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Global Business Travel Group (GBTG) Financials

Global Business Travel Group logo
$9.44 +0.01 (+0.05%)
Closing price 08/5/2026 03:59 PM Eastern
Extended Trading
$9.43 -0.01 (-0.10%)
As of 08/5/2026 07:57 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Annual Income Statements for Global Business Travel Group

Annual Income Statements for Global Business Travel Group

This table shows Global Business Travel Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
-0.00 0.00 0.00 -25 -63 -138 109
Consolidated Net Income / (Loss)
-0.00 -619 -475 -229 -136 -134 111
Net Income / (Loss) Continuing Operations
-0.00 -619 -475 -229 -136 -134 111
Total Pre-Tax Income
-0.00 -759 -653 -287 -145 -71 147
Total Operating Income
-0.00 -747 -560 -198 -8.00 115 130
Total Gross Profit
0.00 264 286 1,019 1,329 1,456 1,633
Total Revenue
0.00 793 763 1,851 2,290 2,423 2,718
Operating Revenue
0.00 793 763 1,851 2,290 2,423 2,718
Total Cost of Revenue
0.00 529 477 832 961 967 1,085
Operating Cost of Revenue
- 529 477 832 961 967 1,085
Total Operating Expenses
0.00 1,011 846 1,217 1,337 1,341 1,503
Selling, General & Admin Expense
0.00 458 477 701 707 750 817
Marketing Expense
- 199 201 337 394 400 442
Depreciation Expense
- 148 154 182 194 178 192
Restructuring Charge
- 206 14 -3.00 42 13 52
Total Other Income / (Expense), net
0.00 -12 -93 -89 -137 -186 17
Interest Expense
0.00 27 102 98 141 153 97
Interest & Investment Income
0.00 1.00 1.00 0.00 1.00 6.00 47
Other Income / (Expense), net
- 14 8.00 9.00 3.00 -39 67
Income Tax Expense
- -145 -186 -61 -9.00 66 40
Other Gains / (Losses), net
0.00 -5.00 -8.00 -3.00 0.00 3.00 4.00
Net Income / (Loss) Attributable to Noncontrolling Interest
- -619 -475 -204 -73 4.00 2.00
Basic Earnings per Share
$0.00 $0.00 $0.00 ($0.50) ($0.25) ($0.30) $0.22
Weighted Average Basic Shares Outstanding
0.00 0.00 0.00 51.27M 251.65M 462.70M 484.52M
Diluted Earnings per Share
$0.00 $0.00 $0.00 ($0.51) ($0.30) ($0.30) $0.22
Weighted Average Diluted Shares Outstanding
0.00 0.00 0.00 445.72M 458.06M 462.70M 492.79M
Weighted Average Basic & Diluted Shares Outstanding
20.42M 0.00 102.10M 463.95M 472.62M 478.41M 524.00M

Quarterly Income Statements for Global Business Travel Group

This table shows Global Business Travel Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders
-47 -19 26 -129 -16 75 13 -62 83 52 15
Consolidated Net Income / (Loss)
-46 -19 27 -128 -14 75 15 -62 83 54 17
Net Income / (Loss) Continuing Operations
-46 -19 27 -128 -14 75 15 -62 83 54 17
Total Pre-Tax Income
-43 8.00 1.00 -74 -6.00 96 34 -40 57 11 15
Total Operating Income
3.00 16 42 27 30 55 34 12 29 3.00 24
Total Gross Profit
311 365 378 360 353 390 389 404 450 490 514
Total Revenue
549 610 625 597 591 621 631 674 792 840 870
Operating Revenue
549 610 625 597 591 621 631 674 792 840 870
Total Cost of Revenue
238 245 247 237 238 231 242 270 342 350 356
Operating Cost of Revenue
238 245 247 237 238 231 242 270 342 350 356
Total Operating Expenses
308 349 336 333 323 335 355 392 421 487 490
Selling, General & Admin Expense
165 194 192 187 177 188 189 206 234 257 270
Marketing Expense
94 99 99 99 103 103 111 108 120 126 123
Depreciation Expense
49 47 48 43 40 40 43 49 60 60 56
Restructuring Charge
- 9.00 -3.00 4.00 3.00 4.00 12 29 7.00 44 41
Total Other Income / (Expense), net
-46 -8.00 -41 -101 -36 41 0.00 -52 28 8.00 -9.00
Interest Expense
36 33 32 66 22 26 23 24 24 27 25
Interest & Investment Income
- 0.00 2.00 2.00 - 2.00 2.00 2.00 41 1.00 1.00
Other Income / (Expense), net
-11 25 -11 -37 -16 65 21 -30 11 34 15
Income Tax Expense
3.00 27 -26 54 11 21 21 24 -26 -42 2.00
Other Gains / (Losses), net
- - 0.00 0.00 - 0.00 2.00 2.00 - 1.00 4.00
Net Income / (Loss) Attributable to Noncontrolling Interest
1.00 0.00 1.00 1.00 2.00 0.00 2.00 0.00 - 2.00 2.00
Basic Earnings per Share
$0.01 ($0.04) $0.06 ($0.28) ($0.04) $0.16 $0.03 ($0.13) $0.16 $0.10 $0.03
Weighted Average Basic Shares Outstanding
251.65M 461.39M 464.60M 462.29M 462.70M 465.87M 470.88M 485.82M 484.52M 512.80M 513.80M
Diluted Earnings per Share
$0.01 ($0.04) $0.06 ($0.28) ($0.04) $0.16 $0.03 ($0.13) $0.16 $0.10 $0.03
Weighted Average Diluted Shares Outstanding
458.06M 461.39M 470.66M 462.29M 462.70M 478.72M 474.84M 485.82M 492.79M 519.40M 520.37M
Weighted Average Basic & Diluted Shares Outstanding
472.62M 472.62M 473.27M 470.50M 478.41M 478.70M 479.02M 523.53M 524.00M 521.46M 522.37M

