Global Business Travel (GBTG) Operating Margin (2021 - 2026)
Global Business Travel (GBTG) recorded Operating Margin of 2.76% in Q2 2026, down 2.63 percentage points from 5.39% a year earlier but up 2.40 percentage points from the prior quarter.
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Analysis
Global Business Travel (GBTG) Operating Margin (2021 - 2026) Analysis & Trends
On a TTM basis, Global Business Travel's Operating Margin came in at 2.14% as of Jun 30, 2026, down 3.84 percentage points year-over-year; for FY2025, it came in at 4.78%, up 0.04 percentage points from FY2024.
- Annual Operating Margin has increased for five straight years, with a five-year change of +98.98 percentage points (FY2020 to FY2025).
- Across earlier years, Operating Margin came in at 4.75% in FY2024 (+5.10 pp), -0.35% in FY2023 (+10.35 pp), -10.70% in FY2022 (+62.70 pp) and -73.39% in FY2021 (+20.80 pp).
- Quarterly Operating Margin has ranged from -67.25% in Q4 2021 to 8.86% in Q1 2025 over the past five years.
- On a year-over-year basis, Operating Margin has declined for five consecutive quarters, with an average year-over-year change of -0.08 percentage points over the last eight quarters.
- Peak year-over-year performance for Operating Margin in the last five years was a gain of 70.60 percentage points in Q2 2022, against a drop of 8.50 percentage points in Q1 2026 at the low end.
- Per Business Quant, the preceding three quarters came in at 0.36% (Q1 2026), 3.66% (Q4 2025) and 1.78% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Marriott International | 94.30 Bn | 92.35 Bn | 1.55 Bn | 17.38% |
| 2 | Hilton Worldwide Holdings | 73.03 Bn | 69.51 Bn | 3.08 Bn | 25.68% |
| 3 | Royal Caribbean Cruises | 69.73 Bn | 67.31 Bn | 2.29 Bn | 27.05% |
| 4 | Viking Holdings | 35.48 Bn | 20.60 Bn | 996.62 Mn | 29.40% |
| 5 | Carnival | 33.80 Bn | 27.01 Bn | - | 26.32% |
| 6 | Intercontinental Hotels | 26.86 Bn | 22.41 Bn | - | - |
| 7 | Trip.com | 25.10 Bn | -20.45 Bn | 1.84 Bn | -9.36% |
| 8 | Hyatt Hotels | 15.28 Bn | 12.76 Bn | 388.00 Mn | -71.84% |
| 9 | H World | 13.25 Bn | 4.18 Bn | - | 31.05% |
| 10 | Global Business Travel | 4.96 Bn | 3.19 Bn | 514.00 Mn | 2.76% |
Historic Data
Download Data
Historic 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% |
API Access
Global Business Travel Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=GBTG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "GBTG", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=GBTG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();