Global Business Travel (GBTG) Cost of Revenue (2021 - 2026)
Global Business Travel (GBTG) reported Cost of Revenue of $356 million for Q2 2026, up 47.1% from $242 million a year earlier and up 1.7% from the prior quarter.
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Analysis
Global Business Travel (GBTG) Cost of Revenue (2021 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Global Business Travel's Cost of Revenue came in at $1.32 billion, up 39.0% year-over-year; for FY2025, it was $1.09 billion, up 12.2% from FY2024.
- Cost of Revenue has increased for four consecutive years, with a five-year compound annual growth rate of 15.5% (FY2020 to FY2025).
- By year, Cost of Revenue came in at $967 million in FY2024 (+0.6%), $961 million in FY2023 (+15.5%), $832 million in FY2022 (+74.4%) and $477 million in FY2021 (-9.8%).
- The Q2 2026 figure ranks as the highest quarterly Cost of Revenue in data going back to Q2 2021.
- Year over year, Cost of Revenue has now increased in each of the last four quarters, with growth averaging 18.5% over the last eight quarters.
- The high point for year-over-year Cost of Revenue in five years was Q2 2022 (growth of 109.5%); the low point was Q1 2025 (a decline of 5.7%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $350 million (Q1 2026), $342 million (Q4 2025) and $270 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Marriott International | 93.60 Bn | 91.65 Bn | 1.55 Bn | 5.52 Bn |
| 2 | Royal Caribbean Cruises | 74.32 Bn | 71.90 Bn | 2.29 Bn | 2.55 Bn |
| 3 | Hilton Worldwide Holdings | 72.10 Bn | 68.58 Bn | 3.08 Bn | 266.00 Mn |
| 4 | Viking Holdings | 36.31 Bn | 21.43 Bn | 996.62 Mn | 1.19 Bn |
| 5 | Carnival | 34.66 Bn | 27.87 Bn | - | - |
| 6 | Intercontinental Hotels | 26.64 Bn | 22.19 Bn | - | - |
| 7 | Trip.com | 24.74 Bn | -20.81 Bn | 1.84 Bn | 466.00 Mn |
| 8 | Hyatt Hotels | 14.98 Bn | 12.46 Bn | 388.00 Mn | 1.44 Bn |
| 9 | H World | 12.83 Bn | 3.76 Bn | - | - |
| 10 | Global Business Travel | 4.96 Bn | 3.19 Bn | 514.00 Mn | 356.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 356.00 Mn |
| Mar 31, 2026 | 350.00 Mn |
| Dec 31, 2025 | 342.00 Mn |
| Sep 30, 2025 | 270.00 Mn |
| Jun 30, 2025 | 242.00 Mn |
| Mar 31, 2025 | 231.00 Mn |
| Dec 31, 2024 | 238.00 Mn |
| Sep 30, 2024 | 237.00 Mn |
| Jun 30, 2024 | 247.00 Mn |
| Mar 31, 2024 | 245.00 Mn |
| Dec 31, 2023 | 238.00 Mn |
| Sep 30, 2023 | 238.00 Mn |
| Jun 30, 2023 | 243.00 Mn |
| Mar 31, 2023 | 242.00 Mn |
| Dec 31, 2022 | 242.00 Mn |
| Sep 30, 2022 | 218.00 Mn |
| Jun 30, 2022 | 199.00 Mn |
| Mar 31, 2022 | 173.00 Mn |
| Dec 31, 2021 | 173.00 Mn |
| Sep 30, 2021 | 127.00 Mn |
API Access
Global Business Travel Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=GBTG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "GBTG", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=GBTG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();