Annual Cash Flow Statements for Global Business Travel Group

This table details how cash moves in and out of Global Business Travel Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents
94 -68 -209 173 72 -82
Net Cash From Operating Activities
-250 -512 -394 162 272 233
Net Cash From Continuing Operating Activities
-206 -512 -394 162 272 233
Net Income / (Loss) Continuing Operations
-619 -475 -229 -136 -134 111
Consolidated Net Income / (Loss)
-619 -475 -229 -136 -134 111
Depreciation Expense
148 154 182 194 178 192
Non-Cash Adjustments To Reconcile Net Income
30 22 45 84 148 6.00
Changes in Operating Assets and Liabilities, net
235 -213 -392 20 80 -76
Net Cash From Investing Activities
-47 -27 -95 -119 -102 -206
Net Cash From Continuing Investing Activities
-47 -27 -95 -119 -102 -206
Purchase of Property, Plant & Equipment
-47 -44 -94 -113 -107 -129
Acquisitions
0.00 20 - 0.00 0.00 -104
Sale and/or Maturity of Investments
- - - 0.00 0.00 27
Other Investing Activities, net
0.00 -3.00 -1.00 -6.00 5.00 0.00
Net Cash From Financing Activities
384 478 292 120 -85 -128
Net Cash From Continuing Financing Activities
384 478 292 120 -85 -128
Repayment of Debt
-4.00 -596 -9.00 -4.00 -1,428 -119
Repurchase of Common Equity
0.00 -10 0.00 0.00 -55 -73
Issuance of Debt
388 935 200 131 1,397 99
Issuance of Common Equity
- 0.00 0.00 7.00 29 8.00
Other Financing Activities, net
0.00 0.00 269 -14 -28 -43
Effect of Exchange Rate Changes
7.00 -7.00 -12 10 -13 19
Cash Interest Paid
16 47 96 142 99 94
Cash Income Taxes Paid
-13 -5.00 -1.00 2.00 14 52

Quarterly Cash Flow Statements for Global Business Travel Group

This table details how cash moves in and out of Global Business Travel Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents
44 9.00 43 9.00 11 16 41 -137 -2.00 1.00 72
Net Cash From Operating Activities
58 49 73 85 65 53 57 71 52 -15 142
Net Cash From Continuing Operating Activities
58 49 73 85 65 53 57 71 52 -15 142
Net Income / (Loss) Continuing Operations
-46 -19 27 -128 -14 75 15 -62 83 54 17
Consolidated Net Income / (Loss)
-46 -19 27 -128 -14 75 15 -62 83 54 17
Depreciation Expense
49 47 48 43 40 40 43 49 60 60 56
Non-Cash Adjustments To Reconcile Net Income
-7.00 0.00 26 108 -6.00 -20 -12 50 -18 -24 -7.00
Changes in Operating Assets and Liabilities, net
62 21 -28 62 45 -42 11 34 -73 -105 76
Net Cash From Investing Activities
-26 -25 -19 -26 -32 -18 -12 -171 -5.00 -27 -39
Net Cash From Continuing Investing Activities
-26 -25 -19 -26 -32 -18 -12 -171 -5.00 -27 -39
Purchase of Property, Plant & Equipment
-26 -25 -24 -26 -32 -27 -30 -33 -39 -37 -39
Net Cash From Financing Activities
-1.00 -10 -7.00 -62 -6.00 -25 -23 -33 -47 49 -29
Net Cash From Continuing Financing Activities
-1.00 -10 -7.00 -62 -6.00 -25 -23 -33 -47 49 -29
Repayment of Debt
-1.00 -2.00 -1.00 -1,423 -2.00 -103 -6.00 -3.00 -7.00 -35 -6.00
Repurchase of Common Equity
- 0.00 - - - -1.00 - -33 -39 -38 -9.00
Other Financing Activities, net
- -12 -7.00 -3.00 -6.00 -24 -17 -1.00 -1.00 -14 -14
Effect of Exchange Rate Changes
13 -5.00 -4.00 12 -16 6.00 19 -4.00 -2.00 -6.00 -2.00
Cash Interest Paid
35 34 31 10 24 30 20 21 23 25 23
Cash Income Taxes Paid
1.00 -11 12 12 1.00 4.00 25 16 7.00 3.00 -3.00

