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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and Graham Holdings Co (GHC). Click either name above to swap in a different company.
Graham Holdings Co is the larger business by last-quarter revenue ($1.3B vs $792.0M, roughly 1.6× Global Business Travel Group, Inc.). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs 8.7%, a 1.8% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 0.4%). Global Business Travel Group, Inc. produced more free cash flow last quarter ($13.0M vs $5.0M). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% CAGR vs 4.2%).
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, ...
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
GBTG vs GHC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $1.3B |
| Net Profit | $83.0M | $108.7M |
| Gross Margin | — | — |
| Operating Margin | 3.7% | 3.8% |
| Net Margin | 10.5% | 8.7% |
| Revenue YoY | 34.0% | 0.4% |
| Net Profit YoY | 692.9% | -80.2% |
| EPS (diluted) | $0.16 | $24.76 |
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 | $792.0M | $1.3B | ||
| Q3 25 | $674.0M | $1.3B | ||
| Q2 25 | $631.0M | $1.2B | ||
| Q1 25 | $621.0M | $1.2B | ||
| Q4 24 | $591.0M | $1.2B | ||
| Q3 24 | $597.0M | $1.2B | ||
| Q2 24 | $625.0M | $1.2B | ||
| Q1 24 | $610.0M | $1.2B |
| Q4 25 | $83.0M | $108.7M | ||
| Q3 25 | $-62.0M | $122.9M | ||
| Q2 25 | $15.0M | $36.7M | ||
| Q1 25 | $75.0M | $23.9M | ||
| Q4 24 | $-14.0M | $548.8M | ||
| Q3 24 | $-128.0M | $72.5M | ||
| Q2 24 | $27.0M | $-21.0M | ||
| Q1 24 | $-19.0M | $124.4M |
| Q4 25 | 3.7% | 3.8% | ||
| Q3 25 | 1.8% | 5.2% | ||
| Q2 25 | 5.4% | 6.0% | ||
| Q1 25 | 8.9% | 4.1% | ||
| Q4 24 | 5.1% | 5.8% | ||
| Q3 24 | 4.5% | 6.8% | ||
| Q2 24 | 6.7% | 2.2% | ||
| Q1 24 | 2.6% | 3.1% |
| Q4 25 | 10.5% | 8.7% | ||
| Q3 25 | -9.2% | 9.6% | ||
| Q2 25 | 2.4% | 3.0% | ||
| Q1 25 | 12.1% | 2.0% | ||
| Q4 24 | -2.4% | 44.1% | ||
| Q3 24 | -21.4% | 6.0% | ||
| Q2 24 | 4.3% | -1.8% | ||
| Q1 24 | -3.1% | 10.8% |
| Q4 25 | $0.16 | $24.76 | ||
| Q3 25 | $-0.13 | $27.91 | ||
| Q2 25 | $0.03 | $8.35 | ||
| Q1 25 | $0.16 | $5.45 | ||
| Q4 24 | $-0.04 | $124.05 | ||
| Q3 24 | $-0.28 | $16.42 | ||
| Q2 24 | $0.06 | $-4.79 | ||
| Q1 24 | $-0.04 | $27.72 |
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 | $267.0M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $1.6B | $4.8B |
| Total Assets | $4.9B | $8.4B |
| Debt / EquityLower = less leverage | 0.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $434.0M | $267.0M | ||
| Q3 25 | $427.0M | $190.8M | ||
| Q2 25 | $601.0M | $176.2M | ||
| Q1 25 | $552.0M | $156.7M | ||
| Q4 24 | $536.0M | $260.9M | ||
| Q3 24 | $524.0M | $244.4M | ||
| Q2 24 | $515.0M | $140.7M | ||
| Q1 24 | $475.0M | $130.9M |
| 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 | $1.6B | $4.8B | ||
| Q3 25 | $1.5B | $4.5B | ||
| Q2 25 | $1.2B | $4.4B | ||
| Q1 25 | $1.1B | $4.3B | ||
| Q4 24 | $1.1B | $4.3B | ||
| Q3 24 | $1.1B | $4.0B | ||
| Q2 24 | $1.2B | $4.0B | ||
| Q1 24 | $1.2B | $4.0B |
| Q4 25 | $4.9B | $8.4B | ||
| Q3 25 | $4.8B | $7.9B | ||
| Q2 25 | $3.9B | $7.6B | ||
| Q1 25 | $3.8B | $7.6B | ||
| Q4 24 | $3.6B | $7.7B | ||
| Q3 24 | $3.8B | $7.4B | ||
| Q2 24 | $3.8B | $7.2B | ||
| Q1 24 | $3.8B | $7.3B |
| 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 | $52.0M | $28.3M |
| Free Cash FlowOCF − Capex | $13.0M | $5.0M |
| FCF MarginFCF / Revenue | 1.6% | 0.4% |
| Capex IntensityCapex / Revenue | 4.9% | 1.9% |
| Cash ConversionOCF / Net Profit | 0.63× | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | $104.0M | $275.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $52.0M | $28.3M | ||
| Q3 25 | $71.0M | $178.1M | ||
| Q2 25 | $57.0M | $94.8M | ||
| Q1 25 | $53.0M | $46.0M | ||
| Q4 24 | $65.0M | $116.3M | ||
| Q3 24 | $85.0M | $237.6M | ||
| Q2 24 | $73.0M | $52.0M | ||
| Q1 24 | $49.0M | $1.1M |
| Q4 25 | $13.0M | $5.0M | ||
| Q3 25 | $38.0M | $161.8M | ||
| Q2 25 | $27.0M | $78.0M | ||
| Q1 25 | $26.0M | $30.5M | ||
| Q4 24 | $33.0M | $91.1M | ||
| Q3 24 | $59.0M | $219.4M | ||
| Q2 24 | $49.0M | $33.7M | ||
| Q1 24 | $24.0M | $-20.2M |
| Q4 25 | 1.6% | 0.4% | ||
| Q3 25 | 5.6% | 12.6% | ||
| Q2 25 | 4.3% | 6.4% | ||
| Q1 25 | 4.2% | 2.6% | ||
| Q4 24 | 5.6% | 7.3% | ||
| Q3 24 | 9.9% | 18.2% | ||
| Q2 24 | 7.8% | 2.8% | ||
| Q1 24 | 3.9% | -1.8% |
| Q4 25 | 4.9% | 1.9% | ||
| Q3 25 | 4.9% | 1.3% | ||
| Q2 25 | 4.8% | 1.4% | ||
| Q1 25 | 4.3% | 1.3% | ||
| Q4 24 | 5.4% | 2.0% | ||
| Q3 24 | 4.4% | 1.5% | ||
| Q2 24 | 3.8% | 1.5% | ||
| Q1 24 | 4.1% | 1.8% |
| Q4 25 | 0.63× | 0.26× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | 3.80× | 2.58× | ||
| Q1 25 | 0.71× | 1.93× | ||
| Q4 24 | — | 0.21× | ||
| Q3 24 | — | 3.28× | ||
| Q2 24 | 2.70× | — | ||
| Q1 24 | — | 0.01× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
