Global Business Travel Group, Inc. (GBTG) Income Statement
GBTG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsGBTG revenue and net income
Where GBTG's revenue goes
2025Each bar shows an amount and its share of revenue. GBTG kept 4.0% of revenue as net income.
GBTG profit margins
GBTG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +12.2% | +13.7% | +27.9% | — |
| Gross profit | +12.2% | +17.0% | +44.0% | — |
| Operating income | +58.3% | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | +183.3% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
GBTG quarterly EPS vs estimates
Global Business Travel beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 9, 2026 (estimate $0.01).
GBTG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.72B | $2.42B | $2.29B | $1.85B | $763.0M | $793.0M | $2.12B | $1.90B |
| Cost of revenue | $1.08B | $967.0M | $958.0M | $832.0M | $477.0M | $529.0M | $880.0M | $813.0M |
| Gross profit | $1.63B | $1.46B | $1.33B | $1.02B | $286.0M | $264.0M | $1.24B | $1.09B |
| Research & development | $527.0M | $442.0M | $405.0M | $388.0M | $264.0M | $277.0M | $339.0M | — |
| Sales, general & admin | $732.0M | $708.0M | $699.0M | $650.0M | $414.0M | $380.0M | $541.0M | $866.0M |
| Total operating expenses | $1.45B | $1.34B | $1.34B | $1.22B | $846.0M | $1.01B | $1.03B | $1.04B |
| Operating income | $182.0M | $115.0M | −$8.0M | −$198.0M | −$560.0M | −$747.0M | $206.0M | $98.0M |
| Interest income | $8.0M | $6.0M | $1.0M | $0 | $1.0M | $1.0M | $5.0M | — |
| Interest expense | $95.0M | $115.0M | $141.0M | $98.0M | $53.0M | $27.0M | $15.0M | $0 |
| Income before taxes | $151.0M | −$68.0M | −$145.0M | −$290.0M | −$661.0M | −$759.0M | $198.0M | $40.0M |
| Income taxes | $40.0M | $66.0M | −$9.0M | −$61.0M | −$186.0M | −$145.0M | $60.0M | $18.0M |
| Net income | $109.0M | −$138.0M | −$63.0M | −$25.0M | −$467.0M | −$614.0M | $134.0M | $19.0M |
| EBITDA | $434.0M | $222.0M | $190.0M | −$7.0M | −$446.0M | −$584.0M | $349.0M | $182.0M |
| EPS (diluted) | $0.51 | $0.18 | $0.10 | −$0.13 | $0.06 | −$0.19 | $7.05 | — |
| Gross margin | 60.1% | 60.1% | 58.2% | 55.1% | 37.5% | 33.3% | 58.5% | 57.2% |
| Operating margin | 6.7% | 4.7% | −0.3% | −10.7% | −73.4% | −94.2% | 9.7% | 5.2% |
| Net margin | 4.0% | −5.7% | −2.8% | −1.4% | −61.2% | −77.4% | 6.3% | 1.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $870.0M | $840.0M | $792.0M | $674.0M | $631.0M | $621.0M | $591.0M | $597.0M | $625.0M | $610.0M | $549.0M | $571.0M |
| Cost of revenue | $356.0M | $350.0M | $342.0M | $270.0M | $242.0M | $231.0M | $278.0M | $237.0M | $247.0M | $245.0M | $238.0M | $237.0M |
| Gross profit | $514.0M | $490.0M | $450.0M | $404.0M | $389.0M | $390.0M | $313.0M | $360.0M | $378.0M | $365.0M | $311.0M | $334.0M |
| Research & development | $160.0M | $159.0M | $157.0M | $130.0M | $120.0M | $120.0M | $110.0M | $112.0M | $112.0M | $108.0M | $104.0M | $101.0M |
| Sales, general & admin | $233.0M | $224.0M | $197.0M | $184.0M | $180.0M | $171.0M | $165.0M | $174.0M | $179.0M | $185.0M | $155.0M | $175.0M |
| Total operating expenses | $490.0M | $443.0M | $414.0M | $392.0M | $355.0M | $335.0M | $268.0M | $333.0M | $336.0M | $349.0M | $308.0M | $338.0M |
| Operating income | $24.0M | $47.0M | $36.0M | $12.0M | $34.0M | $55.0M | $45.0M | $27.0M | $42.0M | $16.0M | $3.0M | −$4.0M |
