G 
Global Business Travel Group GBTG · USD
Consumer Discretionary · US listing · 🇺🇸 United States
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At a glance
Figures in USD, from our data supplier.
Revenue
$2.72bn
FY2018FY2025
Net income
$109.0m
FY2018FY2025
Free cash flow
$104.0m
FY2018FY2025
Shareholders' equity
$1.61bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.72bn | $2.42bn | $2.29bn | $1.85bn | $763.0m | $793.0m | $2.12bn | $1.90bn |
| Gross profit | $1.63bn | $1.46bn | $1.33bn | $1.02bn | $286.0m | $264.0m | $1.24bn | $1.09bn |
| Research and development | $527.0m | $442.0m | $405.0m | $388.0m | $264.0m | $277.0m | $339.0m | — |
| Operating income | $182.0m | $115.0m | −$8.0m | −$192.0m | −$600.0m | −$732.0m | $206.0m | $98.0m |
| Net income | $109.0m | −$138.0m | −$63.0m | −$25.0m | −$467.0m | −$614.0m | $134.0m | $19.0m |
| Diluted earnings per share | 0.21 | -0.30 | -0.13 | -0.06 | -1.11 | -1.46 | 7.05 | 0.15 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | $4.92bn | $3.62bn | $3.75bn | $4.18bn | $4.01bn | $2.76bn | $3.09bn | — |
| Cash and short-term investments | $434.0m | $536.0m | $476.0m | $303.0m | $516.0m | $584.0m | $496.0m | — |
| Total liabilities | $3.25bn | $2.57bn | $2.54bn | $2.81bn | $2.52bn | $1.77bn | $1.41bn | — |
| Debt | $1.44bn | $1.38bn | $1.36bn | $1.22bn | $1.02bn | $624.0m | $3.0m | — |
| Shareholders' equity | $1.61bn | $1.05bn | $1.21bn | $152.0m | $1.49bn | $981.0m | $1.68bn | — |
| Shares outstanding | 524m | 463m | 467m | 419m | 419m | 419m | 19m | 129m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | $233.0m | $272.0m | $162.0m | −$394.0m | −$512.0m | −$250.0m | $227.0m | $137.0m |
| Capital spending | −$129.0m | −$107.0m | −$113.0m | −$94.0m | −$44.0m | −$47.0m | −$62.0m | −$66.0m |
| Free cash flow | $104.0m | $165.0m | $49.0m | −$488.0m | −$556.0m | −$297.0m | $165.0m | $71.0m |
| Dividends paid | — | — | — | −$8.0m | −$1.0m | — | −$58.0m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $870.0m | $840.0m | $792.0m | $674.0m | $631.0m | $621.0m | $591.0m | $597.0m |
| Gross profit | $514.0m | $490.0m | $450.0m | $404.0m | $389.0m | $390.0m | $353.0m | $360.0m |
| Operating income | $24.0m | $47.0m | $58.0m | $12.0m | $55.0m | $77.0m | $30.0m | $27.0m |
| Net income | $15.0m | $52.0m | $83.0m | −$62.0m | $13.0m | $75.0m | −$16.0m | −$129.0m |
| Diluted earnings per share | 0.03 | 0.10 | 0.16 | -0.12 | 0.02 | 0.14 | -0.03 | -0.28 |
| Cash from operations | $142.0m | −$15.0m | $52.0m | $71.0m | $57.0m | $53.0m | $65.0m | $85.0m |
| Capital spending | −$39.0m | −$37.0m | −$39.0m | −$33.0m | −$30.0m | −$27.0m | −$32.0m | −$26.0m |
| Free cash flow | $103.0m | −$52.0m | $13.0m | $38.0m | $27.0m | $26.0m | $33.0m | $59.0m |
| Total assets | $5.08bn | $5.08bn | $4.92bn | $4.76bn | $3.87bn | $3.79bn | $3.62bn | $3.75bn |
| Cash and short-term investments | $518.0m | $442.0m | $434.0m | $427.0m | $601.0m | $552.0m | $536.0m | $524.0m |
| Debt | $1.53bn | $1.54bn | $1.44bn | $1.41bn | $1.40bn | $1.40bn | $1.40bn | $1.41bn |
| Shareholders' equity | $1.64bn | $1.61bn | $1.61bn | $1.53bn | $1.20bn | $1.12bn | $1.05bn | $1.10bn |
Financial ratios
Data as of 26 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 60.1% | 60.1% | 58.2% | 55.1% | 37.5% | 33.3% |
| Operating margin | 8.9% | 1.8% | -0.2% | -10.2% | -78.6% | -92.3% |
| Net margin | 4.0% | -5.7% | -2.8% | -1.4% | -61.2% | -77.4% |
| Return on equity | 6.8% | -13.1% | -5.2% | -16.4% | -31.3% | -62.6% |
| Return on assets | 2.2% | -3.8% | -1.7% | -0.6% | -11.6% | -22.3% |
| Free cash flow yield | 7.3% | 8.5% | 6.2% | -7.5% | -11.8% | -5.1% |
| Revenue growth | 12.2% | 5.8% | 23.7% | 142.6% | -3.8% | -62.6% |
| Earnings growth | -179.0% | 119.0% | 152.0% | -94.6% | -23.9% | -558.2% |
| Current ratio | 1.14x | 1.64x | 1.64x | 1.60x | 1.43x | 1.52x |
| Debt to equity | 0.90x | 1.33x | 1.14x | 8.16x | 0.70x | 0.66x |
| Equity ratio | 32.7% | 29.0% | 32.2% | 3.6% | 37.2% | 35.6% |
| Interest coverage | 2.55x | 0.38x | -0.03x | -1.93x | -11.32x | -27.11x |
| R&D as a share of sales | 19.4% | 18.2% | 17.7% | 21.0% | 34.6% | 34.9% |
| Buybacks as a share of market value | -11.2% | -0.8% | -11.4% | 0.0% | 0.0% | -2106.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 13.7% | 27.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 60.1% | 58.6% | 55.3% | — |
| Operating margin | 5.8% | 1.0% | -11.4% | — |
| Net margin | -0.6% | -1.3% | -11.1% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | 36.8 | -31.1 | -47.8 | -113.2 | -8.9 | -7.1 |
| Price to sales | 1.5 | 1.8 | 1.3 | 1.5 | 5.4 | 5.5 |
Market value over time
31 May 2022 to 29 Sept 2026, in USD
$167.4m$4.94bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Return | -14% | 49% | -1% | -37% | -4% | 7% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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