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Global Business Travel Group cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$103M in Q2 2026 · $102M over twelve months

Operating cash flow$142M
Capital spending−$39.0M
Free cash flow+$103M
Cash / net income8.4×

Analysis

In Q2 2026, Global Business Travel Group generated $142M of operating cash flow and spent $39.0M on capital projects, leaving free cash flow of $103M. That is $76.0M more than in Q2 2025 ($27.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was $250M; the largest uses were capital spending ($148M), buybacks ($119M), acquisitions ($94.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($85.0M), shares issued ($8.0M); the cash balance fell by $66.0M.

Operating cash flow was $142M against net income of $17.0M — 8.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$56.0M, receivables +$36.0M, stock-based pay +$19.0M.

Free cash flow

Global Business Travel Group: free cash flow by quarterGlobal Business Travel Group: free cash flow by quarter$59.0MQ3 2024$33.0MQ4 2024$26.0MQ1 2025$27.0MQ2 2025$38.0MQ3 2025$13.0MQ4 2025−$52.0MQ1 2026$103MQ2 2026
Operating cash flow less capital spending.
Global Business Travel Group: operating cash flow against capital spendingGlobal Business Travel Group: operating cash flow against capital spendingOperating cash flowCapital spending$85.0M$26.0MQ3 2024$65.0M$32.0MQ4 2024$53.0M$27.0MQ1 2025$57.0M$30.0MQ2 2025$71.0M$33.0MQ3 2025$52.0M$39.0MQ4 2025−$15.0M$37.0MQ1 2026$142M$39.0MQ2 2026
Latest (Q2 2026): Operating cash flow $142M, Capital spending $39.0M.

Capital allocation, year by year

Global Business Travel Group: where the cash came from (up) and went (down), by fiscal yearGlobal Business Travel Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$512MFY2021: Net borrowing $382MFY2021: Shares issued $150MFY2021: Capital spending −$44.0M$532MFY2021FY2022: Operating cash flow −$394MFY2022: Net borrowing $195MFY2022: Capital spending −$94.0M$195MFY2022FY2023: Operating cash flow $162MFY2023: Net borrowing $126MFY2023: Shares issued $7.0MFY2023: Capital spending −$113M$295MFY2023FY2024: Operating cash flow $272MFY2024: Net borrowing $23.0MFY2024: Shares issued $29.0MFY2024: Capital spending −$107MFY2024: Buybacks −$55.0M$324MFY2024FY2025: Operating cash flow $233MFY2025: Net borrowing −$14.0MFY2025: Shares issued $8.0MFY2025: Capital spending −$129MFY2025: Acquisitions −$104MFY2025: Buybacks −$73.0M$241MFY2025
Over these 5 years operating cash flow totalled −$239M; the largest uses were operating cash flow ($906M) and capital spending ($487M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$518M
Debt$1.5B
Net debt$994M
Due within a year$58.0M

Global Business Travel Group funds itself: free cash flow was $102M over the last twelve months, and $518M of cash and investments stands against $1.5B of debt ($58.0M due within a year, 8.9× covered by cash).

Global Business Travel Group: debt maturities by year (FY2025)Global Business Travel Group: debt maturities by year (FY2025)$58.0MYear 1$19.0MYear 2$16.0MYear 3$14.0MYear 4$14.0MYear 5$1.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $518M of cash and investments now.

Where the cash came from and went

Global Business Travel Group: sources (+) and uses (−) of cash, Q2 2026Global Business Travel Group: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$142MCash drawn (+) / kept (−)−$72.0MCapital spending−$39.0MTaxes on employees’ shares−$14.0MBuybacks−$9.0MNet borrowing (+) / repaid (−)−$4.0MExchange rates−$2.0MOther financing−$2.0M
Global Business Travel Group: sources (+) and uses (−) of cash, TTM to Q2 2026Global Business Travel Group: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$250MCapital spending−$148MBuybacks−$119MAcquisitions−$94.0MNet borrowing (+) / repaid (−)$85.0MCash drawn (+) / kept (−)$66.0MTaxes on employees’ shares−$30.0MExchange rates−$14.0MShares issued$8.0MOther financing−$4.0M

From profit to cash

Global Business Travel Group: net income to operating cash flow, Q2 2026Global Business Travel Group: net income to operating cash flow, Q2 2026Net income$17.0MDepreciation & amortization$56.0MStock-based pay$19.0MDeferred taxes$2.0MOther non-cash−$5.0MReceivables$36.0MPayables$6.0MPrepaid and other assets$19.0MOperating cash flow$142M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$142M−$39.0M—−$9.0M−$4.0M—−$72.0M$103M
Q1 2026−$15.0M−$37.0M$10.0M−$38.0M$96.0M$4.0M−$1.0M−$52.0M
Q4 2025$52.0M−$39.0M$34.0M−$39.0M−$3.0M—$2.0M$13.0M
Q3 2025$71.0M−$33.0M−$138M−$33.0M−$4.0M$4.0M$137M$38.0M
Q2 2025$57.0M−$30.0M——−$3.0M—−$41.0M$27.0M
Q1 2025$53.0M−$27.0M—−$1.0M−$4.0M$4.0M−$16.0M$26.0M
Q4 2024$65.0M−$32.0M———$2.0M−$11.0M$33.0M
Q3 2024$85.0M−$26.0M—−$55.0M$26.0M$22.0M−$9.0M$59.0M

Global Business Travel Group: income statement and cash flow

Global Business Travel Group, Q2 2026: revenue $870M (+38% year over year), operating margin 2.8%. The chart follows the revenue to costs, profit and cash.

Global Business Travel Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.