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): $9.49Market Cap: $4.9 BilSector: Consumer DiscretionaryIndustry: Hotels, Resorts & Cruise Lines
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Corporate Travel Technology. | Trading close to highsDist 52W High is -0.3%, Dist 3Y High is -0.8% Weak multi-year price returns2Y Excs Rtn is -3.2%, 3Y Excs Rtn is -27% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x, P/EPrice/Earnings or Price/(Net Income) is 55x Valuation getting more expensiveP/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 negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.6% Key risksGBTG 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. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Corporate Travel Technology. |
| Trading close to highsDist 52W High is -0.3%, Dist 3Y High is -0.8% |
| Weak multi-year price returns2Y Excs Rtn is -3.2%, 3Y Excs Rtn is -27% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x, P/EPrice/Earnings or Price/(Net Income) is 55x |
| Valuation getting more expensiveP/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 negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.6% |
| Key risksGBTG 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. |
Qualitative Assessment
AI Analysis | Feedback
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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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) | 5312026 | 9022026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.34 | 9.48 | 1.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,937 | 3,176 | 8.1% |
| Net Income Margin (%) | 2.9% | 2.8% | -5.4% |
| P/E Multiple | 55.7 | 55.4 | -0.6% |
| Shares Outstanding (Mil) | 513 | 514 | -0.2% |
| Cumulative Contribution | 1.5% |
Market Drivers
5/31/2026 to 9/2/2026| Return | Correlation | |
|---|---|---|
| GBTG | 1.5% | |
| 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) | 2282026 | 9022026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.47 | 9.48 | 73.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,517 | 3,176 | 26.2% |
| Net Income Margin (%) | 0.4% | 2.8% | 597.4% |
| P/E Multiple | 265.7 | 55.4 | -79.2% |
| Shares Outstanding (Mil) | 486 | 514 | -5.4% |
| Cumulative Contribution | 73.3% |
Market Drivers
2/28/2026 to 9/2/2026| Return | Correlation | |
|---|---|---|
| GBTG | 73.3% | |
| 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) | 8312025 | 9022026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.34 | 9.48 | 13.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,440 | 3,176 | 30.2% |
| P/S Multiple | 1.6 | 1.5 | -4.7% |
| Shares Outstanding (Mil) | 471 | 514 | -8.4% |
| Cumulative Contribution | 13.7% |
Market Drivers
8/31/2025 to 9/2/2026| Return | Correlation | |
|---|---|---|
| GBTG | 13.7% | |
| 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) | 8312023 | 9022026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.75 | 9.48 | 40.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,185 | 3,176 | 45.4% |
| P/S Multiple | 0.2 | 1.5 | 702.6% |
| Shares Outstanding (Mil) | 62 | 514 | -88.0% |
| Cumulative Contribution | 40.4% |
Market Drivers
8/31/2023 to 9/2/2026| Return | Correlation | |
|---|---|---|
| GBTG | 40.4% | |
| Market (SPY) | 75.9% | 28.8% |
| Sector (XLY) | 37.6% | 31.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GBTG Return | -5% | -32% | -4% | 44% | -18% | 24% | -9% |
| Peers Return | 26% | -20% | 50% | 22% | 1% | 6% | 97% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| GBTG Win Rate | 58% | 58% | 50% | 75% | 25% | 67% | |
| Peers Win Rate | 57% | 42% | 65% | 58% | 53% | 44% | |
| S&P 500 Win Rate | 75% | 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
| Event | GBTG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -34.3% | -18.8% |
| % Gain to Breakeven | 52.3% | 23.1% |
| Time to Breakeven | 360 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.3% | -9.5% |
| % Gain to Breakeven | 41.4% | 10.5% |
| Time to Breakeven | 264 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.3% | -6.7% |
| % Gain to Breakeven | 30.4% | 7.1% |
| Time to Breakeven | 31 days | 31 days |
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
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Asset Allocation
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| Event | GBTG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -34.3% | -18.8% |
| % Gain to Breakeven | 52.3% | 23.1% |
| Time to Breakeven | 360 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.3% | -9.5% |
| % Gain to Breakeven | 41.4% | 10.5% |
| Time to Breakeven | 264 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.3% | -6.7% |
| % Gain to Breakeven | 30.4% | 7.1% |
| Time to Breakeven | 31 days | 31 days |
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.
