Global Business Travel (GBTG)


Market Price (9/3/2026): $9.49 | Market Cap: $4.9 BilSector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Global Business Travel (GBTG)


Market Price (9/3/2026): $9.49
Market Cap: $4.9 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30%

Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization. Themes include Corporate Travel Technology.

Trading close to highs
Dist 52W High is -0.3%, Dist 3Y High is -0.8%

Weak multi-year price returns
2Y Excs Rtn is -3.2%, 3Y Excs Rtn is -27%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x, P/EPrice/Earnings or Price/(Net Income) is 55x

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 57%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.6%

Key risks
GBTG key risks include [1] execution and margin pressure from integrating its CWT acquisition and [2] significant indebtedness with restrictive covenants that limit its operational flexibility.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30%
1 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization. Themes include Corporate Travel Technology.
2 Trading close to highs
Dist 52W High is -0.3%, Dist 3Y High is -0.8%
3 Weak multi-year price returns
2Y Excs Rtn is -3.2%, 3Y Excs Rtn is -27%
4 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x, P/EPrice/Earnings or Price/(Net Income) is 55x
5 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 57%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.6%
7 Key risks
GBTG key risks include [1] execution and margin pressure from integrating its CWT acquisition and [2] significant indebtedness with restrictive covenants that limit its operational flexibility.

GBTG in ETFs

Weight = GBTG's share of each fund

VTI0.00%
ITOT0.00%
IWM0.04%
VB0.02%
ESML0.09%
NUSC0.08%
IWN0.07%
VBK0.04%
+7 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/1/2026

Global Business Travel (GBTG) stock has remained largely at the same level since 5/31/2026 because of the following key factors:

1. A pending acquisition by Long Lake Management for $9.50 per share established a clear price ceiling for GBTG stock.

On May 4, 2026, Global Business Travel Group (GBTG) announced a definitive agreement to be acquired by Long Lake Management in an all-cash transaction valued at approximately $6.3 billion. This offer of $9.50 per share represented a substantial 60.2% premium to GBTG's closing stock price on May 1, 2026, and a 65.1% premium over the 30-day volume-weighted average price. With major shareholders (including American Express, Expedia, Qatar Investment Authority, and BlackRock) collectively representing 69% of GBTG's shares, having entered into voting agreements in support of the transaction, and the deal expected to close in the second half of 2026, the fixed offer price provided a strong anchor for the stock, keeping its movement largely contained around this value.

2. Mixed fiscal Q2 2026 financial results, including an earnings per share (EPS) miss, offset strong revenue growth.

For its fiscal Q2 2026, which ended on June 30, 2026, GBTG reported on August 4, 2026, a significant 38% year-over-year increase in revenue, reaching $870 million, and surpassing consensus estimates by 6.06%. However, the company missed earnings expectations, delivering diluted earnings per share of $0.03, below the Zacks Consensus Estimate of $0.04 per share and FactSet's estimate of $0.06 per share. This earnings miss, coupled with a 42% rise in total operating expenses to $846 million primarily due to acquisitions and increased investments, tempered any potential upward stock movement that the robust revenue growth might have otherwise generated, thus contributing to the stock's overall stability near the acquisition price.

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Updated on 9/1/2026

Global Business Travel (GBTG) stock has remained largely at the same level since 5/31/2026 because of the following key factors:

1. A pending acquisition by Long Lake Management for $9.50 per share established a clear price ceiling for GBTG stock.

On May 4, 2026, Global Business Travel Group (GBTG) announced a definitive agreement to be acquired by Long Lake Management in an all-cash transaction valued at approximately $6.3 billion. This offer of $9.50 per share represented a substantial 60.2% premium to GBTG's closing stock price on May 1, 2026, and a 65.1% premium over the 30-day volume-weighted average price. With major shareholders (including American Express, Expedia, Qatar Investment Authority, and BlackRock) collectively representing 69% of GBTG's shares, having entered into voting agreements in support of the transaction, and the deal expected to close in the second half of 2026, the fixed offer price provided a strong anchor for the stock, keeping its movement largely contained around this value.

2. Mixed fiscal Q2 2026 financial results, including an earnings per share (EPS) miss, offset strong revenue growth.

For its fiscal Q2 2026, which ended on June 30, 2026, GBTG reported on August 4, 2026, a significant 38% year-over-year increase in revenue, reaching $870 million, and surpassing consensus estimates by 6.06%. However, the company missed earnings expectations, delivering diluted earnings per share of $0.03, below the Zacks Consensus Estimate of $0.04 per share and FactSet's estimate of $0.06 per share. This earnings miss, coupled with a 42% rise in total operating expenses to $846 million primarily due to acquisitions and increased investments, tempered any potential upward stock movement that the robust revenue growth might have otherwise generated, thus contributing to the stock's overall stability near the acquisition price.

