Filing Flows › Global Business Travel Group (GBTG) › Q1 2026 › vs Q4 2025
Global Business Travel Group (GBTG) Q1 2026 vs Q4 2025 (quarter over quarter)
Global Business Travel Group's revenue rose $48.0M (+6%) from $792M in Q4 2025 to $840M in Q1 2026. The biggest changes: Travel revenue +$45.0M (+7%); Product and professional services revenue +$3.0M (+2%). Operating margin 0.4% against 3.7% (-3.3 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 Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Operating margin | 0.4% | 3.7% | -3.3 pts |
| Net margin | 6.2% | 10.5% | -4.3 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Travel revenue | $665M | $620M | $45.0M | +7% |
| Product and professional services revenue | $175M | $172M | $3.0M | +2% |
| Revenue | $840M | $792M | $48.0M | +6% |
| Other income, net | $9.0M | $28.0M | −$19.0M | -68% |
| Operating profit | $3.0M | $29.0M | −$26.0M | -90% |
| Costs & expenses | $837M | $763M | $74.0M | +10% |
| Pre-tax earnings | $12.0M | $57.0M | −$45.0M | -79% |
| Sales & marketing | $126M | $120M | $6.0M | +5% |
| General & admin | $98.0M | $77.0M | $21.0M | +27% |
| Other operating costs | $613M | $566M | $47.0M | +8% |
| Income tax benefit | $42.0M | $26.0M | $16.0M | +62% |
| Net earnings | $52.0M | $83.0M | −$31.0M | -37% |
| Minority interests | $2.0M | $0 | $2.0M | — |
| Operating cash sources | $144M | $109M | $35.0M | +32% |
| Depreciation & amortization | $60.0M | $60.0M | $0 | 0% |
| Share-based compensation | $17.0M | $18.0M | −$1.0M | -6% |
| Cash used in operations | $15.0M | −$52.0M | $67.0M | — |
| Working capital & other | $144M | $109M | $35.0M | +32% |
Questions
How much did Global Business Travel Group's revenue grow quarter over quarter in Q1 2026?
Global Business Travel Group's revenue rose $48.0M (+6%) from $792M in Q4 2025 to $840M in Q1 2026.
What drove Global Business Travel Group's revenue change in Q1 2026?
Travel revenue +$45.0M (+7%); Product and professional services revenue +$3.0M (+2%).