Global Business Travel (GBTG) Operating Expenses (2020 - 2026)

For the trailing twelve months through Jun 30, 2026, Operating Expenses at Global Business Travel was $3.11 billion, up 35.5% year-over-year; for FY2025, it came in at $2.59 billion, up 12.1% from FY2024.

• Annual Operating Expenses has increased for four consecutive years, with a five-year compound annual growth rate of 10.9% (FY2020 to FY2025).
• In prior years, Global Business Travel's Operating Expenses was $2.31 billion in FY2024 (+0.4%), $2.3 billion in FY2023 (+12.2%), $2.05 billion in FY2022 (+54.9%) and $1.32 billion in FY2021 (-14.1%).
• The Q2 2026 figure stands as the highest quarterly Operating Expenses since Q4 2020.
• On a year-over-year basis, Operating Expenses has increased in each of the last five quarters, with growth averaging 17.7% over the last eight quarters.
• The strongest year-over-year quarter for Operating Expenses in the past five years was Q2 2022, with growth of 89.1%; the weakest was Q4 2021, with a decline of 68.8%.
• According to Business Quant data, Operating Expenses for the three prior quarters was $837 million (Q1 2026), $763 million (Q4 2025) and $662 million (Q3 2025).