3. Insider selling activity above the $5 million threshold indicated some profit-taking near the acquisition price.

Insider selling during the period contributed to limiting the stock's upside as executives realized gains around the acquisition valuation. On June 9, 2026, Chief Legal Officer Eric J. Bock and Chief Marketing and Strategy Officer Evan Konwiser collectively sold shares totaling over $5.2 million at a weighted average price of $9.34 per share. This significant insider selling suggests that company executives viewed the stock price, closely aligned with the acquisition offer, as an opportune moment to divest, further reinforcing the perception of the $9.50 offer as a fair valuation and contributing to the stock's stable trading range.

4. Analyst sentiment and price targets generally converged around the fixed acquisition price.

Analyst coverage and their subsequent price targets following the Q2 2026 earnings report on August 4, 2026, reflected the market's acceptance of the acquisition price as the primary valuation driver. While some analysts broadly maintained a "Hold" rating with a consensus price target of $8.90 as of August 21, 2026, another analysis indicated an average target price of $9.75 with 81.82% recommending a "Buy" as of September 1, 2026. These targets, hovering around the $9.50 acquisition price, signaled limited potential for the stock to move significantly higher or lower, as the market largely priced in the certainty of the impending buyout.

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Stock Movement Drivers

Fundamental Drivers

The 1.5% change in GBTG stock from 5/31/2026 to 9/2/2026 was primarily driven by a 8.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120269022026Change
Stock Price ($)9.349.481.5%
Change Contribution By: 
Total Revenues ($ Mil)2,9373,1768.1%
Net Income Margin (%)2.9%2.8%-5.4%
P/E Multiple55.755.4-0.6%
Shares Outstanding (Mil)513514-0.2%
Cumulative Contribution1.5%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/2/2026
ReturnCorrelation
GBTG1.5% 
Market (SPY)1.1%-0.4%
Sector (XLY)-5.0%7.0%

Fundamental Drivers

The 73.3% change in GBTG stock from 2/28/2026 to 9/2/2026 was primarily driven by a 597.4% change in the company's Net Income Margin (%).
(LTM values as of)22820269022026Change
Stock Price ($)5.479.4873.3%
Change Contribution By: 
Total Revenues ($ Mil)2,5173,17626.2%
Net Income Margin (%)0.4%2.8%597.4%
P/E Multiple265.755.4-79.2%
Shares Outstanding (Mil)486514-5.4%
Cumulative Contribution73.3%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/2/2026
ReturnCorrelation
GBTG73.3% 
Market (SPY)11.8%0.8%
Sector (XLY)-1.5%3.0%

Fundamental Drivers

The 13.7% change in GBTG stock from 8/31/2025 to 9/2/2026 was primarily driven by a 30.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120259022026Change
Stock Price ($)8.349.4813.7%
Change Contribution By: 
Total Revenues ($ Mil)2,4403,17630.2%
P/S Multiple1.61.5-4.7%
Shares Outstanding (Mil)471514-8.4%
Cumulative Contribution13.7%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/2/2026
ReturnCorrelation
GBTG13.7% 
Market (SPY)19.6%11.1%
Sector (XLY)-0.3%16.7%

Fundamental Drivers

The 40.4% change in GBTG stock from 8/31/2023 to 9/2/2026 was primarily driven by a 702.6% change in the company's P/S Multiple.
(LTM values as of)83120239022026Change
Stock Price ($)6.759.4840.4%
Change Contribution By: 
Total Revenues ($ Mil)2,1853,17645.4%
P/S Multiple0.21.5702.6%
Shares Outstanding (Mil)62514-88.0%
Cumulative Contribution40.4%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/2/2026
ReturnCorrelation
GBTG40.4% 
Market (SPY)75.9%28.8%
Sector (XLY)37.6%31.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
GBTG Return-5%-32%-4%44%-18%24%-9%
Peers Return26%-20%50%22%1%6%97%
S&P 500 Return27%-19%24%23%16%11%103%

Monthly Win Rates [3]
GBTG Win Rate58%58%50%75%25%67% 
Peers Win Rate57%42%65%58%53%44% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
GBTG Max Drawdown-12%-56%-39%-15%-37%-40% 
Peers Max Drawdown-23%-39%-19%-21%-32%-21% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: H, WH, BKNG, ABNB, MAR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/2/2026 (YTD)

How Low Can It Go

EventGBTGS&P 500
2025 US Tariff Shock
  % Loss-34.3%-18.8%
  % Gain to Breakeven52.3%23.1%
  Time to Breakeven360 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-29.3%-9.5%
  % Gain to Breakeven41.4%10.5%
  Time to Breakeven264 days24 days
2023 SVB Regional Banking Crisis
  % Loss-23.3%-6.7%
  % Gain to Breakeven30.4%7.1%
  Time to Breakeven31 days31 days

Compare to H, WH, BKNG, ABNB, MAR

In The Past

Global Business Travel's stock fell -34.3% during the 2025 US Tariff Shock. Such a loss loss requires a 52.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventGBTGS&P 500
2025 US Tariff Shock
  % Loss-34.3%-18.8%
  % Gain to Breakeven52.3%23.1%
  Time to Breakeven360 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-29.3%-9.5%
  % Gain to Breakeven41.4%10.5%
  Time to Breakeven264 days24 days
2023 SVB Regional Banking Crisis
  % Loss-23.3%-6.7%
  % Gain to Breakeven30.4%7.1%
  Time to Breakeven31 days31 days

Compare to H, WH, BKNG, ABNB, MAR

In The Past

Global Business Travel's stock fell -34.3% during the 2025 US Tariff Shock. Such a loss loss requires a 52.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Global Business Travel (GBTG)

Global Business Travel Group, Inc. (GBGT) operates a global business-to-business (B2B) travel platform, acting as a central hub to manage and simplify corporate travel for companies worldwide. Its core offering is a suite of technology-enabled solutions designed for business travelers and their corporate clients, streamlining the entire travel process from booking to management.

