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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and MSCI Inc. (MSCI). Click either name above to swap in a different company.
MSCI Inc. is the larger business by last-quarter revenue ($822.5M vs $792.0M, roughly 1.0× Global Business Travel Group, Inc.). MSCI Inc. runs the higher net margin — 34.6% vs 10.5%, a 24.1% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 10.6%). MSCI Inc. produced more free cash flow last quarter ($488.7M vs $13.0M). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% CAGR vs 10.0%).
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, ...
MSCI Inc. is an American finance company headquartered in New York City. MSCI is a global provider of equity, fixed income, real estate indices, multi-asset portfolio analysis tools, ESG and climate finance products. It operates the MSCI World, MSCI Emerging Markets, and MSCI All Country World (ACWI) indices, among others.
GBTG vs MSCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $822.5M |
| Net Profit | $83.0M | $284.7M |
| Gross Margin | — | — |
| Operating Margin | 3.7% | 56.4% |
| Net Margin | 10.5% | 34.6% |
| Revenue YoY | 34.0% | 10.6% |
| Net Profit YoY | 692.9% | -6.8% |
| EPS (diluted) | $0.16 | $3.81 |
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 | $822.5M | ||
| Q3 25 | $674.0M | $793.4M | ||
| Q2 25 | $631.0M | $772.7M | ||
| Q1 25 | $621.0M | $745.8M | ||
| Q4 24 | $591.0M | $743.5M | ||
| Q3 24 | $597.0M | $724.7M | ||
| Q2 24 | $625.0M | $707.9M | ||
| Q1 24 | $610.0M | $680.0M |
| Q4 25 | $83.0M | $284.7M | ||
| Q3 25 | $-62.0M | $325.4M | ||
| Q2 25 | $15.0M | $303.6M | ||
| Q1 25 | $75.0M | $288.6M | ||
| Q4 24 | $-14.0M | $305.5M | ||
| Q3 24 | $-128.0M | $280.9M | ||
| Q2 24 | $27.0M | $266.8M | ||
| Q1 24 | $-19.0M | $256.0M |
| Q4 25 | 3.7% | 56.4% | ||
| Q3 25 | 1.8% | 56.4% | ||
| Q2 25 | 5.4% | 55.0% | ||
| Q1 25 | 8.9% | 50.6% | ||
| Q4 24 | 5.1% | 54.5% | ||
| Q3 24 | 4.5% | 55.4% | ||
| Q2 24 | 6.7% | 54.0% | ||
| Q1 24 | 2.6% | 49.9% |
| Q4 25 | 10.5% | 34.6% | ||
| Q3 25 | -9.2% | 41.0% | ||
| Q2 25 | 2.4% | 39.3% | ||
| Q1 25 | 12.1% | 38.7% | ||
| Q4 24 | -2.4% | 41.1% | ||
| Q3 24 | -21.4% | 38.8% | ||
| Q2 24 | 4.3% | 37.7% | ||
| Q1 24 | -3.1% | 37.6% |
| Q4 25 | $0.16 | $3.81 | ||
| Q3 25 | $-0.13 | $4.25 | ||
| Q2 25 | $0.03 | $3.92 | ||
| Q1 25 | $0.16 | $3.71 | ||
| Q4 24 | $-0.04 | $3.89 | ||
| Q3 24 | $-0.28 | $3.57 | ||
| Q2 24 | $0.06 | $3.37 | ||
| Q1 24 | $-0.04 | $3.22 |
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 | $515.3M |
| Total DebtLower is stronger | $1.4B | $6.2B |
| Stockholders' EquityBook value | $1.6B | $-2.7B |
| Total Assets | $4.9B | $5.7B |
