{ "ok": true, "cik": "1820872", "ticker": "GBTG", "name": "Global Business Travel Group, Inc.", "filings": [ { "form": "8-K", "filed": "2026-09-29", "items": [ "1.01 Entry into a Material Definitive Agreement", "1.02 Termination of a Material Definitive Agreement", "2.01 Completion of Acquisition or Disposition of Assets", "2.03 Creation of a Direct Financial Obligation", "3.01 Notice of Delisting or Failure to Satisfy a Listing Rule", "3.03 Material Modifications to Rights of Security Holders", "5.01 Changes in Control of Registrant", "5.02 Departure or Election of Directors; Appointment of Officers", "5.03 Amendments to Articles or Bylaws; Change in Fiscal Year", "8.01 Other Events", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1820872/000114036126037931/0001140361-26-037931-index.htm" }, { "form": "10-Q", "filed": "2026-08-04", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1820872/000162828026052168/0001628280-26-052168-index.htm" }, { "form": "8-K", "filed": "2026-08-04", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1820872/000162828026052162/0001628280-26-052162-index.htm" }, { "form": "8-K", "filed": "2026-08-03", "items": [ "5.07 Submission of Matters to a Vote of Security Holders" ], "url": "https://www.sec.gov/Archives/edgar/data/1820872/000114036126030979/0001140361-26-030979-index.htm" }, { "form": "8-K", "filed": "2026-07-24", "items": [ "8.01 Other Events" ], "url": "https://www.sec.gov/Archives/edgar/data/1820872/000114036126029601/0001140361-26-029601-index.htm" }, { "form": "8-K", "filed": "2026-06-08", "items": [ "7.01 Regulation FD Disclosure", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1820872/000114036126024371/0001140361-26-024371-index.htm" } ], "events12m": 13, "healthWatch": { "window": "last 12 months", "since": "2025-09-30", "signals": [ { "code": "3.01", "label": "Exchange listing notice or transfer", "count": 1, "latest": { "filed": "2026-09-29", "url": "https://www.sec.gov/Archives/edgar/data/1820872/000114036126037931/0001140361-26-037931-index.htm" } }, { "code": "5.02", "label": "Director or officer change", "count": 2, "latest": { "filed": "2026-09-29", "url": "https://www.sec.gov/Archives/edgar/data/1820872/000114036126037931/0001140361-26-037931-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001820872.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1820872" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up Global Business Travel Group, Inc. ($GBTG). Last filing: 8-K (1.01 Entry into a Material Definitive Agreement), 2026-09-29. 13 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 2718000000, "revenueGrowth1y": 0.12174989682212134, "revenueGrowthPerYear": 0.3738244099763315, "yearsOfData": 5, "operatingMargin": 0.047829286239882265, "operatingMarginPrior": 0.04746182418489476, "netMargin": 0.04083885209713024, "operatingCashFlow": 233000000, "capitalSpending": 129000000, "freeCashFlow": 104000000, "researchAndDevelopment": null, "researchShareOfRevenue": null, "cash": 434000000, "longTermDebt": 1418000000, "longTermDebtChange": 0.024566473988439252, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 763000000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 1851000000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 2290000000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 2423000000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 2718000000 } ], "totalEquity": 1608000000, "totalAssets": 4916000000, "equityRatio": 0.3270951993490643, "returnOnEquity": 0.06902985074626866, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": 0.22, "sharesOutstanding": 492791804, "bookValuePerShare": 3.26304128223691, "revenuePerShare": 5.5155138091541795, "range80": { "low": 1965077114.1819324, "high": 4577436859.282749, "baseline": 3069121314.142433, "n": 4599, "band": "b1", "bandLabel": "$1B–10B", "method": "v4.1", "credibility": 0.5, "growthYears": 4, "ownVolatility": 0.38453364605671797, "classVolatility": 0.07701947805587882, "volatility": 0.2773068020709853 }, "ifPaceHeld": { "low": 1965077114.1819324, "high": 4577436859.282749 } }, "edgarette": "🔖 Exposure: revenue $2.7B (FY2025), total debt $1.4B. Experience: revenue up 12.2% on the year, up 37.4% a year over 4 years; operating margin 4.8%, up from 4.7%. Soundness: equity 32.7% of assets, return on equity 6.9%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $2.0B and $4.6B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $1.4B to $6.2B. A statistical range, not company guidance. Against peers (8 filers, $50M+ revenue, transportation services): operating margin 4.8% against a 6.4% median; growth 12.2% against 12.2%.", "peers": { "sic": 4700, "sicDescription": "Transportation Services", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "4700", "growth": [ 0.1217, 9 ], "opMargin": [ 0.0641, 8 ], "equityRatio": [ 0.2271, 9 ] }, "summary": "Global Business Travel Group (GBTG) grew revenue 12.2% in FY2025 to $2.7 billion, operating margin 4.8% against a 6.4% median for transportation services, equity 32.7% of assets. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
Global Business Travel Group, Inc. against its own record and its peers
Operating marginPeer median 6.4%4.8%Revenue, on the yearPeer median 12.2%12.2%Equity of assetsPeer median 22.7%32.7%Return on equity6.9%Gold tick: the median of 9–9 peers with $50M+ revenue in transportation services