The company's platform integrates a wide array of travel content suppliers, including airlines, hotels, and ground transportation providers, as well as third-party travel agencies, ensuring comprehensive travel options. Beyond its digital platform, GBGT also provides valuable consulting services and robust meeting and event planning solutions. Its primary customers are businesses and their employees globally, seeking efficient and integrated solutions for their corporate travel needs.

AI Analysis | Feedback

Here are a few analogies for Global Business Travel (GBTG):

  • It's like Expedia or Booking.com, but specifically for corporate travel and events management.
  • Think of it as the SAP Concur for comprehensive global business travel and event planning solutions.

AI Analysis | Feedback

Major services provided by Global Business Travel (GBTG):

  • B2B Travel Platform: A technology-enabled platform offering a comprehensive suite of solutions for managing business travel for companies and their employees.
  • Consulting Services: Expert advisory services related to business travel management and optimization.
  • Meetings and Events Planning Services: Assistance with the organization, logistics, and management of corporate meetings and events.

AI Analysis | Feedback

Global Business Travel Group (symbol: GBTG) operates primarily as a business-to-business (B2B) travel platform, providing a suite of technology-enabled solutions and services to other companies, rather than directly to individual consumers.

The company serves a highly diversified client base of approximately 19,000 clients across various industries. According to its public filings, no single customer accounted for more than 5% of its total transaction value in recent fiscal years. Therefore, specific names of "major customers" that represent a significant portion of GBTG's revenue are not publicly disclosed.

However, GBTG publicly states that its customer base includes a significant portion of large corporations globally, notably serving approximately 60% of Fortune 500 companies. While specific client names are not provided due to the diversified nature of its business and client confidentiality, its major customer segments consist of:

  • Large Multinational Corporations: These are typically global enterprises with extensive and complex business travel needs across multiple countries and regions, representing a substantial portion of GBTG's client portfolio.
  • Small and Medium-sized Enterprises (SMEs): GBTG also caters to a broad range of SMEs that require efficient and scalable travel management solutions to control costs and streamline their business travel programs.

Given the highly diversified customer base and the absence of any single customer accounting for a material portion of its revenue, specific public company names and their symbols for major customers cannot be provided.

AI Analysis | Feedback

  • American Airlines (AAL)
  • Delta Air Lines (DAL)
  • United Airlines (UAL)
  • Lufthansa Group (LHA.DE)
  • Marriott International (MAR)
  • Hilton Worldwide Holdings (HLT)
  • Hyatt Hotels Corporation (H)
  • IHG Hotels & Resorts (IHG.L)
  • Hertz Global Holdings (HTZ)
  • Avis Budget Group (CAR)
  • Uber Technologies (UBER)
  • Sabre Corporation (SABR)
  • Amadeus IT Group (AMS.MC)

AI Analysis | Feedback

Paul Abbott Chief Executive Officer

Paul Abbott has served as Chief Executive Officer of Global Business Travel Group, Inc. since May 27, 2022, and previously as CEO of its legacy company since October 2019. Prior to joining Amex GBT, he spent 24 years at American Express Company, holding various senior roles across the corporate travel business, including Chief Commercial Officer, Global Commercial Payments. During his tenure at American Express, Mr. Abbott notably led the global expansion of the Business-to-Business Payments business and introduced innovative products and services to millions of businesses. He also spearheaded the expansion of American Express's card-issuing partnerships with major financial institutions. Before his time at American Express, he worked for British Airways for nine years. Mr. Abbott led Amex GBT through significant strategic acquisitions and oversaw the company's public listing on the New York Stock Exchange in May 2022, following its initial operation as a private equity-backed joint venture.

Karen Williams Chief Financial Officer

Karen Williams is the Chief Financial Officer for American Express Global Business Travel (Amex GBT), overseeing the company's overall financial management, reporting, and corporate functions such as controllership, treasury, tax, audit, and financial planning & analysis. She joined Amex GBT in May 2022 as Deputy Chief Financial Officer and was appointed CFO in July 2023. Prior to Amex GBT, Ms. Williams served as Senior Vice President, Global Head of Strategy and Planning at InterContinental Hotels Group. Her previous roles include CFO at International Airlines Group Loyalty and numerous divisional CFO positions during her 15 years at American Express. She began her career at a startup health and fitness company.

Andrew Crawley President

Andrew Crawley serves as the President of American Express Global Business Travel (Amex GBT).

