Global Business Travel Group, Inc. (GBTG) Balance Sheet

NYSE: GBTGAssets, liabilities, debt and equity over 7 years.

GBTG balance sheet, 2025

December 31, 2025 · U.S. dollars

$4.92B assets = $3.25B liabilities + $1.66B equity

Both columns are drawn to the same scale: what GBTG owns equals what it owes plus shareholders’ equity. Hover a block for its value.

GBTG financial health

Current ratio1.14

Adequate · current assets cover current liabilities 1.14×

Debt / equity0.94

Moderate leverage · $0.94 of debt for each $1 of equity

Equity / assets32.7%

Balanced · of assets funded by shareholders

Cash / debt28.8%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles51.3%

Mostly intangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

GBTG balance sheet trends, 2019–2025

Global Business Travel Group, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$3.09B2019	$4.92B2025	+8.0%/yr
Total liabilities	$1.41B2019	$3.25B2025	+14.9%/yr
Shareholders’ equity	$1.68B2019	$1.61B2025	−0.7%/yr
Cash & short-term investments	$496.0M2019	$434.0M2025	−2.2%/yr
Total debt	$237.0M2019	$1.51B2025	+36.1%/yr
Net cash (debt)	$259.0M2019	−$1.07B2025	−$1.3B
Working capital	$576.0M2019	$188.0M2025	−$388.0M
Book value per share	$13.032019	$3.072025	−21.4%/yr
Current ratio	1.812019	1.142025	−0.68
Debt / equity	0.142019	0.942025	+0.80
Shares outstanding	128.8M2019	523.6M2025	+26.3%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

GBTG assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

GBTG liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

GBTG debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

GBTG balance sheet

Global Business Travel Group, Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019
Assets
Cash & short-term investments	$434.0M	$536.0M	$476.0M	$303.0M	$516.0M	$584.0M	$496.0M
Cash & equivalents	$434.0M	$536.0M	$476.0M	$303.0M	$516.0M	$584.0M	$496.0M
Receivables	$1.01B	$679.0M	$835.0M	$838.0M	$442.0M	$144.0M	$665.0M
Inventory	$0	$0	$0	$0	$93.5M	$53.9M	−$1.16B
Other current assets	$121.0M	$66.0M	$49.0M	$93.0M	$0	$87.1M	$1.28B
Total current assets	$1.57B	$1.28B	$1.36B	$1.23B	$1.03B	$869.0M	$1.28B
Property, plant & equipment (net)	$374.0M	$291.0M	$282.0M	$276.0M	$275.0M	$249.0M	$225.0M
Goodwill & intangible assets	$2.52B	$1.68B	$1.76B	$1.82B	$2.10B	$1.38B	$1.43B
Long-term investments	$43.0M	$14.0M	$14.0M	$14.0M	$17.0M	$23.0M	$0
Other non-current assets	$408.0M	$357.0M	$331.0M	$834.0M	$584.0M	$241.0M	$154.0M
Total assets	$4.92B	$3.62B	$3.75B	$4.18B	$4.01B	$2.76B	$3.09B
Liabilities
Accounts payable	$515.0M	$263.0M	$302.0M	$253.0M	$137.0M	$96.0M	$278.0M
Short-term debt	$84.0M	$34.0M	$24.0M	$22.0M	$24.0M	$27.0M	$3.0M
Deferred revenue	$167.0M	$86.0M	$72.0M	$19.0M	$18.0M	$51.0M	—
Total current liabilities	$1.38B	$780.0M	$831.0M	$773.0M	$721.0M	$570.0M	$708.0M
Long-term debt	$1.36B	$1.36B	$1.35B	$1.22B	$1.02B	$617.0M	$0
Lease obligations	$88.0M	$78.0M	$72.0M	$78.0M	$82.0M	$78.0M	—
Other long-term liabilities	$514.0M	$422.0M	$353.0M	$819.0M	$776.0M	$587.0M	$704.0M
Total liabilities	$3.25B	$2.57B	$2.54B	$2.81B	$2.52B	$1.77B	$1.41B
Shareholders' equity
Common stock & paid-in capital	—	—	—	—	$816.8M	$782.5M	$1,078
Retained earnings (deficit)	−$1.47B	−$1.57B	−$1.44B	−$175.0M	−$1.06B	−$592.0M	$26.0M
Accumulated other comprehensive income	−$75.0M	−$146.0M	−$103.0M	−$7.0M	−$162.0M	−$179.0M	−$98.0M
Minority interest	$53.0M	$6.0M	$4.0M	$1.22B	—	—	—
Total shareholders' equity	$1.61B	$1.05B	$1.21B	$152.0M	$1.49B	$981.0M	$1.68B
Key figures
Total debt	$1.51B	$1.46B	$1.43B	$1.30B	$1.10B	$702.0M	$237.0M
Net cash (debt)	−$1.07B	−$926.0M	−$958.0M	−$999.0M	−$589.0M	−$118.0M	$259.0M
Working capital	$188.0M	$501.0M	$529.0M	$461.0M	$310.0M	$299.0M	$576.0M
Tangible book value	−$914.0M	−$630.0M	−$556.0M	−$1.67B	−$611.0M	−$395.0M	$247.0M
Book value per share	$3.07	$2.27	$2.64	$0.36	$3.56	$2.34	$13.03
Shares outstanding	523.6M	462.7M	458.1M	419.2M	419.2M	419.2M	128.8M
Current ratio	1.14	1.64	1.64	1.60	1.43	1.52	1.81
Quick ratio	1.05	1.56	1.58	1.48	1.33	1.28	1.64
Debt / equity	0.94	1.39	1.19	8.57	0.74	0.72	0.14
Equity / assets	32.7%	29.0%	32.2%	3.6%	37.2%	35.6%	54.2%

Global Business Travel Group, Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$518.0M	$442.0M	$434.0M	$427.0M	$601.0M	$552.0M	$536.0M	$524.0M	$515.0M	$475.0M	$476.0M	$432.0M
Cash & equivalents	$518.0M	$442.0M	$434.0M	$427.0M	$601.0M	$552.0M	$536.0M	$524.0M	$515.0M	$475.0M	$476.0M	$432.0M
Receivables	$1.03B	$1.06B	$1.01B	$1.09B	$808.0M	$785.0M	$679.0M	$791.0M	$838.0M	$909.0M	$835.0M	$888.0M
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	−$112.0M
Other current assets	$237.0M	$254.0M	$121.0M	$104.0M	$108.0M	$118.0M	$66.0M	$79.0M	$95.0M	$92.0M	$49.0M	$261.0M
Total current assets	$1.79B	$1.76B	$1.57B	$1.62B	$1.52B	$1.46B	$1.28B	$1.39B	$1.45B	$1.48B	$1.36B	$1.47B
Property, plant & equipment (net)	$308.0M	$364.0M	$374.0M	$372.0M	$293.0M	$291.0M	$291.0M	$294.0M	$280.0M	$284.0M	$282.0M	$278.0M
Goodwill & intangible assets	$2.46B	$2.48B	$2.52B	$2.32B	$1.72B	$1.69B	$1.68B	$1.74B	$1.71B	$1.73B	$1.76B	$1.76B
Long-term investments	$48.0M	$44.0M	$43.0M	$56.0M	$14.0M	$14.0M	$14.0M	$14.0M	$13.0M	$13.0M	$14.0M	$13.0M
Other non-current assets	$469.0M	$430.0M	$408.0M	$393.0M	$332.0M	$337.0M	$357.0M	$314.0M	$329.0M	$328.0M	$331.0M	$360.0M
Total assets	$5.08B	$5.08B	$4.92B	$4.76B	$3.87B	$3.79B	$3.62B	$3.75B	$3.78B	$3.83B	$3.75B	$3.88B
Liabilities
Accounts payable	$619.0M	$603.0M	$515.0M	$556.0M	$353.0M	$325.0M	$263.0M	$330.0M	$333.0M	$386.0M	$302.0M	$447.0M
Short-term debt	$84.0M	$87.0M	$84.0M	$45.0M	$34.0M	$33.0M	$34.0M	$30.0M	$21.0M	$26.0M	$24.0M	$23.0M
Deferred revenue	$147.0M	$157.0M	$167.0M	$168.0M	$112.0M	$113.0M	$86.0M	$98.0M	$93.0M	$103.0M	$72.0M	$23.0M
Total current liabilities	$1.50B	$1.49B	$1.38B	$1.32B	$915.0M	$910.0M	$780.0M	$892.0M	$879.0M	$982.0M	$831.0M	$923.0M
Long-term debt	$1.45B	$1.46B	$1.36B	$1.37B	$1.36B	$1.36B	$1.36B	$1.37B	$1.36B	$1.35B	$1.35B	$1.35B
Lease obligations	$87.0M	$89.0M	$88.0M	$86.0M	$73.0M	$74.0M	$78.0M	$81.0M	$66.0M	$74.0M	$72.0M	$74.0M
Other long-term liabilities	$438.0M	$466.0M	$514.0M	$538.0M	$387.0M	$383.0M	$422.0M	$386.0M	$327.0M	$324.0M	$353.0M	$349.0M
Total liabilities	$3.39B	$3.42B	$3.25B	$3.23B	$2.66B	$2.66B	$2.57B	$2.65B	$2.56B	$2.66B	$2.54B	$2.62B
Shareholders' equity
Retained earnings (deficit)	−$1.40B	−$1.41B	−$1.47B	−$1.55B	−$1.49B	−$1.50B	−$1.57B	−$1.56B	−$1.43B	−$1.46B	−$1.44B	−$1.39B
Accumulated other comprehensive income	−$80.0M	−$84.0M	−$75.0M	−$93.0M	−$86.0M	−$132.0M	−$146.0M	−$94.0M	−$128.0M	−$124.0M	−$103.0M	−$91.0M
Minority interest	$52.0M	$55.0M	$53.0M	$5.0M	$7.0M	—	—	—	—	—	—	—
Total shareholders' equity	$1.64B	$1.61B	$1.61B	$1.53B	$1.20B	$1.12B	$1.05B	$1.10B	$1.21B	$1.17B	$1.21B	$1.25B
Key figures
Total debt	$1.60B	$1.61B	$1.51B	$1.48B	$1.45B	$1.46B	$1.46B	$1.47B	$1.43B	$1.44B	$1.43B	$1.43B
Net cash (debt)	−$1.08B	−$1.16B	−$1.07B	−$1.05B	−$853.0M	−$906.0M	−$926.0M	−$941.0M	−$916.0M	−$962.0M	−$958.0M	−$1.00B
Working capital	$292.0M	$263.0M	$188.0M	$300.0M	$602.0M	$545.0M	$501.0M	$502.0M	$569.0M	$494.0M	$529.0M	$546.0M
Tangible book value	−$824.0M	−$875.0M	−$914.0M	−$788.0M	−$515.0M	−$567.0M	−$630.0M	−$635.0M	−$498.0M	−$563.0M	−$556.0M	−$508.0M
Book value per share	$3.15	$3.10	$3.07	$3.15	$2.53	$2.34	$2.23	$2.38	$2.58	$2.54	$2.59	$2.74
Shares outstanding	520.4M	519.4M	523.7M	485.8M	474.8M	478.7M	470.7M	462.3M	470.7M	461.4M	467.1M	457.7M
Current ratio	1.20	1.18	1.14	1.23	1.66	1.60	1.64	1.56	1.65	1.50	1.64	1.59
Quick ratio	1.04	1.01	1.05	1.15	1.54	1.47	1.56	1.47	1.54	1.41	1.58	1.43
Debt / equity	0.98	1.00	0.94	0.96	1.21	1.30	1.39	1.33	1.18	1.23	1.19	1.14
Equity / assets	32.3%	31.7%	32.7%	32.1%	31.0%	29.6%	29.0%	29.3%	32.1%	30.5%	32.2%	32.3%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 9, 2026); data from EODHD.

GBTG financial position

At the end of fiscal 2025 (December 31, 2025), Global Business Travel had total assets of $4.9 billion (up 35.7% from a year earlier), total liabilities of $3.3 billion and shareholders' equity of $1.6 billion. It held $434.0 million in cash and short-term investments against $1.5 billion of debt, net debt of $1.1 billion. Its current ratio was 1.14. In the latest quarter (ended June 30, 2026) total assets were $5.1 billion and equity $1.6 billion.

Related: GBTG income statement, GBTG cash flow statement, GBTG key metrics. See the GBTG stock overview for the latest quote and news.

GBTG balance sheet FAQ

What are Global Business Travel's total assets?

Global Business Travel reported total assets of $4.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.6 billion a year earlier.

How much debt does Global Business Travel have?

Global Business Travel had $1.5 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.94.

How much cash does Global Business Travel have?

Global Business Travel held $434.0 million in cash and short-term investments at the end of fiscal 2025; with $1.5 billion of debt that is net debt of $1.1 billion.

What is Global Business Travel's book value?

Global Business Travel's shareholders' equity (book value) was $1.6 billion at the end of fiscal 2025, or $3.07 per share.

What is Global Business Travel's current ratio?

Global Business Travel had current assets of $1.6 billion and current liabilities of $1.4 billion, a current ratio of 1.14 (it can cover its short-term obligations).

How much goodwill does Global Business Travel have?

Global Business Travel carried $2.5 billion of goodwill and intangible assets, 51.3% of total assets, at the end of fiscal 2025.