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Side-by-side financial comparison of CLARIVATE PLC (CLVT) 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 $585.5M, roughly 1.4× CLARIVATE PLC). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs -6.9%, a 17.3% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs -1.4%). CLARIVATE PLC produced more free cash flow last quarter ($78.9M vs $13.0M). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% CAGR vs -5.1%).
Clarivate Plc is a British-American publicly traded analytics company that operates a collection of subscription-based services, in the areas of bibliometrics and scientometrics; business and market intelligence, and competitive profiling for pharmacy and biotech, patents, and regulatory compliance; trademark protection, and domain and brand protection. Clarivate calculates the impact factor of scientific journals, using data from its Web of Science product family, that also includes services...
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, ...
CLVT vs GBTG — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $585.5M | $792.0M |
| Net Profit | $-40.2M | $83.0M |
| Gross Margin | 67.2% | — |
| Operating Margin | 5.2% | 3.7% |
| Net Margin | -6.9% | 10.5% |
| Revenue YoY | -1.4% | 34.0% |
| Net Profit YoY | 61.3% | 692.9% |
| EPS (diluted) | $-0.06 | $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 | $585.5M | — | ||
| Q4 25 | $617.0M | $792.0M | ||
| Q3 25 | $623.1M | $674.0M | ||
| Q2 25 | $621.4M | $631.0M | ||
| Q1 25 | $593.7M | $621.0M | ||
| Q4 24 | $663.0M | $591.0M | ||
| Q3 24 | $622.2M | $597.0M | ||
| Q2 24 | $650.3M | $625.0M |
| Q1 26 | $-40.2M | — | ||
| Q4 25 | $3.1M | $83.0M | ||
| Q3 25 | $-28.3M | $-62.0M | ||
| Q2 25 | $-72.0M | $15.0M | ||
| Q1 25 | $-103.9M | $75.0M | ||
| Q4 24 | $-191.8M | $-14.0M | ||
| Q3 24 | $-65.6M | $-128.0M | ||
| Q2 24 | $-304.3M | $27.0M |
| Q1 26 | 67.2% | — | ||
| Q4 25 | 66.8% | — | ||
| Q3 25 | 65.0% | — | ||
| Q2 25 | 67.2% | — | ||
| Q1 25 | 65.1% | — | ||
| Q4 24 | 65.7% | — | ||
| Q3 24 | 66.2% | — | ||
| Q2 24 | 67.2% | — |
| Q1 26 | 5.2% | — | ||
| Q4 25 | 6.7% | 3.7% | ||
| Q3 25 | 7.1% | 1.8% | ||
| Q2 25 | 1.1% | 5.4% | ||
| Q1 25 | -3.5% | 8.9% | ||
| Q4 24 | -9.4% | 5.1% | ||
| Q3 24 | 3.5% | 4.5% | ||
| Q2 24 | -36.9% | 6.7% |
| Q1 26 | -6.9% | — | ||
| Q4 25 | 0.5% | 10.5% | ||
| Q3 25 | -4.5% | -9.2% | ||
| Q2 25 | -11.6% | 2.4% | ||
| Q1 25 | -17.5% | 12.1% | ||
| Q4 24 | -28.9% | -2.4% | ||
| Q3 24 | -10.5% | -21.4% | ||
| Q2 24 | -46.8% | 4.3% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.00 | $0.16 | ||
| Q3 25 | $-0.04 | $-0.13 | ||
| Q2 25 | $-0.11 | $0.03 | ||
| Q1 25 | $-0.15 | $0.16 | ||
| Q4 24 | $-0.27 | $-0.04 | ||
| Q3 24 | $-0.09 | $-0.28 | ||
| Q2 24 | $-0.46 | $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 | $4.3B | $1.4B |
| Stockholders' EquityBook value | $4.8B | $1.6B |