", "chartHorizon": null, "backtest": { "tests": 2, "hits": 2, "rate": 1, "method": "v4", "byYear": { "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-30T14:30:47.086Z", "hash": "ad9893ac5aa9223f", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Global Business Travel Group (GBTG) grew revenue 12.2% in FY2025 to $2.7 billion, operating margin 4.8% against a 6.4% median for transportation services, equity 32.7% of assets. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 2718000000, "totalDebt": 1418000000, "cash": 434000000 }, "experience": { "revenueGrowth1y": 0.12174989682212134, "revenueGrowthPerYear": 0.3738244099763315, "operatingMargin": 0.047829286239882265, "operatingMarginPrior": 0.04746182418489476, "netMargin": 0.04083885209713024, "freeCashFlow": 104000000 }, "soundness": { "equityRatio": 0.3270951993490643, "returnOnEquity": 0.06902985074626866, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 4700, "sicDescription": "Transportation Services", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "4700", "growth": [ 0.1217, 9 ], "opMargin": [ 0.0641, 8 ], "equityRatio": [ 0.2271, 9 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-09-30", "signals": [ { "code": "3.01", "label": "Exchange listing notice or transfer", "count": 1, "latest": { "filed": "2026-09-29", "url": "https://www.sec.gov/Archives/edgar/data/1820872/000114036126037931/0001140361-26-037931-index.htm" } }, { "code": "5.02", "label": "Director or officer change", "count": 2, "latest": { "filed": "2026-09-29", "url": "https://www.sec.gov/Archives/edgar/data/1820872/000114036126037931/0001140361-26-037931-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 1965077114.1819324, "high": 4577436859.282749, "baseline": 3069121314.142433, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 4599, "sizeBand": "$1B–10B", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341, "coverageAllYears": 0.6904374799277399, "stressCoverageAllYears": 0.819004992974709, "outcomeYears": [ 2019, 2025 ] }, "credibility": { "weightOnOwnRecord": 0.5, "growthYears": 4, "ownVolatility": 0.38453364605671797, "classVolatility": 0.07701947805587882, "pricedVolatility": 0.2773068020709853, "k": 3 }, "stress": { "low": 1442977296.949016, "high": 6235509933.704064, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 2, "hits": 2, "rate": 1, "method": "v4", "byYear": { "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-30T14:30:47.086Z", "hash": "ad9893ac5aa9223f", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001820872.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1820872" }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.0857, "growth3y": 0.1366, "volatility": 0.3845, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.3271, "quadrant": { "code": "fj", "label": "Fast and jumpy", "plain": "growing faster than its size class, with revenue that swings more" }, "compass": { "code": "between", "inside": "Turns 8.6% of revenue into operating cash; revenue growing 13.7% a year over three years; no common dividend.", "outside": "Among $1B-10B companies: 32nd percentile for cash, 78th for growth.", "emoji": "🌊", "label": "In between", "plain": "no clear cash pattern yet" }, "band": "$1B-10B", "cashPctInClass": 32, "growthPctInClass": 78, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "range", "text": "revenue is hard to predict: its 80% range is ±40%" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 1, "name": "Sound ship", "plain": "one warning sign" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 233000000, "investing": -206000000, "financing": -128000000, "capitalSpending": 129000000, "free": 104000000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": -512000000, "free": -556000000 }, { "fiscalYearEnd": "2022-12-31", "operating": -394000000, "free": -488000000 }, { "fiscalYearEnd": "2023-12-31", "operating": 162000000, "free": 49000000 }, { "fiscalYearEnd": "2024-12-31", "operating": 272000000, "free": 165000000 }, { "fiscalYearEnd": "2025-12-31", "operating": 233000000, "free": 104000000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 434000000, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 4916000000, "ladder": null, "currentRatio": 1.14, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.0857, "growth3y": 0.1366, "volatility": 0.3845, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.3271, "quadrant": { "code": "fj", "label": "Fast and jumpy", "plain": "growing faster than its size class, with revenue that swings more" }, "compass": { "code": "between", "inside": "Turns 8.6% of revenue into operating cash; revenue growing 13.7% a year over three years; no common dividend.", "outside": "Among $1B-10B companies: 32nd percentile for cash, 78th for growth.", "emoji": "🌊", "label": "In between", "plain": "no clear cash pattern yet" }, "band": "$1B-10B", "cashPctInClass": 32, "growthPctInClass": 78, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "range", "text": "revenue is hard to predict: its 80% range is ±40%" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 1, "name": "Sound ship", "plain": "one warning sign" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 233000000, "investing": -206000000, "financing": -128000000, "capitalSpending": 129000000, "free": 104000000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": -512000000, "free": -556000000 }, { "fiscalYearEnd": "2022-12-31", "operating": -394000000, "free": -488000000 }, { "fiscalYearEnd": "2023-12-31", "operating": 162000000, "free": 49000000 }, { "fiscalYearEnd": "2024-12-31", "operating": 272000000, "free": 165000000 }, { "fiscalYearEnd": "2025-12-31", "operating": 233000000, "free": 104000000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 434000000, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 4916000000, "ladder": null, "currentRatio": 1.14, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }