GBTG · Global Business Travel Group, Inc.
Market Cap
$4.95B
Shares
522.37M
Price & Indicators
20d MA
50d MA
200d MA
Earnings
Filing
Insider
Congress
Investor day
Close$9.48
Open$9.47
Day$9.47–9.48
52W close$4.97–9.51
Avg vol 30d1.2M
Short int5.7M · 1.1% float · 4.0d
Short vol23%
Last earningsAug 4, 2026
DataAug 2022–Aug 2026
Filing10-Q · Aug 4
Up next
Next earnings call
Nov 20, 2026
Est · unconfirmed
· in 11 wks
FQ3-26 quarter ends
~Sep 30, 2026
Est
filed Aug 4, 2026
AI Brief
Q4 FY25 earnings call · Mar 9, 2026
Q4 FY25
TL;DR. GBTG delivered strong Q4 and full-year 2025 results, with Q4 revenue up 34% to $792M and full-year revenue up 12% to $2.718B, driven by the CWT acquisition, share gains and accelerating business travel demand, while the company doubled its share repurchase authorization to $600M and reiterated 2026 guidance.
Bullish
- + Q4 revenue grew 34% to $792M with TTV up 45% to $10B, reflecting CWT acquisition and share gains.
- + Full-year 2025 revenue grew 12% to $2.718B, TTV grew 17% to $36B, and adjusted EBITDA grew 11% to $532M.
- + Full-year free cash flow of $104M and Q4 net income of $83M versus a net loss of $14M prior year.
- + New wins value accelerated to $3.3B (excluding CWT) with customer retention of 96%.
- + Board doubled share repurchase authorization to $600M, an increase of $300M.
- + 2026 guidance reiterated: revenue growth of 19% to 21% and adjusted EBITDA growth of 16% to 21% ($615M to $645M).
Bearish
- − CFO noted 2026 will be "a little noisy" due to the combination of the two organizations, potentially obscuring underlying margin trends.
- − Middle East situation has impacted volumes, with Middle East representing approximately 5% of revenues and creating uncertainty around forward bookings in the region.
- − Recent government shutdown impacted government volumes earlier in the period.
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceOverall
Buy
SellHoldBuy
Technical
Buy
Momentum
Very Strong
Sentiment
Bullish
Fundamentals
Strong
Quant / Vol
High
Market backdrop
VIX 14.9 · calm
Equity put/call 0.62
Technical
price trend
50 / 200-day cross
No cross
Price vs 200-day avg
+23%
above
Price vs 50-day avg
+1%
above
RSI (14)
65
neutral
MACD trend
Negative
52-week position
99%
near high
Momentum
relative strength
1-month return
0%
trailing
6-month return
+65%
trailing
YTD return
+24%
this year
Relative strength
+51%
vs S&P · 6-mo
Sentiment
smart money
Trend (MA cross)
No cross
50d $9 › 200d $8 — 50d above 200d
Institutional flow
Accumulating
+14% holders QoQ · +64 funds added
Insider flow
Distributing
Net -$23.9M over 90 days · 100% sells
Short interest
Falling
1.09% of float · ▼ -4.8% MoM · 4.0 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
192 holders — near 3-yr high, broad support
Squeeze score
53
elevated · 0–100
Fundamentals
Revenue growth
+12%
Y/Y
EPS growth
+173%
Y/Y
Free cash flow
$104.0M
Valuation
P/E 59.3
rich
Buyback
$489.0M
remaining
Balance sheet
$984.0M
net debt
Quant / Vol
risk profile
Volatility
67%
annualized · 1-yr
Max drawdown
−40%
past year
ATR
0.3%
of price · 14-day
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Latest guidance
· from the 8-K filed Mar 9, 2026
Full-Year 2026
Revenue
$3.24B – $3.3B
Adjusted EBITDA
Non-GAAP
$615M – $645M
Free Cash Flow
Non-GAAP
$125M – $155M
year ending December 31, 2026
Net cash from operating activities
$285M – $325M
Purchase of property and equipment
$160M – $170M
Prior guidance
period ended
· from the 8-K filed Nov 10, 2025
Adjusted EBITDA
· Updated FY 2025 Guidance
$523M – $533M
Free Cash Flow
· Updated FY 2025 Guidance
$90M – $110M
Guided vs delivered
· last 8 settled
Revenue
Q2 2025 Guidance
guided $615M – $635M
$631M
In line
Revenue
Full-Year 2025 Guidance
guided $2.38B – $2.48B
$2.72B
Beat +11.9%
Full year revenue
full year 2024
guided $2.43B – $2.5B
$2.42B
Miss −1.7%
Revenue
Q4
guided $535M – $550M
$549M
In line
