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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) 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 $414.7M, roughly 1.9× BILL Holdings, Inc.). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs -0.6%, a 11.1% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 14.4%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $13.0M). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% CAGR vs 13.3%).
BILL Holdings, Inc. is an American company based in San Jose, California, that provides automated, cloud-based software for financial operations for small businesses in the United States. A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem.
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, ...
BILL vs GBTG — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $792.0M |
| Net Profit | $-2.6M | $83.0M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 3.7% |
| Net Margin | -0.6% | 10.5% |
| Revenue YoY | 14.4% | 34.0% |
| Net Profit YoY | -107.7% | 692.9% |
| EPS (diluted) | $-0.03 | $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.
| Q4 25 | $414.7M | $792.0M | ||
| Q3 25 | $395.7M | $674.0M | ||
| Q2 25 | $383.3M | $631.0M | ||
| Q1 25 | $358.2M | $621.0M | ||
| Q4 24 | $362.6M | $591.0M | ||
| Q3 24 | $358.4M | $597.0M | ||
| Q2 24 | $343.7M | $625.0M | ||
| Q1 24 | $323.0M | $610.0M |
| Q4 25 | $-2.6M | $83.0M | ||
| Q3 25 | $-3.0M | $-62.0M | ||
| Q2 25 | $-7.1M | $15.0M | ||
| Q1 25 | $-11.6M | $75.0M | ||
| Q4 24 | $33.5M | $-14.0M | ||
| Q3 24 | $8.9M | $-128.0M | ||
| Q2 24 | $7.6M | $27.0M | ||
| Q1 24 | $31.8M | $-19.0M |
| Q4 25 | 79.8% | — | ||
| Q3 25 | 80.5% | — | ||
| Q2 25 | 80.8% | — | ||
| Q1 25 | 81.2% | — | ||
| Q4 24 | 81.6% | — | ||
| Q3 24 | 82.0% | — | ||
| Q2 24 | 81.0% | — | ||
| Q1 24 | 83.0% | — |
| Q4 25 | -4.4% | 3.7% | ||
| Q3 25 | -5.2% | 1.8% | ||
| Q2 25 | -5.8% | 5.4% | ||
| Q1 25 | -8.1% | 8.9% | ||
| Q4 24 | -6.0% | 5.1% | ||
| Q3 24 | -2.1% | 4.5% | ||
| Q2 24 | -6.5% | 6.7% | ||
| Q1 24 | -8.6% | 2.6% |
| Q4 25 | -0.6% | 10.5% | ||
| Q3 25 | -0.7% | -9.2% | ||
| Q2 25 | -1.8% | 2.4% | ||
| Q1 25 | -3.2% | 12.1% | ||
| Q4 24 | 9.3% | -2.4% | ||
| Q3 24 | 2.5% | -21.4% | ||
| Q2 24 | 2.2% | 4.3% | ||
| Q1 24 | 9.8% | -3.1% |
| Q4 25 | $-0.03 | $0.16 | ||
| Q3 25 | $-0.03 | $-0.13 | ||
| Q2 25 | $0.02 | $0.03 | ||
| Q1 25 | $-0.11 | $0.16 | ||
| Q4 24 | $-0.06 | $-0.04 | ||
| Q3 24 | $0.08 | $-0.28 | ||
| Q2 24 | $0.37 | $0.06 | ||
| Q1 24 | $0.00 | $-0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | $434.0M |
| Total DebtLower is stronger | $1.8B | $1.4B |
| Stockholders' EquityBook value | $3.8B | $1.6B |
| Total Assets | $10.1B | $4.9B |
| Debt / EquityLower = less leverage | 0.48× | 0.88× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $434.0M | ||
| Q3 25 | $1.1B | $427.0M | ||
| Q2 25 | $1.0B | $601.0M | ||
