | 81 | |
| 2028 | 76 | |
| 2029 | 76 | |
| 2030 | 75 | |
| Thereafter | 460 | |
| Net | $ 851 | $ 480 |
Leases - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Leases [Abstract] | |||
| Operating lease cost | $ 31 | $ 24 | $ 31 |
| Short-term lease cost | 4 | 2 | 5 |
| Finance lease amounts relating to amortization of ROU assets and interest on finance lease obligations | 4 | 3 | 2 |
| Operating lease right-of-use asset, accelerated amortization | $ 6 | $ 4 | $ 7 |
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Cash paid for amounts included in the measurement of lease liabilities: | |||
| Cash used in operating activities related to operating leases | $ 25 | $ 28 | $ 30 |
| Cash used in financing activities related to finance leases | 3 | 2 | 2 |
| ROU assets obtained in exchange for lease obligations: | |||
| Operating lease | 28 | 30 | 10 |
| Finance lease | $ 8 | $ 5 | $ 2 |
Leases - Supplemental Other Information (Details) |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|
| Weighted average remaining lease term: | |||
| Operating leases | 5 years 1 month 6 days | 6 years 2 months 12 days | 5 years 10 months 24 days |
| Finance leases | 2 years 2 months 12 days | 2 years 1 month 6 days | 2 years 3 months 18 days |
| Weighted average discount rate: | |||
| Operating lease | 7.42% | 8.37% | 9.03% |
| Finance lease | 5.43% | 7.88% | 9.66% |
Leases - Undiscounted Future Payments (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Amount | ||
| 2026 | $ 32 | |
| 2027 | 21 | |
| 2028 | 14 | |
| 2029 | 11 | |
| 2030 | 8 | |
| Thereafter | 22 | |
| Total | 108 | |
| Less: Interest cost included | (20) | |
| Total lease liabilities | 88 | |
| Less: Current portion of lease liabilities | (26) | $ (15) |
| Long-term portion of lease liabilities | $ 62 | $ 63 |
Other Non-Current Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Other Assets, Noncurrent Disclosure [Abstract] | ||
| Restricted Cash | $ 40 | $ 25 |
| Cloud computing arrangements | 40 | 26 |
| Derivative asset | 0 | 27 |
| Other assets | 30 | 11 |
| Other non-current assets | $ 110 | $ 89 |
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Payables and Accruals [Abstract] | ||
| Accrued payroll and related costs | $ 212 | $ 174 |
| Accrued operating expenses | 150 | 146 |
| Client deposits | 144 | 55 |
| Accrued restructuring costs (see note 12) | 35 | 12 |
| Income tax payable | 69 | 11 |
| Indemnification liability (see note 16) | 31 | 0 |
| Deferred revenue | 23 | 31 |
| Accrued interest payable | 26 | 20 |
| Value added and similar taxes payable | 16 | 12 |
| Held for sale liabilities | 11 | 0 |
| Other | 40 | 0 |
| Accrued expenses and other current liabilities | $ 757 | $ 461 |
Restructuring, Exit and Related Charges - Accrued Restructuring and Related Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Restructuring Reserve [Roll Forward] | |||
| Beginning balance | $ 12 | $ 30 | |
| Accruals | 61 | 18 | |
| Non-cash items | (9) | (5) | |
| Addition from the CWT acquisition | 4 | ||
| Cash settled | (33) | (31) | |
| Ending balance | 35 | 12 | $ 30 |
| Employee Related | |||
| Restructuring Reserve [Roll Forward] | |||
| Beginning balance | 9 | 26 | |
| Accruals | 48 | 11 | |
| Non-cash items | 0 | 0 | |
| Addition from the CWT acquisition | 4 | ||
| Cash settled | (31) | (28) | |
| Ending balance | 30 | 9 | 26 |
| Facility - Non-Lease Related | |||
| Restructuring Reserve [Roll Forward] | |||
| Beginning balance | 3 | 4 | |
| Accruals | 4 | 2 | 3 |
| Non-cash items | 0 | 0 | |
| Addition from the CWT acquisition | 0 | ||
| Cash settled | (2) | (3) | |
| Ending balance | 5 | 3 | 4 |
| Facility - Lease Related | |||
| Restructuring Reserve [Roll Forward] | |||
| Beginning balance | 0 | 0 | |
| Accruals | 9 | 5 | |
| Non-cash items | (9) | (5) | |
| Addition from the CWT acquisition | 0 | ||
| Cash settled | 0 | 0 | |
| Ending balance | $ 0 | $ 0 | $ 0 |
