Global Business Travel Group, Inc.
- Open
- 9.38
- Day high
- 9.38
- Day low
- 9.34
- Prev close
- 9.35
- Volume
- 1.2M
- Mkt cap
- $4.9B
- P/E (TTM)
- 59.3
- EPS (TTM)
- $0.16
- P/B
- 3.0
- P/S
- 1.7
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.3M over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions accumulating (13F)
Global Business Travel Group, Inc. (GBTG) is a Technology company listed on NYSE. The stock is up 42% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
Global Business Travel Group, Inc. (GBTG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
GBTG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 11, 2026 | $0.05 | $0.05 | +0.0% | $840M | +3.1% |
| Mar 9, 2026 | $0.05 | $0.06 | +14.1% | $792M | -1.3% |
| Feb 27, 2025 | $0.03 | $-0.03 | -200.0% | $591M | -7.5% |
| Mar 5, 2024 | $-0.06 | $-0.10 | -66.7% | $549M | +1.4% |
| Aug 10, 2023 | $-0.07 | $-0.23 | -228.6% | $592M | +5.1% |
| Mar 9, 2023 | $-0.14 | $-0.13 | +7.1% | $527M | +3.9% |
| Nov 10, 2022 | $-0.12 | $-0.43 | -258.3% | $488M | -1.1% |
| Aug 11, 2022 | — | $-0.00 | — | $486M | — |
| May 27, 2022 | — | $-0.88 | — | $350M | -37.0% |
| Mar 1, 2022 | — | $-4.63 | — | $287M | — |
| Nov 26, 2021 | — | $0.11 | — | $197M | — |
| Aug 13, 2021 | — | $0.01 | — | $153M | — |
GBTG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 5, 2026 | Abbott Paul Gdirector, officer: Chief Executive Officer | Sell | 8,745 | $9.36 |
| Jun 5, 2026 | Bush James Peterdirector | Sell | 17,500 | $9.36 |
| May 15, 2026 | Joabar Raymonddirector | Grant | 23,429 | — |
| May 15, 2026 | Ward Susan Fdirector | Grant | 23,429 | — |
| May 15, 2026 | Bush James Peterdirector | Grant | 23,429 | — |
| May 15, 2026 | Al-Thani Faisal Saoud F.Q.director | Grant | 23,429 | — |
| May 15, 2026 | Arzani Ugodirector | Grant | 23,429 | — |
| May 15, 2026 | Drummond Alexanderdirector | Grant | 23,429 | — |
| May 15, 2026 | Winters Kathleen Adirector | Grant | 23,429 | — |
| May 15, 2026 | OHara Michael Gregorydirector | Grant | 23,429 | — |
| May 6, 2026 | Thompson John Davidofficer: Chief Technology Officer | Sell | 108,908 | $9.34 |
| Mar 6, 2026 | Thompson John Davidofficer: Chief Technology Officer | Sell | 109,020 | $5.74 |
| Mar 3, 2026 | Van Vliet Christopherofficer: Vice President, Controller | Tax | 6,586 | $5.47 |
| Mar 3, 2026 | Van Vliet Christopherofficer: Vice President, Controller | Tax | 6,017 | $5.47 |
| Mar 3, 2026 | Crawley Andrew Georgeofficer: President | Tax | 36,960 | $5.47 |
Source: GBTG SEC Form 4 filings, latest Jun 5, 2026. For informational purposes only — not investment advice.
See the full GBTG insider & 13F page →Global Business Travel Group, Inc. company profile
Overview
Global Business Travel Group, Inc. (NYSE:GBTG) is a technology-enabled business travel management company that went public in August 2022. The company was originally formed as American Express Global Business Travel, a joint venture between American Express and a consortium of investors. GBTG operates as one of the world's largest business travel platforms, serving corporate clients across multiple segments from small and medium enterprises to large multinational corporations. The company has built its business around providing comprehensive travel management solutions through proprietary technology platforms and marketplace offerings.
Business
Global Business Travel Group operates in the business travel management industry, which sits at the intersection of corporate services and travel technology. The company provides a comprehensive B2B travel platform that serves as an intermediary between corporate travelers and travel suppliers like airlines, hotels, and car rental companies. The company's core offering is its travel management platform that handles the entire business travel lifecycle for corporate clients. This includes booking management through proprietary platforms like Neo and Egencia, expense management, policy compliance, traveler support services, and reporting analytics. The platform essentially acts as a corporate travel department for companies that either lack internal travel management capabilities or want to outsource this function for efficiency and cost savings. GBTG operates two primary business segments. The Global Multinational segment serves large enterprise clients with complex, international travel needs and typically generates higher revenue per transaction. This segment has shown consistent growth of 6-8% in recent quarters. The Small and Medium Enterprise (SME) segment targets smaller companies with simpler travel requirements but operates at higher volume and lower margins. The SME segment has experienced slower growth of 1-2% recently due to macroeconomic pressures affecting smaller businesses' travel budgets. The company also provides meetings and events management services and has developed marketplace capabilities that allow corporate clients to access negotiated rates and preferred suppliers. Additionally, GBTG offers ancillary services like carbon emissions tracking and sustainability reporting, which have become increasingly important to corporate clients focused on environmental responsibility.
