Global Business Travel Group, Inc. (GBTG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.12	$0.16	+33.3%	—	$870M	—
Q1 26	$0.12	$0.2	+66.7%	—	$840M	—
Q4 25	$0.17	$0.15	-11.8%	—	$792M	—
Q3 25	$0.12	$0.07	-41.7%	—	$674M	—
Q2 25	$0.15	$0.07	-53.3%	—	$631M	—
Q1 25	$0.17	$0.13	-23.5%	—	$621M	—
Q4 24	$0.07	$0.09	+28.6%	—	$591M	—
Q3 24	—	-$0.1	—	—	$597M	—
Q2 24	$0.03	$0.16	+433.3%	—	$625M	—
Q1 24	$0.09	$0.03	-66.7%	—	$610M	—
Q4 23	—	-$0.03	—	—	$549M	—
Q3 23	—	-$0.02	—	—	$571M	—
Q2 23	$0.02	$0.13	+550.0%	—	$592M	—
Q1 23	$0.01	$0.09	+800.0%	—	$578M	—
Q4 22	-$0.14	$0.24	+271.4%	—	$527M	—
Q3 22	-$0.12	$0.37	+408.3%	—	$488M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.22	—	—	$2.7B	—
FY24	—	-$0.3	—	—	$2.4B	—
FY23	—	-$0.25	—	—	$2.3B	—
FY22	—	-$0.5	—	—	$1.9B	—
FY21	—	$0

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.1B	$793M	$763M	$1.9B	$2.3B	$2.4B	$2.7B
YoY change	—	-62.6%	-3.78%	+142.6%	+23.7%	+5.81%	+12.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.1B	793M	763M	1.9B	2.3B	2.4B	2.7B
Cost of revenue	880M	529M	477M	832M	958M	967M	1.1B
Gross profit	1.2B	264M	286M	1B	1.3B	1.5B	1.6B
Gross margin	58.5%	33.3%	37.5%	55.1%	58.2%	60.1%	60.1%
Research & development	339M	277M	264M	388M	405M	442M	527M
Selling, general & administrative	541M	380M	414M	650M	699M	708M	732M
Operating expenses	880M	657M	678M	1B	1.1B	1.1B	1.3B
Operating income	218M	-541M	-546M	-201M	34M	128M	182M
Operating margin	10.3%	-68.2%	-71.6%	-10.9%	1.48%	5.28%	6.7%
Non-operating income, net	-15M	-192M	-55M	12M	-39M	-90M	52M
Pretax income	193M	-759M	-653M	-287M	-145M	-71M	147M
Income tax	60M	-145M	-186M	-61M	-9M	66M	40M
Net income	138M	-619M	-475M	-229M	-136M	-134M	111M
Net margin	6.51%	-78.1%	-62.3%	-12.4%	-5.94%	-5.53%	4.08%
EBITDA	368M	-390M	-383M	-18M	219M	329M	392M
EPS	2.35	0	0	-0.5	-0.25	-0.3	0.22
Diluted EPS	2.35	0	0	-0.51	-0.3	-0.3	0.22

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	571M	549M	610M	625M	597M	591M	621M	631M	674M	792M	840M	870M
Cost of revenue	237M	238M	245M	247M	237M	238M	231M	242M	270M	342M	350M	356M
Gross profit	334M	311M	365M	378M	360M	353M	390M	389M	404M	450M	490M	514M
Gross margin	58.5%	56.6%	59.8%	60.5%	60.3%	59.7%	62.8%	61.6%	59.9%	56.8%	58.3%	59.1%
Research & development	101M	104M	108M	112M	112M	110M	120M	120M	130M	157M	159M	160M
Selling, general & administrative	175M	155M	185M	179M	174M	170M	171M	180M	184M	197M	224M	233M
Operating expenses	276M	259M	293M	291M	286M	280M	291M	300M	314M	354M	383M	393M
Operating income	8M	3M	25M	39M	31M	33M	59M	46M	41M	36M	47M	65M
Operating margin	1.4%	0.55%	4.1%	6.24%	5.19%	5.58%	9.5%	7.29%	6.08%	4.55%	5.6%	7.47%
Non-operating income, net	18M	-11M	16M	-8M	-79M	-19M	59M	9M	-59M	43M	-10M	-26M
Pretax income	-10M	-43M	8M	1M	-74M	-6M	96M	34M	-40M	57M	11M	15M
Income tax	-2M	3M	27M	-26M	54M	11M	21M	21M	24M	-26M	-42M	2M
Net income	-8M	-46M	-19M	27M	-128M	-14M	75M	15M	-62M	83M	54M	17M
Net margin	-1.4%	-8.38%	-3.11%	4.32%	-21.4%	-2.37%	12.1%	2.38%	-9.2%	10.5%	6.43%	1.95%
EBITDA	49M	52M	79M	88M	61M	101M	92M	80M	88M	132M	111M	131M
EPS	0	—	-0.04	0.06	-0.28	—	0.16	0.03	-0.13	—	0.1	0.03
Diluted EPS	-0.02	—	-0.04	0.06	-0.28	—	0.16	0.03	-0.13	—	0.1	0.03

