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Sector coverage

Business Travel

What corporate travel actually looks like now: AmEx GBT, BCD, CWT, the rise of self-booking, and the squeeze on TMC unit economics.

Photograph: Unsplash
~82%
Global corporate travel vs. 2019 baseline
Source: GBTA
$1.5T
Forecast global business travel spend (2026)
Source: GBTA BTI
+19%
Premium-cabin corporate spend YoY
Source: AmEx GBT
On our watchlist

Companies we track in Business Travel.

The names we follow most closely in this sector. Not investment advice — just where we are spending the most analytic time.

American Express GBT
BCD Travel
CWT
Navan
TravelPerk
SAP Concur
Brex
Ramp
Egencia
FCM
In the field

Business Travel, illustrated.

Plane interior
Premium cabin is doing more of the work it ever has in corporate.
Modern office
The expense layer is doing more of the strategic work than the TMC.
Conference room
The meeting that justifies the trip is the one that survives.