Annual Balance Sheets for Global Business Travel Group

This table presents Global Business Travel Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets
0.00 818 3,771 3,728 3,751 3,624 4,916
Total Current Assets
0.00 1.38 1,052 1,234 1,360 1,281 1,569
Cash & Equivalents
0.00 0.26 516 303 476 536 434
Accounts Receivable
- - 399 801 768 617 920
Prepaid Expenses
0.00 1.13 137 130 116 128 215
Plant, Property, & Equipment, net
0.00 0.00 216 218 232 232 308
Total Noncurrent Assets
0.00 817 2,503 2,276 2,159 2,111 3,039
Long-Term Investments
- - 17 14 14 14 43
Goodwill
- - 1,358 1,188 1,212 1,201 1,671
Intangible Assets
- - 746 636 552 480 851
Noncurrent Deferred & Refundable Income Taxes
- - 282 333 281 268 298
Other Noncurrent Operating Assets
0.00 817 100 105 100 148 176
Total Liabilities & Shareholders' Equity
0.00 818 3,771 3,728 3,751 3,624 4,916
Total Liabilities
0.00 105 2,277 2,357 2,539 2,567 3,255
Total Current Liabilities
0.00 2.26 721 773 831 780 1,381
Short-Term Debt
0.00 1.50 3.00 3.00 7.00 19 58
Accounts Payable
0.00 0.76 137 253 302 263 515
Accrued Expenses
- - 519 452 466 461 757
Other Current Liabilities
- - 62 65 56 37 51
Total Noncurrent Liabilities
0.00 103 1,556 1,584 1,708 1,787 1,874
Long-Term Debt
- - 1,020 1,219 1,355 1,365 1,360
Noncurrent Deferred & Payable Income Tax Liabilities
- - 119 24 5.00 36 99
Noncurrent Employee Benefit Liabilities
- 29 333 147 183 156 163
Other Noncurrent Operating Liabilities
0.00 75 84 194 165 230 252
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest
0.00 817 160 - - 0.00 49
Total Equity & Noncontrolling Interests
0.00 -104 1,334 1,371 1,212 1,057 1,612
Total Preferred & Common Equity
0.00 -104 1,333 152 1,208 1,051 1,608
Total Common Equity
0.00 -104 1,333 152 1,208 1,051 1,608
Common Stock
0.03 0.00 2,560 334 2,748 2,827 3,277
Retained Earnings
-0.03 -104 -1,065 -175 -1,437 -1,575 -1,466
Treasury Stock
- - - - 0.00 -55 -128
Accumulated Other Comprehensive Income / (Loss)
- - -162 -7.00 -103 -146 -75
Noncontrolling Interest
- - 1.00 1,219 4.00 6.00 4.00

Quarterly Balance Sheets for Global Business Travel Group

This table presents Global Business Travel Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets
3,949 3,980 3,880 3,835 3,782 3,752 3,785 3,871 4,760 5,079 5,077
Total Current Assets
1,450 1,487 1,469 1,476 1,448 1,394 1,455 1,517 1,622 1,757 1,789
Cash & Equivalents
320 335 432 475 515 524 552 601 427 442 518
Accounts Receivable
956 991 891 849 762 735 764 781 984 1,061 1,034
Prepaid Expenses
174 161 146 152 171 135 139 135 211 254 237
Plant, Property, & Equipment, net
228 228 228 232 231 232 235 238 304 302 308
Total Noncurrent Assets
2,271 2,265 2,183 2,127 2,103 2,126 2,095 2,116 2,834 3,020 2,980
Long-Term Investments
14 13 13 13 13 14 14 14 56 44 48
Goodwill
1,198 1,207 1,190 1,206 1,207 1,236 1,217 1,250 1,559 1,663 1,663
Intangible Assets
616 597 570 528 505 500 471 465 758 821 800
Noncurrent Deferred & Refundable Income Taxes
339 340 299 264 268 253 274 274 265 330 318
Other Noncurrent Operating Assets
104 108 111 116 110 123 119 113 196 162 151
Total Liabilities & Shareholders' Equity
3,949 3,980 3,880 3,835 3,782 3,752 3,785 3,871 4,760 5,079 5,077
Total Liabilities
2,597 2,641 2,625 2,661 2,564 2,646 2,658 2,664 3,226 3,415 3,386
Total Current Liabilities
882 908 923 982 879 892 910 915 1,322 1,494 1,497
Short-Term Debt
4.00 6.00 6.00 8.00 7.00 16 19 19 23 62 61
Accounts Payable
350 438 385 386 333 330 325 353 556 603 619
Accrued Expenses
426 447 453 526 479 504 517 512 691 781 758
Other Current Liabilities
102 17 79 62 60 42 49 31 63 48 59
Total Noncurrent Liabilities
1,715 1,733 1,702 1,679 1,685 1,754 1,748 1,749 1,904 1,921 1,889
Long-Term Debt
1,351 1,353 1,353 1,355 1,358 1,368 1,365 1,362 1,366 1,455 1,451
Noncurrent Deferred & Payable Income Tax Liabilities
20 19 49 5.00 5.00 5.00 39 37 62 106 98
Noncurrent Employee Benefit Liabilities
145 146 137 176 168 176 157 163 181 154 148
Other Noncurrent Operating Liabilities
199 215 163 143 154 205 187 187 295 206 192
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest
- - - - - - - - - 50 46
Total Equity & Noncontrolling Interests
1,352 1,339 1,255 1,174 1,218 1,106 1,127 1,207 1,534 1,614 1,645
Total Preferred & Common Equity
162 177 1,252 1,171 1,214 1,101 1,121 1,200 1,529 1,609 1,639
Total Common Equity
162 177 1,252 1,171 1,214 1,101 1,121 1,200 1,529 1,609 1,639
Common Stock
346 373 2,733 2,751 2,772 2,809 2,809 2,829 3,260 3,273 3,293
Retained Earnings
-177 -191 -1,390 -1,456 -1,430 -1,559 -1,500 -1,487 -1,549 -1,414 -1,399
Treasury Stock
- - - - - -55 -56 -56 -89 -166 -175
Accumulated Other Comprehensive Income / (Loss)
-7.00 -5.00 -91 -124 -128 -94 -132 -86 -93 -84 -80
Noncontrolling Interest
1,190 1,162 3.00 3.00 4.00 5.00 6.00 7.00 5.00 5.00 6.00

