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

Global Business Travel brought in $2.7B of revenue in fiscal 2025, RXO $5.7B in fiscal 2025. Revenue changed by +12.2% at Global Business Travel and +26.2% at RXO on the year before, so RXO grew faster. Global Business Travel kept 4.0% of its revenue as net profit, RXO -1.7%. Free cash flow was $104M at Global Business Travel and -$8M at RXO.

Side by side, latest fiscal year

GBTGRXO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$2.7B$5.7B
Revenue growth+12.2%+26.2%
Net income$109M-$100M
Net margin4.0%-1.7%
Free cash flow$104M-$8M
Free cash flow margin3.8%-0.1%
Earnings per share (diluted)$0.22-$0.59
Cash$434M$17M
Debt$1.4B$404M
Price to earnings43.2n/a
Market value$5B$3.3B
Dividend yieldn/an/a
Rank by revenue in sector#309 of 778 · Consumer discretionary#184 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: $2.7BRXO FY2020: $3.4BRXO FY2022: $4.7BRXO FY2022: $4.8BRXO FY2023: $3.9BRXO FY2024: $4.6BRXO FY2025: $5.7BFY20FY21FY22FY23FY24FY25
GBTG $2.7BRXO $5.7B
Net income
GBTG FY2020: -$1.9KGBTG FY2020: -$19.6MGBTG FY2021: $6.2MGBTG FY2022: -$25MGBTG FY2023: -$63MGBTG FY2024: -$138MGBTG FY2025: $109MRXO FY2020: $43MRXO FY2022: $150MRXO FY2022: $92MRXO FY2023: $4MRXO FY2024: -$290MRXO FY2025: -$100MFY20FY21FY22FY23FY24FY25
GBTG $109MRXO -$100M
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%RXO FY2020: 1.3%RXO FY2022: 3.2%RXO FY2022: 1.9%RXO FY2023: 0.1%RXO FY2024: -6.4%RXO FY2025: -1.7%FY20FY21FY22FY23FY24FY25
GBTG 4.0%RXO -1.7%
Revenue growth
GBTG FY2021: -3.8%GBTG FY2022: +142.6%GBTG FY2023: +23.7%GBTG FY2024: +5.8%GBTG FY2025: +12.2%RXO FY2022: +39.7%RXO FY2022: +2.3%RXO FY2023: -18.1%RXO FY2024: +15.9%RXO FY2025: +26.2%FY21FY22FY23FY24FY25
GBTG +12.2%RXO +26.2%
Free cash flow
GBTG FY2020: -$297MGBTG FY2021: -$556MGBTG FY2022: -$488MGBTG FY2023: $49MGBTG FY2024: $165MGBTG FY2025: $104MRXO FY2020: -$22MRXO FY2022: $116MRXO FY2022: $253MRXO FY2023: $25MRXO FY2024: -$57MRXO FY2025: -$8MFY20FY21FY22FY23FY24FY25
GBTG $104MRXO -$8M

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

Questions about Global Business Travel and RXO

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

RXO is bigger by revenue: $5.7B in fiscal 2025, against $2.7B for Global Business Travel in fiscal 2025.

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

Global Business Travel had a net margin of 4.0% in fiscal 2025; RXO had -1.7% in fiscal 2025.

Which grew revenue faster, Global Business Travel or RXO?

In their latest fiscal years revenue changed by +12.2% at Global Business Travel and +26.2% at RXO.

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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