Filing Flows › Global Business Travel Group (GBTG) › Q4 2025
Global Business Travel Group (GBTG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 9, 2026
Global Business Travel Group (GBTG) reported revenue of $792M for the fourth quarter 2025 (Q4 2025), +34% from a year earlier and +18% from the quarter before. Operating margin was 3.7%, net earnings $83.0M (10.5% of revenue).
Global Business Travel Group, Q4 2025: revenue $792M (+34% year over year), operating margin 3.7%, net earnings $83.0M, operating cash flow $52.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $792M | +18% | +34% |
| Operating profit | $29.0M | +142% | -3% |
| Net earnings | $83.0M | — | — |
| Operating cash flow | $52.0M | -27% | -20% |
| Free cash flow | $13.0M | — | -61% |
What changed
Revenue was $792.0M in Q4 2025, up 34% year over year and up 18% from the previous quarter. Travel revenue was the largest line at 78% of revenue.
Operating profit was $29.0M, a 3.7% margin (down 1.4 points year over year). Operating profit fell $1.0M even though revenue rose $201.0M versus Q4 2024, so costs grew faster than sales. Total costs grew 36% against revenue growth of 34%. The fastest-growing cost line was Other operating costs (+45%). Net earnings were $83.0M. The effective tax rate was -45.6%. Non-operating items added $28.0M, 49% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $52.0M (down 20% year over year), 63% of net earnings. Non-cash charges added back $60.0M of depreciation and amortization and $18.0M of share-based compensation. Working capital and other items used $109.0M. After purchase of property and equipment ($39.0M), free cash flow as the company reports it was $13.0M.
Questions
What was Global Business Travel Group's revenue in the fourth quarter 2025?
Global Business Travel Group (GBTG) reported revenue of $792M for the fourth quarter 2025 (Q4 2025), +34% from a year earlier and +18% from the quarter before.
Was Global Business Travel Group profitable in the fourth quarter 2025?
Operating profit was $29.0M (3.7% of revenue) and net earnings $83.0M.