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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 | 6.6% | 12.2% | - |
| 2024 | $2.4B | $222M | $-138M | $165M | -13.1% | 5.8% | - |
| 2023 | $2.3B | $190M | $-63M | $49M | -5.2% | 23.7% | - |
| 2022 | $1.9B | $-7M | $-25M | $-488M | -1.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | -201 | 34 | 128 | 182 |
| EBITDA | -7 | 190 | 222 | 434 |
| EBIT | -189 | -4 | 44 | 242 |
| Pretax Income | -287 | -145 | -71 | 147 |
| Tax Provision | -61 | -9 | 66 | 40 |
| Net Income | -25 | -63 | -138 | 109 |
| Net Income Common Stockholders | -25 | -63 | -138 | 109 |
| Total Expenses | 2,052 | 2,256 | 2,295 | 2,536 |
| Interest Expense | 98 | 141 | 115 | 95 |
| Interest Income | 0 | 1 | 6 | 8 |
| Research And Development | 388 | 413 | 442 | 527 |
| Selling General And Administration | 650 | 688 | 708 | 732 |
| Normalized EBITDA | -18 | 219 | 329 | 392 |
| Normalized Income | -33.66 | -35.80 | -53.47 | 78.51 |
| Basic EPS | -0.50 | -0.25 | -0.30 | 0 |
| Diluted EPS | -0.51 | -0.30 | -0.30 | 0 |
| Tax Effect Of Unusual Items | 2.34 | -1.80 | -22.47 | 11.51 |
| Tax Rate For Calcs | 0.21 | 0.06 | 0.21 | 0.27 |
| Total Unusual Items | 11 | -29 | -107 | 42 |
| Total Unusual Items Excluding Goodwill | 11 | -29 | -107 | 42 |
| Net Income From Continuing Operation Net Minority Interest | -25 | -63 | -138 | 109 |
| Reconciled Depreciation | 182 | 194 | 178 | 192 |
| Reconciled Cost Of Revenue | 832 | 961 | 967 | 1,085 |
| Net Interest Income | -98 | -140 | -109 | -87 |
| Net Income From Continuing And Discontinued Operation | -25 | -63 | -138 | 109 |
| Total Operating Income As Reported | -198 | -8 | 115 | 130 |
| Diluted Average Shares | 445.72 | 458.06 | 462.70 | 0 |
| Basic Average Shares | 51.27 | 251.65 | 462.70 | 0 |
| Diluted NI Availto Com Stockholders | -25 | -63 | -138 | 109 |
| Preferred Stock Dividends | 0 | 0 | 0 | 0 |
| Minority Interests | 204 | 73 | -4 | -2 |
| Net Income Including Noncontrolling Interests | -229 | -136 | -134 | 111 |
| Net Income Continuous Operations | -229 | -136 | -134 | 111 |
| Earnings From Equity Interest Net Of Tax | -3 | 0 | 3 | 4 |
| Other Income Expense | 12 | -39 | -90 | 52 |
| Other Non Operating Income Expenses | 1 | -10 | 17 | -29 |
| Special Income Charges | 3 | -42 | -51 | -54 |
| Gain On Sale Of Business | 0 | 0 | 0 | 0 |
| Other Special Charges | 0 | 0 | 38 | 2 |
| Restructuring And Mergern Acquisition | -3 | 42 | 13 | 52 |
| Earnings From Equity Interest | 0 | 0 | 0 | 39 |
| Gain On Sale Of Security | 8 | 13 | -56 | 96 |
| Net Non Operating Interest Income Expense | -98 | -140 | -109 | -87 |
| Interest Expense Non Operating | 98 | 141 | 115 | 95 |
| Interest Income Non Operating | 0 | 1 | 6 | 8 |
| Depreciation Amortization Depletion Income Statement | 182 | 194 | 178 | 192 |
| Depreciation And Amortization In Income Statement | 182 | 194 | 178 | 192 |
| Selling And Marketing Expense | 337 | 394 | 400 | 442 |
| General And Administrative Expense | 313 | 294 | 308 | 290 |
| Other Gand A | 313 | 294 | 308 | 290 |
| Operating Revenue | 1,851 | 2,290 | 2,423 | 2,718 |
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 | $3.0B | 26.18↓ discount | 1.87 | 6.6% | 12.80 |
| Hilton Grand Vacations Inc. | HGV | $3.5B | 48.76 | 2.80 | 5.6% | 12.92 |
| KB Home | KBH | $3.3B | 10.10 | 0.85 | 11.0% | 9.82 |
| Ermenegildo Zegna N.V. | ZGN | $3.1B | 26.16 | 2.59 | 9.0% | 15.69 |
| Madison Square Garden Entertainment Corp. |
| MSGE |
| $3.1B |
| 59.39 |
| 84.95 |
| -281.4% |
| 18.64 |
| Visteon Corporation | VC | $2.9B | 18.07 | 1.85 | 12.2% | 6.60 |
| FIGS, Inc. | FIGS | $2.5B | 79.11 | 5.70 | 7.8% | 47.90 |
| Brightstar Lottery PLC | BRSL | $2.4B | - | 2.76 | 9.2% | 6.75 |
| Peloton Interactive, Inc. | PTON | $2.4B | - | -7.24 | 28.7% | 18.11 |
| Peer Median | - | 37.46 | 2.68 | 9.1% | 14.31 | |