Global Business Travel Group, Inc. Financials

GBTG

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Global Business Travel Group, Inc. (GBTG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Key Financial Metrics

Revenue

$2.4B

YoY+217.6%

Global Business Travel Group, Inc. generated $2.4B in revenue in fiscal year 2024. This represents an increase of 217.6% from the prior year.

EBITDA

$293.0M

YoY+172.2%

Global Business Travel Group, Inc.'s EBITDA was $293.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 172.2% from the prior year.

Free Cash Flow

$165.0M

YoY+129.7%

Global Business Travel Group, Inc. generated $165.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 129.7% from the prior year.

Net Income

-$134.0M

YoY+71.8%

Global Business Travel Group, Inc. reported -$134.0M in net income in fiscal year 2024. This represents an increase of 71.8% from the prior year.

EPS (Diluted)

$-0.30

Global Business Travel Group, Inc. earned $-0.30 per diluted share (EPS) in fiscal year 2024.

Cash & Debt

$536.0M

YoY+3.9%

Global Business Travel Group, Inc. held $536.0M in cash against $1.4B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

471M

Global Business Travel Group, Inc. had 471M shares outstanding in fiscal year 2024.

Gross Margin

N/A

Operating Margin

4.8%

YoY+78.1pp

Global Business Travel Group, Inc.'s operating margin was 4.8% in fiscal year 2024, reflecting core business profitability. This is up 78.1 percentage points from the prior year.

Net Margin

-5.5%

YoY+56.7pp

Global Business Travel Group, Inc.'s net profit margin was -5.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 56.7 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

$55.0M

Global Business Travel Group, Inc. spent $55.0M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$107.0M

YoY+143.2%

Global Business Travel Group, Inc. invested $107.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 143.2% from the prior year.

GBTG Income Statement

Metric	FY24	FY23	FY22	FY21
Revenue	$2.4B+217.6%	$763.0M-3.8%	$793.0M	$0
Cost of Revenue	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A
SG&A Expenses	$308.0M+44.6%	$213.0M+17.7%	$181.0M+9767843.9%	$2K
Operating Income	$115.0M+120.5%	-$560.0M+25.0%	-$747.0M	N/A
Interest Expense	$115.0M+117.0%	$53.0M+96.3%	$27.0M	N/A
Income Tax	$66.0M+135.5%	-$186.0M-28.3%	-$145.0M	N/A
Net Income	-$134.0M+71.8%	-$475.0M+23.3%	-$619.0M-33405188.7%	-$2K
EPS (Diluted)	$-0.30	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$674.0M+6.8%	$631.0M+1.6%	$621.0M+13.1%	$549.0M-3.9%	$571.0M-3.5%	$592.0M+2.4%	$578.0M+9.7%	$527.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$76.0M+10.1%	$69.0M+1.5%	$68.0M+15.3%	$59.0M-23.4%	$77.0M-10.5%	$86.0M+19.4%	$72.0M-12.2%	$82.0M
Operating Income	$12.0M-64.7%	$34.0M-38.2%	$55.0M+1733.3%	$3.0M+175.0%	-$4.0M-300.0%	$2.0M+122.2%	-$9.0M+76.3%	-$38.0M
Interest Expense	$24.0M+4.3%	$23.0M-4.2%	$24.0M-33.3%	$36.0M0.0%	$36.0M+2.9%	$35.0M+2.9%	$34.0M+17.2%	$29.0M
Income Tax	$24.0M+14.3%	$21.0M0.0%	$21.0M+600.0%	$3.0M+250.0%	-$2.0M0.0%	-$2.0M+75.0%	-$8.0M+63.6%	-$22.0M
Net Income	-$62.0M-513.3%	$15.0M-80.0%	$75.0M+263.0%	-$46.0M-475.0%	-$8.0M+85.5%	-$55.0M-103.7%	-$27.0M+57.1%	-$63.0M
EPS (Diluted)	$-0.13-533.3%	$0.03-81.3%	$0.16+1500.0%	$0.01+150.0%	$-0.02+91.3%	$-0.23-283.3%	$-0.06	N/A

GBTG Balance Sheet

Metric	FY24	FY23	FY22	FY21
Total Assets	$3.6B-3.9%	$3.8B+360.8%	$818.4M+44140604.4%	$2K
Current Assets	$1.3B+21.8%	$1.1B+75959.5%	$1.4M+74502.3%	$2K
Cash & Equivalents	$536.0M+3.9%	$516.0M+199999.3%	$258K	N/A
Inventory	N/A	N/A	N/A	N/A
Accounts Receivable	$571.0M+49.9%	$381.0M	N/A	N/A
Goodwill	$1.2B-11.6%	$1.4B+32.1%	$1.0B	N/A
Total Liabilities	$2.6B+12.7%	$2.3B+1474.7%	-$165.6M-9758.2%	-$1.7M
Current Liabilities	$780.0M+8.2%	$721.0M+31849.6%	$2.3M	N/A
Long-Term Debt	$1.4B+33.8%	$1.0B	N/A	N/A
Total Equity	$1.1B-21.2%	$1.3B+35.6%	$984.0M+58401.8%	$1.7M
Retained Earnings	-$1.6B-47.9%	-$1.1B-924.7%	-$103.9M-345778.9%	-$30K

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$4.8B+23.0%	$3.9B+2.3%	$3.8B+0.9%	$3.8B-3.3%	$3.9B-2.5%	$4.0B+0.8%	$3.9B+5.9%	$3.7B
Current Assets	$1.6B+6.9%	$1.5B+4.3%	$1.5B+7.0%	$1.4B-7.4%	$1.5B-1.2%	$1.5B+2.6%	$1.4B+17.5%	$1.2B
Cash & Equivalents	$427.0M-29.0%	$601.0M+8.9%	$552.0M+16.0%	$476.0M+10.2%	$432.0M+29.0%	$335.0M+4.7%	$320.0M+5.6%	$303.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$930.0M+28.8%	$722.0M+0.7%	$717.0M-1.2%	$726.0M-14.7%	$851.0M	N/A	$928.0M+21.3%	$765.0M
Goodwill	$1.6B+24.7%	$1.3B+2.7%	$1.2B+0.4%	$1.2B+1.8%	$1.2B-1.4%	$1.2B+0.8%	$1.2B+0.8%	$1.2B
Total Liabilities	$3.2B+21.1%	$2.7B+0.2%	$2.7B+4.7%	$2.5B-3.3%	$2.6B-0.6%	$2.6B+1.7%	$2.6B+10.2%	$2.4B
Current Liabilities	$1.3B+44.5%	$915.0M+0.5%	$910.0M+9.5%	$831.0M-10.0%	$923.0M+1.7%	$908.0M+2.9%	$882.0M+14.1%	$773.0M
Long-Term Debt	$1.4B+0.3%	$1.4B-0.2%	$1.4B+0.7%	$1.4B+0.1%	$1.4B0.0%	$1.4B+0.1%	$1.4B+10.8%	$1.2B
Total Equity	$1.5B+26.7%	$1.2B+7.1%	$1.1B-7.0%	$1.2B-3.4%	$1.3B-6.3%	$1.3B-1.0%	$1.4B-1.4%	$1.4B
Retained Earnings	-$1.5B-4.2%	-$1.5B+0.9%	-$1.5B-4.4%	-$1.4B-3.4%	-$1.4B-627.7%	-$191.0M-7.9%	-$177.0M-1.1%	-$175.0M

GBTG Cash Flow Statement

Metric	FY24	FY23	FY22	FY21
Operating Cash Flow	$272.0M+153.1%	-$512.0M-104.8%	-$250.0M	$0
Capital Expenditures	$107.0M+143.2%	$44.0M-6.4%	$47.0M	N/A
Free Cash Flow	$165.0M+129.7%	-$556.0M-87.2%	-$297.0M	N/A
Investing Cash Flow	-$102.0M-277.8%	-$27.0M+42.6%	-$47.0M	$0
Financing Cash Flow	-$85.0M-117.8%	$478.0M+24.5%	$384.0M	$0
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	$55.0M	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	N/A	N/A	$53.0M	N/A	N/A	N/A	-$77.0M	N/A
Capital Expenditures	N/A	N/A	$27.0M	N/A	N/A	N/A	$32.0M	N/A
Free Cash Flow	N/A	N/A	$26.0M	N/A	N/A	N/A	-$109.0M	N/A
Investing Cash Flow	N/A	N/A	-$18.0M	N/A	N/A	N/A	-$32.0M	N/A
Financing Cash Flow	N/A	N/A	-$25.0M	N/A	N/A	N/A	$122.0M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$1.0M	N/A	N/A	N/A	N/A	N/A

GBTG Financial Ratios

Metric	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A
Operating Margin	4.8%+78.1pp	-73.4%+20.8pp	-94.2%	N/A
Net Margin	-5.5%+56.7pp	-62.3%+15.8pp	-78.1%	N/A
Return on Equity	N/A	N/A	N/A	N/A
Return on Assets	-3.7%+8.9pp	-12.6%+63.0pp	-75.6%+24.3pp	-100.0%
Current Ratio	1.64+0.2	1.46+0.8	0.61	N/A
Debt-to-Equity	1.30+0.5	0.76+0.9	-0.17+0.8	-1.00
FCF Margin	6.8%+79.7pp	-72.9%-35.4pp	-37.5%	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	1.8%-3.6pp	5.4%-3.5pp	8.9%+8.3pp	0.5%+1.3pp	-0.7%-1.0pp	0.3%+1.9pp	-1.6%+5.6pp	-7.2%
Net Margin	-9.2%-11.6pp	2.4%-9.7pp	12.1%+20.5pp	-8.4%-7.0pp	-1.4%+7.9pp	-9.3%-4.6pp	-4.7%+7.3pp	-11.9%
Return on Equity	N/A	1.2%-5.4pp	6.7%	N/A	N/A	N/A	N/A	N/A
Return on Assets	-1.3%-1.7pp	0.4%-1.6pp	2.0%+3.2pp	-1.2%-1.0pp	-0.2%+1.2pp	-1.4%-0.7pp	-0.7%+1.0pp	-1.7%
Current Ratio	1.23-0.4	1.66+0.1	1.60-0.0	1.64+0.0	1.59-0.0	1.640.0	1.64+0.0	1.60
Debt-to-Equity	0.89-0.2	1.13-0.1	1.21+0.1	1.12+0.0	1.08+0.1	1.01+0.0	1.00+0.1	0.89
FCF Margin	N/A	N/A	4.2%	N/A	N/A	N/A	-18.9%	N/A

