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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and Madison Square Garden Entertainment Corp. (MSGE). 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 $424.8M, roughly 1.9× Madison Square Garden Entertainment Corp.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs 10.5%, a 11.3% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 12.5%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% 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, ...
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
GBTG vs MSGE — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $424.8M |
| Net Profit | $83.0M | $92.7M |
| Gross Margin | — | — |
| Operating Margin | 3.7% | 38.6% |
| Net Margin | 10.5% | 21.8% |
| Revenue YoY | 34.0% | 12.5% |
| Net Profit YoY | 692.9% | 22.2% |
| EPS (diluted) | $0.16 | $1.94 |
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 | $424.8M | ||
| Q3 25 | $674.0M | $154.1M | ||
| Q2 25 | $631.0M | $145.1M | ||
| Q1 25 | $621.0M | $206.0M | ||
| Q4 24 | $591.0M | $377.6M | ||
| Q3 24 | $597.0M | $134.1M | ||
| Q2 24 | $625.0M | $177.6M | ||
| Q1 24 | $610.0M | $191.6M |
| Q4 25 | $83.0M | $92.7M | ||
| Q3 25 | $-62.0M | $-21.7M | ||
| Q2 25 | $15.0M | $-27.2M | ||
| Q1 25 | $75.0M | $8.0M | ||
| Q4 24 | $-14.0M | $75.9M | ||
| Q3 24 | $-128.0M | $-19.3M | ||
| Q2 24 | $27.0M | $66.9M | ||
| Q1 24 | $-19.0M | $2.8M |
| Q4 25 | 3.7% | 38.6% | ||
| Q3 25 | 1.8% | -19.3% | ||
| Q2 25 | 5.4% | -17.7% | ||
| Q1 25 | 8.9% | 13.3% | ||
| Q4 24 | 5.1% | 36.8% | ||
| Q3 24 | 4.5% | -13.8% | ||
| Q2 24 | 6.7% | -5.0% | ||
| Q1 24 | 2.6% | 8.8% |
| Q4 25 | 10.5% | 21.8% | ||
| Q3 25 | -9.2% | -14.0% | ||
| Q2 25 | 2.4% | -18.7% | ||
| Q1 25 | 12.1% | 3.9% | ||
| Q4 24 | -2.4% | 20.1% | ||
| Q3 24 | -21.4% | -14.4% | ||
| Q2 24 | 4.3% | 37.7% | ||
| Q1 24 | -3.1% | 1.5% |
| Q4 25 | $0.16 | $1.94 | ||
| Q3 25 | $-0.13 | $-0.46 | ||
| Q2 25 | $0.03 | $-0.56 | ||
| Q1 25 | $0.16 | $0.17 | ||
| Q4 24 | $-0.04 | $1.56 | ||
| Q3 24 | $-0.28 | $-0.40 | ||
| Q2 24 | $0.06 | $1.32 | ||
| 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 | $157.1M |
| Total DebtLower is stronger | $1.4B | $554.6M |
| Stockholders' EquityBook value | $1.6B | $36.0M |
| Total Assets | $4.9B | $1.8B |
| Debt / EquityLower = less leverage | 0.88× | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $434.0M | $157.1M | ||
| Q3 25 | $427.0M | $29.9M | ||
| Q2 25 | $601.0M | $43.0M | ||
| Q1 25 | $552.0M | $89.0M | ||
| Q4 24 | $536.0M | $54.9M | ||
| Q3 24 | $524.0M | $37.3M | ||
| Q2 24 | $515.0M | $33.3M | ||
| Q1 24 | $475.0M | $28.0M |
| Q4 25 | $1.4B | $554.6M | ||
| Q3 25 | $1.4B | $581.7M | ||
| Q2 25 | $1.4B | $568.8M | ||
| Q1 25 | $1.4B | $577.4M | ||
| Q4 24 | $1.4B | $584.7M | ||
| Q3 24 | $1.4B | $647.0M | ||
| Q2 24 | — | $599.2M | ||
| Q1 24 | — | $602.5M |
| Q4 25 | $1.6B | $36.0M | ||
| Q3 25 | $1.5B | $-65.8M | ||
| Q2 25 | $1.2B | $-13.3M | ||
| Q1 25 | $1.1B | $9.5M | ||
| Q4 24 | $1.1B | $10.3M | ||
| Q3 24 | $1.1B | $-48.7M | ||
| Q2 24 | $1.2B | $-23.2M | ||
| Q1 24 | $1.2B | $-94.6M |
| Q4 25 | $4.9B | $1.8B | ||
| Q3 25 | $4.8B | $1.7B | ||
| Q2 25 | $3.9B | $1.7B | ||
| Q1 25 | $3.8B | $1.7B | ||
| Q4 24 | $3.6B | $1.6B | ||
| Q3 24 | $3.8B | $1.6B | ||
| Q2 24 | $3.8B | $1.6B | ||
| Q1 24 | $3.8B | $1.5B |
| Q4 25 | 0.88× | 15.40× | ||
| Q3 25 | 0.91× | — | ||
| Q2 25 | 1.15× | — | ||
| Q1 25 | 1.23× | 60.61× | ||
| Q4 24 | 1.32× | 56.61× | ||
| 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 | $164.4M |
| Free Cash FlowOCF − Capex | $13.0M | — |
| FCF MarginFCF / Revenue | 1.6% | — |
| Capex IntensityCapex / Revenue | 4.9% | — |
| Cash ConversionOCF / Net Profit | 0.63× | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | $104.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $52.0M | $164.4M | ||
| Q3 25 | $71.0M | $19.8M | ||
| Q2 25 | $57.0M | $-27.0M | ||
| Q1 25 | $53.0M | $56.8M | ||
| Q4 24 | $65.0M | $112.9M | ||
| Q3 24 | $85.0M | $-27.4M | ||
| Q2 24 | $73.0M | $212.0K | ||
| Q1 24 | $49.0M | $5.8M |
| 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× | 1.77× | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.80× | — | ||
| Q1 25 | 0.71× | 7.07× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.70× | 0.00× | ||
| Q1 24 | — | 2.08× |
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% |
MSGE
| Ticketing And Venue License Fee Revenues | $263.5M | 62% |
| Food Beverage And Merchandise Revenues | $64.3M | 15% |
| Related Party | $43.9M | 10% |
| Arena Licensing Fees And Other Leasing Revenue | $35.2M | 8% |
| Other | $15.9M | 4% |
