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GBTG

Global Business Travel Group, Inc.

GBTG

Global Business Travel Group, Inc. • NYSE
$7.71 ▲ 0.13% (+0.01)
Market Cap $3.63 B
52w High $9.59
52w Low $5.78
Dividend Yield 0%
P/E 771
Volume 821.96K
Outstanding Shares 471.26M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $674M ▲ $392M ▲ $-62M ▼ -9.199% ▼ $-0.13 ▼ $35M ▼
Q2-2025 $631M ▲ $355M ▲ $13M ▼ 2.06% ▼ $0.028 ▼ $100M ▼
Q1-2025 $621M ▲ $335M ▲ $75M ▲ 12.077% ▲ $0.16 ▲ $160M ▲
Q4-2024 $591M ▼ $323M ▼ $-16M ▲ -2.707% ▲ $-0.035 ▲ $84M ▲
Q3-2024 $597M $333M $-129M -21.608% $-0.28 $-3M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $427M ▼ $4.76B ▲ $3.226B ▲ $1.529B ▲
Q2-2025 $601M ▲ $3.871B ▲ $2.664B ▲ $1.2B ▲
Q1-2025 $552M ▲ $3.785B ▲ $2.658B ▲ $1.121B ▲
Q4-2024 $536M ▲ $3.624B ▼ $2.567B ▼ $1.051B ▼
Q3-2024 $524M $3.752B $2.646B $1.101B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-62M ▼ $71M ▲ $-171M ▼ $-33M ▼ $-137M ▼ $38M ▲
Q2-2025 $15M ▼ $57M ▲ $-12M ▲ $-23M ▲ $41M ▲ $27M ▲
Q1-2025 $75M ▲ $53M ▼ $-18M ▲ $-25M ▼ $16M ▲ $26M ▼
Q4-2024 $-14M ▲ $65M ▼ $-32M ▼ $-6M ▲ $11M ▲ $33M ▼
Q3-2024 $-128M $85M $-26M $-62M $9M $59M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Product and Service Other
Product and Service Other
 $120.00M ▲$140.00M ▲$120.00M ▼$120.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown strongly over the last few years as corporate travel has recovered from the pandemic shock, with growth now moderating but still moving in the right direction. Profitability has improved meaningfully: the business has shifted from heavy operating losses to roughly break‑even and then to modest operating profit most recently. Underlying operating performance (on an EBITDA basis) is now clearly positive, which suggests the core operations are working. However, after interest, acquisition‑related items, and other non‑operating costs, the company is still reporting an overall net loss, and that loss widened slightly in the latest year. In short, the income statement shows a business that has largely repaired its operations but has not yet fully translated that into consistent bottom‑line profits.

Balance Sheet

Balance Sheet The balance sheet shows a company with a solid asset base and a reasonable cash cushion, but also a meaningful and rising level of debt. Cash has rebuilt in recent years, which provides some flexibility, yet total borrowings have crept up each year and now represent a significant obligation that weighs on net income through interest expense. Shareholders’ equity remains positive, although it has fluctuated due to past restructuring and deal activity, and it ticked down most recently. Overall, the financial position looks serviceable for a scaled, asset‑light technology and services business, but leverage is clearly a key watch point and leaves less room for major unexpected shocks in the travel market.

Cash Flow

Cash Flow Cash generation has improved sharply. The company has moved from consistently burning cash in its operations to producing positive operating cash flow for the past couple of years, with a clear step‑up in the most recent period. After relatively modest capital spending, free cash flow has also turned positive and is growing. This shift is important: even though accounting profits are still negative, the business is now largely self‑funding its investments instead of relying on external capital. The main risk is that this improvement is still fairly recent and tied to strong travel demand, so a downturn in volumes or integration challenges from acquisitions could quickly show up in weaker cash flow.

Competitive Edge

Competitive Edge Global Business Travel Group operates from a position of considerable strength in its niche. It is one of the largest corporate travel management players globally, with a broad network, deep relationships with airlines and hotels, and a long association with the American Express brand. That scale gives it tangible advantages in service breadth, pricing power with suppliers, and the ability to spread technology and product investments over a wide customer base. Strategic acquisitions, most notably the purchase of a major competitor (CWT), further consolidate its position and bring more clients onto its platforms. High customer retention suggests the service is sticky and embedded in clients’ workflows. The flip side is that integration execution, regulatory scrutiny, and maintaining service quality at scale are ongoing challenges, and the industry remains cyclical and sensitive to economic conditions, travel policies, and geopolitical disruptions.

Innovation and R&D

Innovation and R&D The company’s strategy leans heavily on technology and data, not just traditional travel booking. It has invested in AI‑driven platforms (such as Neo and Egencia) that personalize bookings, automate routine tasks, and help companies manage compliance and costs. Its analytics tools give travel managers detailed insight into spending patterns and program performance, turning travel from a back‑office function into a strategic lever. Integrations with payments (including virtual cards) and expense systems aim to create a seamless experience from booking to reimbursement. Looking ahead, the planned “Complete” solution with SAP Concur, deeper AI use across disruption management and expense auditing, and new tools aimed at smaller businesses and guest travel all point to an ambitious product roadmap. Sustainability features, carbon tracking, and partnerships in ESG also help differentiate the offering. The main uncertainty is execution: building and integrating these complex platforms, while digesting acquisitions and potentially navigating a change of ownership, adds operational risk and could stretch management focus.

Summary

Global Business Travel Group today looks like a much healthier business than it was during and just after the pandemic: revenue has rebounded strongly, operations have moved from deep losses to modest profits, and cash flow has shifted from negative to consistently positive. At the same time, the company carries a rising debt load, still books net losses after financing and one‑off costs, and operates in a cyclical, disruption‑prone end market. Strategically, it has a strong competitive position built on scale, brand, and technology, reinforced by acquisitions and heavy investment in AI‑enabled platforms and data analytics. Future value creation will likely hinge on three things: successfully integrating its major acquisitions, executing on its ambitious technology roadmap (including the SAP Concur partnership), and managing leverage and ownership uncertainty while maintaining service quality. The trajectory is positive, but the story still involves meaningful execution, integration, and industry‑cycle risk.

NEWS

November 10, 2025 · 7:05 AM UTC

American Express Global Business Travel Reports 13% Revenue Growth and 9% Adjusted EBITDA Growth in Q3 2025

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October 27, 2025 · 8:00 AM UTC

American Express Global Business Travel to Report Third Quarter 2025 Financial Results on November 10, 2025

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September 2, 2025 · 8:10 AM UTC

Amex GBT Completes Acquisition of CWT

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