vs
Side-by-side financial comparison of Alexandria Real Estate Equities (ARE) and Global Business Travel Group, Inc. (GBTG). Click either name above to swap in a different company.
Global Business Travel Group, Inc. is the larger business by last-quarter revenue ($792.0M vs $671.0M, roughly 1.2× Alexandria Real Estate Equities). Alexandria Real Estate Equities runs the higher net margin — 59.4% vs 10.5%, a 48.9% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs -11.5%). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% CAGR vs -6.4%).
Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® urban office real estate investment trust (REIT), is the first, longest-tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, technology, and agtech campuses in AAA innovation cluster locations, with a total market capitalization of $31.9 billion as of December 31, 2020, and an asset base in North America of 49.7 million square feet (SF). The asset base in North America includes 31.9...
A travel management company (TMC) is a travel agency which manages organizations' corporate or business travel programs. Such companies will often provide an end-user online booking tool, mobile application, program management, and consulting teams, executive travel services, meetings and events support, reporting functionality, duty of care, and more. Non-Profit travel management companies also provide services to manage complex visa requirements, pre-trip medical needs, remote area travel, ...
ARE vs GBTG — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $671.0M | $792.0M |
| Net Profit | $398.4M | $83.0M |
| Gross Margin | — | — |
| Operating Margin | — | 3.7% |
| Net Margin | 59.4% | 10.5% |
| Revenue YoY | -11.5% | 34.0% |
| Net Profit YoY | 740.6% | 692.9% |
| EPS (diluted) | $2.10 | $0.16 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $671.0M | — | ||
| Q4 25 | $754.4M | $792.0M | ||
| Q3 25 | $751.9M | $674.0M | ||
| Q2 25 | $762.0M | $631.0M | ||
| Q1 25 | $758.2M | $621.0M | ||
| Q4 24 | $788.9M | $591.0M | ||
| Q3 24 | $791.6M | $597.0M | ||
| Q2 24 | $766.7M | $625.0M |
| Q1 26 | $398.4M | — | ||
| Q4 25 | $-1.1B | $83.0M | ||
| Q3 25 | $-232.8M | $-62.0M | ||
| Q2 25 | $-107.0M | $15.0M | ||
| Q1 25 | $-8.9M | $75.0M | ||
| Q4 24 | $-62.2M | $-14.0M | ||
| Q3 24 | $167.9M | $-128.0M | ||
| Q2 24 | $46.7M | $27.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.7% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 5.4% | ||
| Q1 25 | — | 8.9% | ||
| Q4 24 | — | 5.1% | ||
| Q3 24 | — | 4.5% | ||
| Q2 24 | — | 6.7% |
| Q1 26 | 59.4% | — | ||
| Q4 25 | -143.3% | 10.5% | ||
| Q3 25 | -31.0% | -9.2% | ||
| Q2 25 | -14.0% | 2.4% | ||
| Q1 25 | -1.2% | 12.1% | ||
| Q4 24 | -7.9% | -2.4% | ||
| Q3 24 | 21.2% | -21.4% | ||
| Q2 24 | 6.1% | 4.3% |
| Q1 26 | $2.10 | — | ||
| Q4 25 | $-6.35 | $0.16 | ||
| Q3 25 | $-1.38 | $-0.13 | ||
| Q2 25 | $-0.64 | $0.03 | ||
| Q1 25 | $-0.07 | $0.16 | ||
| Q4 24 | $-0.38 | $-0.04 | ||
| Q3 24 | $0.96 | $-0.28 | ||
| Q2 24 | $0.25 | $0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $418.7M | $434.0M |