Restructuring, Exit and Related Charges - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Restructuring Charges | |||
| Restructuring charges | $ 52 | $ 13 | $ 42 |
| Accruals | 61 | 18 | |
| Other Restructuring | |||
| Restructuring Charges | |||
| Restructuring charges | 48 | 11 | 39 |
| Facility - Lease Related | |||
| Restructuring Charges | |||
| Accruals | 9 | 5 | |
| Facility - Non-Lease Related | |||
| Restructuring Charges | |||
| Accruals | 4 | 2 | 3 |
| General and administrative | Facility - Lease Related | |||
| Restructuring Charges | |||
| Accruals | 6 | 4 | 7 |
| Depreciation and Amortization Expenses | Facility - Lease Related | |||
| Restructuring Charges | |||
| Accruals | $ 3 | $ 1 | $ 3 |
Long-term Debt - Amortization of Debt Discount and Debt Issuance Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Debt Discount and Debt Issuance Costs [Roll Forward] | |||
| Beginning balance | $ 24 | $ 16 | $ 17 |
| Capitalized during the year | 0 | 25 | 5 |
| Amortized/written-off during the year | (5) | (17) | (6) |
| Closing balance | $ 19 | $ 24 | $ 16 |
Long-term Debt - Aggregate Maturities of Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Long-term Debt | ||||
| 2026 | $ 58 | |||
| 2027 | 19 | |||
| 2028 | 16 | |||
| 2029 | 14 | |||
| 2030 | 14 | |||
| Thereafter | 1,316 | |||
| Total | 1,437 | |||
| Less: Unamortized debt discount and debt issuance costs | (19) | $ (24) | $ (16) | $ (17) |
| Total debt, net of unamortized debt discount and debt issuance costs | 1,418 | 1,384 | ||
| Term Loans | ||||
| Long-term Debt | ||||
| 2026 | 14 | |||
| 2027 | 14 | |||
| 2028 | 14 | |||
| 2029 | 14 | |||
| 2030 | 14 | |||
| Thereafter | 1,316 | |||
| Total | 1,386 | |||
| Less: Unamortized debt discount and debt issuance costs | (19) | |||
| Total debt, net of unamortized debt discount and debt issuance costs | 1,367 | |||
| Other Borrowings | ||||
| Long-term Debt | ||||
| 2026 | 44 | |||
| 2027 | 5 | |||
| 2028 | 2 | |||
| 2029 | 0 | |||
| 2030 | 0 | |||
| Thereafter | 0 | |||
| Total | 51 | $ 8 | ||
| Less: Unamortized debt discount and debt issuance costs | 0 | |||
| Total debt, net of unamortized debt discount and debt issuance costs | $ 51 |
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Employee Benefit Plans | |||
| Amount of contributions for plans | $ 65 | $ 59 | $ 58 |
| Aggregate projected benefit obligations of plans | 734 | 570 | $ 631 |
| Aggregate accumulated benefit obligation of plans | 720 | 557 | |
| Actuarial gain (loss), net | 22 | $ 49 | |
| Amount of expected contributions to defined benefit pension plans | $ 35 | ||
| Foreign Plan | Minimum | |||
| Employee Benefit Plans | |||
| Hedged percent | 80.00% | ||
| Foreign Plan | Maximum | |||
| Employee Benefit Plans | |||
| Hedged percent | 130.00% | ||
| Matching assets | Foreign Plan | Minimum | |||
| Employee Benefit Plans | |||
| Target allocation percentage | 36.00% | ||
| Matching assets | Foreign Plan | Maximum | |||
| Employee Benefit Plans | |||
| Target allocation percentage | 52.00% | ||
| Return-seeking assets | Foreign Plan | Minimum | |||
| Employee Benefit Plans | |||
| Target allocation percentage | 48.00% | ||
| Return-seeking assets | Foreign Plan | Maximum | |||
| Employee Benefit Plans | |||
| Target allocation percentage | 64.00% | ||
Employee Benefit Plans - Amounts recognized in Balance Sheet (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|
| Employee Benefit Plans | |||
| Non-current asset | $ 588 | $ 418 | $ 452 |
| Unfunded status | (146) | (152) | |
| Non-current asset | |||
| Employee Benefit Plans | |||
| Non-current asset | 9 | 0 | |
| Other current liabilities | |||
| Employee Benefit Plans | |||
| Other current liabilities | (3) | 0 | |
| Other non-current liabilities | |||
| Employee Benefit Plans | |||
| Other non-current liabilities | $ (152) | $ (152) |
Employee Benefit Plans - Summary of Amount Included in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Retirement Benefits [Abstract] | ||