Eric J. Bock Chief Legal Officer, Corporate Secretary and Global Head of Mergers and Acquisitions

Eric J. Bock is the Chief Legal Officer, Corporate Secretary, and Global Head of Mergers and Acquisitions for American Express Global Business Travel.

David Thompson Chief Information Technology Officer

David Thompson is the Chief Information Technology Officer, bringing over 30 years of experience to his role at American Express Global Business Travel.

AI Analysis | Feedback

Here are the key risks to the business of Global Business Travel (GBTG):
  1. Dependence on Global Travel Trends and Macroeconomic/Geopolitical Factors

    Global Business Travel's business is highly susceptible to disruptions in global travel trends and broader macroeconomic and geopolitical conditions. Factors such as geopolitical conflicts (e.g., the war in Ukraine, tensions between China and Taiwan), changes in base interest rates, inflation, and market volatility can significantly impact the travel industry and global travel demand. Furthermore, the widespread adoption of teleconference and virtual meeting technologies could reduce the demand for in-person business meetings and travel services, directly affecting GBTG's core business model.

  2. Integration Challenges and Operational Risks from Acquisitions

    The company faces significant integration challenges and operational risks stemming from recent acquisitions, particularly the integration of CWT Holdings LLC. These challenges include the potential for unexpected liabilities, difficulties in applying GBTG's internal controls over financial reporting to the acquired business, and potential legal proceedings related to the merger. Failure or delays in successfully integrating acquired businesses could materially impact GBTG's operational efficiency, financial performance, and share price.

  3. Regulatory Changes and Compliance Risks

    Global Business Travel's operations are subject to various legal, tax, and regulatory changes across the many jurisdictions in which it operates. Changes in these regulations could impact its business model, increase compliance costs, or otherwise negatively affect its operations and financial performance.

AI Analysis | Feedback

The clear emerging threat for Global Business Travel Group (GBTG) is the rapid advancement and proliferation of **AI-powered corporate travel management and booking tools**. These new solutions, developed by specialized technology startups or integrated into broader enterprise software suites, threaten to disintermediate traditional B2B travel platforms like GBTG.

These AI tools are designed to automate and optimize various aspects of business travel, including itinerary planning, policy compliance, expense management, and personalized recommendations, with potentially greater efficiency, accuracy, and cost-effectiveness. By leveraging advanced AI and machine learning, these platforms could offer businesses a more direct and streamlined way to manage their travel needs, reducing their reliance on third-party aggregators and service providers like GBTG.

AI Analysis | Feedback

Global Business Travel Group, Inc. (GBTG) operates within substantial addressable markets for its B2B travel platform, including corporate travel management and meetings and events planning services.

Global Business Travel Market

The total addressable market for global business travel was approximately $1.4 trillion worldwide in 2019. This figure included about $430 billion in-destination spending that typically falls outside the scope of Travel Management Company (TMC) services.

More recently, global spending on business travel reached $1.34 trillion in 2023, marking a 30% increase from 2022 levels. It is expected to reach $1.5 trillion for the first time in 2024. Projections estimate this market to grow to $1.57 trillion in 2025 and further expand to approximately $3431.3 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 9.6% from 2025 to 2034.

Within this global market, the managed business travel segment, which encompasses services provided by TMCs like GBTG, was valued at $330 billion in 2019. Conversely, the unmanaged market, largely comprising small and mid-sized enterprises (SMEs), represented a significant opportunity of $675 billion in the same year. GBTG maintains an estimated 21.9% market share of the global business travel management market.

Global Meetings & Events Market

The meetings and events industry is also a key addressable market for GBTG. This sector is projected to experience strong growth in 2025, with meeting professionals expressing confidence and anticipating increased budgets. Looking ahead to 2026, optimism remains high among 85% of meeting professionals, with in-person events becoming the norm and budgets expected to rise, although cost pressures are a notable challenge.

AI Analysis | Feedback

Global Business Travel (NYSE: GBTG) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

  1. Integration and Synergies from the CWT Acquisition: The completion of the CWT acquisition is a significant driver, expected to contribute to transaction growth and increase revenue by approximately 30%. This acquisition also expands Global Business Travel's small and medium-sized enterprise (SME) business by about 20% and introduces new industry verticals. The company anticipates achieving $155 million in targeted CWT synergies, with $55 million expected in 2026.
  2. AI-Powered Product Innovation and Operational Efficiency: Global Business Travel views AI as a primary catalyst for both operational efficiency and product innovation. The company is accelerating its digital transformation through AI integration, which is expected to revolutionize the customer experience and enhance agent productivity. This includes the launch of the next-gen Egencia with new AI-powered user experiences, enabling features like natural-language bookings and agentic transactions. AI is also expected to drive adjusted gross profit margin expansion by 150-200 basis points per annum over the next five years.
  3. Continued Customer Acquisition and Strong Retention: The company consistently reports a high customer retention rate, which was 96% in 2025, excluding CWT. Alongside this, new customer wins have accelerated, demonstrating sustained organic growth by both retaining existing clients and attracting new ones. This indicates continued market share gains.
  4. Expansion of Product and Service Offerings: Global Business Travel is actively expanding its suite of technology-enabled solutions. This includes the ongoing rollout of its flagship "Complete" solution in partnership with SAP Concur, which integrates travel and expense management. The company's platform provides a comprehensive array of solutions to business travelers, clients, travel content suppliers, and third-party travel agencies.

