GBTG on OTC
Global Business Travel Group, Inc.
American transportation services company, incorporated in Delaware. Summary from the record
Price unavailable
Last updated Oct 19, 2026.
Overview
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- TickerGBTG on OTC1
- IndustryTransportation Services1
- HeadquartersNew York, New York1
- Incorporated inDE2
- Business address666 Third Avenue, New York, Ny 100172
- Filer categoryAccelerated filer2
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American Express Global Business Travel, operated by Global Business Travel Group, Inc., a Delaware corporation, ("Amex GBT") is a leading technology and services company for travel, expense, and meetings & events. We are committed to offering companies and their travelers access to the most valuable marketplace in business travel for one simple reason: when people come together, great ideas come to life.3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
4.8%Operating margin4
4.1%Net margin4
12.2%Revenue growth, 20254
6.9%Return on equity4
0.85×Debt to equity4
$104.0MFree cash flow4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Travel brought in 79% of the revenue Global Business Travel Group, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Travel | $1.8B | $1.9B | $2.2B |
| Product and Service, Other | $463.0M | $491.0M | $564.0M |
Regions
United Kingdoms brought in 50% of the revenue Global Business Travel Group, Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United Kingdoms | $833.0M | $1.3B | $1.4B |
| Countries Other Than United States and United Kingdom | $624.0M | $639.0M | $754.0M |
| United States | $833.0M | $479.0M | $601.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs94¢$2.6B
- Income tax1¢$40.0M
- Profit4¢$111.0M
Out of $2.7B in revenue.4
Where each dollar of operating cash went, fiscal 2025
- Capital spending55¢$129.0M
- Share buybacks31¢$73.0M
- Kept or used elsewhere13¢$31.0M
Out of $233.0M of cash from operations.4
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $2.7B | $2.4B | $2.3B |
| Cost of revenue (excluding depreciation and amortization shown separately below) | $1.1B | $967.0M | $961.0M |
| Sales and marketing | $442.0M | $400.0M | $394.0M |
| Technology and content | $527.0M | $442.0M | $413.0M |
| General and administrative | $290.0M | $308.0M | $294.0M |
| Restructuring and other exit charges | $52.0M | $13.0M | $42.0M |
| Depreciation and amortization | $192.0M | $178.0M | $194.0M |
| Total operating expenses | $2.6B | $2.3B | $2.3B |
| Operating income (loss) | $130.0M | $115.0M | -$8.0M |
| Interest income | $8.0M | $6.0M | $1.0M |
| Interest expense | -$95.0M | -$115.0M | -$141.0M |
| Loss on early extinguishment of debt | -$2.0M | -$38.0M | $0 |
| Fair value movement on earnout derivative liabilities | $96.0M | -$56.0M | $13.0M |
| Gain on remeasurement of previously held equity interest | $39.0M | $0 | $0 |
| Other (loss) income, net | -$29.0M | $17.0M | -$10.0M |
| Income (loss) before income taxes and share of income from equity method investments | $147.0M | -$71.0M | -$145.0M |
| (Provision for) benefit from income taxes | -$40.0M | -$66.0M | $9.0M |
| Share of income from equity method investments | $4.0M | $3.0M | $0 |
| Net income (loss) | $111.0M | -$134.0M | -$136.0M |
| Less: net income (loss) attributable to non-controlling interests in subsidiaries | $2.0M | $4.0M | -$73.0M |
| Net income (loss) attributable to the Companys Class A common stockholders | $109.0M | -$138.0M | -$63.0M |
| Basic income (loss) per share attributable to the Companys Class A common stockholders (in dollars per share) | $0.22 | -$0.30 | -$0.25 |
| Weighted average number of shares outstanding - Basic (in shares) | 484.5M shares | 462.7M shares | 251.6M shares |
