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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and Lineage, Inc. (LINE). Click either name above to swap in a different company.
Lineage, Inc. is the larger business by last-quarter revenue ($1.4B vs $792.0M, roughly 1.7× Global Business Travel Group, Inc.). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs -7.3%, a 17.7% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 3.1%). Lineage, Inc. produced more free cash flow last quarter ($35.0M vs $13.0M).
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, ...
Norwegian Cruise Line Holdings (NCLH) is a holding company that is based in the United States and domiciled in Bermuda. It operates three cruise lines as wholly owned subsidiaries: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With its subsidiaries combined, it is the third-largest cruise operator in the world. It is a publicly traded company listed on the New York Stock Exchange.
GBTG vs LINE — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $1.4B |
| Net Profit | $83.0M | $-100.0M |
| Gross Margin | — | 32.3% |
| Operating Margin | 3.7% | 2.5% |
| Net Margin | 10.5% | -7.3% |
| Revenue YoY | 34.0% | 3.1% |
| Net Profit YoY | 692.9% | 79.4% |
| EPS (diluted) | $0.16 | $-0.44 |
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 | — | ||
| Q3 25 | $674.0M | $1.4B | ||
| Q2 25 | $631.0M | $1.4B | ||
| Q1 25 | $621.0M | $1.3B | ||
| Q4 24 | $591.0M | $1.3B | ||
| Q3 24 | $597.0M | $1.3B | ||
| Q2 24 | $625.0M | $1.3B | ||
| Q1 24 | $610.0M | $1.3B |
| Q4 25 | $83.0M | — | ||
| Q3 25 | $-62.0M | $-100.0M | ||
| Q2 25 | $15.0M | $-6.0M | ||
| Q1 25 | $75.0M | $0 | ||
| Q4 24 | $-14.0M | $-71.0M | ||
| Q3 24 | $-128.0M | $-485.0M | ||
| Q2 24 | $27.0M | $-68.0M | ||
| Q1 24 | $-19.0M | $-40.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 32.3% | ||
| Q2 25 | — | 31.9% | ||
| Q1 25 | — | 32.2% | ||
| Q4 24 | — | 32.3% | ||
| Q3 24 | — | 32.8% | ||
| Q2 24 | — | 33.4% | ||
| Q1 24 | — | 33.4% |
| Q4 25 | 3.7% | — | ||
| Q3 25 | 1.8% | 2.5% | ||
| Q2 25 | 5.4% | 1.7% | ||
| Q1 25 | 8.9% | 4.3% | ||
| Q4 24 | 5.1% | -1.6% | ||
| Q3 24 | 4.5% | -38.6% | ||
| Q2 24 | 6.7% | 5.5% | ||
| Q1 24 | 2.6% | 7.6% |
| Q4 25 | 10.5% | — | ||
| Q3 25 | -9.2% | -7.3% | ||
| Q2 25 | 2.4% | -0.4% | ||
| Q1 25 | 12.1% | — | ||
| Q4 24 | -2.4% | -5.3% | ||
| Q3 24 | -21.4% | -36.3% | ||
| Q2 24 | 4.3% | -5.1% | ||
| Q1 24 | -3.1% | -3.0% |
| Q4 25 | $0.16 | — | ||
| Q3 25 | $-0.13 | $-0.44 | ||
| Q2 25 | $0.03 | $-0.03 | ||
| Q1 25 | $0.16 | $0.01 | ||
| Q4 24 | $-0.04 | $-0.52 | ||
| Q3 24 | $-0.28 | $-2.44 | ||
| Q2 24 | $0.06 | $-0.46 | ||
| Q1 24 | $-0.04 | $-0.28 |
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 | $8.4B |
| Total Assets | $4.9B | $19.2B |
| Debt / EquityLower = less leverage | 0.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $434.0M | — | ||
| Q3 25 | $427.0M | — | ||
| Q2 25 | $601.0M | — | ||
| Q1 25 | $552.0M | — | ||
| Q4 24 | $536.0M | $173.0M | ||
| Q3 24 | $524.0M | $409.0M | ||
| Q2 24 | $515.0M | $73.0M | ||
| Q1 24 | $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 | $1.6B | — | ||
| Q3 25 | $1.5B | $8.4B | ||
| Q2 25 | $1.2B | $8.6B | ||
| Q1 25 | $1.1B | $8.6B | ||
| Q4 24 | $1.1B | $8.6B | ||
| Q3 24 | $1.1B | $9.0B | ||
| Q2 24 | $1.2B | $4.9B | ||
| Q1 24 | $1.2B | $5.6B |
| Q4 25 | $4.9B | — | ||
| Q3 25 | $4.8B | $19.2B | ||
| Q2 25 | $3.9B | $19.4B | ||
| Q1 25 | $3.8B | $18.8B | ||
| Q4 24 | $3.6B | $18.7B | ||
| Q3 24 | $3.8B | $19.3B | ||
| Q2 24 | $3.8B | $18.8B | ||
| Q1 24 | $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 | $52.0M | $230.0M |
| Free Cash FlowOCF − Capex | $13.0M | $35.0M |
| FCF MarginFCF / Revenue | 1.6% | 2.5% |
| Capex IntensityCapex / Revenue | 4.9% | 14.2% |
| Cash ConversionOCF / Net Profit | 0.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $104.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $52.0M | — | ||
| Q3 25 | $71.0M | $230.0M | ||
| Q2 25 | $57.0M | $258.0M | ||
| Q1 25 | $53.0M | $139.0M | ||
| Q4 24 | $65.0M | — | ||
| Q3 24 | $85.0M | $186.0M | ||
| Q2 24 | $73.0M | $155.0M | ||
| Q1 24 | $49.0M | $105.0M |
| Q4 25 | $13.0M | — | ||
| Q3 25 | $38.0M | $35.0M | ||
| Q2 25 | $27.0M | $95.0M | ||
| Q1 25 | $26.0M | $-12.0M | ||
| Q4 24 | $33.0M | — | ||
| Q3 24 | $59.0M | $33.0M | ||
| Q2 24 | $49.0M | $-31.0M | ||
| Q1 24 | $24.0M | $-42.0M |
| Q4 25 | 1.6% | — | ||
| Q3 25 | 5.6% | 2.5% | ||
| Q2 25 | 4.3% | 7.0% | ||
| Q1 25 | 4.2% | -0.9% | ||
| Q4 24 | 5.6% | — | ||
| Q3 24 | 9.9% | 2.5% | ||
| Q2 24 | 7.8% | -2.3% | ||
| Q1 24 | 3.9% | -3.2% |
| Q4 25 | 4.9% | — | ||
| Q3 25 | 4.9% | 14.2% | ||
| Q2 25 | 4.8% | 12.1% | ||
| Q1 25 | 4.3% | 11.7% | ||
| Q4 24 | 5.4% | — | ||
| Q3 24 | 4.4% | 11.5% | ||
| Q2 24 | 3.8% | 13.9% | ||
| Q1 24 | 4.1% | 11.1% |
| Q4 25 | 0.63× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.80× | — | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.70× | — | ||
| Q1 24 | — | — |
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% |
LINE
| Warehousing Operations | $883.0M | 64% |
| Other | $308.0M | 22% |
| Warehouse Lease | $60.0M | 4% |
| Food Sales | $52.0M | 4% |
| E Commerce And Other | $46.0M | 3% |
| Railcar Lease | $23.0M | 2% |
| Service Other | $5.0M | 0% |
