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

Global Business Travel's (GBTG) quarterly Operating Expenses came in at $837.0 million in Q1 2026, up 47.88% year-on-year from $566.0 million in Q1 2025, and up 9.7% quarter-over-quarter from $763.0 million in Q4 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.

  • On a quarterly basis, Operating Expenses rose 47.88% year-over-year to $837.0 million in Q1 2026; TTM through Mar 2026 was $2.9 billion, a 25.39% increase from a year earlier, with the FY2025 full-year figure at $2.6 billion, up 12.13% from the prior year.
  • Operating Expenses climbed to $837.0 million in Q1 2026 per GBTG's latest filing, from $763.0 million in the prior quarter.
  • Across five years, Operating Expenses topped out at $837.0 million in Q1 2026 and bottomed at $446.0 million in Q1 2022.
  • The 5-year median for Operating Expenses is $575.0 million (2023), against an average of $592.9 million.
  • Across the five-year window, Operating Expenses jumped 9506.24% in 2022 and declined 4.71% in 2025, its largest moves.
  • Year by year, Operating Expenses 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.
  • Per Business Quant, the three latest GBTG Operating Expenses figures stand at $837.0 million (Q1 2026), $763.0 million (Q4 2025), and $662.0 million (Q3 2025).

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) Opex (Qtr)
1 Booking Holdings 136.54 Bn 120.51 Bn 3.46 Bn 4.26 Bn
2 Royal Caribbean Cruises 86.11 Bn 85.59 Bn 2.21 Bn 582.00 Mn
3 Airbnb 82.27 Bn 70.26 Bn 2.10 Bn 2.59 Bn
4 Yatra Online 55.46 Bn 55.47 Bn 10.44 Mn 379,000.00
5 Viking Holdings 44.18 Bn 40.37 Bn 713.43 Mn -352.87 Mn
6 Carnival 34.61 Bn 32.38 Bn - 4.23 Bn
7 Expedia 31.38 Bn 28.88 Bn 3.05 Bn 576.00 Mn
8 Norwegian Cruise Line Holdings 8.54 Bn 8.35 Bn 953.34 Mn 720.40 Mn
9 MakeMyTrip 5.02 Bn 4.60 Bn 199.14 Mn 105.66 Mn
10 Global Business Travel 4.83 Bn 4.43 Bn 490.00 Mn 837.00 Mn

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