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	346M	—	—	3.7B	5B
Enterprise value	—	—	—	1.3B	—	—	4.8B	6.1B
Shares outstanding	56.9M	56.9M	56.9M	51.3M	251.6M	462.7M	484.5M	484.5M

Valuation

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	33.4	59.4
P/S	—	—	—	0.19	—	—	1.36	1.56
P/B	—	—	—	0.25	—	—	2.23	3.03
EV/EBITDA	—	—	—	-74.6	—	—	12.2	15.9
EV/Sales	—	—	—	0.73	—	—	1.76	1.93
Earnings yield	—	—	—	—	—	—	2.99%	1.68%
FCF yield	—	—	—	-141%	—	—	2.81%	8.54%
PEG	—	—	—	—	—	—	—	20.1

Profitability

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	58.5%	33.3%	37.5%	55.1%	58.2%	60.1%	60.1%	59.1%
Operating margin	10.3%	-68.2%	-71.6%	-10.9%	1.48%	5.28%	6.7%	11.4%
Net margin	6.51%	-78.1%	-62.3%	-12.4%	-5.94%	-5.53%	4.08%	2.77%
ROE	—	-62.9%	-31.8%	-16.7%	-11.2%	-12.7%	6.68%	6.35%
ROA	—	-22.4%	-12.6%	-6.14%	-3.63%	-3.7%	2.26%	3.67%
ROIC	—	-49.1%	-26.2%	-8.49%	1.57%	6.45%	4.85%	6.82%
Return on tangible assets	—	-10.3K%	108.7%	-286.3%	-61%	-51.1%	-86.7%	60.9%

Financial health

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	1.52	1.46	1.6	1.64	1.64	1.14	1.2
Quick ratio	—	1.52	1.46	1.6	1.64	1.64	1.14	1.2
Debt / equity	—	0.71	0.74	0.95	1.18	1.38	0.91	0.96
Debt / assets	—	0.25	0.29	0.35	0.38	0.4	0.31	0.31
Net debt / EBITDA	—	-0.3	-1.54	-55.4	4.37	2.81	2.73	2.34
Interest coverage	13.9	-27.1	-11.3	-1.93	-0.03	0.38	2.55	1.43
Effective tax rate	31.1%	0%	0%	0%	0%	0%	27.2%	0%

Per share

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	37.2	13.9	13.4	36.1	9.1	5.24	5.61	6.26
EPS (basic)	2.35	0	0	-0.5	-0.25	-0.3	0.22	0.22
EPS (diluted)	2.35	0	0	-0.51	-0.3	-0.3	0.22	0.16
Book value per share	—	17.3	26.2	26.7	4.82	2.28	3.43	3.14
FCF per share	2.9	-5.22	-9.76	-9.52	0.19	0.36	0.21	0.2
Cash per share	—	10.3	9.06	5.91	1.89	1.16	0.9	0.99
Capex per share	1.09	0.83	0.77	1.83	0.45	0.23	—	—