Revenue model
GBTG operates on a transaction-based revenue model where it earns fees for each travel booking processed through its platform. The company generates revenue primarily through transaction fees charged to corporate clients for booking services, typically calculated as a percentage of the total transaction value or as fixed fees per booking. This creates a variable revenue stream that scales with client travel activity. The company's paying customers are corporate clients ranging from small businesses to Fortune 500 multinational corporations. These clients pay GBTG to manage their employees' business travel, replacing either internal travel departments or other travel management companies. Revenue is also generated through supplier relationships, where airlines, hotels, and other travel providers pay commissions or fees for bookings directed through GBTG's platform. Several factors significantly impact GBTG's margins and profitability. Macroeconomic conditions directly affect corporate travel budgets, with economic uncertainty causing companies to reduce or defer business travel spending. Interest rate environments particularly impact the SME segment, as higher rates constrain smaller companies' operational spending. Technology investments in AI and automation are improving margins by reducing operational costs - the company reports that AI initiatives are driving productivity improvements across approximately 70% of operating expenses. Competitive pressures from other travel management companies and direct booking by corporations can compress transaction fees. However, GBTG's scale advantages and proprietary technology platforms help maintain pricing power. The shift toward digital channels, with 81% of transactions now processed digitally, improves margins by reducing manual processing costs. Customer retention rates of 96-99% provide revenue stability and reduce customer acquisition costs, supporting margin expansion over time.
Competitive moat
GBTG's competitive moat appears moderately strong but not impenetrable, built primarily around scale advantages and switching costs rather than unique technology or regulatory barriers. The company benefits from network effects in its marketplace model, where a larger supplier base attracts more corporate clients, and vice versa. With $8 billion in annual transaction volume, GBTG can negotiate better rates with travel suppliers than smaller competitors, creating value for clients that's difficult to replicate. Switching costs represent another defensive element, as corporate clients integrate GBTG's platforms into their expense management, policy compliance, and reporting systems. The complexity of migrating travel programs, especially for large multinational clients with customized configurations, creates friction that supports customer retention rates above 96%. The company's proprietary platforms Neo and Egencia, which handle over 60% of digital bookings, create additional stickiness through user familiarity and workflow integration. However, the moat faces several vulnerabilities. Technology disruption poses the most significant threat, as new entrants could potentially offer superior user experiences or AI-powered solutions that bypass traditional travel management companies. The rise of direct booking platforms from airlines and hotels, enhanced by NDC (New Distribution Capability) standards, could allow corporations to manage travel internally with less intermediation. Competitive threats come from both established players like Concur/SAP and newer technology-focused entrants. The business travel management industry has relatively low barriers to entry for basic services, though achieving scale and supplier relationships requires significant investment. GBTG's acquisition strategy, including the pending CWT purchase, suggests management recognizes the need to consolidate market share and capabilities to strengthen competitive positioning.
Risks & safety
GBTG presents a moderate margin of safety with solid liquidity but elevated debt levels and cyclical earnings vulnerability. • Liquidity position: Strong with $552 million in cash and short-term investments against $910 million in current liabilities, providing a current ratio of 1.60. Free cash flow of $26 million in Q1 2025 shows positive but modest cash generation. • Debt burden: Concerning debt-to-equity ratio of 1.30, indicating high leverage. Total liabilities of $2.66 billion against $3.79 billion in total assets leaves limited equity cushion. Interest expenses create earnings pressure during economic downturns. • Valuation metrics: P/E ratio of 11.3 appears reasonable for current earnings, though earnings quality is impacted by cyclical nature of business travel. EV/EBITDA of 15.3 is elevated but not extreme for a technology-enabled services company. • Cyclical risks: Business model highly sensitive to economic cycles and corporate travel spending, which can decline rapidly during recessions. Recent guidance adjustments for "softer economic conditions" demonstrate this vulnerability. • Operational leverage: High fixed cost structure means profitability swings dramatically with volume changes, creating both upside potential and downside risk.
Recent development
Over the past few years, GBTG has undergone significant strategic transformation focused on technology modernization and operational efficiency. The company has heavily invested in AI and automation initiatives across four key areas: service efficiencies, engineering velocity, financial process streamlining, and workforce enablement. These investments have yielded measurable results, including a 20% productivity increase in engineering through GitHub Copilot implementation and 7% improvement in traveler care productivity. The company has pursued aggressive cost optimization, achieving $235 million in permanent cost savings and targeting an additional $110 million in 2025. This focus on operational leverage has driven adjusted EBITDA margin expansion from negative territory in 2022 to 20% in 2024, representing one of the most significant margin improvement stories in the sector. Platform consolidation and enhancement has been another key initiative, with the integration of the Egencia acquisition delivering $109 million in expected synergies. The company has migrated operations to cloud infrastructure and enhanced its proprietary platforms Neo and Egencia, which now handle over 60% of digital bookings. The shift to digital channels has accelerated, with 81% of transactions now processed digitally compared to 78% in prior years. GBTG has also focused on market share expansion through both organic growth and strategic acquisitions. The company achieved record new business wins of $3.5 billion in 2023 and has maintained this momentum with $3.2 billion in new wins over the last 12 months. The pending acquisition of CWT, despite regulatory challenges, represents a significant consolidation play that would substantially increase market share and scale advantages. Sustainability and innovation initiatives have emerged as differentiators, including the launch of emissions-based carbon pricing and SBTi validation for carbon emission reduction targets. The company has also expanded NDC content partnerships with over 20 airlines, positioning for the industry's shift toward new distribution standards.
GBTG company profile · for informational purposes only — not investment advice.
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