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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.
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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.
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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.
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- 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)
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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.
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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.
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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.
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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.
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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.
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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.
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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:
- 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.
- 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.
- 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.
- 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.
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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.
Peer Outperformance in Hotels, Resorts & Cruise Lines
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 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 |
| Industry | Names | 1Y med | 3Y med | 5Y 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% |
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 174.14 |
| Mkt Cap | 51.7 |
| Rev LTM | 10,156 |
| Op Inc LTM | 1,636 |
| FCF LTM | 1,728 |
| FCF 3Y Avg | 1,424 |
| CFO LTM | 2,086 |
| CFO 3Y Avg | 1,832 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.3% |
| Rev Chg 3Y Avg | 9.3% |
| Rev Chg Q | 6.5% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 9.5% |
| Op Inc Chg 3Y Avg | 12.1% |
| Op Mgn LTM | 18.3% |
| Op Mgn 3Y Avg | 17.6% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 20.0% |
| CFO/Rev 3Y Avg | 17.7% |
| FCF/Rev LTM | 17.2% |
| FCF/Rev 3Y Avg | 14.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 51.7 |
| P/S | 3.5 |
| P/Op Inc | 23.3 |
| P/EBIT | 24.7 |
| P/E | 37.1 |
| P/CFO | 20.9 |
| Total Yield | 3.1% |
| Dividend Yield | 0.6% |
| FCF Yield 3Y Avg | 4.6% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Price Behavior
| Market Price | $9.48 | |
| Market Cap ($ Bil) | 4.9 | |
| First Trading Date | 11/23/2020 | |
| Distance from 52W High | -0.3% | |
| 50 Days | 200 Days | |
| DMA Price | $9.38 | $7.74 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 1.1% | 22.4% |
| 3M | 1YR | |
| Volatility | 2.3% | 66.9% |
| Downside Capture | -3.77 | 44.23 |
| Upside Capture | 2.00 | 52.61 |
| Correlation (SPY) | -2.0% | 11.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.00 | 0.00 | -0.00 | 0.05 | 0.60 | 0.94 |
| Up Beta | 0.02 | -0.00 | -0.05 | 0.40 | 0.73 | 1.00 |
| Down Beta | -0.12 | -0.03 | 0.04 | 0.91 | 0.95 | 0.88 |
| Up Capture | 2% | 3% | 2% | 36% | 42% | 79% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 6 | 12 | 19 | 55 | 111 | 353 |
| Down Capture | -3% | -2% | -4% | -135% | 57% | 100% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 8 | 11 | 16 | 39 | 104 | 336 |
