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

Global Business Travel brought in $2.7B of revenue in fiscal 2025, Hafnia $2.9B in fiscal 2024. Revenue changed by +12.2% at Global Business Travel and +7.4% at Hafnia on the year before, so Global Business Travel grew faster. Global Business Travel kept 4.0% of its revenue as net profit, Hafnia 27.0%. Free cash flow was $104M at Global Business Travel and $980.8M at Hafnia.

Side by side, latest fiscal year

GBTGHAFN
Fiscal year endedFY2025 (December 31, 2025)FY2024 (December 31, 2024)
Revenue$2.7B$2.9B
Revenue growth+12.2%+7.4%
Net income$109M$774M
Net margin4.0%27.0%
Free cash flow$104M$980.8M
Free cash flow margin3.8%34.2%
Earnings per share (diluted)$0.22$1.50
Cash$434M$283.6M
Debt$1.4B$1.1B
Price to earnings43.2n/a
Market value$5B$4.5B
Dividend yieldn/an/a
Rank by revenue in sector#309 of 778 · Consumer discretionary#297 of 778 · Consumer discretionary

Over the years

Revenue
GBTG FY2020: $0GBTG FY2020: $793MGBTG FY2021: $763MGBTG FY2022: $1.9BGBTG FY2023: $2.3BGBTG FY2024: $2.4BGBTG FY2025: $2.7BHAFN FY2022: $1.9BHAFN FY2024: $2.7BHAFN FY2024: $2.9BFY20FY21FY22FY23FY24FY25
GBTG $2.7BHAFN $2.9B
Net income
GBTG FY2020: -$1.9KGBTG FY2020: -$19.6MGBTG FY2021: $6.2MGBTG FY2022: -$25MGBTG FY2023: -$63MGBTG FY2024: -$138MGBTG FY2025: $109MHAFN FY2022: $751.6MHAFN FY2024: $793.3MHAFN FY2024: $774MFY20FY21FY22FY23FY24FY25
GBTG $109MHAFN $774M
Net margin
GBTG FY2020: -2.5%GBTG FY2021: 0.8%GBTG FY2022: -1.4%GBTG FY2023: -2.8%GBTG FY2024: -5.7%GBTG FY2025: 4.0%HAFN FY2022: 39.0%HAFN FY2024: 29.7%HAFN FY2024: 27.0%FY20FY21FY22FY23FY24FY25
GBTG 4.0%HAFN 27.0%
Revenue growth
GBTG FY2021: -3.8%GBTG FY2022: +142.6%GBTG FY2023: +23.7%GBTG FY2024: +5.8%GBTG FY2025: +12.2%HAFN FY2024: +38.7%HAFN FY2024: +7.4%FY21FY22FY23FY24FY25
GBTG +12.2%HAFN +7.4%
Free cash flow
GBTG FY2020: -$297MGBTG FY2021: -$556MGBTG FY2022: -$488MGBTG FY2023: $49MGBTG FY2024: $165MGBTG FY2025: $104MHAFN FY2022: $323.8MHAFN FY2024: $876.4MHAFN FY2024: $980.8MFY20FY21FY22FY23FY24FY25
GBTG $104MHAFN $980.8M

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

Questions about Global Business Travel and Hafnia

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

Hafnia is bigger by revenue: $2.9B in fiscal 2024, against $2.7B for Global Business Travel in fiscal 2025.

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

Global Business Travel had a net margin of 4.0% in fiscal 2025; Hafnia had 27.0% in fiscal 2024.

Which grew revenue faster, Global Business Travel or Hafnia?

In their latest fiscal years revenue changed by +12.2% at Global Business Travel and +7.4% at Hafnia.

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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