Operating cash flow of $142M in 2026Q2 was 9.5 times net income, but free cash flow swung from -$52M in 2026Q1 to $103M in 2026Q2, highlighting working capital-driven volatility.
Global Business Travel Group, Inc. (GBTG) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | 250M | 233M | 272M | 162M | -394M | -512M | -250M | 227M |
| Operating CF Margin % | - | 8.57% | 11.23% | 7.07% | -21.29% | -67.1% | -31.53% | 10.71% |
| Operating CF Growth % | -15.65% | -14.34% | 67.9% | 141.12% | 23.05% | -104.8% | -210.13% | - |
| Net Income | 88M | 111M | -134M | -136M | -229M | -475M | -619M | 138M |
| Depreciation & Amortization | 225M | 192M | 178M | 194M | 182M | 154M | 148M | 141M |
| Stock-Based Compensation | 73M | 76M | 77M | 75M | 39M | 3M | 3M | 6M |
| Deferred Taxes | -51M | -15M | 34M | -30M | -65M | -178M | -110M | 24M |
| Other Non-Cash Items | -98M | -96M | 49M | -16M | 24M | 22M | 2M | -31M |
| Working Capital Changes | 9M | -35M | 68M | 75M | -345M | -38M | 326M | -51M |
| Change in Receivables | -32M | -53M | 118M | 45M | -445M | -88M | 524M | -39M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 24M | -7M | -5M | 26M | 122M | 2M | -159M | 23M |
| Cash from Investing | -242M | -206M | -102M | -119M | -95M | -27M | -47M | -87M |
| Capital Expenditures | -148M | -129M | -107M | -113M | -94M | -44M | -47M | -62M |
| CapEx % of Revenue | 4.66% | 4.75% | 4.42% | 4.93% | 5.08% | 5.77% | 5.93% | 2.93% |
| Acquisitions | 44M | -104M | 0 | 0 | 0 | 20M | 0 | -25M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -138M | 27M | 5M | -6M | -1M | -3M | 816.81M | 0 |
| Cash from Financing | -60M | -128M | -85M | 120M | 292M | 478M | 384M | -65M |
| Debt Issued (Net) | 85M | -14M | 25M | 128M | 197M | 382M | 384M | -3M |
| Equity Issued (Net) | -115M | -65M | -55M | 0 | -168M | 150M | 834.35M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -1M | 0 | -58M |
| Share Repurchases | -119M | -73M | -55M | 0 | 0 | 0 | 0 | -58M |
| Other Financing | -30M | -49M | -55M | -8M | 263M | -53M | -834.35M | -4M |
| Net Change in Cash | -66M | -82M | 72M | 173M | -209M | -68M | 94M | 76M |
| Free Cash Flow | 102M | 104M | 165M | 49M | -488M | -556M | -297M | 165M |
| FCF Margin % | 3.21% | 3.83% | 6.81% | 2.14% | -26.36% | -72.87% | -37.45% | 7.79% |
| FCF Growth % | -29.66% | -36.97% | 236.73% | 110.04% | 12.23% | -87.21% | -280% | - |
| FCF per Share | 0.20 | 0.20 | 0.36 | 0.11 | -1.16 | -1.33 | -0.71 | 1.28 |
| FCF Conversion (FCF/Net Income) | 1.16x | 2.14x | -1.97x | -2.57x | 15.76x | - | 0.41x | 1.69x |
| Interest Paid | 92M | 94M | 99M | 142M | 96M | 47M | 0 | 14M |
| Taxes Paid | 20M | 0 | 14M | 2M | 0 | 0 | 0 | 49M |
Quick answers to the most common questions about buying GBTG stock.
Global Business Travel Group, Inc. (GBTG) generated $233.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Global Business Travel Group, Inc. (GBTG) generated $104.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Global Business Travel Group, Inc. (GBTG) spent $129.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Global Business Travel Group, Inc. (GBTG) spent $73.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Cash flow volatility persists
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Working Capital
In 2026Q2, GBTG's operating cash flow of $142M was 9.5 times net income of $15M, per the latest quarterly report, but working capital swings drove most of the gap.