| Diluted income (loss) per share attributable to the Companys Class A common stockholders (in dollars per share) | $0.22 | -$0.30 | -$0.30 |
| Weighted average number of shares outstanding - Diluted (in shares) | 492.8M shares | 462.7M shares | 458.1M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $434.0M | $536.0M | ||
| Accounts receivable (net of allowance for credit losses of $9 and $10 as of December 31, 2025 and 2024, respectively) | $869.0M | $571.0M | ||
| Due from affiliates | $51.0M | $46.0M | ||
| Prepaid expenses and other current assets | $215.0M | $128.0M | ||
| Total current assets | $1.6B | $1.3B | ||
| Property and equipment, net | $308.0M | $232.0M | ||
| Equity method investments | $43.0M | $14.0M | ||
| Goodwill | $1.7B | $1.2B | $1.2B | |
| Other intangible assets, net | $851.0M | $480.0M | ||
| Operating lease right-of-use assets | $66.0M | $59.0M | ||
| Deferred tax assets | $298.0M | $268.0M | ||
| Other non-current assets | $110.0M | $89.0M | ||
| Total assets | $4.9B | $3.6B | ||
| Accounts payable | $515.0M | $263.0M | ||
| Due to affiliates | $25.0M | $22.0M | ||
| Accrued expenses and other current liabilities | $757.0M | $461.0M | ||
| Current portion of operating lease liabilities | $26.0M | $15.0M | ||
| Current portion of long-term debt | $58.0M | $19.0M | ||
| Total current liabilities | $1.4B | $780.0M | ||
| Long-term debt, net of unamortized debt discount and debt issuance costs | $1.4B | $1.4B | ||
| Deferred tax liabilities | $99.0M | $36.0M | ||
| Pension liabilities | $163.0M | $156.0M | ||
| Long-term operating lease liabilities | $62.0M | $63.0M | ||
| Earnout derivative liabilities | $37.0M | $133.0M | ||
| Other non-current liabilities | $153.0M | $34.0M | ||
| Total liabilities | $3.3B | $2.6B | ||
| Redeemable non-controlling interest | $49.0M | $0 | ||
| Additional paid-in-capital | $3.3B | $2.8B | ||
| Accumulated deficit | -$1.5B | -$1.6B | ||
| Accumulated other comprehensive loss | -$75.0M | -$146.0M | ||
| Treasury shares, at cost (17,253,780 shares and 8,000,000 shares as of December 31, 2025 and December 31, 2024, respectively) | -$128.0M | -$55.0M | ||
| Total equity of the Companys shareholders | $1.6B | $1.1B | ||
| Equity attributable to non-controlling interest in subsidiaries | $4.0M | $6.0M | ||
| Total shareholders equity | $1.6B | $1.1B | $1.2B | $1.4B |
| Total liabilities and shareholders equity | $4.9B | $3.6B | ||
| Allowances for credit losses | $9.0M | $10.0M | ||
| Treasury shares (in shares) | 17.3M shares | 8.0M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $434.0M | $536.0M | ||
| Accounts receivable (net of allowance for credit losses of $9 and $10 as of December 31, 2025 and 2024, respectively) | $869.0M | $571.0M | ||
| Due from affiliates | $51.0M | $46.0M | ||
| Prepaid expenses and other current assets | $215.0M | $128.0M | ||
| Total current assets | $1.6B | $1.3B | ||
| Property and equipment, net | $308.0M | $232.0M | ||
| Equity method investments | $43.0M | $14.0M | ||
| Goodwill | $1.7B | $1.2B | $1.2B | |
| Other intangible assets, net | $851.0M | $480.0M | ||
| Operating lease right-of-use assets | $66.0M | $59.0M | ||
| Deferred tax assets | $298.0M | $268.0M | ||
| Other non-current assets | $110.0M | $89.0M | ||
| Total assets | $4.9B | $3.6B | ||
| Accounts payable | $515.0M | $263.0M | ||
| Due to affiliates | $25.0M | $22.0M | ||
| Accrued expenses and other current liabilities | $757.0M | $461.0M | ||
| Current portion of operating lease liabilities | $26.0M | $15.0M | ||
| Current portion of long-term debt | $58.0M | $19.0M | ||
| Total current liabilities | $1.4B | $780.0M | ||
| Long-term debt, net of unamortized debt discount and debt issuance costs | $1.4B | $1.4B | ||
| Deferred tax liabilities | $99.0M | $36.0M | ||
| Pension liabilities | $163.0M | $156.0M | ||
| Long-term operating lease liabilities | $62.0M | $63.0M | ||
