10-Q · May 11, 2026
In Q1 2026, Global Business Travel Group, Inc. reported total revenue of $840 million, a 35% increase from $621 million in Q1 2025, driven significantly by the consolidation of acquired businesses. Despite revenue…
Earnings analysis · 10-Q
GBTG earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
GBTG delivered strong Q2 top-line and transaction growth, with revenue up 38% to $870 million, but GAAP gross margin declined to 57% and operating income fell 29% to $24 million as acquisition, integration, and…
Read full summary
GBTG delivered strong Q2 top-line and transaction growth, with revenue up 38% to $870 million, but GAAP gross margin declined to 57% and operating income fell 29% to $24 million as acquisition, integration, and restructuring costs increased. Diluted EPS was $0.03, flat year over year and down from $0.10 in Q1 2026, while quarterly free cash flow improved to $103 million. Liquidity improved to $518 million of cash, although net debt increased to $994 million; the company gave no standalone financial guidance and continues to expect its merger to close in the second half of 2026.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.03
What stood out
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Revenue grew 38% year over year
Q2 revenue rose $239 million, or 38%, year over year to $870 million, with travel revenue up $193 million to $700 million and product/professional-services revenue up $46 million to $170 million. Revenue also increased $30 million, or 3.6%, sequentially from $840 million in Q1 2026.
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Transaction activity accelerated
TTV increased $4.546 billion, or 57%, to $12.528 billion and transaction growth was 45%. Acquired businesses contributed $175 million of the $239 million revenue increase, while transaction growth and higher TTV contributed $64 million.
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Quarterly cash conversion strengthened
Operating cash flow increased $85 million, or 153%, year over year to $142 million in Q2. Free cash flow rose $76 million, or 281%, to $103 million, versus $27 million a year earlier and negative $52 million in Q1 2026.
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Liquidity remains substantial
Cash and cash equivalents rose $84 million from year-end to $518 million as of June 30, 2026. The $360 million revolving credit facility remained fully undrawn, and the company reported compliance with all applicable debt covenants.
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Adjusted EBITDA increased despite investments
Adjusted EBITDA increased $45 million, or 34%, to $178 million, while adjusted EBITDA margin was 21%, down 60 basis points year over year. Productivity and automation initiatives reduced quarterly cost of revenue by $7 million and sales and marketing costs by $4 million.
What to watch
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Margins contracted as costs outpaced revenue
Gross margin declined 200 basis points year over year to 57%, and operating income fell $10 million, or 29%, to $24 million despite 38% revenue growth. Cost of revenue increased 47% to $356 million, faster than revenue, driven in part by $98 million of acquired-business expenses.
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Integration and restructuring costs elevated
General and administrative expense increased $41 million, or 60%, to $110 million, including a $14 million increase in integration costs. Restructuring, exit and related charges were $45 million, including $38 million of employee severance costs.
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Debt and interest burden remain material
Total debt increased $94 million from year-end to $1.512 billion after $100 million of additional term loans, while net debt increased $10 million to $994 million. Interest expense increased $2 million, or 6%, to $25 million in Q2.
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No updated risk factors; merger remains contingent
The filing states there were no material changes to risk factors versus the 2025 Form 10-K and Q1 2026 Form 10-Q for the six months ended June 30, 2026. Nonetheless, merger completion remains conditional; the company expects the transaction to close in the second half of 2026.
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Higher capex constrained first-half FCF
First-half free cash flow declined $2 million to $51 million because capital expenditures increased $19 million to $76 million, despite a $17 million increase in operating cash flow to $127 million. Capex represented about 60% of operating cash flow for the six-month period.
Management's outlook
The 10-Q provides no quantitative revenue, EPS, or EBITDA outlook. Shareholders approved the Long Lake Management merger on August 3, 2026; management expects closing in the second half of 2026, subject to remaining conditions and approvals.
Earlier filings 4
10-K · March 9, 2026
Amex GBT reports solid top-line recovery and scale in 2025 with revenues of $2.72 billion and TTV of approximately $36.3 billion, generating net income of $111 million and Adjusted EBITDA of $532 million. The company…
10-Q · November 10, 2025
GBTG reported Q3 revenue of $674 million, up $77 million versus Q3 2024 ($597 million), but delivered a net loss of $(62) million (diluted EPS $(0.13)). Travel revenue ($528 million) and Product & Professional Services…
10-Q · May 6, 2025
GBTG reported Q1 revenue of $621 million, up $11 million versus Q1 2024 ($610 million), with gross margin expanding to 62.8% and operating income rising to $55 million. Net income was $75 million (diluted EPS $0.16),…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.