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Side-by-side financial comparison of EPAM Systems (EPAM) and Global Business Travel Group, Inc. (GBTG). Click either name above to swap in a different company.
EPAM Systems is the larger business by last-quarter revenue ($1.4B vs $792.0M, roughly 1.8× Global Business Travel Group, Inc.). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs 7.8%, a 2.7% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 12.8%). EPAM Systems produced more free cash flow last quarter ($268.1M vs $13.0M). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% CAGR vs 9.9%).
EPAM Systems, Inc. is an American company that specializes in software engineering services, digital platform engineering, and digital product design, operating out of Newtown, Pennsylvania. EPAM is a founding member of the MACH Alliance.
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, ...
EPAM vs GBTG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $792.0M |
| Net Profit | $109.4M | $83.0M |
| Gross Margin | 30.1% | — |
| Operating Margin | 10.6% | 3.7% |
| Net Margin | 7.8% | 10.5% |
| Revenue YoY | 12.8% | 34.0% |
| Net Profit YoY | 5.9% | 692.9% |
| EPS (diluted) | $1.97 | $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 | $1.4B | $792.0M | ||
| Q3 25 | $1.4B | $674.0M | ||
| Q2 25 | $1.4B | $631.0M | ||
| Q1 25 | $1.3B | $621.0M | ||
| Q4 24 | $1.2B | $591.0M | ||
| Q3 24 | $1.2B | $597.0M | ||
| Q2 24 | $1.1B | $625.0M | ||
| Q1 24 | $1.2B | $610.0M |
| Q4 25 | $109.4M | $83.0M | ||
| Q3 25 | $106.8M | $-62.0M | ||
| Q2 25 | $88.0M | $15.0M | ||
| Q1 25 | $73.5M | $75.0M | ||
| Q4 24 | $103.3M | $-14.0M | ||
| Q3 24 | $136.3M | $-128.0M | ||
| Q2 24 | $98.6M | $27.0M | ||
| Q1 24 | $116.2M | $-19.0M |
| Q4 25 | 30.1% | — | ||
| Q3 25 | 29.5% | — | ||
| Q2 25 | 28.8% | — | ||
| Q1 25 | 26.9% | — | ||
| Q4 24 | 30.4% | — | ||
| Q3 24 | 34.6% | — | ||
| Q2 24 | 29.3% | — | ||
| Q1 24 | 28.4% | — |
| Q4 25 | 10.6% | 3.7% | ||
| Q3 25 | 10.4% | 1.8% | ||
| Q2 25 | 9.3% | 5.4% | ||
| Q1 25 | 7.6% | 8.9% | ||
| Q4 24 | 10.9% | 5.1% | ||
| Q3 24 | 15.2% | 4.5% | ||
| Q2 24 | 10.5% | 6.7% | ||
| Q1 24 | 9.5% | 2.6% |
| Q4 25 | 7.8% | 10.5% | ||
| Q3 25 | 7.7% | -9.2% | ||
| Q2 25 | 6.5% | 2.4% | ||
| Q1 25 | 5.6% | 12.1% | ||
| Q4 24 | 8.3% | -2.4% | ||
| Q3 24 | 11.7% | -21.4% | ||
| Q2 24 | 8.6% | 4.3% | ||
| Q1 24 | 10.0% | -3.1% |
| Q4 25 | $1.97 | $0.16 | ||
| Q3 25 | $1.91 | $-0.13 | ||
| Q2 25 | $1.56 | $0.03 | ||
| Q1 25 | $1.28 | $0.16 | ||
| Q4 24 | $1.80 | $-0.04 | ||
| Q3 24 | $2.37 | $-0.28 | ||
| Q2 24 | $1.70 | $0.06 | ||
| Q1 24 | $1.97 | $-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 | $1.3B | $434.0M |