| Earnout derivative liabilities | $37.0M | $133.0M | ||
| Other non-current liabilities | $153.0M | $34.0M | ||
| Total liabilities | $3.3B | $2.6B | ||
| Redeemable non-controlling interest | $49.0M | $0 | ||
| Additional paid-in-capital | $3.3B | $2.8B | ||
| Accumulated deficit | -$1.5B | -$1.6B | ||
| Accumulated other comprehensive loss | -$75.0M | -$146.0M | ||
| Treasury shares, at cost (17,253,780 shares and 8,000,000 shares as of December 31, 2025 and December 31, 2024, respectively) | -$128.0M | -$55.0M | ||
| Total equity of the Companys shareholders | $1.6B | $1.1B | ||
| Equity attributable to non-controlling interest in subsidiaries | $4.0M | $6.0M | ||
| Total shareholders equity | $1.6B | $1.1B | $1.2B | $1.4B |
| Total liabilities and shareholders equity | $4.9B | $3.6B | ||
| Allowances for credit losses | $9.0M | $10.0M | ||
| Treasury shares (in shares) | 17.3M shares | 8.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $111.0M | -$134.0M | -$136.0M |
| Depreciation and amortization | $192.0M | $178.0M | $194.0M |
| Deferred tax (benefit) charge | -$15.0M | $34.0M | -$30.0M |
| Equity-based compensation | $76.0M | $77.0M | $75.0M |
| Allowance for credit losses | $5.0M | $9.0M | $9.0M |
| Loss on early extinguishment of debt | $2.0M | $38.0M | $0 |
| Fair value movement on earnout derivative liabilities | -$96.0M | $56.0M | -$13.0M |
| Gain on remeasurement of previously held equity interest | -$39.0M | $0 | $0 |
| Other, net | $32.0M | -$23.0M | $17.0M |
| Accounts receivable | -$48.0M | $123.0M | $49.0M |
| Prepaid expenses and other current assets | $20.0M | -$28.0M | $9.0M |
| Due from affiliates | -$5.0M | -$5.0M | -$4.0M |
| Due to affiliates | $3.0M | -$17.0M | -$5.0M |
| Accounts payable, accrued expenses and other current liabilities | -$7.0M | -$5.0M | $26.0M |
| Defined benefit pension funding | -$29.0M | -$27.0M | -$29.0M |
| Proceeds from (payment for) termination of interest rate swap contracts | $31.0M | -$4.0M | $0 |
| Net cash from operating activities | $233.0M | $272.0M | $162.0M |
| Business acquisitions, net of cash and restricted cash acquired | -$104.0M | $0 | $0 |
| Purchase of property and equipment | -$129.0M | -$107.0M | -$113.0M |
| Proceeds from foreign exchange forward contracts | $27.0M | $0 | $0 |
| Other | $0 | $5.0M | -$6.0M |
| Net cash used in investing activities | -$206.0M | -$102.0M | -$119.0M |
| Proceeds from senior secured term loans, net of debt discount | $99.0M | $1.4B | $131.0M |
| Repayment of senior secured term loans | -$113.0M | -$1.4B | -$3.0M |
| Repurchase of common shares | -$73.0M | -$55.0M | $0 |
| Contributions for ESPP and proceeds from exercise of stock options | $8.0M | $29.0M | $7.0M |
| Payment of taxes withheld on vesting of equity awards | -$43.0M | -$28.0M | -$14.0M |
| Payment of debt financing costs | $0 | -$25.0M | -$2.0M |
| Prepayment penalty and other costs related to early extinguishment of debt | $0 | -$26.0M | $0 |
| Other | -$6.0M | -$5.0M | $1.0M |
| Net cash (used in) from financing activities | -$128.0M | -$85.0M | $120.0M |
| Effect of exchange rates changes on cash, cash equivalents and restricted cash | $19.0M | -$13.0M | $10.0M |
| Net (decrease) increase in cash, cash equivalents and restricted cash | -$82.0M | $72.0M | $173.0M |
| Cash paid for income taxes (net of refunds) | $52.0M | $14.0M | $2.0M |
| Cash paid for interest (net of interest received) | $94.0M | $99.0M | $142.0M |
| Issuance of shares to settle liability | $0 | $0 | $4.0M |
| Issuance of common shares pursuant to the CWT acquisition | $408.0M | $0 | $0 |
No quarter-by-quarter statement was filed.
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Leadership
Who has led Global Business Travel Group, Inc., and when. Pick a name to see everywhere that person has worked.
