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Booking vs Global Business Travel: revenue, profit, margins and growth compared

Booking brought in $26.9B of revenue in fiscal 2025, Global Business Travel $2.7B in fiscal 2025. Revenue changed by +13.4% at Booking and +12.2% at Global Business Travel on the year before, so Booking grew faster. Booking kept 20.1% of its revenue as net profit, Global Business Travel 4.0%. Free cash flow was $9.1B at Booking and $104M at Global Business Travel.

Side by side, latest fiscal year

BKNGGBTG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$26.9B$2.7B
Revenue growth+13.4%+12.2%
Net income$5.4B$109M
Net margin20.1%4.0%
Free cash flow$9.1B$104M
Free cash flow margin33.8%3.8%
Earnings per share (diluted)$165.57$0.22
Cash$17.2B$434M
Debt$18.7B$1.4B
Price to earnings1.043.2
Market value$123.2B$5B
Dividend yield5.86%n/a
Rank by revenue in sector#40 of 778 · Consumer discretionary#309 of 778 · Consumer discretionary

Over the years

Revenue
BKNG FY2018: $14.5BBKNG FY2019: $15.1BBKNG FY2020: $6.8BBKNG FY2021: $11BBKNG FY2022: $17.1BBKNG FY2023: $21.4BBKNG FY2024: $23.7BBKNG FY2025: $26.9BGBTG FY2020: $0GBTG FY2020: $793MGBTG FY2021: $763MGBTG FY2022: $1.9BGBTG FY2023: $2.3BGBTG FY2024: $2.4BGBTG FY2025: $2.7BFY18FY19FY20FY21FY22FY23FY24FY25
BKNG $26.9BGBTG $2.7B
Net income
BKNG FY2018: $4BBKNG FY2019: $4.9BBKNG FY2020: $59MBKNG FY2021: $1.2BBKNG FY2022: $3.1BBKNG FY2023: $4.3BBKNG FY2024: $5.9BBKNG FY2025: $5.4BGBTG FY2020: -$1.9KGBTG FY2020: -$19.6MGBTG FY2021: $6.2MGBTG FY2022: -$25MGBTG FY2023: -$63MGBTG FY2024: -$138MGBTG FY2025: $109MFY18FY19FY20FY21FY22FY23FY24FY25
BKNG $5.4BGBTG $109M
Net margin
BKNG FY2018: 27.5%BKNG FY2019: 32.3%BKNG FY2020: 0.9%BKNG FY2021: 10.6%BKNG FY2022: 17.9%BKNG FY2023: 20.1%BKNG FY2024: 24.8%BKNG FY2025: 20.1%GBTG FY2020: -2.5%GBTG FY2021: 0.8%GBTG FY2022: -1.4%GBTG FY2023: -2.8%GBTG FY2024: -5.7%GBTG FY2025: 4.0%FY18FY19FY20FY21FY22FY23FY24FY25
BKNG 20.1%GBTG 4.0%
Revenue growth
BKNG FY2019: +3.7%BKNG FY2020: -54.9%BKNG FY2021: +61.2%BKNG FY2022: +56.0%BKNG FY2023: +25.0%BKNG FY2024: +11.1%BKNG FY2025: +13.4%GBTG FY2021: -3.8%GBTG FY2022: +142.6%GBTG FY2023: +23.7%GBTG FY2024: +5.8%GBTG FY2025: +12.2%FY19FY20FY21FY22FY23FY24FY25
BKNG +13.4%GBTG +12.2%
Free cash flow
BKNG FY2018: $4.9BBKNG FY2019: $4.5BBKNG FY2020: -$201MBKNG FY2021: $2.5BBKNG FY2022: $6.2BBKNG FY2023: $7BBKNG FY2024: $7.9BBKNG FY2025: $9.1BGBTG FY2020: -$297MGBTG FY2021: -$556MGBTG FY2022: -$488MGBTG FY2023: $49MGBTG FY2024: $165MGBTG FY2025: $104MFY18FY19FY20FY21FY22FY23FY24FY25
BKNG $9.1BGBTG $104M

Fiscal years as each company reports them; the two may end in different months.

Questions about Booking and Global Business Travel

Which is bigger by revenue, Booking or Global Business Travel?

Booking is bigger by revenue: $26.9B in fiscal 2025, against $2.7B for Global Business Travel in fiscal 2025.

Which keeps more of its revenue as profit, Booking or Global Business Travel?

Booking had a net margin of 20.1% in fiscal 2025; Global Business Travel had 4.0% in fiscal 2025.

Which grew revenue faster, Booking or Global Business Travel?

In their latest fiscal years revenue changed by +13.4% at Booking and +12.2% at Global Business Travel.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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