| Total DebtLower is stronger | — | $1.4B |
| Stockholders' EquityBook value | $3.7B | $1.6B |
| Total Assets | $4.9B | $4.9B |
| Debt / EquityLower = less leverage | — | 0.88× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $434.0M | ||
| Q3 25 | $1.2B | $427.0M | ||
| Q2 25 | $1.0B | $601.0M | ||
| Q1 25 | $1.2B | $552.0M | ||
| Q4 24 | $1.3B | $536.0M | ||
| Q3 24 | $2.1B | $524.0M | ||
| Q2 24 | $1.8B | $515.0M | ||
| Q1 24 | $2.0B | $475.0M |
| 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 24 | — | — |
| Q4 25 | $3.7B | $1.6B | ||
| Q3 25 | $3.7B | $1.5B | ||
| Q2 25 | $3.7B | $1.2B | ||
| Q1 25 | $3.6B | $1.1B | ||
| Q4 24 | $3.6B | $1.1B | ||
| Q3 24 | $3.6B | $1.1B | ||
| Q2 24 | $3.4B | $1.2B | ||
| Q1 24 | $3.5B | $1.2B |
| Q4 25 | $4.9B | $4.9B | ||
| Q3 25 | $4.8B | $4.8B | ||
| Q2 25 | $4.7B | $3.9B | ||
| Q1 25 | $4.7B | $3.8B | ||
| Q4 24 | $4.8B | $3.6B | ||
| Q3 24 | $4.5B | $3.8B | ||
| Q2 24 | $4.2B | $3.8B | ||
| Q1 24 | $4.4B | $3.8B |
| 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 | — | — | ||
| Q1 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 | $282.9M | $52.0M |
| Free Cash FlowOCF − Capex | $268.1M | $13.0M |
| FCF MarginFCF / Revenue | 19.0% | 1.6% |
| Capex IntensityCapex / Revenue | 1.1% | 4.9% |
| Cash ConversionOCF / Net Profit | 2.59× | 0.63× |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | $104.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.9M | $52.0M | ||
| Q3 25 | $294.7M | $71.0M | ||
| Q2 25 | $53.2M | $57.0M | ||
| Q1 25 | $24.2M | $53.0M | ||
| Q4 24 | $130.3M | $65.0M | ||
| Q3 24 | $242.0M | $85.0M | ||
| Q2 24 | $57.0M | $73.0M | ||
| Q1 24 | $129.9M | $49.0M |
| Q4 25 | $268.1M | $13.0M | ||
| Q3 25 | $286.4M | $38.0M | ||
| Q2 25 | $43.4M | $27.0M | ||
| Q1 25 | $14.8M | $26.0M | ||
| Q4 24 | $114.5M | $33.0M | ||
| Q3 24 | $237.0M | $59.0M | ||
| Q2 24 | $52.3M | $49.0M | ||
| Q1 24 | $123.2M | $24.0M |
| Q4 25 | 19.0% | 1.6% | ||
| Q3 25 | 20.5% | 5.6% | ||
| Q2 25 | 3.2% | 4.3% | ||
| Q1 25 | 1.1% | 4.2% | ||
| Q4 24 | 9.2% | 5.6% | ||
| Q3 24 | 20.3% | 9.9% | ||
| Q2 24 | 4.6% | 7.8% | ||
| Q1 24 | 10.6% | 3.9% |
| Q4 25 | 1.1% | 4.9% | ||
| Q3 25 | 0.6% | 4.9% | ||
| Q2 25 | 0.7% | 4.8% | ||
| Q1 25 | 0.7% | 4.3% | ||
| Q4 24 | 1.3% | 5.4% | ||
| Q3 24 | 0.4% | 4.4% | ||
| Q2 24 | 0.4% | 3.8% | ||
| Q1 24 | 0.6% | 4.1% |
| Q4 25 | 2.59× | 0.63× | ||
| Q3 25 | 2.76× | — | ||
| Q2 25 | 0.60× | 3.80× | ||
| Q1 25 | 0.33× | 0.71× | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | 1.77× | — | ||
| Q2 24 | 0.58× | 2.70× | ||
| Q1 24 | 1.12× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPAM
Segment breakdown not available.
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