| Unrecognized net actuarial loss | $ 44 | $ 63 |
| Unrecognized prior service cost | 4 | 2 |
| Total | 48 | 65 |
| Deferred taxes | (6) | (6) |
| Amounts recognized in accumulated other comprehensive loss | $ 42 | $ 59 |
Employee Benefit Plans - Components of Net Periodic Pension Cost (Benefit) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Retirement Benefits [Abstract] | |||
| Service cost | $ 5 | $ 4 | $ 4 |
| Interest cost | 30 | 26 | 26 |
| Expected return on plan assets | $ (25) | $ (22) | $ (20) |
| Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other (loss) income, net | Other (loss) income, net | Other (loss) income, net |
| Amortization of actuarial gain | $ 0 | $ 0 | $ (2) |
| Curtailments and settlements | 5 | 1 | 1 |
| Net periodic pension cost | $ 15 | $ 9 | $ 9 |
Employee Benefit Plans - Summary of Weighted Average Assumptions (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Net periodic pension cost: | |||
| Interest cost discount rate | 4.40% | 4.20% | 4.50% |
| Expected long-term return on plan assets | 5.60% | 5.10% | 4.90% |
| Rate of compensation increase | 2.70% | 2.70% | 2.80% |
| Projected benefit obligation: | |||
| Discount rate | 4.60% | 4.90% | 4.20% |
Employee Benefit Plans - Estimated Future Benefit Payments (Details) $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| Retirement Benefits [Abstract] | |
| 2026 | $ 35 |
| 2027 | 37 |
| 2028 | 37 |
| 2029 | 41 |
| 2030 | 41 |
| 2031-2035 | $ 232 |
Other non-current liabilities - Schedule Of Other Non-current Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Other Liabilities, Noncurrent [Abstract] | ||
| Client incentives | $ 47 | $ 19 |
| Derivative liabilities (see note 21) | 54 | 0 |
| Mandatorily redeemable non-controlling interests (see note 3) | 23 | 0 |
| Asset retirement obligations | 20 | 11 |
| Other liabilities | 9 | 4 |
| Other non-current liabilities | $ 153 | $ 34 |
Other non-current liabilities - Narrative (Details) - Uvet GBT Holdings LLC - USD ($) $ in Millions |
Jan. 15, 2029 |
Dec. 31, 2025 |
Dec. 18, 2025 |
|---|---|---|---|
| Business Acquisitions | |||
| Equity interest acquired, percentage | 35.00% | ||
| Redeemable noncontrolling interest, fair value | $ 23 | ||
| Forecast | |||
| Business Acquisitions | |||
| Equity interest acquired, percentage | 20.00% |
Commitments and Contingencies (Details) $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| Outstanding non-cancellable purchase commitments | $ 481 |
| Non-cancellable purchase commitments related to the next twelve months | 177 |
| Bank guarantees | $ 36 |
Equity-Based Compensation - Summary of Stock Option Activity (Details) - Employee Stock Option - Management Incentive Plan $ / shares in Units, $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
$ / shares
shares
| |
| Number of stock options | |
| Beginning balance (in shares) | shares | 13,338,391 |
| Exercised (in shares) | shares | (4,206,118) |
| Expired (in shares) | shares | (95,903) |
| Ending balance (in shares) | shares | 9,036,370 |
| Exercisable (in shares) | shares | 9,036,370 |
| Weighted average exercise price per stock option | |
| Beginning balance (in dollars per share) | $ / shares | $ 7.52 |
| Exercised (in dollars per share) | $ / shares | 5.99 |
| Expired (in dollars per share) | $ / shares | 8.46 |
| Ending balance (in dollars per share) | $ / shares | 8.22 |
| Exercisable (in dollars per share) | $ / shares | $ 8.22 |
| Weighted average remaining contractual term (in years) | |
| Exercisable as of period end | 3 years |
| Aggregate intrinsic value (in $ millions) | |
| Exercisable as of period end | $ | $ 5 |
Equity-Based Compensation - 2022 Equity Incentive Plan (Details) - 2022 Plan - Restricted Stock Units (RSUs) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Number of RSUs | |||
| Granted (in shares) | 7,000,000 | ||
| Class A common stock | |||
| Number of RSUs | |||
| Beginning balance (in shares) | 25,410,910 | ||