AI Analysis | Feedback

Share Repurchases

  • Global Business Travel Group, Inc. (GBTG) authorized a share repurchase program of up to $300 million through December 2027 as of December 31, 2024.
  • The company increased its share repurchase authorization to $600 million in February 2026, adding $300 million to the program.
  • GBTG has returned $103 million to shareholders under its share buyback program to date, with $73 million in 2025 and an additional $30 million through March 5, 2026.

Share Issuance

  • A prospectus relates to the potential issuance of up to 75,986,935 shares of Class A Common Stock upon the exercise of public and private placement warrants, and GBTG Options.
  • The company anticipates receiving up to approximately $454 million from the full exercise of all public and private placement warrants.
  • In May 2022, GBTG completed a business combination that resulted in GBT JerseyCo becoming a direct subsidiary, a transaction accounted for as a reverse recapitalization, which involved the creation of its public shares.

Inbound Investments

  • The formation of Global Business Travel Group, Inc. as a public entity involved a business combination in May 2022, where GBT JerseyCo became a direct subsidiary.
  • "Continuing JerseyCo Owners" including Amex Coop, Juweel Investors, and Expedia held non-voting redeemable shares of GBT JerseyCo, and later Class B Common Stock of GBTG, as part of the business combination.
  • American Express maintains a minority interest in Global Business Travel Group, Inc.

Outbound Investments

  • GBTG acquired CWT in September 2025, an acquisition expected to positively impact its financial outlook, contribute to revenue growth, and generate synergies.
  • The acquisition of CWT was a strategic move aimed at expanding the company's customer base, enhancing negotiating power with suppliers, increasing data flow, and broadening its geographic footprint.
  • The company launched "Complete," a new integrated travel and expense solution, in partnership with SAP Concur, targeting small and mid-sized businesses.

Capital Expenditures

  • Free cash flow in 2025 totaled $104 million, a decrease primarily attributed to increased purchases of property and equipment, largely due to capitalized technology investments.
  • In 2024, free cash flow improved by $116 million, or 235%, driven by increased net cash from operating activities and reduced capital expenditures.
  • For 2026, the company expects to generate free cash flow between $125 million and $155 million, or $235 million to $265 million excluding the cash impact of restructuring and CWT integration.

Better Bets vs. Global Business Travel (GBTG)

Peer Outperformance in Hotels, Resorts & Cruise Lines

GBTG has trailed 62% of its 21 Hotels, Resorts & Cruise Lines peers over 5Y. Among the peers that beat it are RCL and BKNG. Hotels, Resorts & Cruise Lines ranks 4th of 23 industries in Consumer Discretionary by median 5Y return.
Share of Hotels, Resorts & Cruise Lines constituents that GBTG has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
57%
of 21 industry peers · 16.9% return
3Y
48%
of 21 industry peers · 42.6% return
5Y
38%
of 21 industry peers · -2.8% return
Hotels, Resorts & Cruise Lines peers with revenue growth within 4pp of GBTG's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
GBTG Global Business Travel 13.9% 55.4x 16.9%42.6%-2.8%
RCL Royal Caribbean 16.2% 16.2x -23.7%179.5%243.8% +247pp
BKNG Booking 13.5% 21.3x -8.6%63.6%121.1% +124pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Hotels, Resorts & Cruise Lines is GBTG's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Education Services 14 -10.2%93.0%66.7% LINC 296% · CVSA 262% · PRDO 226%
Homebuilding 18 -6.8%14.7%36.8% GRBK 188% · PHM 143% · TOL 133%
Automotive Retail 18 -15.8%3.9%15.7% MUSA 239% · PAG 181% · ORLY 123%
Hotels, Resorts & Cruise Lines ← 22 14.5%44.0%10.7% RCL 244% · MAR 161% · HLT 157%
Home Improvement Retail 5 -21.2%-8.7%6.9% HVT 10% · HD 8% · LOW 7%
Specialty Stores 7 -8.3%26.5%4.8% FIVE 26% · DKS 10% · HZO 7%
Distributors 4 -7.4%-25.2%-7.6% ARMK 143% · GPC 29% · LKQ -44%
Specialized Consumer Services 10 -9.0%27.0%-14.5% HRB 130% · FTDR 85% · SCI 38%
Restaurants 34 -6.8%-14.0%-14.6% EAT 349% · CAKE 168% · RAVE 145%
Home Furnishings 4 -5.2%16.4%-15.4% SGI 56% · LZB 3% · MHK -33%
Footwear 9 45.9%28.2%-17.1% WEYS 158% · DECK 23% · SHOO 18%
Apparel Retail 25 0.9%1.3%-28.5% ANF 293% · DXLG 186% · URBN 145%
Casinos & Gaming 20 -11.0%-28.6%-32.6% MCRI 105% · RSI 69% · RRR 54%
Leisure Facilities 11 -1.5%-12.2%-33.1% OSW 121% · JAKK 91% · ESCA 13%
Leisure Products 13 -16.1%-22.0%-34.1% GOLF 86% · HAS 15% · MCFT -12%
Automotive Parts & Equipment 38 -9.4%-9.2%-36.7% MOD 1356% · GTX 285% · STRT 91%
Apparel, Accessories & Luxury Goods 27 -5.3%-9.9%-40.3% TPR 243% · RL 224% · ELA 212%
Household Appliances 18 6.7%33.2%-42.3% KEQU 174% · FLXS 161% · HBB 116%
Broadline Retail 14 13.2%14.4%-49.6% DDS 306% · EBAY 52% · AMZN 47%
Computer & Electronics Retail 3 -18.0%3.0%-61.2% BBY -4% · UPBD -61% · GME -63%
Automobile Manufacturers 8 -64.5%-50.1%-70.6% GM 81% · F 49% · TSLA 46%
Other Specialty Retail 18 -31.1%-48.9%-78.9% TLF 109% · BBW 106% · WINA 79%
Consumer Electronics 11 6.5%-14.2%-80.7% AXIL 2492% · GRMN 74% · TBCH -56%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

