Global Business Travel (GBTG) Gross Margin (2021 - 2026)
Global Business Travel (GBTG) posted quarterly Gross Margin of 58.33% for Q1 2026, down 447.0% year-over-year from 16.81% in Q1 2025, and up 2.67% quarter-over-quarter from 56.82% in Q4 2025.
Global Business Travel (GBTG) Gross Margin (2021 - 2026) Analysis & Trends
Global Business Travel's Gross Margin history runs 6 years deep, the most recent figure standing at 58.33% for Q1 2026.
- In Q1 2026, Gross Margin fell 447.0% year-over-year to 58.33%; the TTM figure through Mar 2026 stood at 59.01% (down 184.0% YoY), while the FY2025 annual figure was 60.08%, down 1.0% from the prior year.
- Gross Margin for Q1 2026 stood at 58.33%, up from 56.82% in the prior quarter.
- The five-year high for Gross Margin was 62.8% in Q1 2025, with the low at 50.57% in Q1 2022.
- The 5-year median for Gross Margin is 58.95% (2023), against an average of 58.29%.
- The sharpest annual moves came in 2022 and 2026: Gross Margin jumped 2115 bps in 2022, then plunged 447 bps in 2026.
- Global Business Travel's Gross Margin stood at 54.08% in 2022, then gained by 5 bps to 56.65% in 2023, then climbed by 5 bps to 59.73% in 2024, then decreased by 5 bps to 56.82% in 2025, then rose by 3 bps to 58.33% in 2026.
- Business Quant data shows GBTG's Gross Margin at 58.33% in Q1 2026, 56.82% in Q4 2025, and 59.94% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 159.34 Bn | 142.12 Bn | 4.98 Bn | 67.75% |
| 2 | Airbnb | 108.60 Bn | 96.53 Bn | 2.98 Bn | 82.46% |
| 3 | Royal Caribbean Cruises | 81.57 Bn | 80.88 Bn | 2.29 Bn | 47.29% |
| 4 | Viking Holdings | 44.18 Bn | 40.38 Bn | 713.43 Mn | 41.37% |
| 5 | Carnival | 38.51 Bn | 36.29 Bn | - | - |
| 6 | Expedia | 38.08 Bn | 30.96 Bn | 3.91 Bn | 90.66% |
| 7 | Trip.com | 29.19 Bn | 17.73 Bn | 1.86 Bn | 79.12% |
| 8 | Norwegian Cruise Line Holdings | 8.73 Bn | 8.51 Bn | 1.05 Bn | 39.91% |
| 9 | MakeMyTrip | 5.85 Bn | 5.09 Bn | 212.91 Mn | 74.55% |
| 10 | Global Business Travel | 4.94 Bn | 4.47 Bn | 514.00 Mn | 59.08% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 59.08% |
| Mar 31, 2026 | 58.33% |
| Dec 31, 2025 | 56.82% |
| Sep 30, 2025 | 59.94% |
| Jun 30, 2025 | 61.65% |
| Mar 31, 2025 | 62.80% |
| Dec 31, 2024 | 59.73% |
| Sep 30, 2024 | 60.30% |
| Jun 30, 2024 | 60.48% |
| Mar 31, 2024 | 59.84% |
| Dec 31, 2023 | 56.65% |
| Sep 30, 2023 | 58.32% |
| Jun 30, 2023 | 58.95% |
| Mar 31, 2023 | 58.13% |
| Dec 31, 2022 | 54.08% |
| Sep 30, 2022 | 55.33% |
| Jun 30, 2022 | 59.05% |
| Mar 31, 2022 | 50.57% |
| Dec 31, 2021 | 39.72% |
| Sep 30, 2021 | 35.53% |