| Q1 25 | $1.0B | $552.0M | ||
| Q4 24 | $1.6B | $536.0M | ||
| Q3 24 | $853.5M | $524.0M | ||
| Q2 24 | $985.9M | $515.0M | ||
| Q1 24 | $952.5M | $475.0M |
| Q4 25 | $1.8B | $1.4B | ||
| Q3 25 | $1.9B | $1.4B | ||
| Q2 25 | $1.7B | $1.4B | ||
| Q1 25 | $1.7B | $1.4B | ||
| Q4 24 | $1.7B | $1.4B | ||
| Q3 24 | $914.8M | $1.4B | ||
| Q2 24 | $914.0M | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $3.8B | $1.6B | ||
| Q3 25 | $3.9B | $1.5B | ||
| Q2 25 | $3.9B | $1.2B | ||
| Q1 25 | $3.9B | $1.1B | ||
| Q4 24 | $3.8B | $1.1B | ||
| Q3 24 | $4.0B | $1.1B | ||
| Q2 24 | $4.1B | $1.2B | ||
| Q1 24 | $4.1B | $1.2B |
| Q4 25 | $10.1B | $4.9B | ||
| Q3 25 | $10.2B | $4.8B | ||
| Q2 25 | $10.1B | $3.9B | ||
| Q1 25 | $9.6B | $3.8B | ||
| Q4 24 | $9.7B | $3.6B | ||
| Q3 24 | $9.0B | $3.8B | ||
| Q2 24 | $9.2B | $3.8B | ||
| Q1 24 | $9.1B | $3.8B |
| Q4 25 | 0.48× | 0.88× | ||
| Q3 25 | 0.48× | 0.91× | ||
| Q2 25 | 0.44× | 1.15× | ||
| Q1 25 | 0.43× | 1.23× | ||
| Q4 24 | 0.44× | 1.32× | ||
| Q3 24 | 0.23× | 1.26× | ||
| Q2 24 | 0.22× | — | ||
| Q1 24 | 0.28× | — |
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 | $105.3M | $52.0M |
| Free Cash FlowOCF − Capex | $103.8M | $13.0M |
| FCF MarginFCF / Revenue | 25.0% | 1.6% |
| Capex IntensityCapex / Revenue | 0.4% | 4.9% |
| Cash ConversionOCF / Net Profit | — | 0.63× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $104.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $52.0M | ||
| Q3 25 | $96.9M | $71.0M | ||
| Q2 25 | $83.8M | $57.0M | ||
| Q1 25 | $99.5M | $53.0M | ||
| Q4 24 | $78.7M | $65.0M | ||
| Q3 24 | $88.6M | $85.0M | ||
| Q2 24 | $78.6M | $73.0M | ||
| Q1 24 | $66.8M | $49.0M |
| Q4 25 | $103.8M | $13.0M | ||
| Q3 25 | $95.6M | $38.0M | ||
| Q2 25 | $81.0M | $27.0M | ||
| Q1 25 | $98.4M | $26.0M | ||
| Q4 24 | $78.3M | $33.0M | ||
| Q3 24 | $88.6M | $59.0M | ||
| Q2 24 | $78.4M | $49.0M | ||
| Q1 24 | $66.8M | $24.0M |
| Q4 25 | 25.0% | 1.6% | ||
| Q3 25 | 24.1% | 5.6% | ||
| Q2 25 | 21.1% | 4.3% | ||
| Q1 25 | 27.5% | 4.2% | ||
| Q4 24 | 21.6% | 5.6% | ||
| Q3 24 | 24.7% | 9.9% | ||
| Q2 24 | 22.8% | 7.8% | ||
| Q1 24 | 20.7% | 3.9% |
| Q4 25 | 0.4% | 4.9% | ||
| Q3 25 | 0.3% | 4.9% | ||
| Q2 25 | 0.7% | 4.8% | ||
| Q1 25 | 0.3% | 4.3% | ||
| Q4 24 | 0.1% | 5.4% | ||
| Q3 24 | 0.0% | 4.4% | ||
| Q2 24 | 0.1% | 3.8% | ||
| Q1 24 | 0.0% | 4.1% |
| Q4 25 | — | 0.63× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 3.80× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | — | ||
| Q2 24 | 10.35× | 2.70× | ||
| Q1 24 | 2.10× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BILL
| Accounts Payable And Accounts Receivable Solutions | $185.9M | 45% |
| Spend And Expense Interchange Revenue | $166.5M | 40% |
| Interest On Funds Held For Customers | $39.5M | 10% |
| Embedded And Other Solutions | $22.8M | 5% |
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
