Global Business Travel Group, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Global Business Travel Group, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
793
763
1,851
2,290
2,423
2,718
Selling and marketing
199
201
337
394
400
442
General and administrative
0
181
213
313
294
308
290
Operating expenses
0
1,540
1,323
2,049
2,298
2,308
2,588
Operating income
-747
-560
-198
-8
115
130
Interest expense
27
53
98
141
115
95
Interest income
1
1
0
1
6
8
Other non-operating income
14
8
1
-10
17
-29
Pre-tax income
-759
-653
-287
-145
-71
147
Income tax
-145
-186
-61
-9
66
40
Net income to minority interests
-619
-475
-204
-73
4
2
Net income
-0
-19.6
6.2
-25
-63
-138
109
EBITDA
-599
-406
-16
186
293
322
EPS, basic
-0.50
-0.25
-0.30
0.22
EPS, diluted
-0.51
-0.30
-0.30
0.22
Shares, basic (weighted)
51.3
252
463
485
Shares, diluted (weighted)
446
458
463
493
Balance sheet
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
499
0.26
516
303
476
536
434
Receivables
381
765
726
571
869
Other current assets
0
1.13
137
130
116
128
215
Total current assets
0
1.38
1,052
1,234
1,360
1,281
1,569
Property, plant and equipment
216
218
232
232
308
Lease right-of-use assets
59
58
50
59
66
Goodwill
1,028
1,358
1,188
1,212
1,201
1,671
Intangible assets
746
636
552
480
851
Other non-current assets
41
47
50
89
110
Total assets
0
818
3,771
3,728
3,751
3,624
4,916
Accounts payable
0.38
137
253
302
263
515
Accrued liabilities
198
196
184
174
212
Deferred revenue
18
19
19
31
23
Short-term debt
3
3
7
19
58
Total current liabilities
2.26
721
773
831
780
1,381
Long-term debt
1,020
1,219
1,355
1,365
1,360
Lease liabilities
61
61
55
63
62
Other non-current liabilities
23
43
33
34
153
Total liabilities
-1,682
105
2,277
2,357
2,539
2,567
3,255
Total debt
1,023
1,222
1,362
1,384
1,418
Paid-in capital
0.03
24.7
2,560
334
2,748
2,827
3,277
Retained earnings
-0.03
-104
-1,065
-175
-1,437
-1,575
-1,466
Treasury stock
0
-55
-128
Other comprehensive income
-162
-7
-103
-146
-75
Shareholders' equity
0
-104
1,333
152
1,208
1,051
1,608
Minority interests
1
1,219
4
6
4
Total equity
1,682
984
1,334
1,371
1,212
1,057
1,612
Total liabilities and equity
0
818
3,771
3,728
3,751
3,624
4,916
Shares outstanding
467
471
Cash flow statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-0
-619
-475
-229
-136
-134
111
Depreciation and amortization
148
154
182
194
178
192
Stock-based compensation
3
3
39
75
77
76
Deferred income tax
-110
-178
-65
-30
34
-15
Change in receivables
524
-85
-427
49
123
-48
Change in payables
-159
2
122
26
-5
-7
Cash from operations
0
-250
-512
-394
162
272
233
Capital expenditures
-47
-44
-94
-113
-107
-129
Acquisitions
0
0
-104
Purchases of investments
-817
Cash from investing
0
-47
-27
-95
-119
-102
-206
Debt issued
935
200
131
1,397
99
Debt repaid
-4
-551
-3
-3
-1,372
-113
Share buybacks
0
0
-55
-73
Cash from financing
0
384
478
292
120
-85
-128
Net change in cash
94
-68
-209
173
72
-82
Free cash flow
-297
-556
-488
49
165
104
Interest paid
16
47
96
142
99
94
Income taxes paid
-13
-5
-1
2
14
52
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.50 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
2.1%
Operating income / revenue.
EBITDA margin
9.2%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
1.4%
Pre-tax income / revenue.
Net margin
2.8%
Net income / revenue.
FCF margin
3.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
7.9%
Cash from operations / revenue.
Effective tax rate
-97.7%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
5.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
1.7%
Net income / average total assets.
Return on invested capital (ROIC)
2.0%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue
2.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
4.7%
Capital expenditures / revenue.
D&A / revenue
7.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
12.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
13.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
27.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y
13.0%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
9.9%
EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
-14.3%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
-37.0%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
53.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
119.5%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
35.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
9.7%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
43.1%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
6.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
3.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.20x
Current assets / current liabilities.
Quick ratio
0.99x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.35x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.92x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
29.8%
Total debt / total assets.
Liabilities / assets
66.7%
Total liabilities / total assets.
Net debt
$994.0M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
3.39x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
59.2%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.17
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$6.10
Revenue / diluted weighted shares.
FCF per share
$0.20
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.48
Cash from operations / diluted weighted shares.
Book value per share
$3.15
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Share buybacks / free cash flow, when free cash flow is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$4.96B
Share price x shares outstanding.
Enterprise value
$5.96B
Market cap + total debt - cash - short-term investments.
P/E
56.4x
Market cap / net income. Only when net income is positive.
P/S
1.56x
Market cap / revenue.
P/B
3.03x
Market cap / shareholders' equity. Only when equity is positive.
P/FCF
48.7x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
19.9x
Market cap / cash from operations, when positive.
EV/Sales
1.88x
Enterprise value / revenue.
EV/EBIT
87.6x
Enterprise value / operating income, when both are positive.
EV/EBITDA
20.3x
Enterprise value / EBITDA, when both are positive.
EV/FCF
58.4x
Enterprise value / free cash flow, when both are positive.
FCF yield
2.1%
Free cash flow / market cap.
Earnings yield
1.8%
Net income / market cap (the inverse of P/E).
Shareholder yield
2.4%
(Dividends paid + share buybacks) / market cap.
What was Global Business Travel Group, Inc.'s revenue in fiscal 2025?
Global Business Travel Group, Inc. reported revenue of $2.72B for fiscal 2025, 12.2% higher than the year before.
Was Global Business Travel Group, Inc. profitable in fiscal 2025?
Yes. Net income was $109.0M, a net margin of 4%.
How much free cash flow did Global Business Travel Group, Inc. generate in fiscal 2025?
Cash from operations of $233.0M minus capital expenditures of $129.0M left free cash flow of $104.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.