| Granted (in shares) | 6,506,266 | ||
| Forfeited (in shares) | (1,007,201) | ||
| Vested (in shares) | (11,986,464) | ||
| Ending balance (in shares) | 18,923,511 | 25,410,910 | |
| Weighted average grant date fair value | |||
| Beginning balance (in dollars per share) | $ 6.17 | ||
| Granted (in dollars per share) | 8.43 | $ 5.54 | $ 6.63 |
| Forfeited (in dollars per share) | 6.30 | ||
| Vested (in dollars per share) | 6.40 | ||
| Ending balance (in dollars per share) | $ 6.80 | $ 6.17 | |
Equity-Based Compensation - Equity-based Compensation Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Equity-Based Compensation | |||
| Equity-based compensation expense | $ 76 | $ 77 | $ 75 |
| Cost of revenue (excluding depreciation and amortization) | |||
| Equity-Based Compensation | |||
| Equity-based compensation expense | 4 | 4 | 4 |
| Sales and marketing | |||
| Equity-Based Compensation | |||
| Equity-based compensation expense | 18 | 20 | 28 |
| Technology and content | |||
| Equity-Based Compensation | |||
| Equity-based compensation expense | 20 | 20 | 16 |
| General and administrative | |||
| Equity-Based Compensation | |||
| Equity-based compensation expense | $ 34 | $ 33 | $ 27 |
Derivatives and Hedging - Interest Rate Swap (Details) - Interest rate swaps - USD ($) $ in Millions |
Dec. 31, 2025 |
Jan. 31, 2025 |
|---|---|---|
| Notional Amount Of 400 Million Expiring On 2028 | ||
| Derivatives and Hedging | ||
| Notional amount | $ 400 | $ 400 |
| Derivative fixed Interest rate | 3.242% | 4.2075% |
| Notional Amount Of 500 Million Expiring On 2029 | ||
| Derivatives and Hedging | ||
| Notional amount | $ 500 | $ 500 |
| Derivative fixed Interest rate | 3.226% | 4.209% |
Derivatives and Hedging - Warrants and Earnout Shares (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Derivatives designated as hedging instruments | Interest rate swaps | Other non-current assets | ||
| Derivatives and Hedging | ||
| Gross fair value of derivatives assets | $ 0 | $ 27 |
| Derivatives designated as hedging instruments | Interest rate swaps | Other non-current liabilities | ||
| Derivatives and Hedging | ||
| Gross fair value of derivatives assets | (24) | 0 |
| Derivatives designated as hedging instruments | Cross currency interest rate swap | Other non-current liabilities | ||
| Derivatives and Hedging | ||
| Gross fair value of derivatives assets | (30) | 0 |
| Derivatives not designated as hedging instruments | Earnout Shares | Earnout derivative liabilities | ||
| Derivatives and Hedging | ||
| Gross fair value of derivatives liabilities | $ (37) | $ (133) |
Fair Value Measurements - Summary of Gross Carrying Value and Fair Value (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Cross currency interest rate swap | ||
| Fair Value Measurements | ||
| Gross carrying value and fair value of derivative liabilities | $ 30 | |
| Level 2 | Interest rate swaps | ||
| Fair Value Measurements | ||
| Gross carrying value and fair value of derivative assets | 0 | $ 27 |
| Gross carrying value and fair value of derivative liabilities | (24) | 0 |
| Level 2 | Cross currency interest rate swap | ||
| Fair Value Measurements | ||
| Gross carrying value and fair value of derivative liabilities | (30) | 0 |
| Level 3 | Non-employee earnout shares | ||
| Fair Value Measurements | ||
| Gross carrying value and fair value of derivative liabilities | $ (37) | $ (133) |
Fair Value Measurements - Assumptions Used for Measurement of Fair Value (Details) - Non-employee earnout shares |
Dec. 31, 2025
yr
$ / shares
|
Dec. 31, 2024
yr
$ / shares
|
|---|---|---|
| Tranche 1 | ||
| Fair Value Measurements | ||
| Fair value per shares (in dollars per share) | $ 2.12 | $ 6.50 |
| Tranche 2 | ||
| Fair Value Measurements | ||
| Fair value per shares (in dollars per share) | $ 1.07 | $ 5.11 |
| Stock price | ||
| Fair Value Measurements | ||
| Fair value measurement input | 7.65 | 9.28 |
