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
DateValue
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