Chief financial officer
2025
- PresidentAndrew George Crawley Jan 30, 2023 to now12
- PresidentMark Hollyhead Jun 1, 2022 to Jun 1, 202213
- Chief financial officerKaren A. Williams Jul 7, 2023 to now14
- Chief financial officerMartine Gerow Jun 1, 2022 to Jan 30, 202315
- Chief financial officerJames Crossen Oct 1, 2020 to Oct 1, 202016
Board members and other officers (26)
- OfficerJohn Edward Pelant Sep 25, 2025 to now17
- Chief Commercial OfficerAndrew George Crawley Jun 1, 2022 to Aug 16, 202218
- Chief Transformation OfficerBoriana Tchobanova Jun 1, 2022 to Mar 4, 202519
- OfficerEric J. Bock Jun 1, 2022 to now20
- OfficerEvan Konwiser Jun 1, 2022 to now21
- Chief Revenue OfficerMichael Qualantone Jun 1, 2022 to Aug 16, 202222
- Chief People OfficerPatricia Anne Huska Jun 1, 2022 to now23
- Vice President, ControllerVliet Christopher Van Jun 1, 2022 to now24
- OfficerMark Hollyhead Aug 16, 2022 to Mar 8, 202425
- Board memberUgo Arzani Mar 3, 2025 to now26
- Board memberFaisal Saoud F.q. Al-Thani Jun 13, 2025 to now27
- Board memberInvestment Authority Qatar Jan 17, 2024 to Jan 17, 202428
- Board memberAlexander Drummond Jun 7, 2024 to now29
- Board memberEric M. Hart Jun 1, 2022 to now30
- Board memberItai Wallach Jun 1, 2022 to Jun 1, 202231
- Board memberJames Peter Bush Jun 1, 2022 to now32
- Board memberKathleen A. Winters Jun 1, 2022 to now33
- Board memberManzo Gloria Rebeca Guevara Jun 1, 2022 to Jun 7, 202434
- Board memberMohammed Saif Al-Sowaidi Jun 1, 2022 to Jun 7, 202435
- Board memberRaymond Joabar Jun 1, 2022 to now36
- Board memberRichard Petrino Jun 1, 2022 to Jun 7, 202337
- Board memberSusan F. Ward Jun 1, 2022 to now38
- Board memberJames H. Simmons Iii. Oct 1, 2020 to May 27, 202239
- Board memberJennifer Fleiss Oct 1, 2020 to May 27, 202240
- Board memberMitchell Alan Garber Oct 1, 2020 to May 27, 202241
- Board memberSanjay H. Patel Oct 1, 2020 to Oct 1, 202042
Former names
- Apollo Strategic Growth CapitalAug 14, 2020 to May 25, 20222
Filings
563 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 62 major events, 293 insider forms, 40 large holders, 146 other. The latest 20:
- Oct 9, 202615-12G EDGAR
- Oct 2, 2026EFFECT EDGAR
- Oct 2, 2026EFFECT EDGAR
- Oct 2, 2026EFFECT EDGAR
- Oct 1, 20264 EDGAR
- Oct 1, 2026SCHEDULE 13D/A EDGAR
- Sep 29, 20264 EDGAR
- Sep 29, 20264 EDGAR
- Sep 29, 20264 EDGAR
- Sep 29, 20264 EDGAR
- Sep 29, 20264 EDGAR
- Sep 29, 20264 EDGAR
- Sep 29, 20264 EDGAR
- Sep 29, 20264 EDGAR
- Sep 29, 20264 EDGAR
- Sep 29, 20264 EDGAR
- Sep 29, 20264 EDGAR
- Sep 29, 20264 EDGAR
- Sep 29, 20264 EDGAR
- Sep 29, 20264 EDGAR
The 563 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
46 open-market trades by officers, directors and large owners since October 2021: 25 buys and 21 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | Bock Eric J.See remarks | Sale | 64,780 | $9.46 | $612.8K | Form 4 |
| Aug 20, 2026 | Bock Eric J.See remarks | Sale | 10,000 | $9.46 | $94.6K | Form 4 |
| Aug 6, 2026 | Crawley Andrew GeorgePresident | Sale | 332,662 | $9.43 | $3.1M | Form 4 |
| Aug 5, 2026 | Williams Karen AChief Financial Officer | Sale | 20,000 | $9.43 | $188.6K | Form 4 |
| Aug 5, 2026 | Crawley Andrew GeorgePresident | Sale | 350,000 | $9.43 | $3.3M | Form 4 |
| Jun 12, 2026 | Bock Eric J.See remarks | Sale | 90,886 | $9.35 | $849.8K | Form 4 |
| Jun 11, 2026 | Abbott Paul GChief Executive Officer | Sale | 574,317 | $9.35 | $5.4M | Form 4 |
| Jun 11, 2026 | Bock Eric J.See remarks | Sale | 125,030 | $9.36 | $1.2M | Form 4 |
