Global Business Travel (GBTG) Gross Margin (2021 - 2026)
Global Business Travel (GBTG) posted Gross Margin of 59.08% for Q2 2026, down 2.57 percentage points from 61.65% a year earlier but up 0.75 percentage points from the prior quarter.
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Analysis
Global Business Travel (GBTG) Gross Margin (2021 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Gross Margin at Global Business Travel was 58.50%, down 2.65 percentage points year-over-year; for FY2025, it was 60.08%, down 0.01 percentage points from FY2024.
- Annual Gross Margin shows a five-year change of +26.79 percentage points (FY2020 to FY2025).
- In prior years, Global Business Travel's Gross Margin was 60.09% in FY2024 (+2.06 pp), 58.03% in FY2023 (+2.98 pp), 55.05% in FY2022 (+17.57 pp) and 37.48% in FY2021 (+4.19 pp).
- Quarterly Gross Margin has run from a low of 35.53% in Q3 2021 to a high of 62.80% in Q1 2025 over five years.
- On a year-over-year basis, Gross Margin has declined in each of the last four quarters, with an average year-over-year change of -0.14 percentage points over the last eight quarters.
- The strongest year-over-year quarter for Gross Margin in the past five years was Q2 2022, with a gain of 21.15 percentage points; the weakest was Q1 2026, with a drop of 4.47 percentage points.
- According to Business Quant data, Gross Margin for the three prior quarters was 58.33% (Q1 2026), 56.82% (Q4 2025) and 59.94% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Marriott International | 94.30 Bn | 92.35 Bn | 1.55 Bn | 21.98% |
| 2 | Hilton Worldwide Holdings | 73.03 Bn | 69.51 Bn | 3.08 Bn | 92.04% |
| 3 | Royal Caribbean Cruises | 69.73 Bn | 67.31 Bn | 2.29 Bn | 47.29% |
| 4 | Viking Holdings | 35.48 Bn | 20.60 Bn | 996.62 Mn | 45.50% |
| 5 | Carnival | 33.80 Bn | 27.01 Bn | - | - |
| 6 | Intercontinental Hotels | 26.86 Bn | 22.41 Bn | - | - |
| 7 | Trip.com | 25.10 Bn | -20.45 Bn | 1.84 Bn | 79.56% |
| 8 | Hyatt Hotels | 15.28 Bn | 12.76 Bn | 388.00 Mn | 21.21% |
| 9 | H World | 13.25 Bn | 4.18 Bn | - | - |
| 10 | Global Business Travel | 4.96 Bn | 3.19 Bn | 514.00 Mn | 59.08% |
Historic Data
Download Data
Historic 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% |
API Access
Global Business Travel Gross Margin 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=gross-margin&ticker=GBTG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "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=gross-margin&ticker=GBTG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();