Global Business Travel (GBTG) Gross Margin (2021 - 2026)
Global Business Travel (GBTG) recorded quarterly Gross Margin of 85.0% in Q1 2026, down 38.41% quarter-over-quarter from 138.01% in Q4 2025, and up 159.0% on a YoY basis from 32.82% in Q1 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 85.0% for Q1 2026.
- In Q1 2026, Gross Margin rose 159.0% year-over-year to 85.0%; the TTM figure through Mar 2026 stood at 92.99% (up 2688.0% YoY), while the FY2025 annual figure was 83.74%, up 2365.0% from the prior year.
- Gross Margin was 85.0% for Q1 2026 at Global Business Travel, down from 138.01% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 138.01% in Q4 2025 to a low of 50.57% in Q1 2022.
- Historically, Gross Margin has averaged 72.99% across 5 years, with a median of 60.48% in 2024.
- The sharpest annual moves came in 2023 and 2025: Gross Margin plunged 2406 bps in 2023, then jumped 7828 bps in 2025.
- A 5-year view of Gross Margin shows it stood at 54.08% in 2022, then jumped by 53 bps to 82.88% in 2023, then fell by 28 bps to 59.73% in 2024, then soared by 131 bps to 138.01% in 2025, then tumbled by 38 bps to 85.0% in 2026.
- The last three Gross Margin figures came in at 85.0% (Q1 2026), 138.01% (Q4 2025), and 59.94% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 131.01 Bn | 114.99 Bn | 3.46 Bn | 62.62% |
| 2 | Airbnb | 79.86 Bn | 67.85 Bn | 2.10 Bn | 78.30% |
| 3 | Royal Caribbean Cruises | 75.60 Bn | 75.08 Bn | 2.21 Bn | 49.53% |
| 4 | Carnival | 37.80 Bn | 36.39 Bn | - | - |
| 5 | Expedia | 27.88 Bn | 22.09 Bn | 3.05 Bn | 89.00% |
| 6 | Norwegian Cruise Line Holdings | 8.56 Bn | 8.38 Bn | 953.34 Mn | 40.89% |
| 7 | Global Business Travel | 4.79 Bn | 4.35 Bn | 714.00 Mn | 85.00% |
| 8 | Travel & Leisure | 4.51 Bn | 4.25 Bn | 926.00 Mn | 96.36% |
| 9 | Trip.com | 4.42 Bn | -788.25 Mn | 1.74 Bn | 78.84% |
| 10 | MakeMyTrip | 2.12 Bn | 1.35 Bn | - | - |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 85.00% |
| Dec 31, 2025 | 138.01% |
| Sep 30, 2025 | 59.94% |
| Jun 30, 2025 | 82.41% |
| Mar 31, 2025 | 83.41% |
| Dec 31, 2024 | 59.73% |
| Sep 30, 2024 | 60.30% |
| Jun 30, 2024 | 60.48% |
| Mar 31, 2024 | 59.84% |
| Dec 31, 2023 | 82.88% |
| Sep 30, 2023 | 58.32% |
| Jun 30, 2023 | 82.77% |
| Mar 31, 2023 | 58.13% |
| Dec 31, 2022 | 54.08% |
| Sep 30, 2022 | 82.38% |
| Jun 30, 2022 | 82.51% |
| Mar 31, 2022 | 50.57% |
| Dec 31, 2021 | 39.72% |
| Sep 30, 2021 | 35.53% |
| Jun 30, 2021 | 70.59% |