[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 | |
|---|---|---|---|---|
| GBTG | 17.0% | 66.9% | 0.44 | - |
| Sector ETF (XLY) | 0.5% | 19.4% | -0.10 | 16.7% |
| Equity (SPY) | 20.6% | 12.8% | 1.19 | 11.1% |
| Gold (GLD) | 23.8% | 29.1% | 0.73 | -11.0% |
| Commodities (DBC) | 41.7% | 20.4% | 1.60 | 3.0% |
| Real Estate (VNQ) | 9.7% | 13.6% | 0.43 | 9.9% |
| Bitcoin (BTCUSD) | -30.7% | 43.5% | -0.72 | 14.8% |
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% | 0.19 | 25.0% |
| Equity (SPY) | 12.7% | 17.2% | 0.57 | 21.1% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | -4.7% |
| Commodities (DBC) | 10.8% | 19.5% | 0.43 | 0.5% |
| Real Estate (VNQ) | 1.9% | 18.9% | -0.01 | 17.1% |
| Bitcoin (BTCUSD) | 9.5% | 52.6% | 0.37 | 14.3% |
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% | 0.49 | 24.8% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 21.0% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | -4.5% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 0.9% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 16.7% |
| Bitcoin (BTCUSD) | 63.0% | 66.1% | 1.03 | 12.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 0.0% | 0.2% | 0.3% |
| 3/9/2026 | 0.3% | -3.1% | -4.5% |
| 11/10/2025 | -3.9% | -9.8% | -1.0% |
| 8/5/2025 | 4.2% | 19.7% | 29.8% |
| 5/6/2025 | -10.4% | -10.4% | -7.4% |
| 2/27/2025 | -5.9% | -5.3% | -11.9% |
| 11/5/2024 | 0.7% | 13.8% | 23.0% |
| 8/6/2024 | 16.7% | 8.5% | 17.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 6 | 8 |
| # Negative | 7 | 10 | 8 |
| Median Positive | 2.4% | 8.3% | 15.2% |
| Median Negative | -3.9% | -5.6% | -4.4% |
| Max Positive | 16.7% | 19.7% | 36.2% |
| Max Negative | -10.4% | -17.3% | -13.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 0.0% | 0.2% | 0.3% |
| 3/9/2026 | 0.3% | -3.1% | -4.5% |
| 11/10/2025 | -3.9% | -9.8% | -1.0% |
| 8/5/2025 | 4.2% | 19.7% | 29.8% |
| 5/6/2025 | -10.4% | -10.4% | -7.4% |
| 2/27/2025 | -5.9% | -5.3% | -11.9% |
| 11/5/2024 | 0.7% | 13.8% | 23.0% |
| 8/6/2024 | 16.7% | 8.5% | 17.9% |
| 5/7/2024 | -4.3% | -5.8% | 2.6% |
| 3/5/2024 | -0.5% | -2.8% | 5.8% |
| 11/7/2023 | 2.4% | -4.2% | 12.5% |
| 8/10/2023 | 7.5% | 2.8% | -13.3% |
| 5/9/2023 | 9.0% | 8.2% | 36.2% |
| 3/9/2023 | -2.4% | -14.0% | -4.3% |
| 11/10/2022 | -0.2% | -17.3% | -0.2% |
| 8/11/2022 | 1.5% | -3.3% | -0.5% |
| SUMMARY STATS | |||
| # Positive | 9 | 6 | 8 |
| # Negative | 7 | 10 | 8 |
| Median Positive | 2.4% | 8.3% | 15.2% |
| Median Negative | -3.9% | -5.6% | -4.4% |
| Max Positive | 16.7% | 19.7% | 36.2% |
| Max Negative | -10.4% | -17.3% | -13.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/09/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 03/07/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/13/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/21/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/09/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 03/07/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/13/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/21/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 12/31/2021 | 05/05/2022 | 424B3 |
Insider Activity
Updated 8/25/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bock, Eric J | See remarks | Direct | Sell | 8252026 | 9.46 | 64,780 | 612,819 | 6,614,214 | Form |
| 2 | Bock, Eric J | See remarks | Direct | Sell | 8212026 | 9.46 | 10,000 | 94,600 | 7,227,033 | Form |
| 3 | Crawley, Andrew George | President | Direct | Sell | 8072026 | 9.43 | 332,662 | 3,137,003 | 6,593,230 | Form |
