Global Business Travel Group (GBTG) Financials

$9.35 -0.02 (-0.16%)

Closing price 05/15/2026 03:59 PM Eastern

Extended Trading

$9.34 -0.01 (-0.05%)

As of 05/15/2026 06:58 PM Eastern

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	0.00	-47	-19	26	-129	-16	75	13	-62	83	52
Consolidated Net Income / (Loss)	-8.00	-46	-19	27	-128	-14	75	15	-62	83	54
Net Income / (Loss) Continuing Operations	-8.00	-46	-19	27	-128	-14	75	15	-62	83	54
Total Pre-Tax Income	-10	-43	8.00	1.00	-74	-6.00	96	34	-40	57	11
Total Operating Income	-4.00	3.00	16	42	27	30	55	34	12	29	3.00
Total Gross Profit	333	311	365	378	360	353	390	389	404	450	490
Total Revenue	571	549	610	625	597	591	621	631	674	792	840
Operating Revenue	571	549	610	625	597	591	621	631	674	792	840
Total Cost of Revenue	238	238	245	247	237	238	231	242	270	342	350
Operating Cost of Revenue	238	238	245	247	237	238	231	242	270	342	350
Total Operating Expenses	337	308	349	336	333	323	335	355	392	421	487
Selling, General & Admin Expense	180	165	194	192	187	177	188	189	206	234	257
Marketing Expense	95	94	99	99	99	103	103	111	108	120	126
Depreciation Expense	50	49	47	48	43	40	40	43	49	60	60
Restructuring Charge	12	-	9.00	-3.00	4.00	3.00	4.00	12	29	7.00	44
Total Other Income / (Expense), net	-6.00	-46	-8.00	-41	-101	-36	41	0.00	-52	28	8.00
Interest Expense	36	36	33	32	66	22	26	23	24	24	27
Interest & Investment Income	0.00	-	0.00	2.00	2.00	-	2.00	2.00	2.00	41	1.00
Other Income / (Expense), net	30	-11	25	-11	-37	-16	65	21	-30	11	34
Income Tax Expense	-2.00	3.00	27	-26	54	11	21	21	24	-26	-42
Other Gains / (Losses), net	-	-	-	0.00	0.00	-	0.00	2.00	2.00	-	1.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-8.00	1.00	0.00	1.00	1.00	2.00	0.00	2.00	0.00	-	2.00
Basic Earnings per Share	$0.00	$0.01	($0.04)	$0.06	($0.28)	($0.04)	$0.16	$0.03	($0.13)	$0.16	$0.10
Weighted Average Basic Shares Outstanding	419.15M	251.65M	461.39M	464.60M	462.29M	462.70M	465.87M	470.88M	485.82M	484.52M	512.80M
Diluted Earnings per Share	($0.02)	$0.01	($0.04)	$0.06	($0.28)	($0.04)	$0.16	$0.03	($0.13)	$0.16	$0.10
Weighted Average Diluted Shares Outstanding	457.74M	458.06M	461.39M	470.66M	462.29M	462.70M	478.72M	474.84M	485.82M	492.79M	519.40M
Weighted Average Basic & Diluted Shares Outstanding	467.02M	472.62M	472.62M	473.27M	470.50M	478.41M	478.70M	479.02M	523.53M	524.00M	521.46M

