Filing Flows › Global Business Travel Group (GBTG) › Q1 2026 › vs Q1 2025
Global Business Travel Group (GBTG) Q1 2026 vs Q1 2025 (year over year)
Global Business Travel Group's revenue rose $219M (+35%) from $621M in Q1 2025 to $840M in Q1 2026. The biggest changes: Travel revenue +$166M (+33%); Product and professional services revenue +$53.0M (+43%). Operating margin 0.4% against 8.9% (-8.5 pts).
Global Business Travel Group, Q1 2026: revenue $840M (+35% year over year), operating margin 0.4%, net earnings $52.0M, operating cash flow −$15.0M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Operating margin | 0.4% | 8.9% | -8.5 pts |
| Net margin | 6.2% | 12.1% | -5.9 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Travel revenue | $665M | $499M | $166M | +33% |
| Product and professional services revenue | $175M | $122M | $53.0M | +43% |
| Revenue | $840M | $621M | $219M | +35% |
| Other income, net | $9.0M | $41.0M | −$32.0M | -78% |
| Operating profit | $3.0M | $55.0M | −$52.0M | -95% |
| Costs & expenses | $837M | $566M | $271M | +48% |
| Pre-tax earnings | $12.0M | $96.0M | −$84.0M | -88% |
| Sales & marketing | $126M | $103M | $23.0M | +22% |
| General & admin | $98.0M | $68.0M | $30.0M | +44% |
| Other operating costs | $613M | $395M | $218M | +55% |
| Income tax benefit | $42.0M | −$21.0M | $63.0M | — |
| Net earnings | $52.0M | $75.0M | −$23.0M | -31% |
| Minority interests | $2.0M | $0 | $2.0M | — |
| Operating cash sources | $144M | $81.0M | $63.0M | +78% |
| Depreciation & amortization | $60.0M | $40.0M | $20.0M | +50% |
| Share-based compensation | $17.0M | $19.0M | −$2.0M | -11% |
| Cash used in operations | $15.0M | −$53.0M | $68.0M | — |
| Working capital & other | $144M | $81.0M | $63.0M | +78% |
Questions
How much did Global Business Travel Group's revenue grow year over year in Q1 2026?
Global Business Travel Group's revenue rose $219M (+35%) from $621M in Q1 2025 to $840M in Q1 2026.
What drove Global Business Travel Group's revenue change in Q1 2026?
Travel revenue +$166M (+33%); Product and professional services revenue +$53.0M (+43%).