| 4 | Williams, Karen A | Chief Financial Officer | Direct | Sell | 8072026 | 9.43 | 20,000 | 188,600 | 5,170,064 | Form |
| 5 | Crawley, Andrew George | President | Direct | Sell | 8072026 | 9.43 | 350,000 | 3,300,500 | 9,730,232 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bock, Eric J | See remarks | Direct | Sell | 8252026 | 9.46 | 64,780 | 612,819 | 6,614,214 | Form |
| 2 | Bock, Eric J | See remarks | Direct | Sell | 8212026 | 9.46 | 10,000 | 94,600 | 7,227,033 | Form |
| 3 | Crawley, Andrew George | President | Direct | Sell | 8072026 | 9.43 | 332,662 | 3,137,003 | 6,593,230 | Form |
| 4 | Williams, Karen A | Chief Financial Officer | Direct | Sell | 8072026 | 9.43 | 20,000 | 188,600 | 5,170,064 | Form |
| 5 | Crawley, Andrew George | President | Direct | Sell | 8072026 | 9.43 | 350,000 | 3,300,500 | 9,730,232 | Form |
| 6 | Bock, Eric J | See remarks | Direct | Sell | 6152026 | 9.35 | 90,886 | 849,784 | 7,236,489 | Form |
| 7 | Abbott, Paul G | Chief Executive Officer | Direct | Sell | 6152026 | 9.35 | 574,317 | 5,369,864 | 24,150,218 | Form |
| 8 | Bock, Eric J | See remarks | Direct | Sell | 6152026 | 9.36 | 125,030 | 1,170,281 | 8,155,761 | Form |
| 9 | Abbott, Paul G | Chief Executive Officer | Direct | Sell | 6102026 | 9.35 | 216,523 | 2,024,490 | 29,520,082 | Form |
| 10 | Abbott, Paul G | Chief Executive Officer | Direct | Sell | 6102026 | 9.36 | 173,460 | 1,623,586 | 31,578,309 | Form |
| 11 | Williams, Karen A | Chief Financial Officer | Direct | Sell | 6102026 | 9.35 | 10,000 | 93,500 | 5,574,068 | Form |
| 12 | Abbott, Paul G | Chief Executive Officer | Direct | Sell | 6052026 | 9.36 | 8,745 | 81,853 | 33,201,895 | Form |
| 13 | Bush, James Peter | Direct | Sell | 6052026 | 9.36 | 17,500 | 163,800 | 1,128,123 | Form | |
| 14 | Bock, Eric J | See remarks | Direct | Sell | 6032026 | 9.36 | 400,000 | 3,744,000 | 11,198,042 | Form |
| 15 | Bock, Eric J | See remarks | Direct | Sell | 6032026 | 9.34 | 400,000 | 3,736,000 | 14,910,114 | Form |
| 16 | Thompson, John David | Chief Technology Officer | Direct | Sell | 5062026 | 9.34 | 108,908 | 1,017,201 | 5,854,247 | Form |
| 17 | Thompson, John David | Chief Technology Officer | Direct | Sell | 3062026 | 5.74 | 109,020 | 625,775 | 4,222,924 | Form |
| 18 | Thompson, John David | Chief Technology Officer | Direct | Sell | 8192025 | 7.86 | 4,239 | 33,319 | 5,710,707 | Form |
Investor Activity (13F)
Updated Sep 3, 2026Active 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 Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Redwood Capital Management, LLC | $122.5 Mil | 18.2% | 22 | Hold | 13F |
| Attestor Capital Ltd | $48.6 Mil | 12.8% | 9 | Hold | 13F |
| Monarch Alternative Capital LP | $43.5 Mil | 7.4% | 7 | ADD +9.3% | 13F |
| BlackBarn Capital Partners LP | $11.2 Mil | 3.4% | 14 | New | 13F |
| Par Capital Management Inc | $9.4 Mil | 0.3% | 45 | ADD +91.0% | 13F |
| Active Manager |
|---|
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Redwood Capital Management, LLC | $122.5 Mil | 18.2% | 22 | Hold | 13F |
| Attestor Capital Ltd | $48.6 Mil | 12.8% | 9 | Hold | 13F |
| Monarch Alternative Capital LP | $43.5 Mil | 7.4% | 7 | ADD +9.3% | 13F |
| BlackBarn Capital Partners LP | $11.2 Mil | 3.4% | 14 | New | 13F |
| Par Capital Management Inc | $9.4 Mil | 0.3% | 45 | ADD +91.0% | 13F |
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Hotels, Resorts & Cruise Lines Resources |
| Skift |
| Hotel News Now |
| Cruise Industry News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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