The OCF/NI ratio of 9.47 in 2026Q2 is extreme, but it stems from a $87M working capital inflow that reversed a $88M outflow in the prior quarter. Excluding working capital, cash conversion appears more moderate, suggesting earnings quality is heavily influenced by timing of receivables and payables. Investors should monitor whether these swings smooth out over time.
Free Cash Flow Volatility Masks Underlying Stability
GBTG's free cash flow swung from -$52M in 2026Q1 to $103M in 2026Q2, as reported in financial statements, with FCF margins ranging from -6.2% to 11.8% over the past year.
The quarterly FCF trajectory is erratic, but the trailing twelve-month FCF appears positive, indicating that the business generates cash over longer periods. The 2026Q2 FCF margin of 11.8% is the highest in the series, but it may not be sustainable given the working capital reversal. The gap between net income and FCF is significant, with FCF often exceeding net income due to large non-cash charges like D&A.
Capital Expenditures Aligned with Revenue Growth
CapEx as a percentage of revenue has remained steady between 3.8% and 5.4% over the last ten quarters, per SEC filings, suggesting a consistent capital intensity as GBTG scales.
The CapEx/Revenue ratio has hovered around 4-5%, indicating that capital spending is growing in line with revenue, which is consistent with a travel services company investing in technology and infrastructure. The absolute CapEx has increased from $24M in 2024Q2 to $39M in 2026Q2, reflecting expansion efforts. This suggests that the company is allocating capital to support growth rather than just maintaining existing assets.
Working Capital Swings Drive Cash Flow Variability
Working capital changes contributed $87M in 2026Q2 after a -$88M drag in 2026Q1, as per the cash flow statement, causing significant quarterly cash flow volatility.
The working capital line item is the primary source of cash flow volatility, with swings of over $100M between quarters. This pattern suggests that GBTG's cash conversion cycle is sensitive to timing of client payments and supplier terms, which is common in travel services. The large positive contribution in 2026Q2 may indicate improved collections or delayed payments, but it is likely to reverse in subsequent quarters.
Share Repurchases Absorb Excess Cash
GBTG repurchased $9M of shares in 2026Q2 and $38M in 2026Q1, as reported, while paying no dividends, indicating a preference for buybacks as a capital return method.
The company has not paid dividends in any of the ten quarters, but has engaged in sporadic buybacks, with the largest being $55M in 2024Q3. This suggests that management sees value in returning capital via buybacks, but the amounts are modest relative to FCF. The lack of dividends may indicate that the company is prioritizing reinvestment or debt reduction, though the data does not show significant acquisition activity.
Cumulative Cash Generation Exceeds Net Income
Over the last ten quarters, GBTG's cumulative operating cash flow of $632M far exceeds cumulative net income of $36M, based on reported figures, highlighting the impact of non-cash charges.
The cumulative gap between operating cash flow and net income is substantial, driven by D&A and working capital adjustments. This suggests that reported earnings understate the company's cash-generating ability, but also that earnings quality is low due to large non-cash items. The divergence may indicate that the company is investing heavily in growth, which is reflected in D&A, but the cash flow is real and supports the business.
What Could Invalidate the Base Case
The apparent cash generation may be overstated by favorable working capital timing, as 2026Q2's $87M inflow reversed a prior $88M outflow, per the cash flow statement, suggesting potential volatility ahead.
The strong operating cash flow in 2026Q2 is heavily dependent on a working capital inflow that may not recur, and the prior quarter's outflow shows the volatility. If working capital swings normalize, the gap between net income and operating cash flow could narrow, revealing lower underlying cash conversion. Additionally, the company's increasing CapEx and sporadic buybacks may consume cash faster than generated, especially if revenue growth slows. Investors should monitor whether the cumulative cash flow advantage over net income persists without working capital tailwinds.