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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and Gaming & Leisure Properties, Inc. (GLPI). 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 $420.0M, roughly 1.9× Gaming & Leisure Properties, Inc.). Gaming & Leisure Properties, Inc. runs the higher net margin — 57.0% vs 10.5%, a 46.5% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 6.3%). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% CAGR vs 5.0%).
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, ...
Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 62 casino properties, all of which are leased to other companies.
GBTG vs GLPI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $420.0M |
| Net Profit | $83.0M | $239.4M |
| Gross Margin | — | — |
| Operating Margin | 3.7% | 79.4% |
| Net Margin | 10.5% | 57.0% |
| Revenue YoY | 34.0% | 6.3% |
| Net Profit YoY | 692.9% | 40.5% |
| EPS (diluted) | $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 | — | $420.0M | ||
| Q4 25 | $792.0M | $407.0M | ||
| Q3 25 | $674.0M | $397.6M | ||
| Q2 25 | $631.0M | $394.9M | ||
| Q1 25 | $621.0M | $395.2M | ||
| Q4 24 | $591.0M | $389.6M | ||
| Q3 24 | $597.0M | $385.3M | ||
| Q2 24 | $625.0M | $380.6M |
| Q1 26 | — | $239.4M | ||
| Q4 25 | $83.0M | $275.4M | ||
| Q3 25 | $-62.0M | $241.2M | ||
| Q2 25 | $15.0M | $151.4M | ||
| Q1 25 | $75.0M | $165.2M | ||
| Q4 24 | $-14.0M | $223.6M | ||
| Q3 24 | $-128.0M | $184.7M | ||
| Q2 24 | $27.0M | $208.3M |
| Q1 26 | — | 79.4% | ||
| Q4 25 | 3.7% | 89.3% | ||
| Q3 25 | 1.8% | 84.8% | ||
| Q2 25 | 5.4% | 61.3% | ||
| Q1 25 | 8.9% | 65.5% | ||
| Q4 24 | 5.1% | 79.1% | ||
| Q3 24 | 4.5% | 70.4% | ||
| Q2 24 | 6.7% | 77.1% |
| Q1 26 | — | 57.0% | ||
| Q4 25 | 10.5% | 67.6% | ||
| Q3 25 | -9.2% | 60.7% | ||
| Q2 25 | 2.4% | 38.4% | ||
| Q1 25 | 12.1% | 41.8% | ||
| Q4 24 | -2.4% | 57.4% | ||
| Q3 24 | -21.4% | 47.9% | ||
| Q2 24 | 4.3% | 54.7% |
| Q1 26 | — | — | ||
| Q4 25 | $0.16 | $0.96 | ||
| Q3 25 | $-0.13 | $0.85 | ||
| Q2 25 | $0.03 | $0.54 | ||
| Q1 25 | $0.16 | $0.60 | ||
| Q4 24 | $-0.04 | $0.79 | ||
| Q3 24 | $-0.28 | $0.67 | ||
| Q2 24 | $0.06 | $0.77 |
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 | $274.5M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $1.6B | $5.0B |
| Total Assets | $4.9B | $13.8B |
| Debt / EquityLower = less leverage | 0.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $274.5M | ||
| Q4 25 | $434.0M | — | ||
| Q3 25 | $427.0M | — | ||
| Q2 25 | $601.0M | — | ||
| Q1 25 | $552.0M | — | ||
| Q4 24 | $536.0M | $560.8M | ||
| Q3 24 | $524.0M | $560.8M | ||
| Q2 24 | $515.0M | $560.8M |
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $7.2B | ||
| Q3 25 | $1.4B | $7.2B | ||
| Q2 25 | $1.4B | $6.9B | ||
| Q1 25 | $1.4B | $6.9B | ||
| Q4 24 | $1.4B | $7.7B | ||
| Q3 24 | $1.4B | $7.4B | ||
| Q2 24 | — | $6.6B |
| Q1 26 | — | $5.0B | ||
| Q4 25 | $1.6B | $4.6B | ||
| Q3 25 | $1.5B | $4.6B | ||
| Q2 25 | $1.2B | $4.6B | ||
| Q1 25 | $1.1B | $4.2B | ||
| Q4 24 | $1.1B | $4.3B | ||
| Q3 24 | $1.1B | $4.3B | ||
| Q2 24 | $1.2B | $4.1B |
| Q1 26 | — | $13.8B | ||
| Q4 25 | $4.9B | $12.9B | ||
| Q3 25 | $4.8B | $12.8B | ||
| Q2 25 | $3.9B | $12.5B | ||
| Q1 25 | $3.8B | $12.1B | ||
| Q4 24 | $3.6B | $13.1B | ||
| Q3 24 | $3.8B | $12.7B | ||
| Q2 24 | $3.8B | $11.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.88× | 1.56× | ||
| Q3 25 | 0.91× | 1.57× | ||
| Q2 25 | 1.15× | 1.51× | ||
| Q1 25 | 1.23× | 1.63× | ||
| Q4 24 | 1.32× | 1.81× | ||
| Q3 24 | 1.26× | 1.74× | ||
| Q2 24 | — | 1.60× |
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 | $52.0M | $1.1B | ||
| Q3 25 | $71.0M | $240.3M | ||
| Q2 25 | $57.0M | $293.4M | ||
| Q1 25 | $53.0M | $252.5M | ||
| Q4 24 | $65.0M | $1.1B | ||
| Q3 24 | $85.0M | $270.4M | ||
| Q2 24 | $73.0M | $252.1M |
| Q1 26 | — | — | ||
| Q4 25 | $13.0M | — | ||
| Q3 25 | $38.0M | $183.0M | ||
| Q2 25 | $27.0M | $272.3M | ||
| Q1 25 | $26.0M | $239.6M | ||
| Q4 24 | $33.0M | $1.1B | ||
| Q3 24 | $59.0M | $261.5M | ||
| Q2 24 | $49.0M | $245.0M |
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | — | ||
| Q3 25 | 5.6% | 46.0% | ||
| Q2 25 | 4.3% | 69.0% | ||
| Q1 25 | 4.2% | 60.6% | ||
| Q4 24 | 5.6% | 275.3% | ||
| Q3 24 | 9.9% | 67.9% | ||
| Q2 24 | 7.8% | 64.4% |
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | — | ||
| Q3 25 | 4.9% | 14.4% | ||
| Q2 25 | 4.8% | 5.3% | ||
| Q1 25 | 4.3% | 3.3% | ||
| Q4 24 | 5.4% | 0.0% | ||
| Q3 24 | 4.4% | 2.3% | ||
| Q2 24 | 3.8% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 0.63× | 4.10× | ||
| Q3 25 | — | 1.00× | ||
| Q2 25 | 3.80× | 1.94× | ||
| Q1 25 | 0.71× | 1.53× | ||
| Q4 24 | — | 4.80× | ||
| Q3 24 | — | 1.46× | ||
| Q2 24 | 2.70× | 1.21× |
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% |
GLPI
Segment breakdown not available.
