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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and Global Business Travel Group, Inc. (GBTG). Click either name above to swap in a different company.
BOYD GAMING CORP is the larger business by last-quarter revenue ($997.4M vs $792.0M, roughly 1.3× Global Business Travel Group, Inc.). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs 10.5%, a 0.0% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 0.6%). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% CAGR vs 1.5%).
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
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, ...
BYD vs GBTG — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $792.0M |
| Net Profit | $104.3M | $83.0M |
| Gross Margin | — | — |
| Operating Margin | 16.4% | 3.7% |
| Net Margin | 10.5% | 10.5% |
| Revenue YoY | 0.6% | 34.0% |
| Net Profit YoY | -5.9% | 692.9% |
| EPS (diluted) | $1.37 | $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 | $997.4M | — | ||
| Q4 25 | $1.1B | $792.0M | ||
| Q3 25 | $1.0B | $674.0M | ||
| Q2 25 | $1.0B | $631.0M | ||
| Q1 25 | $991.6M | $621.0M | ||
| Q4 24 | $1.0B | $591.0M | ||
| Q3 24 | $961.2M | $597.0M | ||
| Q2 24 | $967.5M | $625.0M |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $83.0M | ||
| Q3 25 | $1.4B | $-62.0M | ||
| Q2 25 | $151.5M | $15.0M | ||
| Q1 25 | $111.4M | $75.0M | ||
| Q4 24 | $170.5M | $-14.0M | ||
| Q3 24 | $131.1M | $-128.0M | ||
| Q2 24 | $139.8M | $27.0M |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | 3.7% | ||
| Q3 25 | 13.9% | 1.8% | ||
| Q2 25 | 23.4% | 5.4% | ||
| Q1 25 | 20.2% | 8.9% | ||
| Q4 24 | 25.1% | 5.1% | ||
| Q3 24 | 22.9% | 4.5% | ||
| Q2 24 | 23.5% | 6.7% |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | 10.5% | ||
| Q3 25 | 143.4% | -9.2% | ||
| Q2 25 | 14.6% | 2.4% | ||
| Q1 25 | 11.2% | 12.1% | ||
| Q4 24 | 16.4% | -2.4% | ||
| Q3 24 | 13.6% | -21.4% | ||
| Q2 24 | 14.5% | 4.3% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | $0.16 | ||
| Q3 25 | $17.81 | $-0.13 | ||
| Q2 25 | $1.84 | $0.03 | ||
| Q1 25 | $1.31 | $0.16 | ||
| Q4 24 | $1.89 | $-0.04 | ||
| Q3 24 | $1.43 | $-0.28 | ||
| Q2 24 | $1.47 | $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 | — | $434.0M |
| Total DebtLower is stronger | — | $1.4B |
| Stockholders' EquityBook value | — | $1.6B |
| Total Assets | — | $4.9B |
| Debt / EquityLower = less leverage | — | 0.88× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | $434.0M | ||
| Q3 25 | $319.1M | $427.0M | ||
| Q2 25 | $320.1M | $601.0M | ||
| Q1 25 | $311.5M | $552.0M | ||
| Q4 24 | $316.7M | $536.0M | ||
| Q3 24 | $286.3M | $524.0M | ||
| Q2 24 | $280.8M | $515.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | $3.6B | $1.4B | ||
| Q1 25 | $3.5B | $1.4B | ||
| Q4 24 | $3.2B | $1.4B | ||
| Q3 24 | $3.1B | $1.4B | ||
| Q2 24 | $3.0B | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $1.6B | ||
| Q3 25 | $2.7B | $1.5B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $1.6B | $1.1B | ||
| Q3 24 | $1.6B | $1.1B | ||
| Q2 24 | $1.7B | $1.2B |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $4.9B | ||
| Q3 25 | $6.5B | $4.8B | ||
| Q2 25 | $6.6B | $3.9B | ||
| Q1 25 | $6.5B | $3.8B | ||
| Q4 24 | $6.4B | $3.6B | ||
| Q3 24 | $6.3B | $3.8B | ||
| Q2 24 | $6.3B | $3.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.88× | ||
| Q3 25 | — | 0.91× | ||
| Q2 25 | 2.56× | 1.15× | ||
| Q1 25 | 2.61× | 1.23× | ||
| Q4 24 | 2.01× | 1.32× | ||
| Q3 24 | 1.88× | 1.26× | ||
| Q2 24 | 1.73× | — |
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 | — | 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 | $275.3M | $52.0M | ||
| Q3 25 | $240.0M | $71.0M | ||
| Q2 25 | $205.0M | $57.0M | ||
| Q1 25 | $256.4M | $53.0M | ||
| Q4 24 | $262.1M | $65.0M | ||
| Q3 24 | $231.2M | $85.0M | ||
| Q2 24 | $213.1M | $73.0M |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | $13.0M | ||
| Q3 25 | $94.4M | $38.0M | ||
| Q2 25 | $80.6M | $27.0M | ||
| Q1 25 | $86.5M | $26.0M | ||
| Q4 24 | $150.9M | $33.0M | ||
| Q3 24 | $146.0M | $59.0M | ||
| Q2 24 | $98.7M | $49.0M |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | 1.6% | ||
| Q3 25 | 9.4% | 5.6% | ||
| Q2 25 | 7.8% | 4.3% | ||
| Q1 25 | 8.7% | 4.2% | ||
| Q4 24 | 14.5% | 5.6% | ||
| Q3 24 | 15.2% | 9.9% | ||
| Q2 24 | 10.2% | 7.8% |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | 4.9% | ||
| Q3 25 | 14.5% | 4.9% | ||
| Q2 25 | 12.0% | 4.8% | ||
| Q1 25 | 17.1% | 4.3% | ||
| Q4 24 | 10.7% | 5.4% | ||
| Q3 24 | 8.9% | 4.4% | ||
| Q2 24 | 11.8% | 3.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | 0.63× | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 1.35× | 3.80× | ||
| Q1 25 | 2.30× | 0.71× | ||
| Q4 24 | 1.54× | — | ||
| Q3 24 | 1.76× | — | ||
| Q2 24 | 1.52× | 2.70× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BYD
| Gaming | $650.5M | 65% |
| Online reimbursements | $135.4M | 14% |
| Food & beverage | $75.8M | 8% |
| Other | $63.5M | 6% |
| Room | $45.9M | 5% |
| Management fee | $26.2M | 3% |
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
