An overwhelming majority of travel agencies represented in this year's Power List, our annual collection of the world's biggest sellers of travel, reported steady year-over-year growth amid the promise and performance of AI in their operations.
Global annual sales of $125 million (with at least 15% generated within the U.S.) remained the threshold for inclusion for the second consecutive year, and 72 companies exceeded that baseline. A record 27 reported more than $1 billion in sales in 2025, including Gant Travel Management and Outside Agents, which achieved that milestone for the first time.
The list reflects major acquisitions that closed last year. The biggest deal in 2025 by far was in the Top 10, where American Express Global Business Travel acquired CWT. A little further down the list, Direct Travel acquired ATPI.
The disappearance of those prominent companies from the Power List is partially offset by the introduction of newcomers like Talma Travel Solutions, a privately held, Israel-based TMC that acquired previous Power Lister Brickell Travel Management, and Corpay Lodging, a publicly held, Atlanta-based TMC that reported $3.3 billion in travel sales.
While the top five behemoths remained in the same order as last year, a couple of smaller companies made impressive leaps in the rankings. Southern California-based host agency Coastline Travel Group rose from No. 52 in 2025 to No. 47 this year, reporting a 57% increase in sales. The Travel Society, a host agency based in the Denver suburb of Greenwood Village, Colo., moved up from No. 65 to No. 59 after an almost 50% sales increase.
AI in the spotlight
But it was the deepening commitment to AI in all facets of the industry that was a favorite theme of agencies when they were asked to provide details about their accomplishments, plans and outlook.
Agencies reported investing in generative and agentic AI to bolster their behind-the-scenes operations, streamline the work of advisors and enhance travelers' experience before, during and after their journeys. One of the many benefits of the emerging technology is to enable advisors to prioritize more time with high-value clients and address more complex demands.
Other trends include the increased call for premium and luxury experiences; more adoption of travel loyalty programs; the prioritization of travel to drive revenue and spur growth; and businesses' need for audit-ready data on sustainability initiatives. The cruise sector appears on pace to have an exceptionally strong year, according to agencies in the leisure sector.
Forecasting business
But with global turmoil and spiking oil prices, fewer companies than usual chose to forecast how the rest of the year will play out. The bulk of survey responses arrived in March and early April just after the U.S. and Israel went to war against Iran.
Some expressed cautious optimism about the industry's resilience, while others characterized the mood as "wait and see." Companies reported general shifts toward domestic travel, driving trips, North America cruises, shorter lead times and plenty of flexibility.
One company noted that travel disruptions -- including airport delays, weather events and geopolitical factors -- require agility, proactive communication and sturdy supplier relationships, all aspects bolstered by advances in AI.
Companies often indicated they were facing increasing expectations for seamless digital transactions, the authentic touch of personalized services and comprehensive content access.
Jump into the Power List here -- click on any company's logo to begin.
Contributing editor Paul Szydelko compiled and edited the 2026 Power List.