| Jun 9, 2026 | Konwiser EvanSee remarks | Sale | 356,222 | $9.34 | $3.3M | Form 4 |
| Jun 9, 2026 | Bock Eric J.See remarks | Sale | 200,000 | $9.34 | $1.9M | Form 4 |
| Jun 9, 2026 | Abbott Paul GChief Executive Officer | Sale | 216,523 | $9.35 | $2.0M | Form 4 |
| Jun 8, 2026 | Abbott Paul GChief Executive Officer | Sale | 173,460 | $9.36 | $1.6M | Form 4 |
| Jun 8, 2026 | Williams Karen AChief Financial Officer | Sale | 10,000 | $9.35 | $93.5K | Form 4 |
| Jun 5, 2026 | Abbott Paul GChief Executive Officer | Sale | 8,745 | $9.36 | $81.9K | Form 4 |
| Jun 5, 2026 | Bush James PeterDirector | Sale | 17,500 | $9.36 | $163.8K | Form 4 |
| Jun 2, 2026 | Bock Eric J.See remarks | Sale | 400,000 | $9.36 | $3.7M | Form 4 |
| Jun 1, 2026 | Bock Eric J.See remarks | Sale | 400,000 | $9.34 | $3.7M | Form 4 |
| May 4, 2026 | Thompson John DavidChief Technology Officer | Sale | 108,908 | $9.34 | $1.0M | Form 4 |
| Mar 4, 2026 | Thompson John DavidChief Technology Officer | Sale | 109,020 | $5.74 | $625.8K | Form 4 |
| Aug 15, 2025 | Thompson John DavidChief Technology Officer | Sale | 4,239 | $7.86 | $33.3K | Form 4 |
All 46 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- American ExpressSCHEDULE 13D/A, 3 filings Jan 16, 2024 to Oct 1, 202643
- Qatar Investment AuthoritySCHEDULE 13D/A, 5 filings Jan 17, 2024 to Sep 29, 202644
- BlackRock Portfolio Management LLCSCHEDULE 13D, 2 filings Apr 15, 2025 to May 5, 202645
- Expedia GroupSCHEDULE 13D/A, 1 filing May 5, 202646
- Apollo Principal Holdings A GP, Ltd.SCHEDULE 13D/A, 4 filings Jun 1, 2022 to Feb 20, 202647
- BlackRockSC 13G, 1 filing Oct 7, 202448
- HG Vora Capital Management, LLCSC 13G/A, 3 filings Jul 8, 2022 to Feb 14, 202449
- Juweel Investors (SPC) LtdSC 13D/A, 3 filings Jun 6, 2022 to Jan 16, 202450
- ARES MANAGEMENT LLCSC 13G/A, 2 filings Jun 8, 2022 to Aug 4, 202351
- Empyrean Capital Partners, LPSC 13G/A, 1 filing Feb 14, 202352
- MARSHALL WACE, LLPSC 13G/A, 2 filings Feb 14, 2022 to Feb 14, 202353
- PUBLIC SECTOR PENSION INVESTMENT BOARDSC 13G/A, 1 filing Feb 14, 202254
- Sculptor Capital LPSC 13G/A, 2 filings Dec 15, 2021 to Feb 14, 202255
- ADAGE CAPITAL PARTNERS GP, L.L.C.SC 13G/A, 1 filing Feb 10, 202256
- INTEGRATED CORE STRATEGIES (US) LLCSC 13G/A, 1 filing Jan 24, 202257
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 12SEC EDGARAndrew George Crawley, President
- 13SEC EDGARMark Hollyhead, President
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- 17SEC EDGARJohn Edward Pelant, Officer
- 18
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- 20SEC EDGAREric J. Bock, Officer
- 21SEC EDGAREvan Konwiser, Officer
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- 25SEC EDGARMark Hollyhead, Officer
- 26SEC EDGARUgo Arzani, Board member
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- 29SEC EDGARAlexander Drummond, Board member
- 30SEC EDGAREric M. Hart, Board member
- 31SEC EDGARItai Wallach, Board member
- 32SEC EDGARJames Peter Bush, Board member
- 33SEC EDGARKathleen A. Winters, Board member
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- 35
- 36SEC EDGARRaymond Joabar, Board member
- 37SEC EDGARRichard Petrino, Board member
- 38SEC EDGARSusan F. Ward, Board member
- 39SEC EDGARJames H. Simmons Iii., Board member
- 40SEC EDGARJennifer Fleiss, Board member
- 41SEC EDGARMitchell Alan Garber, Board member
- 42SEC EDGARSanjay H. Patel, Board member
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