Global Business Travel (GBTG) Cost of Revenue (2021 - 2026)
Global Business Travel's (GBTG) quarterly Cost of Revenue came in at $350.0 million in Q1 2026, up 51.52% year-on-year from $231.0 million in Q1 2025, and up 2.34% quarter-over-quarter from $342.0 million in Q4 2025.
Global Business Travel (GBTG) Cost of Revenue (2021 - 2026) Analysis & Trends
Global Business Travel's Cost of Revenue history runs 6 years deep, the most recent figure standing at $350.0 million for Q1 2026.
- On a quarterly basis, Cost of Revenue rose 51.52% year-over-year to $350.0 million in Q1 2026; TTM through Mar 2026 was $1.2 billion, a 26.34% increase from a year earlier, with the FY2025 full-year figure at $1.1 billion, up 12.2% from the prior year.
- Cost of Revenue grew to $350.0 million in Q1 2026 per GBTG's latest filing, from $342.0 million in the prior quarter.
- Across five years, Cost of Revenue topped out at $350.0 million in Q1 2026 and bottomed at $173.0 million in Q1 2022.
- The 5-year median for Cost of Revenue is $242.0 million (2022), against an average of $246.8 million.
- Across the five-year window, Cost of Revenue surged 109.47% in 2022 and retreated 5.71% in 2025, its largest moves.
- Year by year, Cost of Revenue stood at $242.0 million in 2022, then fell by 1.65% to $238.0 million in 2023, then changed by 0.0% to $238.0 million in 2024, then surged by 43.7% to $342.0 million in 2025, then rose by 2.34% to $350.0 million in 2026.
- Per Business Quant, the three latest GBTG Cost of Revenue figures stand at $350.0 million (Q1 2026), $342.0 million (Q4 2025), and $270.0 million (Q3 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 147.33 Bn | 131.30 Bn | 3.46 Bn | 2.07 Bn |
| 2 | Airbnb | 87.74 Bn | 75.73 Bn | 2.10 Bn | 581.00 Mn |
| 3 | Royal Caribbean Cruises | 81.68 Bn | 80.95 Bn | 2.21 Bn | 2.25 Bn |
| 4 | Yatra Online | 56.40 Bn | 56.37 Bn | 10.44 Mn | 8.41 Mn |
| 5 | Viking Holdings | 45.64 Bn | 41.83 Bn | 713.43 Mn | 1.01 Bn |
| 6 | Carnival | 37.38 Bn | 35.13 Bn | - | - |
| 7 | Expedia | 33.93 Bn | 31.43 Bn | 3.05 Bn | 377.00 Mn |
| 8 | Trip.com | 29.12 Bn | 17.42 Bn | 1.86 Bn | 483.00 Mn |
| 9 | Norwegian Cruise Line Holdings | 9.10 Bn | 8.91 Bn | 953.34 Mn | 1.38 Bn |
| 10 | Global Business Travel | 4.83 Bn | 4.39 Bn | 490.00 Mn | 350.00 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 350.00 Mn |
| Mar 31, 2026 | 350.00 Mn |
| Dec 31, 2025 | 342.00 Mn |
| Dec 31, 2025 | 342.00 Mn |
| Sep 30, 2025 | 270.00 Mn |
| Sep 30, 2025 | 270.00 Mn |
| Jun 30, 2025 | 242.00 Mn |
| Jun 30, 2025 | 242.00 Mn |
| Mar 31, 2025 | 231.00 Mn |
| Mar 31, 2025 | 231.00 Mn |
| Dec 31, 2024 | 238.00 Mn |
| Dec 31, 2024 | 238.00 Mn |
| Sep 30, 2024 | 237.00 Mn |
| Sep 30, 2024 | 237.00 Mn |
| Jun 30, 2024 | 247.00 Mn |
| Jun 30, 2024 | 247.00 Mn |
| Mar 31, 2024 | 245.00 Mn |
| Mar 31, 2024 | 245.00 Mn |
| Dec 31, 2023 | 238.00 Mn |
| Dec 31, 2023 | 238.00 Mn |