Filing Flows › Global Business Travel Group (GBTG) › Q3 2025
Global Business Travel Group (GBTG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Global Business Travel Group (GBTG) reported revenue of $674M for the third quarter 2025 (Q3 2025), +13% from a year earlier and +7% from the quarter before. Operating margin was 1.8%, net loss $62.0M (9.2% of revenue).
Global Business Travel Group, Q3 2025: revenue $674M (+13% year over year), operating margin 1.8%, net loss $62.0M, operating cash flow $71.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $674M | +7% | +13% |
| Operating profit | $12.0M | -65% | — |
| Net earnings | −$62.0M | -577% | — |
| Operating cash flow | $71.0M | +25% | -16% |
| Free cash flow | $38.0M | — | -36% |
What changed
Revenue was $674.0M in Q3 2025, up 13% year over year and up 7% from the previous quarter. Travel revenue was the largest line at 78% of revenue. Travel revenue added $50.0M year over year (up 10%), 65% of the total change.
Operating profit was $12.0M, a 1.8% margin (down 2.7 points year over year). Operating profit fell $15.0M even though revenue rose $77.0M versus a year earlier, so costs grew faster than sales. Total costs grew 16% against revenue growth of 13%. The fastest-growing cost line was Other operating costs (+21%). The quarter ended with a net loss of $62.0M, after a profit of $15.0M the previous quarter. Net interest and other expense of $50.0M was the main reason.
Operating cash flow was $71.0M (down 16% year over year). Non-cash charges added back $49.0M of depreciation and amortization and $19.0M of share-based compensation. Working capital and other items added $65.0M. After purchase of property and equipment ($33.0M), free cash flow as the company reports it was $38.0M.
Questions
What was Global Business Travel Group's revenue in the third quarter 2025?
Global Business Travel Group (GBTG) reported revenue of $674M for the third quarter 2025 (Q3 2025), +13% from a year earlier and +7% from the quarter before.
Was Global Business Travel Group profitable in the third quarter 2025?
Operating profit was $12.0M (1.8% of revenue) and net loss $62.0M.