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Buy
50 / 200-day cross
No cross
Neutral
Price vs 200-day avg
+23%
Bullish
Price vs 50-day avg
+1%
Bullish
RSI (14)
65
Neutral
MACD trend
Negative
Bearish
52-week position
99%
Bullish
Market signals — smart money & positioning
Bullish · 3 of 6
Trend (MA cross)
No cross
50d $9 › 200d $8 — 50d above 200d
Institutional flow
Accumulating
+14% holders QoQ · +64 funds added
Insider flow
Distributing
Net -$23.9M over 90 days · 100% sells
Short interest
Falling
1.09% of float · ▼ -4.8% MoM · 4.0 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
192 holders — near 3-yr high, broad support
Price context
position in its 52-week range
Range low $5
Now $9 · 99%
Range high $10
vs 200-day avg +23%
vs 50-day avg +1%
Illustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | $178M | Q2 2026 | — |
|
|
|||
GAAP → non-GAAP reconciliationGAAP EBITDA $99M
+$45M Restructuring, exit and related charges (a)
+$17M Integration costs (b)
+$12M Mergers and acquisitions costs (c)
+$20M Equity-based compensation and related employer taxes (d)
-$6M Fair value movement on earnout derivative liabilities (e)
-$9M Other adjustments, net (f)
= Adjusted EBITDA $178M
|
|||
| Adjusted EBITDA Margin non-GAAP | 21% | Three months ended June 30, 2026 | — |
|
|
|||
| Adjusted Gross Profit non-GAAP | $514M | Three months ended June 30, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Revenue $870M
-$356M Cost of revenue (excluding depreciation and amortization)
= Adjusted Gross Profit $514M
|
|||
| Adjusted Gross Profit margin non-GAAP | 59% | Three months ended June 30, 2026 filing | — |
| Adjusted Operating Expenses non-GAAP | $696M | Three months ended June 30, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Total operating expenses $846M
-$56M Depreciation and amortization
-$45M Restructuring, exit and related charges
-$17M Integration costs
-$12M Mergers and acquisitions costs
-$20M Equity-based compensation and related employer taxes
= Adjusted Operating Expenses $696M
|
|||
| customer retention rate | 95% | Q2 2026 | — |
| EBITDA | $99M | Three months ended June 30, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Net income $17M
-$1M Interest income
+$25M Interest expense
+$0M Loss on early extinguishment of debt
+$2M Provision for (benefit from) income taxes
+$56M Depreciation and amortization
= EBITDA $99M
|
|||
| Free Cash Flow non-GAAP | $103M | Q2 2026 | — |
|
|
|||
| LTM Adjusted EBITDA non-GAAP | $586M | Last twelve months ended June 30, 2026 | — |
| Net Debt non-GAAP | $994M | As of June 30, 2026 | — |
| Transaction Growth | 45% | Q2 2026 | — |
| TTV | $12.53B | Three months ended June 30, 2026 filing | — |
|
|
|||
| TTV growth | 57% | Q2 2026 | — |
|
|
|||
| Total New Wins Value | 3.3B | FY2025 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Travel Services — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
GBTG
this stock
Global Business Travel Group, Inc.
|
$4.95B | +23.9% | +12.2% | 59.3 | 1.1% |
|
BKNG
Booking Holdings Inc.
|
$149.59B | — | +13.4% | 22.1 | 2.8% |
|
ABNB
Airbnb, Inc.
|
$110.34B | +35.0% | +10.3% | — | 2.1% |
|
RCL
Royal Caribbean Cruises Ltd
|
$74.73B | +0.2% | +3.3% | 17.3 | 4.0% |
|
EXPE
Expedia Group, Inc.
|
$39.54B | +16.3% | +7.6% | 20.6 | 4.6% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionOwnership
Short & Settlement
Smart Money
Financials
Filings
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| GBTG | +0.3% | +0.4% | +64.6% | +0.4% | +23.9% |
| SPY | +0.5% | +3.0% | +13.4% | +3.0% | +12.8% |
| vs SPY | -0.2% | -2.6% | +51.2% | -2.6% | +11.1% |
Capital returns
Buyback program
· as of Mar 31, 2026
Authorized
$600.00M
Spent (derived)
$111.00M
Remaining
$489.00M
Spent
Remaining
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
Key facts
CIK
1820872
CUSIP
37890B100
13F (30d)
163 filings
163 filers
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