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
DateValue
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