| Total DebtLower is stronger | — | $1.4B |
| Stockholders' EquityBook value | $19.4B | $1.6B |
| Total Assets | $34.2B | $4.9B |
| Debt / EquityLower = less leverage | — | 0.88× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $418.7M | — | ||
| Q4 25 | $549.1M | $434.0M | ||
| Q3 25 | $579.5M | $427.0M | ||
| Q2 25 | $520.5M | $601.0M | ||
| Q1 25 | $476.4M | $552.0M | ||
| Q4 24 | $552.1M | $536.0M | ||
| Q3 24 | $562.6M | $524.0M | ||
| Q2 24 | $561.0M | $515.0M |
| Q1 26 | — | — | ||
| Q4 25 | $12.4B | $1.4B | ||
| Q3 25 | $13.6B | $1.4B | ||
| Q2 25 | $13.3B | $1.4B | ||
| Q1 25 | $13.1B | $1.4B | ||
| Q4 24 | $12.2B | $1.4B | ||
| Q3 24 | $12.7B | $1.4B | ||
| Q2 24 | $12.4B | — |
| Q1 26 | $19.4B | — | ||
| Q4 25 | $15.5B | $1.6B | ||
| Q3 25 | $16.6B | $1.5B | ||
| Q2 25 | $17.2B | $1.2B | ||
| Q1 25 | $17.5B | $1.1B | ||
| Q4 24 | $17.9B | $1.1B | ||
| Q3 24 | $18.2B | $1.1B | ||
| Q2 24 | $18.3B | $1.2B |
| Q1 26 | $34.2B | — | ||
| Q4 25 | $34.1B | $4.9B | ||
| Q3 25 | $37.4B | $4.8B | ||
| Q2 25 | $37.6B | $3.9B | ||
| Q1 25 | $37.6B | $3.8B | ||
| Q4 24 | $37.5B | $3.6B | ||
| Q3 24 | $38.5B | $3.8B | ||
| Q2 24 | $37.8B | $3.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.80× | 0.88× | ||
| Q3 25 | 0.82× | 0.91× | ||
| Q2 25 | 0.77× | 1.15× | ||
| Q1 25 | 0.75× | 1.23× | ||
| Q4 24 | 0.68× | 1.32× | ||
| Q3 24 | 0.70× | 1.26× | ||
| Q2 24 | 0.68× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $475.0M | $52.0M |
| Free Cash FlowOCF − Capex | — | $13.0M |
| FCF MarginFCF / Revenue | — | 1.6% |
| Capex IntensityCapex / Revenue | 76.0% | 4.9% |
| Cash ConversionOCF / Net Profit | 1.19× | 0.63× |
| TTM Free Cash FlowTrailing 4 quarters | — | $104.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $475.0M | — | ||
| Q4 25 | $312.4M | $52.0M | ||
| Q3 25 | $433.5M | $71.0M | ||
| Q2 25 | $460.2M | $57.0M | ||
| Q1 25 | $207.9M | $53.0M | ||
| Q4 24 | $274.2M | $65.0M | ||
| Q3 24 | $477.4M | $85.0M | ||
| Q2 24 | $411.8M | $73.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $13.0M | ||
| Q3 25 | — | $38.0M | ||
| Q2 25 | — | $27.0M | ||
| Q1 25 | — | $26.0M | ||
| Q4 24 | — | $33.0M | ||
| Q3 24 | — | $59.0M | ||
| Q2 24 | — | $49.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 5.6% | ||
| Q2 25 | — | 4.3% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 5.6% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | — | 7.8% |
| Q1 26 | 76.0% | — | ||
| Q4 25 | — | 4.9% | ||
| Q3 25 | — | 4.9% | ||
| Q2 25 | — | 4.8% | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | — | 5.4% | ||
| Q3 24 | — | 4.4% | ||
| Q2 24 | — | 3.8% |
| Q1 26 | 1.19× | — | ||
| Q4 25 | — | 0.63× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 3.80× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.84× | — | ||
| Q2 24 | 8.82× | 2.70× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARE
| Same properties | $431.4M | 64% |
| Tenant recoveries | $178.2M | 27% |
| Non-same properties | $43.3M | 6% |
| Other | $18.0M | 3% |
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