| Interest income | $1.0M | $1.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $0 | — | — |
| Interest expense | $25.0M | $27.0M | $24.0M | $24.0M | $23.0M | $24.0M | $25.0M | $28.0M | $32.0M | $33.0M | $36.0M | $36.0M |
| Income before taxes | $15.0M | $12.0M | $57.0M | −$38.0M | $36.0M | $96.0M | −$3.0M | −$74.0M | $1.0M | $8.0M | −$43.0M | −$10.0M |
| Income taxes | $2.0M | −$42.0M | −$26.0M | $24.0M | $21.0M | $21.0M | $11.0M | $54.0M | −$26.0M | $27.0M | $3.0M | −$2.0M |
| Net income | $15.0M | $52.0M | $83.0M | −$62.0M | $13.0M | $75.0M | −$16.0M | −$129.0M | $26.0M | −$19.0M | −$47.0M | −$12.0M |
| EBITDA | $80.0M | $98.0M | $141.0M | $35.0M | $100.0M | $160.0M | $85.0M | −$3.0M | $81.0M | $88.0M | $42.0M | $76.0M |
| EPS (diluted) | $0.03 | $0.20 | $0.21 | $0.07 | $0.07 | $0.16 | $0.09 | −$0.10 | $0.16 | $0.03 | −$0.10 | −$0.02 |
| Gross margin | 59.1% | 58.3% | 56.8% | 59.9% | 61.6% | 62.8% | 53.0% | 60.3% | 60.5% | 59.8% | 56.6% | 58.5% |
| Operating margin | 2.8% | 5.6% | 4.5% | 1.8% | 5.4% | 8.9% | 7.6% | 4.5% | 6.7% | 2.6% | 0.5% | −0.7% |
| Net margin | 1.7% | 6.2% | 10.5% | −9.2% | 2.1% | 12.1% | −2.7% | −21.6% | 4.2% | −3.1% | −8.6% | −2.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in GBTG's financial statements (latest annual report filed March 9, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
GBTG financial results
In fiscal year 2025 (ended December 31, 2025), Global Business Travel reported revenue of $2.7 billion, up 12.2% from the year before. It had net income of $109.0 million, a net profit margin of 4.0%. Diluted earnings per share came to $0.51. Over five years revenue grew at an average rate of 27.9% a year.
See the GBTG stock overview for the latest quote and news, or the GBTG chart for price history and technical indicators.
GBTG income statement FAQ
What is Global Business Travel's annual revenue?
Global Business Travel reported total revenue of $2.7 billion for fiscal year 2025, which ended on December 31, 2025. That was up 12.2% from $2.4 billion the previous year.
Is Global Business Travel profitable?
Yes. Global Business Travel reported net income of $109.0 million in fiscal 2025, a net profit margin of 4.0%; its operating margin was 6.7%.
What is Global Business Travel's gross margin?
Global Business Travel's gross margin was 60.1% in fiscal 2025: for every $100 of revenue, Global Business Travel kept $60 after the direct cost of its products and services.
How much does Global Business Travel spend on research and development?
Global Business Travel spent $527.0 million on research and development in fiscal 2025, 19.4% of revenue.
How fast is Global Business Travel growing?
Revenue grew 27.9% a year on average over the last five fiscal years, from $793.0 million to $2.7 billion.
What are Global Business Travel's earnings per share?
Global Business Travel earned $0.51 per diluted share in fiscal 2025, compared with $0.18 a year earlier.
When will Global Business Travel report its next earnings?
Global Business Travel is expected to report results for the quarter ending September 30, 2026 on November 9, 2026 before the market opens.
When does Global Business Travel's fiscal year end?
Global Business Travel's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 9, 2026.