Revenue growth accelerated to 35.3% in 2026Q1, yet gross margins contracted significantly from a 62.8% peak in 2025Q1 to 51.2% in the most recent quarter.
| Sales/Revenue | 2.94B | 2.72B | 2.42B | 2.29B | 1.85B | 763M | 793M | 2.12B |
| Revenue Growth % | 20.67% | 12.17% | 5.81% | 23.72% | 142.59% | -3.78% | -62.58% | - |
| Cost of Goods Sold | 1.26B | 1.08B | 967M | 958M | 832M | 477M | 529M | 880M |
| COGS % of Revenue | - | 39.92% | 39.91% | 41.83% | 44.95% | 62.52% | 66.71% | 41.53% |
| Gross Profit | 1.67B | 1.63B | 1.46B | 1.33B | 1.02B | 286M | 264M | 1.24B |
| Gross Margin % | 56.96% | 60.08% | 60.09% | 58.17% | 55.05% | 37.48% | 33.29% | 58.47% |
| Gross Profit Growth % | - | 12.16% | 9.31% | 30.72% | 256.29% | 8.33% | -78.69% | - |
| Operating Expenses | 1.54B | 1.45B | 1.34B | 1.34B | 1.22B | 846M | 805M | 1.03B |
| OpEx % of Revenue | - | 53.38% | 55.34% | 58.52% | 65.75% | 110.88% | 101.51% | 48.75% |
| Selling, General & Admin | 785M | 732M | 708M | 699M | 650M | 414M | 380M | 541M |
| SG&A % of Revenue | - | 26.93% | 29.22% | 30.52% | 35.12% | 54.26% | 47.92% | 25.53% |
| Research & Development | 566M | 527M | 442M | 405M | 388M | 264M | 277M | 339M |
| R&D % of Revenue | - | 19.39% | 18.24% | 17.69% | 20.96% | 34.6% | 34.93% | 16% |
| Other Operating Expenses | 3M | 192M | 191M | 236M | 179M | 168M | 148M | 153M |
| Operating Income | 129M | 182M | 115M | -8M | -198M | -560M | -747M | 206M |
| Operating Margin % | 4.39% | 6.7% | 4.75% | -0.35% | -10.7% | -73.39% | -94.2% | 9.72% |
| Operating Income Growth % | - | 58.26% | 1537.5% | 95.96% | 64.64% | 25.03% | -462.62% | - |
| EBITDA | 341M | 374M | 293M | 186M | -16M | -406M | -599M | 347M |
| EBITDA Margin % | 11.61% | 13.76% | 12.09% | 8.12% | -0.86% | -53.21% | -75.54% | 16.38% |
| EBITDA Growth % | 4.92% | 27.65% | 57.53% | 1262.5% | 96.06% | 32.22% | -272.62% | - |
| D&A (Non-Cash Add-back) | 212M | 192M | 178M | 194M | 182M | 154M | 148M | 141M |
| EBIT | 171M | 242M | 44M | -4M | -189M | -600M | -732M | 208M |
| Net Interest Income | -91M | -87M | -109M | -140M | -98M | -52M | -26M | -10M |
| Interest Income | 7M | 8M | 6M | 1M | 0 | 1M | 1M | 5M |
| Interest Expense | 98M | 95M | 115M | 141M | 98M | 53M | 27M | 15M |
| Other Income/Expense | -62M | -31M | -183M | -137M | -92M | -101M | -17M | -8M |
| Pretax Income | 67M | 151M | -68M | -145M | -290M | -661M | -759M | 198M |
| Pretax Margin % | 2.28% | 5.56% | -2.81% | -6.33% | -15.67% | -86.63% | -95.71% | 9.34% |
| Income Tax | -23M | 40M | 66M | -9M | -61M | -186M | -145M | 60M |
| Effective Tax Rate % | -34.33% | 26.49% | -97.06% | 6.21% | 21.03% | 28.14% | 19.1% | 30.3% |
| Net Income | 86M | 109M | -138M | -63M | -25M | 0 | -614M | 134M |
| Net Margin % | 2.93% | 4.01% | -5.7% | -2.75% | -1.35% | - | -77.43% | 6.32% |
| Net Income Growth % | 295.45% | 178.99% | -119.05% | -152% | - | 100% | -558.21% | - |
| Net Income (Continuing) | 90M | 111M | -134M | -136M | -229M | -475M | -619M | 138M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 50M | 53M | 6M | 4M | 1.22B | 1M | 3M | 4M |
| EPS (Diluted) | 0.17 | 0.21 | -0.30 | -0.14 | -0.51 | -6.89 | -6.01 | 1.04 |
| EPS Growth % | 258.38% | 170% | -114.29% | 72.55% | 92.6% | -14.64% | -677.88% | - |
| EPS (Basic) | - | 0.21 | -0.30 | -0.14 | -4.41 | -6.89 | -6.01 | 1.04 |
| Diluted Shares Outstanding | 519.4M | 523.59M | 462.69M | 458.06M | 419.15M | 419.15M | 419.15M | 128.75M |
