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

Global Business Travel brought in $2.7B of revenue in fiscal 2025, XPO $8.2B in fiscal 2025. Revenue changed by +12.2% at Global Business Travel and +1.1% at XPO on the year before, so Global Business Travel grew faster. Global Business Travel kept 4.0% of its revenue as net profit, XPO 3.9%. Free cash flow was $104M at Global Business Travel and $329M at XPO.

Side by side, latest fiscal year

GBTGXPO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$2.7B$8.2B
Revenue growth+12.2%+1.1%
Net income$109M$316M
Net margin4.0%3.9%
Free cash flow$104M$329M
Free cash flow margin3.8%4.0%
Earnings per share (diluted)$0.22$2.64
Cash$434M$310M
Debt$1.4B$3.4B
Price to earnings43.265.6
Market value$5B$20.3B
Dividend yieldn/an/a
Rank by revenue in sector#309 of 778 · Consumer discretionary#138 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: $2.7BXPO FY2018: $17.3BXPO FY2019: $10.7BXPO FY2020: $6.2BXPO FY2021: $7.2BXPO FY2022: $7.7BXPO FY2023: $7.7BXPO FY2024: $8.1BXPO FY2025: $8.2BFY18FY19FY20FY21FY22FY23FY24FY25
GBTG $2.7BXPO $8.2B
Net income
GBTG FY2020: -$1.9KGBTG FY2020: -$19.6MGBTG FY2021: $6.2MGBTG FY2022: -$25MGBTG FY2023: -$63MGBTG FY2024: -$138MGBTG FY2025: $109MXPO FY2018: $422MXPO FY2019: $419MXPO FY2020: $110MXPO FY2021: $336MXPO FY2022: $666MXPO FY2023: $189MXPO FY2024: $387MXPO FY2025: $316MFY18FY19FY20FY21FY22FY23FY24FY25
GBTG $109MXPO $316M
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%XPO FY2018: 2.4%XPO FY2019: 3.9%XPO FY2020: 1.8%XPO FY2021: 4.7%XPO FY2022: 8.6%XPO FY2023: 2.4%XPO FY2024: 4.8%XPO FY2025: 3.9%FY18FY19FY20FY21FY22FY23FY24FY25
GBTG 4.0%XPO 3.9%
Revenue growth
GBTG FY2021: -3.8%GBTG FY2022: +142.6%GBTG FY2023: +23.7%GBTG FY2024: +5.8%GBTG FY2025: +12.2%XPO FY2019: -38.2%XPO FY2020: -42.3%XPO FY2021: +16.8%XPO FY2022: +7.2%XPO FY2023: +0.3%XPO FY2024: +4.2%XPO FY2025: +1.1%FY19FY20FY21FY22FY23FY24FY25
GBTG +12.2%XPO +1.1%
Free cash flow
GBTG FY2020: -$297MGBTG FY2021: -$556MGBTG FY2022: -$488MGBTG FY2023: $49MGBTG FY2024: $165MGBTG FY2025: $104MXPO FY2018: $551MXPO FY2019: $250MXPO FY2020: $139MXPO FY2021: $387MXPO FY2022: $303MXPO FY2023: -$839MXPO FY2024: $19MXPO FY2025: $329MFY18FY19FY20FY21FY22FY23FY24FY25
GBTG $104MXPO $329M

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

Questions about Global Business Travel and XPO

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

XPO is bigger by revenue: $8.2B 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 XPO?

Global Business Travel had a net margin of 4.0% in fiscal 2025; XPO had 3.9% in fiscal 2025.

Which grew revenue faster, Global Business Travel or XPO?

In their latest fiscal years revenue changed by +12.2% at Global Business Travel and +1.1% at XPO.

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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