Annual Metrics And Ratios for Global Business Travel Group

This table displays calculated financial ratios and metrics derived from Global Business Travel Group's official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding
- - - - - - 523,526,133.00
DEI Adjusted Shares Outstanding
- - - - - - 523,526,133.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - 0.21
Growth Metrics
- - - - - - -
Profitability Metrics
- - - - - - -
Net Operating Profit after Tax (NOPAT)
-0.00 -523 -392 -139 -5.60 81 95
Return On Investment Capital (ROIC_SIMPLE)
- - - -5.35% -0.22% 3.30% 3.12%
Earnings before Interest and Taxes (EBIT)
-0.00 -733 -552 -189 -5.00 76 197
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-0.00 -585 -398 -7.00 189 254 389
Valuation Ratios
- - - - - - -
Leverage & Solvency
- - - - - - -
Liquidity Ratios
- - - - - - -
Cash Flow Metrics
- - - - - - -
Free Cash Flow to Firm (FCFF)
0.00 -1,237 -1,662 -431 186 274 -616
Efficiency Ratios
- - - - - - -
Capital & Investment Metrics
- - - - - - -
Invested Capital
0.00 714 1,984 2,276 2,084 1,891 2,602
Increase / (Decrease) in Invested Capital
0.00 714 1,270 292 -192 -193 711
Book Value per Share
$0.00 ($1.01) $13.06 $0.33 $2.59 $2.23 $3.07
Tangible Book Value per Share
$0.00 ($1.01) ($7.55) ($3.62) ($1.19) ($1.34) ($1.75)
Total Capital
0.00 714 2,517 2,593 2,574 2,441 3,079
Total Debt
0.00 1.50 1,023 1,222 1,362 1,384 1,418
Total Long-Term Debt
0.00 0.00 1,020 1,219 1,355 1,365 1,360
Net Debt
0.00 1.24 490 905 872 834 941
Capital Expenditures (CapEx)
0.00 47 44 94 113 107 129
Debt-free, Cash-free Net Working Capital (DFCFNWC)
0.00 0.37 -182 161 60 -16 -188
Debt-free Net Working Capital (DFNWC)
0.00 0.63 334 464 536 520 246
Net Working Capital (NWC)
0.00 -0.87 331 461 529 501 188
Net Nonoperating Expense (NNE)
0.00 96 83 90 130 215 -16
Net Nonoperating Obligations (NNO)
0.00 1.24 490 905 872 834 941
Total Depreciation and Amortization (D&A)
0.00 148 154 182 194 178 192
Earnings Adjustments
- - - - - - -
Adjusted Basic Earnings per Share
$0.00 $0.00 $0.12 ($0.50) ($0.25) ($0.30) $0.22
Adjusted Weighted Average Basic Shares Outstanding
0.00 0.00 102.10M 51.27M 251.65M 462.70M 484.52M
Adjusted Diluted Earnings per Share
$0.00 $0.00 $0.12 ($0.51) ($0.30) ($0.30) $0.22
Adjusted Weighted Average Diluted Shares Outstanding
0.00 0.00 0.00 445.72M 458.06M 462.70M 492.79M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 0.00 102.10M 463.95M 472.62M 478.41M 524.00M
Normalized Net Operating Profit after Tax (NOPAT)
-0.00 -379 -382 -141 24 90 132
Debt Service Ratios
- - - - - - -
Payout Ratios
- - - - - - -

