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Global Business Travel Group, Inc. operates as a technology and services company in the United States, the United Kingdom, and internationally. The company offers the Amex GBT marketplace for fares and rates; travel solutions, such as Amex GBT Egencia for businesses needing a configurable digital travel and expense platform; Complete by SAP Concur and Amex GBT, a co-developed travel and expense solution for businesses; and Amex GBT Neo for businesses preferring customizable global travel. It also provides Amex GBT Select for insight and control in travel spend; Amex GBT Ovation for businesses preferring a higher touch travel solution and personalized corporate travel servicing; and CWTSatoTravel for military and government agencies, as well as related organizations subject to government regulations, policies, and programs. In addition, the company offers professional services, including Amex GBT Meetings & Events for business travelers; and Amex GBT Consulting for guidance and solutions for corporate travel programs, cost savings, traveler experience, and policy compliance. Further, it provides virtual assistants, personalized recommendations, automatic rate optimization tools, and savings identification capabilities through its AI-powered platform; and traveler insights, fare analysis, and data analytics. Global Business Travel Group, Inc. was founded in 2014 and is headquartered in London, the United Kingdom.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.7B | $434M | $109M | $104M | 6.8% | 12.2% | -179.0% |
| 2024 | $2.4B | $222M | $-138M | $165M | -13.1% | 5.8% | 119.0% |
| 2023 | $2.3B | $190M | $-63M | $49M | -5.2% | 23.7% | 152.0% |
| 2022 | $1.9B | $-7M | $-25M | $-488M | -16.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,851 | 2,290 | 2,423 | 2,718 |
| Operating Revenue | - | 1,851 | 2,290 | 2,423 | 2,718 |
| Cost Of Revenue | - | 832 | 961 | 967 | 1,085 |
| Gross Profit | - | 1,019 | 1,329 | 1,456 | 1,633 |
| Operating Expense | - | 1,220 | 1,295 | 1,328 | 1,451 |
| Research And Development | - | 388 | 413 | 442 | 527 |
| Selling General And Administration | - | 650 | 688 | 708 | 732 |
| Total Expenses | - | 2,052 | 2,256 | 2,295 | 2,536 |
| Operating Income | - | -201 | 34 | 128 | 182 |
| Total Operating Income As Reported | - | -198 | -8 | 115 | 130 |
| EBITDA | - | -7 | 190 | 222 | 434 |
| Normalized EBITDA | - | -18 | 219 | 329 | 392 |
| EBIT | - | -189 | -4 | 44 | 242 |
| Interest Income | - | 0 | 1 | 6 | 8 |
| Interest Expense | - | 98 | 141 | 115 | 95 |
| Net Interest Income | - | -98 | -140 | -109 | -87 |
| Other Non Operating Income Expenses | - | 1 | -10 | 17 | -29 |
| Other Income Expense | - | 12 | -39 | -90 | 52 |
| Interest Income Non Operating | - | 0 | 1 | 6 | 8 |
| Interest Expense Non Operating | - | 98 | 141 | 115 | 95 |
| Net Non Operating Interest Income Expense | - | -98 | -140 | -109 | -87 |
| Pretax Income | - | -287 | -145 | -71 | 147 |
| Tax Provision | - | -61 | -9 | 66 | 40 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 2.34 | -1.80 | -22.47 | 11.51 |
| Net Income Continuous Operations | - | -229 | -136 | -134 | 111 |
| Net Income From Continuing And Discontinued Operation | - | -25 | -63 | -138 | 109 |
| Net Income From Continuing Operation Net Minority Interest | - | -25 | -63 | -138 | 109 |
| Net Income | - | -25 | -63 | -138 | 109 |
| Net Income Common Stockholders | - | -25 | -63 | -138 | 109 |
| Net Income Including Noncontrolling Interests | - | -229 | -136 | -134 | 111 |
| Normalized Income | - | -33.66 | -35.80 | -53.47 | 78.51 |
| Diluted NI Availto Com Stockholders | - | -25 | -63 | -138 | 109 |
| Basic Average Shares | 56.95 | 51.27 | 251.65 | 462.70 | - |
| Diluted Average Shares | 56.95 | 445.72 | 458.06 | 462.70 | - |
| Reconciled Depreciation | - | 182 | 194 | 178 | 192 |
| Reconciled Cost Of Revenue | - | 832 | 961 | 967 | 1,085 |
| Total Unusual Items | - | 11 | -29 | -107 | 42 |
| Total Unusual Items Excluding Goodwill | - | 11 | -29 | -107 | 42 |
| Preferred Stock Dividends | 10 | - | - | - | - |
| Minority Interests | - | 204 | 73 | -4 | -2 |
| Earnings From Equity Interest Net Of Tax | - | -3 | 0 | 3 | 4 |
| Special Income Charges | - | 3 | -42 | -51 | -54 |
| Gain On Sale Of Business | -1 | - | - | - | - |
| Other Special Charges | 49 | - | - | 38 | 2 |
| Restructuring And Mergern Acquisition | - | -3 | 42 | 13 | 52 |
| Gain On Sale Of Security | - | 8 | 13 | -56 | 96 |
| Depreciation Amortization Depletion Income Statement | - | 182 | 194 | 178 | 192 |
| Depreciation And Amortization In Income Statement | - | 182 | 194 | 178 | 192 |
| General And Administrative Expense | - | 313 | 294 | 308 | 290 |
| Other Gand A | - | 313 | 294 | 308 | 290 |
| Selling And Marketing Expense | - | 337 | 394 | 400 | 442 |
| Earnings From Equity Interest | - | - | 0 | 0 | 39 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Global Business Travel Group, Inc.this co. | GBTG | $4.9B | 44.73↑ premium | 3.03 | 6.8% | 13.70 |
| Garrett Motion Inc. | GTX | $6.2B | 19.84 | -7.67 | -38.7% | 12.36 |
| Rush Street Interactive, Inc. | RSI | $6.1B | 182.36 | 41.26 | 22.6% | 45.09 |
| Rush Enterprises, Inc. | RUSHB | $5.1B | 19.38 | 2.32 | 12.0% | 9.81 |
| Alliance Laundry Holdings Inc. |
| 2021 | - | - | - | - | - | - | - |
| ALH |
| $5.0B |
| 48.68 |
| 12.63 |
| 26.0% |
| 17.86 |
| Ermenegildo Zegna N.V. | ZGN | $4.0B | 40.60 | 3.88 | 9.6% | 10.82 |
| Polaris Inc. | PII | $3.9B | -8.41 | 4.73 | -56.2% | -47.42 |
| Hilton Grand Vacations Inc. | HGV | $3.8B | 47.51 | 2.99 | 6.3% | 14.44 |
| Greif, Inc. | GEF | $3.6B | 13.40 | 1.73 | 12.9% | 10.88 |
| Peer Median | - | 30.22 | 3.43 | 10.8% | 11.62 | |