Capital allocation

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.93%	5.93%	5.77%	5.08%	4.93%	4.42%	—	—
Capex / operating cash flow	24%	-20.1%	-7.28%	-23.2%	69.8%	50%	—	—
Payout ratio	42%	0%	-0.21%	0%	0%	—	—	0%
Dividend yield	—	—	—	0%	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	584M	516M	303M	476M	536M	434M
Receivables	144M	381M	765M	726M	571M	869M
Inventory	—	—	—	—	—	—
Total current assets	869M	1.1B	1.2B	1.4B	1.3B	1.6B
Property, plant & equipment	249M	275M	276M	282M	291M	374M
Goodwill & intangibles	2.8B	4.2B	3.6B	3.5B	3.4B	5B
Total assets	2.8B	3.8B	3.7B	3.8B	3.6B	4.9B
Accounts payable	96M	137M	253M	302M	263M	515M
Short-term debt	27M	24M	20M	24M	34M	84M
Total current liabilities	570M	721M	773M	831M	780M	1.4B
Long-term debt	675M	1.1B	1.3B	1.4B	1.4B	1.4B
Total liabilities	1.8B	2.3B	2.4B	2.5B	2.6B	3.3B
Shareholders' equity	984M	1.5B	1.4B	1.2B	1.1B	1.7B
Total debt	702M	1.1B	1.3B	1.4B	1.5B	1.5B
Net debt	118M	589M	997M	958M	926M	1.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	432M	476M	475M	515M	524M	536M	552M	601M	427M	434M	442M	518M
Receivables	851M	726M	812M	712M	691M	571M	717M	722M	930M	869M	1B	968M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.5B	1.4B	1.5B	1.4B	1.4B	1.3B	1.5B	1.5B	1.6B	1.6B	1.8B	1.8B
Property, plant & equipment	278M	282M	284M	280M	294M	291M	291M	293M	372M	374M	364M	368M
Goodwill & intangibles	3.5B	3.5B	3.5B	3.4B	3.5B	3.4B	3.4B	3.4B	4.6B	5B	5B	4.9B
Total assets	3.9B	3.8B	3.8B	3.8B	3.8B	3.6B	3.8B	3.9B	4.8B	4.9B	5.1B	5.1B
Accounts payable	385M	302M	386M	333M	330M	263M	325M	353M	556M	515M	603M	619M
Short-term debt	23M	24M	26M	21M	30M	34M	33M	34M	45M	84M	87M	84M
Total current liabilities	923M	831M	982M	879M	892M	780M	910M	915M	1.3B	1.4B	1.5B	1.5B
Long-term debt	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.5B	1.5B
Total liabilities	2.6B	2.5B	2.7B	2.6B	2.6B	2.6B	2.7B	2.7B	3.2B	3.3B	3.4B	3.4B
Shareholders' equity	1.3B	1.2B	1.2B	1.2B	1.1B	1.1B	1.1B	1.2B	1.5B	1.7B	1.7B	1.7B
Total debt	1.4B	1.4B	1.4B	1.4B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.6B	1.6B
Net debt	1B	958M	962M	916M	941M	926M	906M	853M	1B	1.1B	1.2B	1.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	138M	-619M	-475M	-229M	-136M	-134M	111M
Depreciation & amortization	141M	148M	154M	182M	194M	178M	192M
Stock-based compensation	6M	3M	3M	39M	75M	77M	76M
Change in working capital	-16M	366M	-86M	-323M	71M	113M	-60M
Operating cash flow	258M	-234M	-604M	-406M	162M	214M	233M
Capital expenditure	-62M	-47M	-44M	-94M	-113M	-107M	—
Investing cash flow	-87M	-47M	-27M	-95M	-119M	-102M	-77M
Dividends paid	-58M	0	-1M	0	0	—	—
Share repurchases	—	0	0	-168M	0	-55M	-73M
Financing cash flow	-65M	384M	478M	292M	113M	-114M	-136M
Net change in cash	106M	103M	-153M	-209M	156M	-2M	20M
Free cash flow	165M	-297M	-556M	-488M	49M	165M	104M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-8M	-46M	-19M	27M	-128M	-14M	75M	15M	-62M	83M	54M	17M
Depreciation & amortization	50M	49M	47M	48M	43M	40M	40M	43M	49M	60M	60M	56M
Stock-based compensation	19M	15M	18M	20M	20M	19M	19M	20M	19M	18M	17M	19M
Change in working capital	88M	41M	54M	-3M	35M	27M	-52M	14M	47M	-69M	-31M	30M
Operating cash flow	150M	38M	101M	84M	0	29M	118M	57M	71M	52M	-15M	142M
Capital expenditure	-28M	-26M	-25M	-24M	-26M	-32M	-27M	—	—	—	—	—
Investing cash flow	-29M	-26M	-25M	-24M	-26M	-32M	-18M	18M	-138M	34M	10M	0
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	—	—	-55M	0	-1M	0	-33M	-39M	-38M	-9M
Financing cash flow	-7M	-1M	-14M	-8M	-84M	-8M	-29M	-23M	-37M	-47M	45M	-29M
Net change in cash	114M	11M	62M	52M	-110M	-11M	71M	52M	-104M	39M	40M	113M
Free cash flow	107M	32M	24M	49M	59M	33M	26M	27M	38M	13M	-52M	103M

Global Business Travel Group, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement