v3.26.1
Business Acquisitions
 3 Months Ended
Mar. 31, 2026
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 acquisition of all of the issued and outstanding equity interests of CWT Holdings, LLC. ("CWT") for a total purchase consideration of $597 million. The components of the total purchase consideration consisted of (i) $408 million in shares of the Company’s Class A common stock, par value $0.0001 per share (“Class A common stock”), (ii) $186 million in cash, and (iii) $3 million in contingent consideration.

The Company initially paid $196 million in cash, including $15 million deposited in an account with an escrow agent as security for certain purchase price adjustments under the merger agreement, which were to be released to CWT's legacy equityholders in accordance with the terms of the merger agreement. In February 2026, 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.

During the three months ended March 31, 2026, the fair value of contingent consideration was determined to be $2 million, with the decrease of $1 million recognized in the Company's consolidated statements of operations.

During the three months ended March 31, 2026, there has been no change to the Company’s preliminary fair values of the CWT assets acquired and liabilities assumed. The purchase price allocation is preliminary and subject to change during the measurement period as the Company finalizes income tax effects.
Assuming an acquisition date of January 1, 2024, the unaudited pro forma revenue and net income of the Company for the three months ended March 31, 2025 would have been as follows:
Three months ended March 31,
(in $ millions)2025
Revenue
$786 
Net income
$64 
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 signed an agreement with UVET Viaggi Turismo S.p.A. granting the Company the right to appoint a majority of board members of Uvet Global Business Travel S.p.A ("Uvet GBT"), a company registered in Italy. On December 29, 2025, the Company exercised this right and gained control of Uvet GBT while retaining its 35% ownership equity interest. Previously, the Company had accounted for this 35% equity interest as an equity method investment. This transaction was accounted as a "step acquisition" under GAAP.
During the three months ended March 31, 2026, there has been no change to the Company’s preliminary fair values of the Uvet GBT assets acquired and liabilities assumed valued as of the acquisition date, except that the customer relationship was valued at $66 million compared to initial value determined of $71 million. This resulted in a corresponding increase to goodwill amount of $4 million from initial value determined of $81 million to $85 million and a decrease to deferred tax liability of $1 million from initial value determined of $20 million to $19 million. The adjustment did not have a material impact on the Company's consolidated statements of operations.