| Total Assets | $10.9B | $4.9B |
| Debt / EquityLower = less leverage | 0.89× | 0.88× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $329.2M | $434.0M | ||
| Q3 25 | $318.7M | $427.0M | ||
| Q2 25 | $362.6M | $601.0M | ||
| Q1 25 | $354.0M | $552.0M | ||
| Q4 24 | $295.2M | $536.0M | ||
| Q3 24 | $388.5M | $524.0M | ||
| Q2 24 | $376.4M | $515.0M |
| Q1 26 | $4.3B | — | ||
| Q4 25 | $4.3B | $1.4B | ||
| Q3 25 | $4.4B | $1.4B | ||
| Q2 25 | $4.5B | $1.4B | ||
| Q1 25 | $4.5B | $1.4B | ||
| Q4 24 | $4.5B | $1.4B | ||
| Q3 24 | $4.6B | $1.4B | ||
| Q2 24 | $4.6B | — |
| Q1 26 | $4.8B | — | ||
| Q4 25 | $4.8B | $1.6B | ||
| Q3 25 | $4.9B | $1.5B | ||
| Q2 25 | $5.0B | $1.2B | ||
| Q1 25 | $5.0B | $1.1B | ||
| Q4 24 | $5.1B | $1.1B | ||
| Q3 24 | $5.5B | $1.1B | ||
| Q2 24 | $5.6B | $1.2B |
| Q1 26 | $10.9B | — | ||
| Q4 25 | $11.1B | $4.9B | ||
| Q3 25 | $11.2B | $4.8B | ||
| Q2 25 | $11.4B | $3.9B | ||
| Q1 25 | $11.5B | $3.8B | ||
| Q4 24 | $11.5B | $3.6B | ||
| Q3 24 | $12.0B | $3.8B | ||
| Q2 24 | $12.1B | $3.8B |
| Q1 26 | 0.89× | — | ||
| Q4 25 | 0.89× | 0.88× | ||
| Q3 25 | 0.90× | 0.91× | ||
| Q2 25 | 0.90× | 1.15× | ||
| Q1 25 | 0.90× | 1.23× | ||
| Q4 24 | 0.88× | 1.32× | ||
| Q3 24 | 0.84× | 1.26× | ||
| Q2 24 | 0.83× | — |
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 | $134.7M | $52.0M |
| Free Cash FlowOCF − Capex | $78.9M | $13.0M |
| FCF MarginFCF / Revenue | 13.5% | 1.6% |
| Capex IntensityCapex / Revenue | 9.5% | 4.9% |
| Cash ConversionOCF / Net Profit | — | 0.63× |
| TTM Free Cash FlowTrailing 4 quarters | $333.9M | $104.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $134.7M | — | ||
| Q4 25 | $159.9M | $52.0M | ||
| Q3 25 | $181.1M | $71.0M | ||
| Q2 25 | $116.3M | $57.0M | ||
| Q1 25 | $171.2M | $53.0M | ||
| Q4 24 | $141.3M | $65.0M | ||
| Q3 24 | $202.9M | $85.0M | ||
| Q2 24 | $126.2M | $73.0M |
| Q1 26 | $78.9M | — | ||
| Q4 25 | $89.2M | $13.0M | ||
| Q3 25 | $115.5M | $38.0M | ||
| Q2 25 | $50.3M | $27.0M | ||
| Q1 25 | $110.3M | $26.0M | ||
| Q4 24 | $59.1M | $33.0M | ||
| Q3 24 | $126.3M | $59.0M | ||
| Q2 24 | $60.3M | $49.0M |
| Q1 26 | 13.5% | — | ||
| Q4 25 | 14.5% | 1.6% | ||
| Q3 25 | 18.5% | 5.6% | ||
| Q2 25 | 8.1% | 4.3% | ||
| Q1 25 | 18.6% | 4.2% | ||
| Q4 24 | 8.9% | 5.6% | ||
| Q3 24 | 20.3% | 9.9% | ||
| Q2 24 | 9.3% | 7.8% |
| Q1 26 | 9.5% | — | ||
| Q4 25 | 11.5% | 4.9% | ||
| Q3 25 | 10.5% | 4.9% | ||
| Q2 25 | 10.6% | 4.8% | ||
| Q1 25 | 10.3% | 4.3% | ||
| Q4 24 | 12.4% | 5.4% | ||
| Q3 24 | 12.3% | 4.4% | ||
| Q2 24 | 10.1% | 3.8% |
| Q1 26 | — | — | ||
| Q4 25 | 51.58× | 0.63× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 3.80× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.70× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLVT
| Subscription | $397.5M | 68% |
| Re-occurring | $108.6M | 19% |
| Transactional | $79.4M | 14% |
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