Quarterly Metrics And Ratios for Global Business Travel Group

This table displays calculated financial ratios and metrics derived from Global Business Travel Group's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding
- - - - - - - - 523,526,133.00 523,999,668.00 521,455,950.00
DEI Adjusted Shares Outstanding
- - - - - - - - 523,526,133.00 523,999,668.00 521,455,950.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - 0.16 0.10 0.03
Growth Metrics
- - - - - - - - - - -
Revenue Growth
4.17% 5.54% 5.57% 4.55% 7.65% 1.80% 0.96% 12.90% - 35.27% 37.88%
EBITDA Growth
612.50% 95.56% 192.59% -56.58% 31.71% 81.82% 24.05% -6.06% - -39.38% -3.06%
EBIT Growth
85.71% 4,200.00% 240.91% -138.46% 275.00% 192.68% 77.42% -80.00% - -69.17% -29.09%
NOPAT Growth
107.89% -503.17% 80,900.00% 775.00% 900.00% 213.08% -98.85% -55.56% - -66.36% 60.00%
Net Income Growth
26.98% 29.63% 149.09% -1,500.00% 69.57% 494.74% -44.44% 51.56% - -28.00% 13.33%
EPS Growth
112.50% 33.33% 126.09% -1,300.00% -500.00% 500.00% -50.00% 53.57% - -37.50% 0.00%
Operating Cash Flow Growth
1,550.00% 163.64% 58.70% -37.04% 12.07% 8.16% -21.92% -16.47% - -128.30% 149.12%
Free Cash Flow Firm Growth
160.92% -392.64% 544.34% 17.25% 10.25% 107.04% -93.35% -298.64% - -600.48% -777.05%
Invested Capital Growth
-8.44% 0.00% -12.55% -10.00% -9.26% -5.08% -3.99% 24.44% - 38.56% 33.65%
Revenue Q/Q Growth
-3.85% 11.11% 2.46% -4.48% -1.01% 5.08% 1.61% 6.81% - 6.06% 3.57%
EBITDA Q/Q Growth
-46.05% 114.63% -10.23% -58.23% 63.64% 196.30% -38.75% -68.37% - -3.00% -2.06%
EBIT Q/Q Growth
-130.77% 612.50% -24.39% -132.26% 240.00% 757.14% -54.17% -132.73% - -7.50% 5.41%
NOPAT Q/Q Growth
175.00% -1,909.52% 3,084.21% -98.33% 11.11% 104.61% -69.75% -35.38% - -65.77% 43.90%
Net Income Q/Q Growth
-475.00% 58.70% 242.11% -574.07% 89.06% 635.71% -80.00% -513.33% - -34.94% -68.52%
EPS Q/Q Growth
150.00% -500.00% 250.00% -566.67% 85.71% 500.00% -81.25% -533.33% - -37.50% -70.00%
Operating Cash Flow Q/Q Growth
-57.04% -15.52% 48.98% 16.44% -23.53% -18.46% 7.55% 24.56% - -128.85% 1,046.67%
Free Cash Flow Firm Q/Q Growth
-3.53% -1,175.22% 168.47% -83.49% -9.28% -31.32% -35.36% -593.26% - -9.98% 12.55%
Invested Capital Q/Q Growth
-3.92% -1.68% 0.29% -5.01% -3.13% 2.86% 1.44% 23.11% - 3.57% -2.15%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
56.65% 59.84% 60.48% 60.30% 59.73% 62.80% 61.65% 59.94% - 58.33% 59.08%
EBITDA Margin
7.47% 14.43% 12.64% 5.53% 9.14% 25.76% 15.53% 4.60% - 11.55% 10.92%
Operating Margin
0.55% 2.62% 6.72% 4.52% 5.08% 8.86% 5.39% 1.78% - 0.36% 2.76%
EBIT Margin
-1.46% 6.72% 4.96% -1.68% 2.37% 19.32% 8.72% -2.67% - 4.40% 4.48%
Profit (Net Income) Margin
-8.38% -3.11% 4.32% -21.44% -2.37% 12.08% 2.38% -9.20% - 6.43% 1.95%
Tax Burden Percent
106.98% -237.50% 2,700.00% 172.97% 233.33% 78.13% 44.12% 155.00% - 490.91% 113.33%
Interest Burden Percent
537.50% 19.51% 3.23% 740.00% -42.86% 80.00% 61.82% 222.22% - 29.73% 38.46%
Effective Tax Rate
0.00% 337.50% -2,600.00% 0.00% 0.00% 21.88% 61.76% 0.00% - -381.82% 13.33%
Return on Invested Capital (ROIC)
0.40% -14.12% 194.00% 3.66% 4.33% 8.43% 2.50% 1.43% - 2.18% 3.29%
ROIC Less NNEP Spread (ROIC-NNEP)
-5.01% -9.78% 74.20% -13.03% 0.23% 12.22% 2.75% -6.66% - 6.46% 2.85%
Return on Net Nonoperating Assets (RNNOA)
-3.45% -7.29% 53.62% -9.72% 0.17% 8.99% 1.81% -4.39% - 4.28% 1.68%
Return on Equity (ROE)
-3.05% -21.41% 247.63% -6.06% 4.50% 17.42% 4.31% -2.96% - 6.46% 4.98%
Cash Return on Invested Capital (CROIC)
8.55% -198.84% 15.21% 13.52% 13.76% -14.30% -4.19% -21.28% - -27.72% -22.98%
Operating Return on Assets (OROA)
-0.89% 4.07% 3.01% -1.05% 1.56% 12.34% 5.56% -1.58% - 2.92% 3.18%
Return on Assets (ROA)
-5.13% -1.89% 2.62% -13.38% -1.56% 7.72% 1.52% -5.44% - 4.26% 1.39%
Return on Common Equity (ROCE)
-1.60% -21.35% 134.71% -6.04% 4.48% 17.35% 4.29% -2.95% - 6.31% 4.88%
Return on Equity Simple (ROE_SIMPLE)
0.00% -10.93% -3.79% -15.08% 0.00% -3.57% 0.00% 0.00% - 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)
2.10 -38 1,134 19 21 43 13 8.40 42 14 21
NOPAT Margin
0.38% -6.23% 181.44% 3.17% 3.55% 6.92% 2.06% 1.25% - 1.72% 2.39%
