Global Business Travel (GBTG) Operating Expenses (2020 - 2026)
Global Business Travel (GBTG) recorded quarterly Operating Expenses of $837.0 million in Q1 2026, up 9.7% quarter-over-quarter from $763.0 million in Q4 2025, and up 47.88% on a YoY basis from $566.0 million in Q1 2025.
Global Business Travel (GBTG) Operating Expenses (2020 - 2026) Analysis & Trends
Global Business Travel's Operating Expenses history runs 7 years deep, the most recent figure standing at $837.0 million for Q1 2026.
- In Q1 2026, Operating Expenses rose 47.88% year-over-year to $837.0 million; the TTM figure through Mar 2026 stood at $2.9 billion (up 25.39% YoY), while the FY2025 annual figure was $2.6 billion, up 12.13% from the prior year.
- Operating Expenses was $837.0 million for Q1 2026 at Global Business Travel, up from $763.0 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $837.0 million in Q1 2026 to a low of $446.0 million in Q1 2022.
- Historically, Operating Expenses has averaged $592.9 million across 5 years, with a median of $575.0 million in 2023.
- The sharpest annual moves came in 2022 and 2025: Operating Expenses surged 9506.24% in 2022, then slipped 4.71% in 2025.
- A 5-year view of Operating Expenses shows it stood at $565.0 million in 2022, then decreased by 3.36% to $546.0 million in 2023, then gained by 2.75% to $561.0 million in 2024, then jumped by 36.01% to $763.0 million in 2025, then advanced by 9.7% to $837.0 million in 2026.
- The last three Operating Expenses figures came in at $837.0 million (Q1 2026), $763.0 million (Q4 2025), and $662.0 million (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 131.01 Bn | 114.99 Bn | 3.46 Bn | 4.26 Bn |
| 2 | Airbnb | 79.86 Bn | 67.85 Bn | 2.10 Bn | 2.59 Bn |
| 3 | Royal Caribbean Cruises | 75.60 Bn | 75.08 Bn | 2.21 Bn | 582.00 Mn |
| 4 | Carnival | 37.80 Bn | 36.39 Bn | - | 3.94 Bn |
| 5 | Expedia | 27.88 Bn | 22.09 Bn | 3.05 Bn | 797.00 Mn |
| 6 | Norwegian Cruise Line Holdings | 8.56 Bn | 8.38 Bn | 953.34 Mn | 720.40 Mn |
| 7 | Global Business Travel | 4.79 Bn | 4.35 Bn | 714.00 Mn | 837.00 Mn |
| 8 | Travel & Leisure | 4.51 Bn | 4.25 Bn | 926.00 Mn | 802.00 Mn |
| 9 | Trip.com | 4.42 Bn | -788.25 Mn | 1.74 Bn | -1.38 Bn |
| 10 | MakeMyTrip | 2.12 Bn | 1.35 Bn | - | - |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 837.00 Mn |
| Dec 31, 2025 | 763.00 Mn |
| Sep 30, 2025 | 662.00 Mn |
| Jun 30, 2025 | 597.00 Mn |
| Mar 31, 2025 | 566.00 Mn |
| Dec 31, 2024 | 561.00 Mn |
| Sep 30, 2024 | 570.00 Mn |
| Jun 30, 2024 | 583.00 Mn |
| Mar 31, 2024 | 594.00 Mn |
| Dec 31, 2023 | 546.00 Mn |
| Sep 30, 2023 | 575.00 Mn |
| Jun 30, 2023 | 590.00 Mn |
| Mar 31, 2023 | 587.00 Mn |
| Dec 31, 2022 | 565.00 Mn |
| Sep 30, 2022 | 533.00 Mn |
| Jun 30, 2022 | 505.00 Mn |
| Mar 31, 2022 | 446.00 Mn |
| Dec 31, 2021 | 480.00 Mn |
| Sep 30, 2021 | 321.00 Mn |
| Jun 30, 2021 | 267.00 Mn |