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Global Business Travel Group (GBTG) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 4, 2026 · Global Business Travel Group (GBTG) Q2 2026 earnings results →

Q2 2026 Revenue up 38% year over year to $870M · 2¢ of every $1 of revenue kept as net profit · operating margin 2.8%

Global Business Travel Group made $870M in Q2 2026 (+38% Y/Y): Travel revenue $700M, Product and professional services revenue $170M. Operating margin 2.8%, net earnings $15.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 4, 2026.

Revenue$870M

Year over year+38%

Operating margin2.8%

Net earnings$15.0M

Operating cash flow$142M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $870.0M in Q2 2026, up 38% year over year and up 4% from the previous quarter. Travel revenue was the largest line at 80% of revenue. Travel revenue added $193.0M year over year (up 38%), 81% of the total change.

Operating profit was $24.0M, a 2.8% margin (down 2.6 points year over year). Operating profit fell $10.0M even though revenue rose $239.0M versus Q2 2025, so costs grew faster than sales. Total costs grew 42% against revenue growth of 38%. The fastest-growing cost line was General & admin (+59%). Net earnings were $15.0M, up 15% year over year. The effective tax rate was 10.5%.

Operating cash flow was $142.0M (up 149% year over year), 835% of net income including minority interests. Non-cash charges added back $56.0M of depreciation and amortization and $19.0M of share-based compensation. Working capital and other items added $50.0M. After purchase of property and equipment ($39.0M), free cash flow as the company reports it was $103.0M.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q2 2026	10-Q	Aug 4, 2026	$870M	+38%	2.8%	$15.0M	$142M
Q1 2026	10-Q	May 11, 2026	$840M	+35%	0.4%	$52.0M	−$15.0M
Q4 2025	10-K	Mar 9, 2026	$792M	+34%	3.7%	$83.0M	$52.0M
Q3 2025	10-Q	Nov 10, 2025	$674M	+13%	1.8%	−$62.0M	$71.0M
Q2 2025	10-Q	Aug 5, 2025	$631M	+1%	5.4%	$13.0M	$57.0M
Q1 2025	10-Q	May 6, 2025	$621M	+2%	8.9%	$75.0M	$53.0M
Q4 2024	10-K	Mar 7, 2025	$591M	+8%	5.1%	−$14.0M	$65.0M

Charts

Latest (Q2 2026): Y/Y +38%, Q/Q +4%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q2 2026): Net income $17.0M, Operating cash flow $142M.

+10.6% since FY2022: more shares outstanding (issuance, stock pay).

Cash $434M, short-term investments —, long-term debt $1.4B at 2025-12-31.

Transportation Services; dot size is quarterly revenue; dashed lines are the industry's medians.