Net Nonoperating Expense Percent (NNEP)
5.41% -4.34% 119.81% 16.69% 4.10% -3.78% -0.25% 8.09% - -4.28% 0.44%
Return On Investment Capital (ROIC_SIMPLE)
0.08% - - - 0.86% 1.71% 0.50% 0.29% 1.39% 0.46% 0.66%
Cost of Revenue to Revenue
43.35% 40.16% 39.52% 39.70% 40.27% 37.20% 38.35% 40.06% - 41.67% 40.92%
SG&A Expenses to Revenue
30.05% 31.80% 30.72% 31.32% 29.95% 30.27% 29.95% 30.56% - 30.60% 31.03%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Operating Expenses to Revenue
56.10% 57.21% 53.76% 55.78% 54.65% 53.95% 56.26% 58.16% - 57.98% 56.32%
Earnings before Interest and Taxes (EBIT)
-8.00 41 31 -10 14 120 55 -18 40 37 39
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
41 88 79 33 54 160 98 31 100 97 95
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
2.49 2.43 2.57 3.31 4.15 3.10 2.51 2.53 - 1.82 2.99
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Price to Revenue (P/Rev)
1.32 1.22 1.32 1.53 1.80 1.43 1.24 1.54 - 1.00 1.54
Price to Earnings (P/E)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 387.05 - 34.00 55.64
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Earnings Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.26% - 2.94% 1.80%
Enterprise Value to Invested Capital (EV/IC)
1.87 1.81 1.93 2.30 2.75 2.21 1.92 1.97 - 1.49 2.24
Enterprise Value to Revenue (EV/Rev)
1.70 1.60 1.68 1.89 2.15 1.77 1.55 1.90 - 1.37 1.86
Enterprise Value to EBITDA (EV/EBITDA)
20.57 16.03 13.94 18.63 20.50 13.18 10.98 13.94 - 12.30 18.25
Enterprise Value to EBIT (EV/EBIT)
0.00 100.50 44.00 83.16 68.50 27.72 21.17 27.96 - 35.17 60.15
Enterprise Value to NOPAT (EV/NOPAT)
0.00 312.47 99.26 72.90 64.67 0.00 0.00 438.00 - 37.50 43.85
Enterprise Value to Operating Cash Flow (EV/OCF)
24.00 12.91 12.57 16.95 19.14 15.57 14.57 19.44 - 24.30 23.58
Enterprise Value to Free Cash Flow (EV/FCFF)
20.86 0.00 11.83 16.12 19.04 0.00 0.00 0.00 - 0.00 0.00
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
1.12 1.16 1.12 1.25 1.31 1.23 1.14 0.91 - 0.91 0.89
Long-Term Debt to Equity
1.12 1.15 1.11 1.24 1.29 1.21 1.13 0.89 - 0.87 0.86
Financial Leverage
0.69 0.75 0.72 0.75 0.75 0.74 0.66 0.66 - 0.66 0.59
Leverage Ratio
2.90 3.27 3.04 3.23 3.25 3.31 3.16 3.22 - 3.18 3.09
Compound Leverage Factor
15.56 0.64 0.10 23.92 -1.39 2.65 1.95 7.17 - 0.94 1.19
Debt to Total Capital
52.91% 53.72% 52.85% 55.58% 56.70% 55.12% 53.36% 47.52% - 47.69% 47.21%
Short-Term Debt to Total Capital
0.27% 0.32% 0.27% 0.64% 0.78% 0.76% 0.73% 0.79% - 1.95% 1.90%
Long-Term Debt to Total Capital
52.64% 53.41% 52.57% 54.94% 55.92% 54.36% 52.63% 46.73% - 45.74% 45.30%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.16% 0.12% 0.15% 0.20% 0.25% 0.24% 0.27% 0.17% - 1.73% 1.62%
Common Equity to Total Capital
46.93% 46.16% 47.00% 44.22% 43.06% 44.64% 46.37% 52.31% - 50.58% 51.17%
Debt to EBITDA
7.21 5.88 4.81 5.74 5.45 4.25 4.00 4.05 - 4.65 4.68
Net Debt to EBITDA
4.61 3.77 2.95 3.51 3.28 2.51 2.22 2.64 - 3.16 2.93
Long-Term Debt to EBITDA
7.17 5.84 4.78 5.68 5.37 4.19 3.95 3.98 - 4.46 4.49
Debt to NOPAT
-243.21 114.54 34.21 22.47 17.19 -3.55 -8.30 127.24 - 14.19 11.25
Net Debt to NOPAT
-155.71 73.53 20.98 13.73 10.36 -2.10 -4.60 82.99 - 9.64 7.04
Long-Term Debt to NOPAT
-241.96 113.87 34.04 22.21 16.96 -3.50 -8.18 125.13 - 13.61 10.79
Altman Z-Score
0.95 0.90 1.03 1.03 1.26 1.15 1.01 0.86 - 0.79 1.20
Noncontrolling Interest Sharing Ratio
47.35% 0.26% 45.60% 0.34% 0.44% 0.39% 0.45% 0.38% - 2.19% 2.04%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
1.64 1.50 1.65 1.56 1.64 1.60 1.66 1.23 - 1.18 1.20
Quick Ratio
1.50 1.35 1.45 1.41 1.48 1.45 1.51 1.07 - 1.01 1.04
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
194 -2,087 1,429 236 214 147 95 -469 -669 -736 -643
Operating Cash Flow to CapEx
223.08% 196.00% 304.17% 326.92% 203.13% 196.30% 190.00% 215.15% - -40.54% 364.10%
Free Cash Flow to Firm to Interest Expense
5.39 -63.24 44.66 3.57 9.73 5.65 4.13 -19.53 - -27.24 -25.73
Operating Cash Flow to Interest Expense
1.61 1.48 2.28 1.29 2.95 2.04 2.48 2.96 - -0.56 5.68
Operating Cash Flow Less CapEx to Interest Expense
