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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and Lightspeed Commerce Inc. (LSPD). Click either name above to swap in a different company.
Lightspeed Commerce Inc. is the larger business by last-quarter revenue ($823.4M vs $792.0M, roughly 1.0× Global Business Travel Group, Inc.). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs -11.1%, a 21.6% gap on every dollar of revenue. Over the past eight quarters, Lightspeed Commerce Inc.'s revenue compounded faster (89.1% CAGR vs 13.9%).
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, ...
Lightspeed Commerce is a point-of-sale and e-commerce software provider based in Montreal, Quebec, Canada. It was founded in 2005 by Dax da Silva, who was its CEO until February 2022. It has offices in Montreal, New York, Ottawa, Toronto, London, Belfast, Amsterdam, Berlin, Geneva, Ghent, Melbourne, Ulyanovsk, Yerevan and Tbilisi. It offers its services to retail, restaurant, and hospitality businesses.
GBTG vs LSPD — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $823.4M |
| Net Profit | $83.0M | $-91.3M |
| Gross Margin | — | 41.1% |
| Operating Margin | 3.7% | -14.1% |
| Net Margin | 10.5% | -11.1% |
| Revenue YoY | 34.0% | — |
| Net Profit YoY | 692.9% | — |
| 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.
| Q4 25 | $792.0M | $823.4M | ||
| Q3 25 | $674.0M | $543.3M | ||
| Q2 25 | $631.0M | $266.1M | ||
| Q1 25 | $621.0M | $253.4M | ||
| Q4 24 | $591.0M | $679.1M | ||
| Q3 24 | $597.0M | $439.4M | ||
| Q2 24 | $625.0M | $209.1M | ||
| Q1 24 | $610.0M | $230.2M |
| Q4 25 | $83.0M | $-91.3M | ||
| Q3 25 | $-62.0M | $-64.7M | ||
| Q2 25 | $15.0M | $-35.0M | ||
| Q1 25 | $75.0M | $-575.9M | ||
| Q4 24 | $-14.0M | $-131.4M | ||
| Q3 24 | $-128.0M | $-91.2M | ||
| Q2 24 | $27.0M | $-48.7M | ||
| Q1 24 | $-19.0M | $-32.5M |
| Q4 25 | — | 41.1% | ||
| Q3 25 | — | 41.0% | ||
| Q2 25 | — | 40.7% | ||
| Q1 25 | — | 44.1% | ||
| Q4 24 | — | 42.1% | ||
| Q3 24 | — | 41.9% | ||
| Q2 24 | — | 42.0% | ||
| Q1 24 | — | 43.3% |
| Q4 25 | 3.7% | -14.1% | ||
| Q3 25 | 1.8% | -15.1% | ||
| Q2 25 | 5.4% | -16.6% | ||
| Q1 25 | 8.9% | -228.9% | ||
| Q4 24 | 5.1% | -23.8% | ||
| Q3 24 | 4.5% | -25.1% | ||
| Q2 24 | 6.7% | -27.9% | ||
| Q1 24 | 2.6% | -17.9% |
| Q4 25 | 10.5% | -11.1% | ||
| Q3 25 | -9.2% | -11.9% | ||
| Q2 25 | 2.4% | -13.2% | ||
| Q1 25 | 12.1% | -227.3% | ||
| Q4 24 | -2.4% | -19.4% | ||
| Q3 24 | -21.4% | -20.8% | ||
| Q2 24 | 4.3% | -23.3% | ||
| Q1 24 | -3.1% | -14.1% |
| Q4 25 | $0.16 | — | ||
| Q3 25 | $-0.13 | — | ||
| Q2 25 | $0.03 | — | ||
| Q1 25 | $0.16 | $0.10 | ||
| Q4 24 | $-0.04 | — | ||
| Q3 24 | $-0.28 | — | ||
| Q2 24 | $0.06 | $-0.01 | ||
| Q1 24 | $-0.04 | $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 | $1.4B | — |
| Stockholders' EquityBook value | $1.6B | — |
| Total Assets | $4.9B | — |
| 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 | — | ||
| Q3 24 | $524.0M | — | ||
| Q2 24 | $515.0M | — | ||
| 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 | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
| Q4 25 | $4.9B | — | ||
| Q3 25 | $4.8B | — | ||
| Q2 25 | $3.9B | — | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.6B | — | ||
| Q3 24 | $3.8B | — | ||
| Q2 24 | $3.8B | — | ||
| 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 | — |
| 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.
| Q4 25 | $52.0M | — | ||
| Q3 25 | $71.0M | — | ||
| Q2 25 | $57.0M | — | ||
| Q1 25 | $53.0M | $-9.9M | ||
| Q4 24 | $65.0M | — | ||
| Q3 24 | $85.0M | — | ||
| Q2 24 | $73.0M | $-26.1M | ||
| Q1 24 | $49.0M | $-28.5M |
| Q4 25 | $13.0M | — | ||
| Q3 25 | $38.0M | — | ||
| Q2 25 | $27.0M | — | ||
| Q1 25 | $26.0M | — | ||
| Q4 24 | $33.0M | — | ||
| Q3 24 | $59.0M | — | ||
| Q2 24 | $49.0M | — | ||
| Q1 24 | $24.0M | — |
| Q4 25 | 1.6% | — | ||
| Q3 25 | 5.6% | — | ||
| Q2 25 | 4.3% | — | ||
| Q1 25 | 4.2% | — | ||
| Q4 24 | 5.6% | — | ||
| Q3 24 | 9.9% | — | ||
| Q2 24 | 7.8% | — | ||
| Q1 24 | 3.9% | — |
| Q4 25 | 4.9% | — | ||
| Q3 25 | 4.9% | — | ||
| Q2 25 | 4.8% | — | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | 5.4% | — | ||
| Q3 24 | 4.4% | — | ||
| Q2 24 | 3.8% | — | ||
| Q1 24 | 4.1% | — |
| 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% |
LSPD
Segment breakdown not available.
