Filing Flows › Global Business Travel Group (GBTG) › Q1 2026
Global Business Travel Group (GBTG) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Global Business Travel Group (GBTG) reported revenue of $840M for the first quarter 2026 (Q1 2026), +35% from a year earlier and +6% from the quarter before. Operating margin was 0.4%, net earnings $52.0M (6.2% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $840M | +6% | +35% |
| Operating profit | $3.0M | -90% | -95% |
| Net earnings | $52.0M | -37% | -31% |
| Operating cash flow | −$15.0M | -129% | -128% |
What changed
Revenue was $840.0M in Q1 2026, up 35% year over year and up 6% from the previous quarter. Travel revenue was the largest line at 79% of revenue. Travel revenue added $166.0M year over year (up 33%), 76% of the total change.
Operating profit was $3.0M, a 0.4% margin (down 8.5 points year over year). Operating profit fell $52.0M even though revenue rose $219.0M versus Q1 2025, so costs grew faster than sales. Total costs grew 48% against revenue growth of 35%. The fastest-growing cost line was Other operating costs (+55%). Net earnings were $52.0M, down 31% year over year. The tax line was a benefit of $42.0M on pre-tax earnings of $12.0M. Non-operating items added $9.0M, 75% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$15.0M. Non-cash charges added back $60.0M of depreciation and amortization and $17.0M of share-based compensation. Working capital and other items used $146.0M. Capital expenditures of $37.0M exceeded it, leaving free cash flow of −$52.0M.
Questions
What was Global Business Travel Group's revenue in the first quarter 2026?
Global Business Travel Group (GBTG) reported revenue of $840M for the first quarter 2026 (Q1 2026), +35% from a year earlier and +6% from the quarter before.
Was Global Business Travel Group profitable in the first quarter 2026?
Operating profit was $3.0M (0.4% of revenue) and net earnings $52.0M.