Financial Health Signals

Financial Profile 53/100

Profitability

Growth

100

Leverage

Liquidity

Cash Flow

Returns

N/A

Based on FY2024 annual data. Scores normalized against common benchmarks.

Altman Z-Score Distress

0.98

Bankruptcy risk indicator. Above 2.99 = safe, below 1.81 = distress.

Piotroski F-Score Neutral

5/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Mixed

-2.03x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

Interest Coverage At Risk

1.0x

Operating income vs interest expense. Above 5x = safe, below 2x = risky.

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Frequently Asked Questions

What is Global Business Travel Group, Inc.'s annual revenue?

Global Business Travel Group, Inc. (GBTG) reported $2.4B in total revenue for fiscal year 2024. This represents a 217.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Global Business Travel Group, Inc.'s revenue growing?

Global Business Travel Group, Inc. (GBTG) revenue grew by 217.6% year-over-year, from $763.0M to $2.4B in fiscal year 2024.

Is Global Business Travel Group, Inc. profitable?

No, Global Business Travel Group, Inc. (GBTG) reported a net income of -$134.0M in fiscal year 2024, with a net profit margin of -5.5%.

What is Global Business Travel Group, Inc.'s earnings per share (EPS)?

Global Business Travel Group, Inc. (GBTG) reported diluted earnings per share of $-0.30 for fiscal year 2024. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Global Business Travel Group, Inc.'s EBITDA?

Global Business Travel Group, Inc. (GBTG) had EBITDA of $293.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Global Business Travel Group, Inc. have?

As of fiscal year 2024, Global Business Travel Group, Inc. (GBTG) had $536.0M in cash and equivalents against $1.4B in long-term debt.

What is Global Business Travel Group, Inc.'s operating margin?

Global Business Travel Group, Inc. (GBTG) had an operating margin of 4.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Global Business Travel Group, Inc.'s net profit margin?

Global Business Travel Group, Inc. (GBTG) had a net profit margin of -5.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Global Business Travel Group, Inc.'s free cash flow?

Global Business Travel Group, Inc. (GBTG) generated $165.0M in free cash flow during fiscal year 2024. This represents a 129.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Global Business Travel Group, Inc.'s operating cash flow?

Global Business Travel Group, Inc. (GBTG) generated $272.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Global Business Travel Group, Inc.'s total assets?

Global Business Travel Group, Inc. (GBTG) had $3.6B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Global Business Travel Group, Inc.'s capital expenditures?

Global Business Travel Group, Inc. (GBTG) invested $107.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Global Business Travel Group, Inc. buy back shares?

Yes, Global Business Travel Group, Inc. (GBTG) spent $55.0M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Global Business Travel Group, Inc. have outstanding?

Global Business Travel Group, Inc. (GBTG) had 471M shares outstanding as of fiscal year 2024.

What is Global Business Travel Group, Inc.'s current ratio?

Global Business Travel Group, Inc. (GBTG) had a current ratio of 1.64 as of fiscal year 2024, which is generally considered healthy.

What is Global Business Travel Group, Inc.'s debt-to-equity ratio?

Global Business Travel Group, Inc. (GBTG) had a debt-to-equity ratio of 1.30 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Global Business Travel Group, Inc.'s return on assets (ROA)?

Global Business Travel Group, Inc. (GBTG) had a return on assets of -3.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Global Business Travel Group, Inc.'s Altman Z-Score?

Global Business Travel Group, Inc. (GBTG) has an Altman Z-Score of 0.98, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress.

What is Global Business Travel Group, Inc.'s Piotroski F-Score?

Global Business Travel Group, Inc. (GBTG) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.

Are Global Business Travel Group, Inc.'s earnings high quality?

Global Business Travel Group, Inc. (GBTG) has an earnings quality ratio of -2.03x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.

Can Global Business Travel Group, Inc. cover its interest payments?

Global Business Travel Group, Inc. (GBTG) has an interest coverage ratio of 1.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline.

How financially healthy is Global Business Travel Group, Inc.?

Global Business Travel Group, Inc. (GBTG) scores 53 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks.