Revenue surged 37.9% year-over-year to $870M in 2026Q2, but operating margin fell to 2.8% from 5.4% a year earlier, indicating that growth is being purchased at the expense of profitability.
Global Business Travel Group, Inc. (GBTG) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 3.18B | 2.72B | 2.42B | 2.29B | 1.85B | 763M | 793M | 2.12B |
| Revenue Growth % | 30.16% | 12.17% | 5.81% | 23.72% | 142.59% | -3.78% | -62.58% | - |
| Cost of Goods Sold | 1.32B | 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 | 1.86B | 1.63B | 1.46B | 1.33B | 1.02B | 286M | 264M | 1.24B |
| Gross Margin % | 58.5% | 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 | 1.74B | 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 | 838M | 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 | 606M | 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 | 4M | 192M | 191M | 236M | 179M | 168M | 148M | 153M |
| Operating Income | 119M | 182M | 115M | -8M | -198M | -560M | -747M | 206M |
| Operating Margin % | 3.75% | 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 | 344M | 374M | 293M | 186M | -16M | -406M | -599M | 347M |
| EBITDA Margin % | 10.83% | 13.76% | 12.09% | 8.12% | -0.86% | -53.21% | -75.54% | 16.38% |
| EBITDA Growth % | 10.26% | 27.65% | 57.53% | 1262.5% | 96.06% | 32.22% | -272.62% | - |
| D&A (Non-Cash Add-back) | 225M | 192M | 178M | 194M | 182M | 154M | 148M | 141M |
| EBIT | 129M | 242M | 44M | -4M | -189M | -600M | -732M | 208M |
| Net Interest Income | -94M | -87M | -109M | -140M | -98M | -52M | -26M | -10M |
| Interest Income | 6M | 8M | 6M | 1M | 0 | 1M | 1M | 5M |
| Interest Expense | 100M | 95M | 115M | 141M | 98M | 53M | 27M | 15M |
| Other Income/Expense | -73M | -31M | -183M | -137M | -92M | -101M | -17M | -8M |
| Pretax Income | 46M | 151M | -68M | -145M | -290M | -661M | -759M | 198M |
| Pretax Margin % | 1.45% | 5.56% | -2.81% | -6.33% | -15.67% | -86.63% | -95.71% | 9.34% |
| Income Tax | -42M | 40M | 66M | -9M | -61M | -186M | -145M | 60M |
| Effective Tax Rate % | -91.3% | 26.49% | -97.06% | 6.21% | 21.03% | 28.14% | 19.1% | 30.3% |
| Net Income | 88M | 109M | -138M | -63M | -25M | 0 | -614M | 134M |
| Net Margin % | 2.77% | 4.01% | -5.7% | -2.75% | -1.35% | - | -77.43% | 6.32% |
| Net Income Growth % | 254.39% | 178.99% | -119.05% | -152% | - | 100% | -558.21% | - |
| Net Income (Continuing) | 88M | 111M | -134M | -136M | -229M | -475M | -619M | 138M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 52M | 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 % | 225.81% | 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 | 520.37M | 523.59M | 462.69M | 458.06M | 419.15M | 419.15M | 419.15M | 128.75M |
| Basic Shares Outstanding | 513.8M | 523.59M | 462.69M | 464.24M | 419.15M | 419.15M | 419.15M | 128.75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 43.28% |
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.
Key Metrics
Top Statement Risk
Revenue growth outpacing profitability
Metrics are mathematically derived from official filings.
Accelerating Revenue Momentum
GBTG's revenue surged 37.9% year-over-year in 2026Q2, reaching $870M, according to the latest quarterly report, marking a clear acceleration from the low single-digit growth seen in early 2025.
The revenue trajectory shows a sharp inflection starting in 2025Q4, with growth jumping from 1.8% in 2025Q1 to 34.0% in 2025Q4 and sustaining above 35% through 2026Q1 and Q2. This suggests a significant business expansion, possibly driven by new client wins or market share gains, though the sustainability of this pace warrants monitoring. The sequential revenue increase from $792M to $870M in 2026Q2 indicates continued momentum, but investors should assess whether this growth is organic or includes inorganic contributions.
Gross Margin Resilience Amid Expansion
Gross margin remained relatively stable around 59% in 2026Q2, as per financial statements, despite rapid revenue growth, indicating pricing power or cost efficiencies that have so far absorbed the scaling costs.
While gross margin dipped slightly from 61.6% in 2025Q2 to 59.1% in 2026Q2, the decline is modest and may reflect a changing revenue mix or increased pass-through costs. Compared to peers like Sabre (56.4%) and MakeMyTrip (55.9%), GBTG's gross margin is competitive, suggesting a defensible business model. However, the trend of declining gross margin over the past four quarters (from 62.8% to 59.1%) could signal pricing pressure or cost inflation that needs close observation.
Operating Leverage Not Yet Realized
Despite revenue growth of 37.9% in 2026Q2, operating income fell to $24M from $47M in the prior quarter, as reported, indicating that SG&A and R&D expenses are growing faster than gross profit.
Operating margin contracted from 5.6% in 2026Q1 to 2.8% in 2026Q2, even as revenue increased, because SG&A jumped from $224M to $233M and R&D from $159M to $160M. This suggests that the company is investing heavily in sales and technology to support growth, but the expected operating leverage has not materialized. The sequential decline in operating income from $47M to $24M, despite higher revenue, highlights that cost discipline is lacking or that investments are front-loaded. Investors should monitor whether these expenses translate into future profitability.
Volatile Net Income and Tax Effects
Net income swung from a $62M loss in 2025Q3 to an $83M profit in 2025Q4, per SEC filings, with EPS fluctuating between -$0.13 and $0.16, suggesting non-operating items or tax benefits distorting underlying earnings.
The wide swings in net income, such as the $83M profit in 2025Q4 versus a $62M loss in the prior quarter, are not fully explained by operating performance, as operating income was only $36M in 2025Q4. This implies significant non-operating gains or tax benefits that may not be recurring. Additionally, stock-based compensation has been steady around $18-20M per quarter, which is a real cost but not reflected in operating income. The quality of earnings appears low, with EPS growth rates showing extreme volatility (e.g., -159.8% in 2024Q4) that investors should treat with caution.
Rising SG&A and R&D Investment
SG&A expenses increased 29.4% year-over-year to $233M in 2026Q2, as reported, while R&D grew 33.3% to $160M, outpacing revenue growth and pressuring operating margins.
The cost structure reveals that GBTG is investing aggressively in both sales and marketing (SG&A) and product development (R&D) to drive growth. However, the pace of expense growth is exceeding revenue growth, leading to margin compression. For instance, SG&A as a percentage of revenue rose from 28.9% in 2025Q2 to 26.8% in 2026Q2, but the absolute increase is substantial. Management appears to be prioritizing growth over near-term profitability, which may be justified if the investments yield durable market share gains, but it also raises the risk of cost overruns.
Growth Without Profitability
Despite revenue growth of 37.9% in 2026Q2, operating margin fell to 2.8% from 5.4% a year earlier, as per financials, suggesting that the company is buying growth at the expense of profitability.
Short-sellers would likely highlight that GBTG's revenue acceleration has not translated into improved bottom-line performance. Operating income in 2026Q2 ($24M) is actually lower than in 2025Q2 ($34M) despite a 37.9% revenue increase, indicating that incremental revenue is not flowing to the operating line. The company's net margin of 1.7% in 2026Q2 is thin, and the volatile earnings history (including a -21.6% net margin in 2024Q3) suggests that profitability is fragile. If revenue growth decelerates, the lack of operating leverage could lead to losses. Investors should question whether the current growth rate is sustainable and whether the company can eventually convert it into profits.