GBTGHWHBKNGABNBMARMedian
NameGlobal B.Hyatt Ho.Wyndham .Booking Airbnb Marriott. 
Mkt Price9.48165.0271.28199.60183.26333.14174.14
Mkt Cap4.915.65.3153.3108.587.951.7
Rev LTM3,1767,1521,41828,24113,15926,90410,156
Op Inc LTM1895105339,7412,7384,2331,636
FCF LTM1022523239,5394,8603,1321,728
FCF 3Y Avg1533462858,7624,5052,5021,424
CFO LTM2504433719,8594,8603,7282,086
CFO 3Y Avg2755303309,1284,5103,1331,832

Growth & Margins

GBTGHWHBKNGABNBMARMedian
NameGlobal B.Hyatt Ho.Wyndham .Booking Airbnb Marriott. 
Rev Chg LTM30.2%5.8%-2.2%12.9%13.6%4.7%9.3%
Rev Chg 3Y Avg13.9%3.2%0.1%13.5%13.2%5.5%9.3%
Rev Chg Q37.9%1.2%-5.5%8.1%16.5%4.8%6.5%
QoQ Delta Rev Chg LTM8.1%0.3%-1.5%2.0%4.0%1.2%1.6%
Op Inc Chg LTM11.8%16.4%-9.2%18.5%5.1%7.2%9.5%
Op Inc Chg 3Y Avg120.7%7.6%2.9%17.9%16.6%1.6%12.1%
Op Mgn LTM6.0%7.1%37.6%34.5%20.8%15.7%18.3%
Op Mgn 3Y Avg5.4%6.3%38.6%31.9%19.5%15.7%17.6%
QoQ Delta Op Mgn LTM0.2%0.4%1.6%0.2%0.3%-0.3%0.3%
CFO/Rev LTM7.9%6.2%26.2%34.9%36.9%13.9%20.0%
CFO/Rev 3Y Avg10.6%7.8%23.2%36.2%38.6%12.2%17.7%
FCF/Rev LTM3.2%3.5%22.8%33.8%36.9%11.6%17.2%
FCF/Rev 3Y Avg6.1%5.1%20.0%34.7%38.5%9.7%14.9%

Valuation

GBTGHWHBKNGABNBMARMedian
NameGlobal B.Hyatt Ho.Wyndham .Booking Airbnb Marriott. 
Mkt Cap4.915.65.3153.3108.587.951.7
P/S1.52.23.85.48.23.33.5
P/Op Inc25.830.510.015.739.620.823.3
P/EBIT34.129.012.214.737.220.324.7
P/E55.4197.025.721.340.334.037.1
P/CFO19.535.114.415.522.323.620.9
Total Yield1.8%0.9%6.3%5.5%2.5%3.8%3.1%
Dividend Yield0.0%0.4%2.4%0.8%0.0%0.8%0.6%
FCF Yield 3Y Avg4.6%2.2%4.6%5.8%5.2%3.1%4.6%
D/E0.30.30.50.10.00.20.2
Net D/E0.20.30.50.0-0.10.20.2

Returns

GBTGHWHBKNGABNBMARMedian
NameGlobal B.Hyatt Ho.Wyndham .Booking Airbnb Marriott. 
1M Rtn0.5%-3.7%-5.3%3.6%21.7%-3.8%-1.6%
3M Rtn1.2%-11.2%-10.5%21.4%37.2%-11.4%-4.7%
6M Rtn66.0%2.0%-10.4%17.9%35.2%-0.4%10.0%
12M Rtn16.9%15.8%-15.7%-8.6%43.6%27.0%16.4%
3Y Rtn42.6%45.5%-2.0%63.6%38.1%66.5%44.0%
1M Excs Rtn1.4%-4.0%-5.3%3.6%23.1%-2.4%-0.5%
3M Excs Rtn-0.3%-12.7%-12.0%19.9%35.7%-12.9%-6.2%
6M Excs Rtn54.4%-9.6%-22.0%6.3%23.6%-12.0%-1.6%
12M Excs Rtn-2.6%-3.7%-35.2%-28.1%24.1%7.5%-3.1%
3Y Excs Rtn-27.3%-24.9%-71.3%-6.9%-27.7%-3.8%-26.1%

