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Side-by-side financial comparison of BXP, Inc. (BXP) and Global Business Travel Group, Inc. (GBTG). Click either name above to swap in a different company.
BXP, Inc. is the larger business by last-quarter revenue ($872.1M vs $792.0M, roughly 1.1× Global Business Travel Group, Inc.). BXP, Inc. runs the higher net margin — 15.3% vs 10.5%, a 4.8% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 0.8%). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% CAGR vs 1.3%).
BXP Inc., operating as Boston Properties, is a leading U.S. real estate investment trust focused on owning, managing and developing high-quality Class A commercial office properties across major U.S. metro markets, serving diverse corporate, tech and professional service tenants.
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, ...
BXP vs GBTG — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $872.1M | $792.0M |
| Net Profit | $133.0M | $83.0M |
| Gross Margin | — | — |
| Operating Margin | — | 3.7% |
| Net Margin | 15.3% | 10.5% |
| Revenue YoY | 0.8% | 34.0% |
| Net Profit YoY | 53.0% | 692.9% |
| EPS (diluted) | $1.69 | $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 | $872.1M | — | ||
| Q4 25 | $877.1M | $792.0M | ||
| Q3 25 | $871.5M | $674.0M | ||
| Q2 25 | $868.5M | $631.0M | ||
| Q1 25 | $865.2M | $621.0M | ||
| Q4 24 | $858.6M | $591.0M | ||
| Q3 24 | $859.2M | $597.0M | ||
| Q2 24 | $850.5M | $625.0M |
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $83.0M | ||
| Q3 25 | $-121.7M | $-62.0M | ||
| Q2 25 | $89.0M | $15.0M | ||
| Q1 25 | $61.2M | $75.0M | ||
| Q4 24 | $-228.9M | $-14.0M | ||
| Q3 24 | $83.6M | $-128.0M | ||
| Q2 24 | $79.6M | $27.0M |
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | — | ||
| Q3 25 | 59.3% | — | ||
| Q2 25 | 59.2% | — | ||
| Q1 25 | 59.2% | — | ||
| Q4 24 | 59.7% | — | ||
| Q3 24 | 59.5% | — | ||
| Q2 24 | 59.8% | — |
| 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 | 15.3% | — | ||
| Q4 25 | 28.3% | 10.5% | ||
| Q3 25 | -14.0% | -9.2% | ||
| Q2 25 | 10.2% | 2.4% | ||
| Q1 25 | 7.1% | 12.1% | ||
| Q4 24 | -26.7% | -2.4% | ||
| Q3 24 | 9.7% | -21.4% | ||
| Q2 24 | 9.4% | 4.3% |
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.16 | ||
| Q3 25 | $-0.77 | $-0.13 | ||
| Q2 25 | $0.56 | $0.03 | ||
| Q1 25 | $0.39 | $0.16 | ||
| Q4 24 | $-1.46 | $-0.04 | ||
| Q3 24 | $0.53 | $-0.28 | ||
| Q2 24 | $0.51 | $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 | $512.8M | $434.0M |
| Total DebtLower is stronger | — | $1.4B |
| Stockholders' EquityBook value | $7.7B | $1.6B |
| Total Assets | $25.1B | $4.9B |
| Debt / EquityLower = less leverage | — | 0.88× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $434.0M | ||
| Q3 25 | $861.1M | $427.0M | ||
| Q2 25 | $447.0M | $601.0M | ||
| Q1 25 | $398.1M | $552.0M | ||
| Q4 24 | $1.3B | $536.0M | ||
| Q3 24 | $1.4B | $524.0M | ||
| Q2 24 | $685.4M | $515.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | — |
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $1.6B | ||
| Q3 25 | $5.0B | $1.5B | ||
| Q2 25 | $5.3B | $1.2B | ||
| Q1 25 | $5.3B | $1.1B | ||
| Q4 24 | $5.4B | $1.1B | ||
| Q3 24 | $5.8B | $1.1B | ||
| Q2 24 | $5.8B | $1.2B |
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $4.9B | ||
| Q3 25 | $26.0B | $4.8B | ||
| Q2 25 | $25.6B | $3.9B | ||
| Q1 25 | $25.4B | $3.8B | ||
| Q4 24 | $26.1B | $3.6B | ||
| Q3 24 | $26.4B | $3.8B | ||
| Q2 24 | $25.5B | $3.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.88× | ||
| Q3 25 | — | 0.91× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.23× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | 1.26× | ||
| Q2 24 | — | — |
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 | — | $52.0M |
| Free Cash FlowOCF − Capex | — | $13.0M |
| FCF MarginFCF / Revenue | — | 1.6% |
| Capex IntensityCapex / Revenue | 1.5% | 4.9% |
| Cash ConversionOCF / Net Profit | — | 0.63× |
| TTM Free Cash FlowTrailing 4 quarters | — | $104.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $52.0M | ||
| Q3 25 | $274.2M | $71.0M | ||
| Q2 25 | $353.1M | $57.0M | ||
| Q1 25 | $210.0M | $53.0M | ||
| Q4 24 | $383.7M | $65.0M | ||
| Q3 24 | $286.1M | $85.0M | ||
| Q2 24 | $367.1M | $73.0M |
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $13.0M | ||
| Q3 25 | $231.6M | $38.0M | ||
| Q2 25 | $281.5M | $27.0M | ||
| Q1 25 | $152.6M | $26.0M | ||
| Q4 24 | $312.5M | $33.0M | ||
| Q3 24 | $234.5M | $59.0M | ||
| Q2 24 | $332.4M | $49.0M |
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 1.6% | ||
| Q3 25 | 26.6% | 5.6% | ||
| Q2 25 | 32.4% | 4.3% | ||
| Q1 25 | 17.6% | 4.2% | ||
| Q4 24 | 36.4% | 5.6% | ||
| Q3 24 | 27.3% | 9.9% | ||
| Q2 24 | 39.1% | 7.8% |
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 4.9% | ||
| Q3 25 | 4.9% | 4.9% | ||
| Q2 25 | 8.2% | 4.8% | ||
| Q1 25 | 6.6% | 4.3% | ||
| Q4 24 | 8.3% | 5.4% | ||
| Q3 24 | 6.0% | 4.4% | ||
| Q2 24 | 4.1% | 3.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 0.63× | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.97× | 3.80× | ||
| Q1 25 | 3.43× | 0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.42× | — | ||
| Q2 24 | 4.61× | 2.70× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BXP
| Lease | $818.2M | 94% |
| Parking and other | $30.8M | 4% |
| Development and management services | $9.2M | 1% |
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