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	97	44	9.00	43	9.00	11	16	41	-137	-2.00	1.00
Net Cash From Operating Activities	135	58	49	73	85	65	53	57	71	52	-15
Net Cash From Continuing Operating Activities	135	58	49	73	85	65	53	57	71	52	-15
Net Income / (Loss) Continuing Operations	-8.00	-46	-19	27	-128	-14	75	15	-62	83	54
Consolidated Net Income / (Loss)	-8.00	-46	-19	27	-128	-14	75	15	-62	83	54
Depreciation Expense	50	49	47	48	43	40	40	43	49	60	60
Non-Cash Adjustments To Reconcile Net Income	7.00	-7.00	0.00	26	108	-6.00	-20	-12	50	-18	-24
Changes in Operating Assets and Liabilities, net	86	62	21	-28	62	45	-42	11	34	-73	-105
Net Cash From Investing Activities	-29	-26	-25	-19	-26	-32	-18	-12	-171	-5.00	-27
Net Cash From Continuing Investing Activities	-29	-26	-25	-19	-26	-32	-18	-12	-171	-5.00	-27
Purchase of Property, Plant & Equipment	-28	-26	-25	-24	-26	-32	-27	-30	-33	-39	-37
Acquisitions	-	-	-	-	-	-	0.00	-	-	34	10
Sale and/or Maturity of Investments	-	-	0.00	-	-	-	9.00	18	-	-	0.00
Net Cash From Financing Activities	-2.00	-1.00	-10	-7.00	-62	-6.00	-25	-23	-33	-47	49
Net Cash From Continuing Financing Activities	-2.00	-1.00	-10	-7.00	-62	-6.00	-25	-23	-33	-47	49
Repayment of Debt	-1.00	-1.00	-2.00	-1.00	-1,423	-2.00	-103	-6.00	-3.00	-7.00	-35
Repurchase of Common Equity	-	-	0.00	-	-	-	-1.00	-	-33	-39	-38
Issuance of Debt	-	-	0.00	-	1,397	-	99	-	-	-	132
Issuance of Common Equity	5.00	-	4.00	1.00	22	2.00	4.00	-	4.00	-	4.00
Other Financing Activities, net	-6.00	-	-12	-7.00	-3.00	-6.00	-24	-17	-1.00	-1.00	-14
Effect of Exchange Rate Changes	-7.00	13	-5.00	-4.00	12	-16	6.00	19	-4.00	-2.00	-6.00
Cash Interest Paid	37	35	34	31	10	24	30	20	21	23	25
Cash Income Taxes Paid	1.00	1.00	-11	12	12	1.00	4.00	25	16	7.00	3.00

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

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

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	-	-	-	-	-	-	-

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	523,526,133.00	523,999,668.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	523,526,133.00	523,999,668.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.16	0.10
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.01%	4.17%	5.54%	5.57%	4.55%	7.65%	1.80%	0.96%	12.90%	-	35.27%
EBITDA Growth	790.91%	612.50%	95.56%	192.59%	-56.58%	31.71%	81.82%	24.05%	-6.06%	-	-39.38%
EBIT Growth	146.43%	85.71%	4,200.00%	240.91%	-138.46%	275.00%	192.68%	77.42%	-80.00%	-	-69.17%
NOPAT Growth	91.11%	107.89%	-503.17%	80,900.00%	775.00%	900.00%	213.08%	-98.85%	-55.56%	-	-66.36%
Net Income Growth	89.04%	26.98%	29.63%	149.09%	-1,500.00%	69.57%	494.74%	-44.44%	51.56%	-	-28.00%
EPS Growth	95.35%	112.50%	33.33%	126.09%	-1,300.00%	-500.00%	500.00%	-50.00%	53.57%	-	-37.50%
Operating Cash Flow Growth	266.67%	1,550.00%	163.64%	58.70%	-37.04%	12.07%	8.16%	-21.92%	-16.47%	-	-128.30%
Free Cash Flow Firm Growth	108.12%	160.92%	-392.64%	544.34%	17.25%	10.25%	107.04%	-93.35%	-298.64%	-	-600.48%
Invested Capital Growth	-8.60%	-8.44%	0.00%	-12.55%	-10.00%	-9.26%	-5.08%	-3.99%	24.44%	-	38.56%
Revenue Q/Q Growth	-3.55%	-3.85%	11.11%	2.46%	-4.48%	-1.01%	5.08%	1.61%	6.81%	-	6.06%
EBITDA Q/Q Growth	181.48%	-46.05%	114.63%	-10.23%	-58.23%	63.64%	196.30%	-38.75%	-68.37%	-	-3.00%
EBIT Q/Q Growth	218.18%	-130.77%	612.50%	-24.39%	-132.26%	240.00%	757.14%	-54.17%	-132.73%	-	-7.50%
NOPAT Q/Q Growth	-300.00%	175.00%	-1,909.52%	3,084.21%	-98.33%	11.11%	104.61%	-69.75%	-35.38%	-	-65.77%
Net Income Q/Q Growth	85.45%	-475.00%	58.70%	242.11%	-574.07%	89.06%	635.71%	-80.00%	-513.33%	-	-34.94%
EPS Q/Q Growth	91.30%	150.00%	-500.00%	250.00%	-566.67%	85.71%	500.00%	-81.25%	-533.33%	-	-37.50%
Operating Cash Flow Q/Q Growth	193.48%	-57.04%	-15.52%	48.98%	16.44%	-23.53%	-18.46%	7.55%	24.56%	-	-128.85%
Free Cash Flow Firm Q/Q Growth	162.56%	-3.53%	-1,175.22%	168.47%	-83.49%	-9.28%	-31.32%	-35.36%	-593.26%	-	-9.98%
Invested Capital Q/Q Growth	-7.70%	-3.92%	-1.68%	0.29%	-5.01%	-3.13%	2.86%	1.44%	23.11%	-	3.57%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.32%	56.65%	59.84%	60.48%	60.30%	59.73%	62.80%	61.65%	59.94%	-	58.33%
EBITDA Margin	13.31%	7.47%	14.43%	12.64%	5.53%	9.14%	25.76%	15.53%	4.60%	-	11.55%
Operating Margin	-0.70%	0.55%	2.62%	6.72%	4.52%	5.08%	8.86%	5.39%	1.78%	-	0.36%
EBIT Margin	4.55%	-1.46%	6.72%	4.96%	-1.68%	2.37%	19.32%	8.72%	-2.67%	-	4.40%
Profit (Net Income) Margin	-1.40%	-8.38%	-3.11%	4.32%	-21.44%	-2.37%	12.08%	2.38%	-9.20%	-	6.43%
Tax Burden Percent	80.00%	106.98%	-237.50%	2,700.00%	172.97%	233.33%	78.13%	44.12%	155.00%	-	490.91%
Interest Burden Percent	-38.46%	537.50%	19.51%	3.23%	740.00%	-42.86%	80.00%	61.82%	222.22%	-	29.73%
Effective Tax Rate	0.00%	0.00%	337.50%	-2,600.00%	0.00%	0.00%	21.88%	61.76%	0.00%	-	-381.82%
Return on Invested Capital (ROIC)	-0.49%	0.40%	-14.12%	194.00%	3.66%	4.33%	8.43%	2.50%	1.43%	-	2.18%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.03%	-5.01%	-9.78%	74.20%	-13.03%	0.23%	12.22%	2.75%	-6.66%	-	6.46%
Return on Net Nonoperating Assets (RNNOA)	-0.76%	-3.45%	-7.29%	53.62%	-9.72%	0.17%	8.99%	1.81%	-4.39%	-	4.28%
Return on Equity (ROE)	-1.25%	-3.05%	-21.41%	247.63%	-6.06%	4.50%	17.42%	4.31%	-2.96%	-	6.46%
Cash Return on Invested Capital (CROIC)	7.47%	8.55%	-198.84%	15.21%	13.52%	13.76%	-14.30%	-4.19%	-21.28%	-	-27.72%
Operating Return on Assets (OROA)	2.64%	-0.89%	4.07%	3.01%	-1.05%	1.56%	12.34%	5.56%	-1.58%	-	2.92%
Return on Assets (ROA)	-0.81%	-5.13%	-1.89%	2.62%	-13.38%	-1.56%	7.72%	1.52%	-5.44%	-	4.26%
Return on Common Equity (ROCE)	-0.68%	-1.60%	-21.35%	134.71%	-6.04%	4.48%	17.35%	4.29%	-2.95%	-	6.31%
Return on Equity Simple (ROE_SIMPLE)	-12.22%	0.00%	-10.93%	-3.79%	-15.08%	0.00%	-3.57%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	-2.80	2.10	-38	1,134	19	21	43	13	8.40	42	14
NOPAT Margin	-0.49%	0.38%	-6.23%	181.44%	3.17%	3.55%	6.92%	2.06%	1.25%	-	1.72%
Net Nonoperating Expense Percent (NNEP)	0.54%	5.41%	-4.34%	119.81%	16.69%	4.10%	-3.78%	-0.25%	8.09%	-	-4.28%
Return On Investment Capital (ROIC_SIMPLE)	-	0.08%	-	-	-	0.86%	1.71%	0.50%	0.29%	1.39%	0.46%
Cost of Revenue to Revenue	41.68%	43.35%	40.16%	39.52%	39.70%	40.27%	37.20%	38.35%	40.06%	-	41.67%
SG&A Expenses to Revenue	31.52%	30.05%	31.80%	30.72%	31.32%	29.95%	30.27%	29.95%	30.56%	-	30.60%
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	59.02%	56.10%	57.21%	53.76%	55.78%	54.65%	53.95%	56.26%	58.16%	-	57.98%
Earnings before Interest and Taxes (EBIT)	26	-8.00	41	31	-10	14	120	55	-18	40	37
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	76	41	88	79	33	54	160	98	31	100	97
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.04	2.49	2.43	2.57	3.31	4.15	3.10	2.51	2.53	-	1.82
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)	1.13	1.32	1.22	1.32	1.53	1.80	1.43	1.24	1.54	-	1.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	387.05	-	34.00
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%	0.00%	0.26%	-	2.94%
Enterprise Value to Invested Capital (EV/IC)	1.60	1.87	1.81	1.93	2.30	2.75	2.21	1.92	1.97	-	1.49
Enterprise Value to Revenue (EV/Rev)	1.53	1.70	1.60	1.68	1.89	2.15	1.77	1.55	1.90	-	1.37
Enterprise Value to EBITDA (EV/EBITDA)	24.82	20.57	16.03	13.94	18.63	20.50	13.18	10.98	13.94	-	12.30
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	100.50	44.00	83.16	68.50	27.72	21.17	27.96	-	35.17
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	312.47	99.26	72.90	64.67	0.00	0.00	438.00	-	37.50
Enterprise Value to Operating Cash Flow (EV/OCF)	34.75	24.00	12.91	12.57	16.95	19.14	15.57	14.57	19.44	-	24.30
Enterprise Value to Free Cash Flow (EV/FCFF)	20.48	20.86	0.00	11.83	16.12	19.04	0.00	0.00	0.00	-	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.08	1.12	1.16	1.12	1.25	1.31	1.23	1.14	0.91	-	0.91
Long-Term Debt to Equity	1.08	1.12	1.15	1.11	1.24	1.29	1.21	1.13	0.89	-	0.87
Financial Leverage	0.74	0.69	0.75	0.72	0.75	0.75	0.74	0.66	0.66	-	0.66
Leverage Ratio	3.00	2.90	3.27	3.04	3.23	3.25	3.31	3.16	3.22	-	3.18
Compound Leverage Factor	-1.16	15.56	0.64	0.10	23.92	-1.39	2.65	1.95	7.17	-	0.94
Debt to Total Capital	51.99%	52.91%	53.72%	52.85%	55.58%	56.70%	55.12%	53.36%	47.52%	-	47.69%
Short-Term Debt to Total Capital	0.23%	0.27%	0.32%	0.27%	0.64%	0.78%	0.76%	0.73%	0.79%	-	1.95%
Long-Term Debt to Total Capital	51.76%	52.64%	53.41%	52.57%	54.94%	55.92%	54.36%	52.63%	46.73%	-	45.74%
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	0.11%	0.16%	0.12%	0.15%	0.20%	0.25%	0.24%	0.27%	0.17%	-	1.73%
Common Equity to Total Capital	47.90%	46.93%	46.16%	47.00%	44.22%	43.06%	44.64%	46.37%	52.31%	-	50.58%
Debt to EBITDA	9.71	7.21	5.88	4.81	5.74	5.45	4.25	4.00	4.05	-	4.65
Net Debt to EBITDA	6.53	4.61	3.77	2.95	3.51	3.28	2.51	2.22	2.64	-	3.16
Long-Term Debt to EBITDA	9.66	7.17	5.84	4.78	5.68	5.37	4.19	3.95	3.98	-	4.46
Debt to NOPAT	-39.62	-243.21	114.54	34.21	22.47	17.19	-3.55	-8.30	127.24	-	14.19
Net Debt to NOPAT	-26.65	-155.71	73.53	20.98	13.73	10.36	-2.10	-4.60	82.99	-	9.64
Long-Term Debt to NOPAT	-39.45	-241.96	113.87	34.04	22.21	16.96	-3.50	-8.18	125.13	-	13.61
Altman Z-Score	0.86	0.95	0.90	1.03	1.03	1.26	1.15	1.01	0.86	-	0.79
Noncontrolling Interest Sharing Ratio	45.76%	47.35%	0.26%	45.60%	0.34%	0.44%	0.39%	0.45%	0.38%	-	2.19%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.59	1.64	1.50	1.65	1.56	1.64	1.60	1.66	1.23	-	1.18
Quick Ratio	1.43	1.50	1.35	1.45	1.41	1.48	1.45	1.51	1.07	-	1.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	201	194	-2,087	1,429	236	214	147	95	-469	-669	-736
Operating Cash Flow to CapEx	482.14%	223.08%	196.00%	304.17%	326.92%	203.13%	196.30%	190.00%	215.15%	-	-40.54%
Free Cash Flow to Firm to Interest Expense	5.59	5.39	-63.24	44.66	3.57	9.73	5.65	4.13	-19.53	-	-27.24
Operating Cash Flow to Interest Expense	3.75	1.61	1.48	2.28	1.29	2.95	2.04	2.48	2.96	-	-0.56
Operating Cash Flow Less CapEx to Interest Expense	2.97	0.89	0.73	1.53	0.89	1.50	1.00	1.17	1.58	-	-1.93
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.58	0.61	0.61	0.61	0.62	0.66	0.64	0.64	0.59	-	0.66
Accounts Receivable Turnover	2.46	2.92	2.74	2.69	2.93	3.50	3.02	3.16	2.93	-	3.22
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	9.95	10.18	10.01	10.26	10.35	10.44	10.42	10.41	9.39	-	10.94
Accounts Payable Turnover	2.63	3.46	2.49	2.50	2.70	3.42	2.68	2.76	2.21	-	2.59
Days Sales Outstanding (DSO)	148.62	125.04	133.46	135.85	124.63	104.32	120.94	115.41	124.64	-	113.40
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)	139.00	105.40	146.61	145.81	135.36	106.63	136.16	132.06	164.83	-	140.66
Cash Conversion Cycle (CCC)	9.62	19.64	-13.15	-9.96	-10.73	-2.31	-15.22	-16.65	-40.19	-	-27.26
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,169	2,084	2,049	2,055	1,952	1,891	1,945	1,973	2,429	2,602	2,695
Invested Capital Turnover	1.00	1.05	2.27	1.07	1.16	1.22	1.22	1.21	1.15	-	1.27
Increase / (Decrease) in Invested Capital	-204	-192	2,049	-295	-217	-193	-104	-82	477	711	750
Enterprise Value (EV)	3,475	3,888	3,718	3,960	4,490	5,206	4,297	3,789	4,781	-	4,010
Market Capitalization	2,558	3,012	2,840	3,119	3,639	4,366	3,473	3,016	3,870	-	2,924
Book Value per Share	$2.69	$2.59	$2.48	$2.57	$2.33	$2.23	$2.34	$2.51	$3.19	$3.07	$3.07
Tangible Book Value per Share	($1.09)	($1.19)	($1.19)	($1.05)	($1.34)	($1.34)	($1.19)	($1.08)	($1.65)	($1.75)	($1.67)
Total Capital	2,614	2,574	2,537	2,583	2,490	2,441	2,511	2,588	2,923	3,079	3,181
Total Debt	1,359	1,362	1,363	1,365	1,384	1,384	1,384	1,381	1,389	1,418	1,517
Total Long-Term Debt	1,353	1,355	1,355	1,358	1,368	1,365	1,365	1,362	1,366	1,360	1,455
Net Debt	914	872	875	837	846	834	818	766	906	941	1,031
Capital Expenditures (CapEx)	28	26	25	24	26	32	27	30	33	39	37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	120	60	27	61	-6.00	-16	12	20	-104	-188	-117
Debt-free Net Working Capital (DFNWC)	552	536	502	576	518	520	564	621	323	246	325
Net Working Capital (NWC)	546	529	494	569	502	501	545	602	300	188	263
Net Nonoperating Expense (NNE)	5.20	48	-19	1,107	147	35	-32	-2.00	70	-41	-40
Net Nonoperating Obligations (NNO)	914	872	875	837	846	834	818	766	895	941	1,031
Total Depreciation and Amortization (D&A)	50	49	47	48	43	40	40	43	49	60	60
Debt-free, Cash-free Net Working Capital to Revenue	5.29%	2.62%	1.16%	2.59%	-0.25%	-0.66%	0.49%	0.82%	-4.13%	-	-3.98%
Debt-free Net Working Capital to Revenue	24.34%	23.41%	21.62%	24.46%	21.76%	21.46%	23.17%	25.45%	12.83%	-	11.07%
Net Working Capital to Revenue	24.07%	23.10%	21.27%	24.16%	21.08%	20.68%	22.39%	24.67%	11.92%	-	8.95%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.01	($0.04)	$0.06	($0.28)	($0.04)	$0.16	$0.03	($0.13)	$0.16	$0.10
Adjusted Weighted Average Basic Shares Outstanding	419.15M	251.65M	461.39M	464.60M	462.29M	462.70M	465.87M	470.88M	485.82M	484.52M	512.80M
Adjusted Diluted Earnings per Share	($0.02)	$0.01	($0.04)	$0.06	($0.28)	($0.04)	$0.16	$0.03	($0.13)	$0.16	$0.10
Adjusted Weighted Average Diluted Shares Outstanding	457.74M	458.06M	461.39M	470.66M	462.29M	462.70M	478.72M	474.84M	485.82M	492.79M	519.40M
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	467.02M	472.62M	472.62M	473.27M	470.50M	478.41M	478.70M	479.02M	523.53M	524.00M	521.46M
Normalized Net Operating Profit after Tax (NOPAT)	5.60	2.10	18	27	22	23	46	32	29	25	33
Normalized NOPAT Margin	0.98%	0.38%	2.87%	4.37%	3.63%	3.91%	7.42%	5.10%	4.26%	-	3.92%
Pre Tax Income Margin	-1.75%	-7.83%	1.31%	0.16%	-12.40%	-1.02%	15.46%	5.39%	-5.93%	-	1.31%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.72	-0.22	1.24	0.97	-0.15	0.64	4.62	2.39	-0.75	-	1.37
NOPAT to Interest Expense	-0.08	0.06	-1.15	35.44	0.29	0.95	1.65	0.57	0.35	-	0.54
EBIT Less CapEx to Interest Expense	-0.06	-0.94	0.48	0.22	-0.55	-0.82	3.58	1.09	-2.13	-	0.00
NOPAT Less CapEx to Interest Expense	-0.86	-0.66	-1.91	34.69	-0.11	-0.50	0.61	-0.74	-1.03	-	-0.84
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%	0.00%	-33.13%	-41.04%	-140.00%	-107.69%	242.86%	-	122.22%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from Global Business Travel Group's quarterly results over the last four years, with a focus on trends that may impact investors.