| Debt / EquityLower = less leverage | 0.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $434.0M | $515.3M | ||
| Q3 25 | $427.0M | $400.1M | ||
| Q2 25 | $601.0M | $347.3M | ||
| Q1 25 | $552.0M | $360.7M | ||
| Q4 24 | $536.0M | $409.4M | ||
| Q3 24 | $524.0M | $501.0M | ||
| Q2 24 | $515.0M | $451.4M | ||
| Q1 24 | $475.0M | $519.3M |
| Q4 25 | $1.4B | $6.2B | ||
| Q3 25 | $1.4B | $5.5B | ||
| Q2 25 | $1.4B | $4.5B | ||
| Q1 25 | $1.4B | $4.5B | ||
| Q4 24 | $1.4B | $4.5B | ||
| Q3 24 | $1.4B | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | — | $4.5B |
| Q4 25 | $1.6B | $-2.7B | ||
| Q3 25 | $1.5B | $-1.9B | ||
| Q2 25 | $1.2B | $-886.2M | ||
| Q1 25 | $1.1B | $-958.6M | ||
| Q4 24 | $1.1B | $-940.0M | ||
| Q3 24 | $1.1B | $-751.0M | ||
| Q2 24 | $1.2B | $-734.5M | ||
| Q1 24 | $1.2B | $-650.5M |
| Q4 25 | $4.9B | $5.7B | ||
| Q3 25 | $4.8B | $5.4B | ||
| Q2 25 | $3.9B | $5.4B | ||
| Q1 25 | $3.8B | $5.3B | ||
| Q4 24 | $3.6B | $5.4B | ||
| Q3 24 | $3.8B | $5.4B | ||
| Q2 24 | $3.8B | $5.5B | ||
| Q1 24 | $3.8B | $5.5B |
| 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 | $501.1M |
| Free Cash FlowOCF − Capex | $13.0M | $488.7M |
| FCF MarginFCF / Revenue | 1.6% | 59.4% |
| Capex IntensityCapex / Revenue | 4.9% | 1.5% |
| Cash ConversionOCF / Net Profit | 0.63× | 1.76× |
| TTM Free Cash FlowTrailing 4 quarters | $104.0M | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $52.0M | $501.1M | ||
| Q3 25 | $71.0M | $449.4M | ||
| Q2 25 | $57.0M | $336.1M | ||
| Q1 25 | $53.0M | $301.7M | ||
| Q4 24 | $65.0M | $430.6M | ||
| Q3 24 | $85.0M | $421.6M | ||
| Q2 24 | $73.0M | $349.2M | ||
| Q1 24 | $49.0M | $300.1M |
| Q4 25 | $13.0M | $488.7M | ||
| Q3 25 | $38.0M | $445.5M | ||
| Q2 25 | $27.0M | $324.7M | ||
| Q1 25 | $26.0M | $290.2M | ||
| Q4 24 | $33.0M | $416.4M | ||
| Q3 24 | $59.0M | $415.0M | ||
| Q2 24 | $49.0M | $340.6M | ||
| Q1 24 | $24.0M | $295.9M |
| Q4 25 | 1.6% | 59.4% | ||
| Q3 25 | 5.6% | 56.2% | ||
| Q2 25 | 4.3% | 42.0% | ||
| Q1 25 | 4.2% | 38.9% | ||
| Q4 24 | 5.6% | 56.0% | ||
| Q3 24 | 9.9% | 57.3% | ||
| Q2 24 | 7.8% | 48.1% | ||
| Q1 24 | 3.9% | 43.5% |
| Q4 25 | 4.9% | 1.5% | ||
| Q3 25 | 4.9% | 0.5% | ||
| Q2 25 | 4.8% | 1.5% | ||
| Q1 25 | 4.3% | 1.5% | ||
| Q4 24 | 5.4% | 1.9% | ||
| Q3 24 | 4.4% | 0.9% | ||
| Q2 24 | 3.8% | 1.2% | ||
| Q1 24 | 4.1% | 0.6% |
| Q4 25 | 0.63× | 1.76× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | 3.80× | 1.11× | ||
| Q1 25 | 0.71× | 1.05× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | 2.70× | 1.31× | ||
| Q1 24 | — | 1.17× |
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% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
