Filing Flows › Global Business Travel Group (GBTG) › Q2 2026 › vs Q2 2025
Global Business Travel Group (GBTG) Q2 2026 vs Q2 2025 (year over year)
Global Business Travel Group's revenue rose $239M (+38%) from $631M in Q2 2025 to $870M in Q2 2026. The biggest changes: Travel revenue +$193M (+38%); Product and professional services revenue +$46.0M (+37%). Operating margin 2.8% against 5.4% (-2.6 pts).
Global Business Travel Group, Q2 2026: revenue $870M (+38% year over year), operating margin 2.8%, net earnings $15.0M, operating cash flow $142M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 2.8% | 5.4% | -2.6 pts |
| Net margin | 1.7% | 2.1% | -0.3 pts |
| Free cash flow margin | 11.8% | 4.3% | +7.6 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Travel revenue | $700M | $507M | $193M | +38% |
| Product and professional services revenue | $170M | $124M | $46.0M | +37% |
| Revenue | $870M | $631M | $239M | +38% |
| Operating profit | $24.0M | $34.0M | −$10.0M | -29% |
| Costs & expenses | $846M | $597M | $249M | +42% |
| Pre-tax earnings | $19.0M | $36.0M | −$17.0M | -47% |
| Other expense, net | $5.0M | −$2.0M | $7.0M | — |
| Sales & marketing | $123M | $111M | $12.0M | +11% |
| General & admin | $110M | $69.0M | $41.0M | +59% |
| Other operating costs | $613M | $417M | $196M | +47% |
| Net earnings | $15.0M | $13.0M | $2.0M | +15% |
| Minority interests | $2.0M | $2.0M | $0 | 0% |
| Income tax | $2.0M | $21.0M | −$19.0M | -90% |
| Depreciation & amortization | $56.0M | $43.0M | $13.0M | +30% |
| Share-based compensation | $19.0M | $20.0M | −$1.0M | -5% |
| Working capital & other | $52.0M | −$19.0M | $71.0M | — |
| Operating cash flow | $142M | $57.0M | $85.0M | +149% |
| Free Cash Flow (company-reported) | $103M | $27.0M | $76.0M | +281% |
| Purchase of property and equipment | $39.0M | $30.0M | $9.0M | +30% |
Questions
How much did Global Business Travel Group's revenue grow year over year in Q2 2026?
Global Business Travel Group's revenue rose $239M (+38%) from $631M in Q2 2025 to $870M in Q2 2026.
What drove Global Business Travel Group's revenue change in Q2 2026?
Travel revenue +$193M (+38%); Product and professional services revenue +$46.0M (+37%).