FDA Approved Drugs Data

Expand for More
Post-Approval Fwd Returns
FDA
App #
Brand
Name
Generic
Name
Dosage
Form
FDA
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
NDA216157  OXBRYTAvoxelotortablet, for suspension121720210.3%-31.2%-36.4%-38.2%-4.0%
NDA213137  OXBRYTAvoxelotortablet11252019     
Collapse to Preview
Post-Approval Fwd Returns
FDA
App #
Brand
Name
Generic
Name
Dosage
Form
FDA
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
NDA216157  OXBRYTAvoxelotortablet, for suspension121720210.3%-31.2%-36.4%-38.2%-4.0%
NDA213137  OXBRYTAvoxelotortablet11252019     

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Travel revenue2,1541,9321,8271,444446
Product and professional services revenue564491463407317
Total2,7182,4232,2901,851763


Price Behavior

Price Behavior
Market Price$9.48 
Market Cap ($ Bil)4.9 
First Trading Date11/23/2020 
Distance from 52W High-0.3% 
   50 Days200 Days
DMA Price$9.38$7.74
DMA Trendupindeterminate
Distance from DMA1.1%22.4%
 3M1YR
Volatility2.3%66.9%
Downside Capture-3.7744.23
Upside Capture2.0052.61
Correlation (SPY)-2.0%11.4%
GBTG Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta-0.000.00-0.000.050.600.94
Up Beta0.02-0.00-0.050.400.731.00
Down Beta-0.12-0.030.040.910.950.88
Up Capture2%3%2%36%42%79%
Bmk +ve Days10213268138427
Stock +ve Days6121955111353
Down Capture-3%-2%-4%-135%57%100%
Bmk -ve Days11213259113324
Stock -ve Days8111639104336

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GBTG
GBTG17.0%66.9%0.44-
Sector ETF (XLY)0.5%19.4%-0.1016.7%
Equity (SPY)20.6%12.8%1.1911.1%
Gold (GLD)23.8%29.1%0.73-11.0%
Commodities (DBC)41.7%20.4%1.603.0%
Real Estate (VNQ)9.7%13.6%0.439.9%
Bitcoin (BTCUSD)-30.7%43.5%-0.7214.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GBTG
GBTG-0.6%49.3%0.14-
Sector ETF (XLY)5.6%24.1%0.1925.0%
Equity (SPY)12.7%17.2%0.5721.1%
Gold (GLD)19.2%18.8%0.83-4.7%
Commodities (DBC)10.8%19.5%0.430.5%
Real Estate (VNQ)1.9%18.9%-0.0117.1%
Bitcoin (BTCUSD)9.5%52.6%0.3714.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GBTG
GBTG-0.2%46.2%0.13-
Sector ETF (XLY)12.0%22.2%0.4924.8%
Equity (SPY)15.1%17.9%0.7221.0%
Gold (GLD)12.2%16.3%0.61-4.5%
Commodities (DBC)7.8%18.1%0.350.9%
Real Estate (VNQ)4.8%20.7%0.1916.7%
Bitcoin (BTCUSD)63.0%66.1%1.0312.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity5.7 Mil
Short Interest: % Change Since 7312026-4.8%
Average Daily Volume1.4 Mil
Days-to-Cover Short Interest4.0 days
Basic Shares Quantity513.8 Mil
Short % of Basic Shares1.1%