| Risk-free interest rate | ||
| Fair Value Measurements | ||
| Fair value measurement input | 0.0348 | 0.0426 |
| Volatility | ||
| Fair Value Measurements | ||
| Fair value measurement input | 0.380 | 0.440 |
| Expected term (years) | ||
| Fair Value Measurements | ||
| Fair value measurement input | yr | 1.4 | 2.4 |
| Expected dividends | ||
| Fair Value Measurements | ||
| Fair value measurement input | 0.000 | 0.000 |
Fair Value Measurements - Changes in Level 3 Financial Liabilities (Details) - Non-employee Earnout Shares - Level 3 - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Balance at the beginning | $ 77 | |
| Change in fair value | $ (96) | $ 56 |
| Balance at the end | $ 37 | |
Fair Value Measurements - Fair Value of Outstanding Senior Secured Term Loan (Details) - Secured Debt - Amended and Restated Senior Secured Credit Agreement - Level 2 - Line of Credit - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Carrying amount | ||
| Fair Value Measurements | ||
| Outstanding senior secured term loans | $ 1,367 | $ 1,376 |
| Fair Value | ||
| Fair Value Measurements | ||
| Outstanding senior secured term loans | $ 1,391 | $ 1,405 |
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Related Party Transactions | |||
| Revenue | $ 2,718 | $ 2,423 | $ 2,290 |
| Receivable from affiliates of Expedia | 869 | 571 | |
| (Payable) to affiliates of Expedia | (515) | (263) | |
| Commercial Agreements | Affiliated Entity | |||
| Related Party Transactions | |||
| Revenue | 10 | 9 | 27 |
| (Expenses) | (43) | (38) | (32) |
| Receivable from affiliates of Expedia | 3 | 2 | |
| (Payable) to affiliates of Expedia | (25) | (12) | |
| Commercial and Operating Agreements with Expedia | Affiliated Entity | |||
| Related Party Transactions | |||
| Revenue | 196 | 194 | 176 |
| (Expenses) | (2) | (14) | $ (24) |
| Receivable from affiliates of Expedia | 48 | 44 | |
| (Payable) to affiliates of Expedia | $ 0 | $ (3) | |
Related Party Transactions - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
May 31, 2022 |
Nov. 30, 2021 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2025 |
|
| Class A common stock | |||||
| Related Party Transactions | |||||
| Loan to equity affiliate | $ 5 | ||||
| Commercial and Operating Agreements with Expedia | Affiliated Entity | |||||
| Related Party Transactions | |||||
| Term of agreement | 10 years | ||||
| Transition Services Agreement with Expedia, Inc | Affiliated Entity | |||||
| Related Party Transactions | |||||
| Optional services, term | 18 months | 3 years | |||
| Stock issued during period, value, loss contingency | $ 7 | $ 3 | |||
| Payable remaining in respect of loss contingency, payable | $ 4 | ||||
| Transition Services Agreement with Expedia, Inc | Affiliated Entity | Class A common stock | |||||
| Related Party Transactions | |||||
| Common stock issued to expedia (in shares) | 575,409 | ||||
| Stock issued during period, value, loss contingency | $ 4 | ||||
| License of American Express Marks | |||||
| Related Party Transactions | |||||
| Term of agreement | 11 years | ||||
Segment Information - Narrative (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
segment
| |
| Segment Reporting [Abstract] | |
| Number of operating segments | 1 |
| Number of reportable segments | 1 |
Segment Information - Summary of Revenue and Long-lived Assets (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Segment Information | |||
| Revenue | $ 2,718 | $ 2,423 | $ 2,290 |
| Long-lived assets | 142 | 118 | 117 |
| United States | |||
| Segment Information | |||
| Revenue | 601 | 479 | 833 |
| Long-lived assets | 37 | 31 | 38 |
| U.K. | |||
| Segment Information | |||
| Revenue | 1,363 | 1,305 | 833 |
| Long-lived assets | 33 | 24 | 11 |
| France | |||
| Segment Information | |||
| Long-lived assets | 17 | 19 | 23 |
| All other countries | |||
| Segment Information | |||
| Revenue | 754 | 639 | 624 |
| Long-lived assets | $ 55 | $ 44 | $ 45 |