Filing Flows › Global Business Travel Group (GBTG) › Q2 2025
Global Business Travel Group (GBTG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Global Business Travel Group (GBTG) reported revenue of $631M for the second quarter 2025 (Q2 2025), +1% from a year earlier and +2% from the quarter before. Operating margin was 5.4%, net earnings $13.0M (2.1% of revenue).
Global Business Travel Group, Q2 2025: revenue $631M (+1% year over year), operating margin 5.4%, net earnings $13.0M, operating cash flow $57.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $631M | +2% | +1% |
| Operating profit | $34.0M | -38% | -19% |
| Net earnings | $13.0M | -83% | -50% |
| Operating cash flow | $57.0M | +8% | -22% |
| Free cash flow | $27.0M | — | -45% |
What changed
Revenue was $631.0M in Q2 2025, up 1% year over year and up 2% from the previous quarter. Travel revenue was the largest line at 80% of revenue. Product and professional services revenue added $5.0M year over year (up 4%), 83% of the total change.
Operating profit was $34.0M, a 5.4% margin (down 1.3 points year over year). Operating profit fell $8.0M even though revenue rose $6.0M versus a year earlier, so costs grew faster than sales. Total costs grew 2% against revenue growth of 1%. The fastest-growing cost line was Sales & marketing (+12%). Net earnings were $13.0M, down 50% year over year. The effective tax rate was 58.3%.
Operating cash flow was $57.0M (down 22% year over year), 380% of net income including minority interests. Non-cash charges added back $43.0M of depreciation and amortization and $20.0M of share-based compensation. Working capital and other items used $21.0M. After purchase of property and equipment ($30.0M), free cash flow as the company reports it was $27.0M.
Questions
What was Global Business Travel Group's revenue in the second quarter 2025?
Global Business Travel Group (GBTG) reported revenue of $631M for the second quarter 2025 (Q2 2025), +1% from a year earlier and +2% from the quarter before.
Was Global Business Travel Group profitable in the second quarter 2025?
Operating profit was $34.0M (5.4% of revenue) and net earnings $13.0M.