0.89 0.73 1.53 0.89 1.50 1.00 1.17 1.58 - -1.93 4.12
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.61 0.61 0.61 0.62 0.66 0.64 0.64 0.59 - 0.66 0.71
Accounts Receivable Turnover
2.92 2.74 2.69 2.93 3.50 3.02 3.16 2.93 - 3.22 3.50
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Fixed Asset Turnover
10.18 10.01 10.26 10.35 10.44 10.42 10.41 9.39 - 10.94 11.63
Accounts Payable Turnover
3.46 2.49 2.50 2.70 3.42 2.68 2.76 2.21 - 2.59 2.71
Days Sales Outstanding (DSO)
125.04 133.46 135.85 124.63 104.32 120.94 115.41 124.64 - 113.40 104.29
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Days Payable Outstanding (DPO)
105.40 146.61 145.81 135.36 106.63 136.16 132.06 164.83 - 140.66 134.59
Cash Conversion Cycle (CCC)
19.64 -13.15 -9.96 -10.73 -2.31 -15.22 -16.65 -40.19 - -27.26 -30.30
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
2,084 2,049 2,055 1,952 1,891 1,945 1,973 2,429 2,602 2,695 2,637
Invested Capital Turnover
1.05 2.27 1.07 1.16 1.22 1.22 1.21 1.15 - 1.27 1.38
Increase / (Decrease) in Invested Capital
-192 2,049 -295 -217 -193 -104 -82 477 711 750 664
Enterprise Value (EV)
3,888 3,718 3,960 4,490 5,206 4,297 3,789 4,781 - 4,010 5,894
Market Capitalization
3,012 2,840 3,119 3,639 4,366 3,473 3,016 3,870 - 2,924 4,896
Book Value per Share
$2.59 $2.48 $2.57 $2.33 $2.23 $2.34 $2.51 $3.19 $3.07 $3.07 $3.14
Tangible Book Value per Share
($1.19) ($1.19) ($1.05) ($1.34) ($1.34) ($1.19) ($1.08) ($1.65) ($1.75) ($1.67) ($1.58)
Total Capital
2,574 2,537 2,583 2,490 2,441 2,511 2,588 2,923 3,079 3,181 3,203
Total Debt
1,362 1,363 1,365 1,384 1,384 1,384 1,381 1,389 1,418 1,517 1,512
Total Long-Term Debt
1,355 1,355 1,358 1,368 1,365 1,365 1,362 1,366 1,360 1,455 1,451
Net Debt
872 875 837 846 834 818 766 906 941 1,031 946
Capital Expenditures (CapEx)
26 25 24 26 32 27 30 33 39 37 39
Debt-free, Cash-free Net Working Capital (DFCFNWC)
60 27 61 -6.00 -16 12 20 -104 -188 -117 -165
Debt-free Net Working Capital (DFNWC)
536 502 576 518 520 564 621 323 246 325 353
Net Working Capital (NWC)
529 494 569 502 501 545 602 300 188 263 292
Net Nonoperating Expense (NNE)
48 -19 1,107 147 35 -32 -2.00 70 -41 -40 3.80
Net Nonoperating Obligations (NNO)
872 875 837 846 834 818 766 895 941 1,031 946
Total Depreciation and Amortization (D&A)
49 47 48 43 40 40 43 49 60 60 56
Debt-free, Cash-free Net Working Capital to Revenue
2.62% 1.16% 2.59% -0.25% -0.66% 0.49% 0.82% -4.13% - -3.98% -5.20%
Debt-free Net Working Capital to Revenue
23.41% 21.62% 24.46% 21.76% 21.46% 23.17% 25.45% 12.83% - 11.07% 11.11%
Net Working Capital to Revenue
23.10% 21.27% 24.16% 21.08% 20.68% 22.39% 24.67% 11.92% - 8.95% 9.19%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.01 ($0.04) $0.06 ($0.28) ($0.04) $0.16 $0.03 ($0.13) $0.16 $0.10 $0.03
Adjusted Weighted Average Basic Shares Outstanding
251.65M 461.39M 464.60M 462.29M 462.70M 465.87M 470.88M 485.82M 484.52M 512.80M 513.80M
Adjusted Diluted Earnings per Share
$0.01 ($0.04) $0.06 ($0.28) ($0.04) $0.16 $0.03 ($0.13) $0.16 $0.10 $0.03
Adjusted Weighted Average Diluted Shares Outstanding
458.06M 461.39M 470.66M 462.29M 462.70M 478.72M 474.84M 485.82M 492.79M 519.40M 520.37M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
472.62M 472.62M 473.27M 470.50M 478.41M 478.70M 479.02M 523.53M 524.00M 521.46M 522.37M
Normalized Net Operating Profit after Tax (NOPAT)
2.10 18 27 22 23 46 32 29 25 33 56
Normalized NOPAT Margin
0.38% 2.87% 4.37% 3.63% 3.91% 7.42% 5.10% 4.26% - 3.92% 6.48%
Pre Tax Income Margin
-7.83% 1.31% 0.16% -12.40% -1.02% 15.46% 5.39% -5.93% - 1.31% 1.72%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
-0.22 1.24 0.97 -0.15 0.64 4.62 2.39 -0.75 - 1.37 1.56
NOPAT to Interest Expense
0.06 -1.15 35.44 0.29 0.95 1.65 0.57 0.35 - 0.54 0.83
EBIT Less CapEx to Interest Expense
-0.94 0.48 0.22 -0.55 -0.82 3.58 1.09 -2.13 - 0.00 0.00
NOPAT Less CapEx to Interest Expense
-0.66 -1.91 34.69 -0.11 -0.50 0.61 -0.74 -1.03 - -0.84 -0.73
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Augmented Payout Ratio
0.00% 0.00% 0.00% -33.13% -41.04% -140.00% -107.69% 242.86% - 122.22% 129.35%