Earnings Returns History

Updated 9/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/20260.0%0.2%0.3%
3/9/20260.3%-3.1%-4.5%
11/10/2025-3.9%-9.8%-1.0%
8/5/20254.2%19.7%29.8%
5/6/2025-10.4%-10.4%-7.4%
2/27/2025-5.9%-5.3%-11.9%
11/5/20240.7%13.8%23.0%
8/6/202416.7%8.5%17.9%
...
SUMMARY STATS   
# Positive968
# Negative7108
Median Positive2.4%8.3%15.2%
Median Negative-3.9%-5.6%-4.4%
Max Positive16.7%19.7%36.2%
Max Negative-10.4%-17.3%-13.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/20260.0%0.2%0.3%
3/9/20260.3%-3.1%-4.5%
11/10/2025-3.9%-9.8%-1.0%
8/5/20254.2%19.7%29.8%
5/6/2025-10.4%-10.4%-7.4%
2/27/2025-5.9%-5.3%-11.9%
11/5/20240.7%13.8%23.0%
8/6/202416.7%8.5%17.9%
5/7/2024-4.3%-5.8%2.6%
3/5/2024-0.5%-2.8%5.8%
11/7/20232.4%-4.2%12.5%
8/10/20237.5%2.8%-13.3%
5/9/20239.0%8.2%36.2%
3/9/2023-2.4%-14.0%-4.3%
11/10/2022-0.2%-17.3%-0.2%
8/11/20221.5%-3.3%-0.5%
SUMMARY STATS   
# Positive968
# Negative7108
Median Positive2.4%8.3%15.2%
Median Negative-3.9%-5.6%-4.4%
Max Positive16.7%19.7%36.2%
Max Negative-10.4%-17.3%-13.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/11/202610-Q
12/31/202503/09/202610-K
09/30/202511/10/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202403/07/202510-K
09/30/202411/05/202410-Q
06/30/202408/06/202410-Q
03/31/202405/07/202410-Q
12/31/202303/13/202410-K
09/30/202311/07/202310-Q
06/30/202308/10/202310-Q
03/31/202305/09/202310-Q
12/31/202203/21/202310-K
09/30/202211/10/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/11/202610-Q
12/31/202503/09/202610-K
09/30/202511/10/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202403/07/202510-K
09/30/202411/05/202410-Q
06/30/202408/06/202410-Q
03/31/202405/07/202410-Q
12/31/202303/13/202410-K
09/30/202311/07/202310-Q
06/30/202308/10/202310-Q
03/31/202305/09/202310-Q
12/31/202203/21/202310-K
09/30/202211/10/202210-Q
06/30/202208/11/202210-Q
12/31/202105/05/2022424B3

Insider Activity

Updated 8/25/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Bock, Eric JSee remarksDirectSell82520269.4664,780612,8196,614,214Form
2Bock, Eric JSee remarksDirectSell82120269.4610,00094,6007,227,033Form
3Crawley, Andrew GeorgePresidentDirectSell80720269.43332,6623,137,0036,593,230Form
4Williams, Karen AChief Financial OfficerDirectSell80720269.4320,000188,6005,170,064Form
5Crawley, Andrew GeorgePresidentDirectSell80720269.43350,0003,300,5009,730,232Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Bock, Eric JSee remarksDirectSell82520269.4664,780612,8196,614,214Form
2Bock, Eric JSee remarksDirectSell82120269.4610,00094,6007,227,033Form
3Crawley, Andrew GeorgePresidentDirectSell80720269.43332,6623,137,0036,593,230Form
4Williams, Karen AChief Financial OfficerDirectSell80720269.4320,000188,6005,170,064Form
5Crawley, Andrew GeorgePresidentDirectSell80720269.43350,0003,300,5009,730,232Form
6Bock, Eric JSee remarksDirectSell61520269.3590,886849,7847,236,489Form
7Abbott, Paul GChief Executive OfficerDirectSell61520269.35574,3175,369,86424,150,218Form
8Bock, Eric JSee remarksDirectSell61520269.36125,0301,170,2818,155,761Form
9Abbott, Paul GChief Executive OfficerDirectSell61020269.35216,5232,024,49029,520,082Form
10Abbott, Paul GChief Executive OfficerDirectSell61020269.36173,4601,623,58631,578,309Form
11Williams, Karen AChief Financial OfficerDirectSell61020269.3510,00093,5005,574,068Form
12Abbott, Paul GChief Executive OfficerDirectSell60520269.368,74581,85333,201,895Form
13Bush, James Peter DirectSell60520269.3617,500163,8001,128,123Form
14Bock, Eric JSee remarksDirectSell60320269.36400,0003,744,00011,198,042Form
15Bock, Eric JSee remarksDirectSell60320269.34400,0003,736,00014,910,114Form
16Thompson, John DavidChief Technology OfficerDirectSell50620269.34108,9081,017,2015,854,247Form
17Thompson, John DavidChief Technology OfficerDirectSell30620265.74109,020625,7754,222,924Form
18Thompson, John DavidChief Technology OfficerDirectSell81920257.864,23933,3195,710,707Form

Investor Activity (13F)

Updated Sep 3, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Redwood Capital Management, LLC$122.5 Mil18.2%22Hold13F
Attestor Capital Ltd$48.6 Mil12.8%9Hold13F
Monarch Alternative Capital LP$43.5 Mil7.4%7ADD +9.3%13F
BlackBarn Capital Partners LP$11.2 Mil3.4%14New13F
Par Capital Management Inc$9.4 Mil0.3%45ADD +91.0%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
BlackBarn Capital Partners LP$11.2 Mil3.4%14New13F
Par Capital Management Inc$9.4 Mil0.3%45ADD +91.0%13F
Monarch Alternative Capital LP$43.5 Mil7.4%7ADD +9.3%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Redwood Capital Management, LLC$122.5 Mil18.2%22Hold13F
Attestor Capital Ltd$48.6 Mil12.8%9Hold13F
Monarch Alternative Capital LP$43.5 Mil7.4%7ADD +9.3%13F
BlackBarn Capital Partners LP$11.2 Mil3.4%14New13F
Par Capital Management Inc$9.4 Mil0.3%45ADD +91.0%13F
Core Cache Last Updated: 9/2/2026