| Basic Shares Outstanding | 512.8M | 523.59M | 462.69M | 464.24M | 419.15M | 419.15M | 419.15M | 128.75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 43.28% |
NDC-driven margin compression
According to the most recent quarterly filings, GBTG achieved a significant revenue surge to $840.0M in 2026Q1, representing a 35.3% year-over-year growth rate that sharply contrasts with the low single-digit expansion observed throughout the majority of the 2024 and 2025 fiscal periods.
This sudden acceleration suggests a potential inflection in transaction volumes or a successful capture of market share within the SME segment. Investors should monitor whether this growth is sustainable or merely a reflection of seasonal catch-up adjustments in supplier incentives, which often distort quarterly revenue recognition.
As reported in the company's income statement, gross margins have experienced a notable contraction, falling from a peak of 62.8% in 2025Q1 to 51.2% in 2026Q1, indicating potential pressure on the firm's ability to maintain pricing power against evolving industry distribution models.
The decline in gross profitability appears to coincide with the broader industry shift toward New Distribution Capability (NDC) protocols, which may be eroding traditional agency commission structures. This trend suggests that the company's reliance on legacy GDS incentives may be becoming a structural liability rather than a reliable revenue stream.
Based on the provided financial data, R&D expenditures have climbed to $159.0M in 2026Q1, marking a substantial increase from the $104.0M reported in 2023Q4, as the firm attempts to modernize its platform to compete with more agile, tech-native travel management solutions.
The rising cost base, coupled with persistent SG&A requirements, suggests that the company is struggling to achieve the operating leverage typically expected from a software-led business model. This heavy investment cycle may continue to suppress net income until the platform migration reaches a critical mass of automated bookings.
Analysis of the income statement reveals that net income remains highly inconsistent, with quarterly figures swinging from a $83.0M profit in 2025Q4 to a $62.0M loss in 2025Q3, further complicated by recurring stock-based compensation charges that reached $17.0M in the most recent quarter.
The frequent oscillation between profitability and losses suggests that the company's bottom line is highly sensitive to non-operating items and integration-related costs. Investors should be wary of the quality of these earnings, as the reliance on stock-based compensation may be masking the true cash cost of talent retention in a competitive software environment.
Quick answers to the most common questions about buying GBTG stock.
For fiscal year 2025, Global Business Travel Group, Inc. (GBTG) reported total revenue of $2.72B. This represents a 28.3% increase compared to $2.12B in 2019.
Global Business Travel Group, Inc. (GBTG) is profitable, generating $109.0M in net income for the fiscal year ending 2025 with a net profit margin of 4.0%.
Global Business Travel Group, Inc. (GBTG) reported an operating income of $182.0M, resulting in an operating profit margin of 6.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Global Business Travel Group, Inc. (GBTG) generated $1.63B in gross profit for the year, representing a gross profit margin of 60.1%. This demonstrates the company's core pricing power and production efficiency.