Financials Breakdown Chart

Key Financial Trends

Global Business Travel Group (NYSE: GBTG) showed a mixed but improving operating profile in Q1 2026, with revenue growth and a return to profitability, but cash flow remained pressured by working capital needs and the balance sheet still carries meaningful debt.

  • Revenue continued to grow: Q1 2026 revenue rose to $840 million, up from $792 million in Q4 2025 and $621 million in Q1 2025.
  • Profitability improved year over year: Net income reached $54 million in Q1 2026, versus $75 million in Q1 2025 and a loss of $62 million in Q3 2025.
  • Operating margin remains positive: Operating income was $3 million in Q1 2026, showing the business is still generating operating profit despite high costs.
  • Gross profit expanded: Gross profit increased to $490 million from $450 million in Q4 2025, reflecting higher revenue and decent gross margin stability.
  • Cash balance remains substantial: The company ended Q1 2026 with $442 million in cash and equivalents, providing a buffer for operations and debt service.
  • Leverage edged down at the top line: Long-term debt declined slightly to $1.455 billion from $1.366 billion in Q3 2025? Actually Q1 2026 debt was still elevated, but short-term debt was relatively modest at $62 million.
  • Shares outstanding are still high: Diluted weighted average shares were 519.4 million in Q1 2026, limiting per-share earnings growth.
  • Non-operating income helped results: Other income contributed $34 million in Q1 2026, offsetting interest expense and supporting bottom-line earnings.
  • Capex remains manageable: Capital expenditures were $37 million in Q1 2026, which is not excessive relative to revenue.
  • Operating cash flow was negative: GBTG used $15 million in operating cash in Q1 2026, down from positive $52 million in Q4 2025 and $53 million in Q1 2025.
  • Working capital consumed cash: Changes in operating assets and liabilities used $105 million in Q1 2026, the main reason operating cash flow turned negative.
  • Debt load is still large: Long-term debt stood at $1.455 billion, which keeps interest expense and financial risk elevated.
  • Interest burden remains heavy: The company paid $25 million in cash interest in Q1 2026, which continues to weigh on cash generation.
  • Equity base has been volatile: Total common equity was $1.609 billion, up from $1.529 billion in Q3 2025, but retained earnings remain deeply negative at -$1.414 billion.
  • Recent quarters were choppy: Q3 2025 showed a net loss of $62 million, highlighting that profitability can be inconsistent from quarter to quarter.

Bottom line: GBTG’s Q1 2026 results suggest the core business is still growing and can be profitable, but cash generation is uneven and the capital structure remains leveraged. For retail investors, the key things to watch are whether revenue growth continues, whether operating cash flow turns consistently positive, and whether the company can reduce debt while keeping margins stable.

08/06/26 01:00 AM ETAI Generated. May Contain Errors.

Global Business Travel Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Global Business Travel Group's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Global Business Travel Group's net income appears to be on a downward trend, with a most recent value of $111 million in 2025, falling from -$1.85 thousand in 2019. The previous period was -$134 million in 2024. View Global Business Travel Group's forecast to see where analysts expect Global Business Travel Group to go next.

Global Business Travel Group's total operating income in 2025 was $130 million, based on the following breakdown:
  • Total Gross Profit: $1.63 billion
  • Total Operating Expenses: $1.50 billion

Over the last 6 years, Global Business Travel Group's total revenue changed from $0.00 in 2019 to $2.72 billion in 2025, a change of 271,800,000,000.0%.

Global Business Travel Group's total liabilities were at $3.26 billion at the end of 2025, a 26.8% increase from 2024, and a 325,500,000,000.0% increase since 2019.

In the past 6 years, Global Business Travel Group's cash and equivalents has ranged from $0.00 in 2019 to $536 million in 2024, and is currently $434 million as of their latest financial filing in 2025.

Over the last 6 years, Global Business Travel Group's book value per share changed from 0.00 in 2019 to 3.07 in 2025, a change of 3,071,400.0%.



Financial statements for NYSE:GBTG last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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