Global Business Travel (GBTG) Operating Margin (2021 - 2026)
Global Business Travel (GBTG) posted quarterly Operating Margin of 0.36% for Q1 2026, down 850.0% year-over-year from 0.05% in Q1 2025, and down 90.25% quarter-over-quarter from 3.66% in Q4 2025.
Global Business Travel (GBTG) Operating Margin (2021 - 2026) Analysis & Trends
Global Business Travel's Operating Margin history runs 6 years deep, the most recent figure standing at 0.36% for Q1 2026.
- In Q1 2026, Operating Margin fell 850.0% year-over-year to 0.36%; the TTM figure through Mar 2026 stood at 2.66% (down 367.0% YoY), while the FY2025 annual figure was 4.78%, up 4.0% from the prior year.
- Operating Margin for Q1 2026 stood at 0.36%, down from 3.66% in the prior quarter.
- The five-year high for Operating Margin was 8.86% in Q1 2025, with the low at 27.43% in Q1 2022.
- The 5-year median for Operating Margin is 0.55% (2023), against an average of 0.6%.
- The sharpest annual moves came in 2022 and 2026: Operating Margin surged 7060 bps in 2022, then slumped 850 bps in 2026.
- Global Business Travel's Operating Margin stood at 7.21% in 2022, then jumped by 108 bps to 0.55% in 2023, then surged by 829 bps to 5.08% in 2024, then fell by 28 bps to 3.66% in 2025, then plunged by 90 bps to 0.36% in 2026.
- Business Quant data shows GBTG's Operating Margin at 0.36% in Q1 2026, 3.66% in Q4 2025, and 1.78% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 159.34 Bn | 142.12 Bn | 4.98 Bn | 34.00% |
| 2 | Airbnb | 108.60 Bn | 96.53 Bn | 2.98 Bn | 21.01% |
| 3 | Royal Caribbean Cruises | 81.57 Bn | 80.88 Bn | 2.29 Bn | 27.05% |
| 4 | Viking Holdings | 44.18 Bn | 40.38 Bn | 713.43 Mn | 20.91% |
| 5 | Carnival | 38.51 Bn | 36.29 Bn | - | 12.77% |
| 6 | Expedia | 38.08 Bn | 30.96 Bn | 3.91 Bn | 18.54% |
| 7 | Trip.com | 29.19 Bn | 17.73 Bn | 1.86 Bn | 24.34% |
| 8 | Norwegian Cruise Line Holdings | 8.73 Bn | 8.51 Bn | 1.05 Bn | 13.76% |
| 9 | MakeMyTrip | 5.85 Bn | 5.09 Bn | 212.91 Mn | 15.30% |
| 10 | Global Business Travel | 4.94 Bn | 4.47 Bn | 514.00 Mn | 2.76% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 2.76% |
| Mar 31, 2026 | 0.36% |
| Dec 31, 2025 | 3.66% |
| Sep 30, 2025 | 1.78% |
| Jun 30, 2025 | 5.39% |
| Mar 31, 2025 | 8.86% |
| Dec 31, 2024 | 5.08% |
| Sep 30, 2024 | 4.52% |
| Jun 30, 2024 | 6.72% |
| Mar 31, 2024 | 2.62% |
| Dec 31, 2023 | 0.55% |
| Sep 30, 2023 | -0.70% |
| Jun 30, 2023 | 0.34% |
| Mar 31, 2023 | -1.56% |
| Dec 31, 2022 | -7.21% |
| Sep 30, 2022 | -9.22% |
| Jun 30, 2022 | -3.91% |
| Mar 31, 2022 | -27.43% |
| Dec 31, 2021 | -67.25% |
| Sep 30, 2021 | -62.94% |