Global Business Travel (GBTG) Net Margin (2020 - 2026)
Global Business Travel's (GBTG) quarterly Net Margin came in at 6.19% in Q1 2026, down 589.0% year-on-year from 1.27% in Q1 2025, and down 40.93% quarter-over-quarter from 10.48% in Q4 2025.
Global Business Travel (GBTG) Net Margin (2020 - 2026) Analysis & Trends
Global Business Travel's Net Margin history runs 7 years deep, the most recent figure standing at 6.19% for Q1 2026.
- On a quarterly basis, Net Margin fell 589.0% year-over-year to 6.19% in Q1 2026; TTM through Mar 2026 was 2.93%, a 474.0% increase from a year earlier, with the FY2025 full-year figure at 4.01%, up 971.0% from the prior year.
- Net Margin slipped to 6.19% in Q1 2026 per GBTG's latest filing, from 10.48% in the prior quarter.
- Across five years, Net Margin topped out at 12.08% in Q1 2025 and bottomed at 21.61% in Q3 2024.
- The 5-year median for Net Margin is 1.36% (2023), against an average of 1.12%.
- Across the five-year window, Net Margin jumped 3962 bps in 2022 and sank 669 bps in 2023, its largest moves.
- Year by year, Net Margin stood at 4.93% in 2022, then slumped by 74 bps to 8.56% in 2023, then soared by 68 bps to 2.71% in 2024, then soared by 487 bps to 10.48% in 2025, then tumbled by 41 bps to 6.19% in 2026.
- Per Business Quant, the three latest GBTG Net Margin figures stand at 6.19% (Q1 2026), 10.48% (Q4 2025), and 9.2% (Q3 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 136.54 Bn | 120.51 Bn | 3.46 Bn | 19.58% |
| 2 | Royal Caribbean Cruises | 86.11 Bn | 85.59 Bn | 2.21 Bn | 21.34% |
| 3 | Airbnb | 82.27 Bn | 70.26 Bn | 2.10 Bn | 5.97% |
| 4 | Yatra Online | 55.46 Bn | 55.47 Bn | 10.44 Mn | -9.25% |
| 5 | Viking Holdings | 44.18 Bn | 40.37 Bn | 713.43 Mn | 17.99% |
| 6 | Carnival | 34.61 Bn | 32.38 Bn | - | 8.07% |
| 7 | Expedia | 31.38 Bn | 28.88 Bn | 3.05 Bn | -0.35% |
| 8 | Norwegian Cruise Line Holdings | 8.54 Bn | 8.35 Bn | 953.34 Mn | 4.49% |
| 9 | MakeMyTrip | 5.02 Bn | 4.60 Bn | 199.14 Mn | 9.69% |
| 10 | Global Business Travel | 4.83 Bn | 4.43 Bn | 490.00 Mn | 6.19% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 6.19% |
| Dec 31, 2025 | 10.48% |
| Sep 30, 2025 | -9.20% |
| Jun 30, 2025 | 2.06% |
| Mar 31, 2025 | 12.08% |
| Dec 31, 2024 | -2.71% |
| Sep 30, 2024 | -21.61% |
| Jun 30, 2024 | 4.16% |
| Mar 31, 2024 | -3.11% |
| Dec 31, 2023 | -8.56% |
| Jun 30, 2023 | -2.36% |
| Mar 31, 2023 | -0.35% |
| Dec 31, 2022 | -4.93% |
| Sep 30, 2022 | -4.10% |
| Jun 30, 2022 | 4.32% |
| Mar 31, 2022 | -0.30% |
| Dec 31, 2021 | -4.15% |
| Sep 30, 2021 | 1.13% |
| Jun 30, 2021 | -35.29% |
| Dec 31, 2020 | -1.24% |