Revenue growth: operating/total revenue rose from about 527 million in 2022 Q4 to 792 million in 2025 Q4, marking a clear multi‑year uptrend and scale expansion.
Profitability recovery: 2025 Q4 net income attributable to common shareholders was 83 million, a notable swing back to profitability after earlier quarterly losses.
Healthy gross margins: gross margin remained robust in 2025, typically in the mid‑50s to around 60%, indicating effective cost of goods management relative to revenue growth.
Positive operating cash flow in late 2025: net cash from continuing operating activities was about 71 million in 2025 Q3 and 52 million in 2025 Q4, signaling solid cash generation from core business.
Improving balance sheet and liquidity: total equity rose toward ~1.5 billion by 2025, and liquidity metrics show current assets around 1.62 billion vs. current liabilities ~1.32 billion (roughly 1.2x current ratio), indicating solid liquidity.
Moderate, ongoing capital expenditures: quarterly purchases of property, plant & equipment have been in the 30–40 million range, supporting growth without an excessive cash drag.
Earnings per share activity: 2025 Q4 basic and diluted EPS were around 0.16, signaling an improvement over earlier quarters, though quarterly EPS remains volatile
Asset mix includes substantial goodwill and intangible assets: noncurrent assets are elevated (goodwill and intangibles), reflecting acquisitions; impairment risk is not evident in the reported data but remains a consideration.
Rising debt load: long‑term debt stood around 1.36 billion by 2025 Q4, up modestly since 2022, which could raise interest obligations if cash flow falters.
Financing outflows weighed on cash: net cash from financing activities has been negative in several quarters (e.g., 2025 Q3 and Q4), contributing to cash outflows and increasing reliance on external financing.

05/16/26 06:23 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%.

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Financial statements for NYSE:GBTG last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Global Business Travel Group (GBTG) Financials

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