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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and Madison Square Garden Sports Corp. (MSGS). 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 $403.4M, roughly 2.0× Madison Square Garden Sports Corp.). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs 2.0%, a 8.4% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 12.8%). Madison Square Garden Sports Corp. produced more free cash flow last quarter ($31.6M vs $13.0M). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% CAGR vs -3.1%).
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 MSGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $403.4M |
| Net Profit | $83.0M | $8.2M |
| Gross Margin | — | — |
| Operating Margin | 3.7% | 5.5% |
| Net Margin | 10.5% | 2.0% |
| Revenue YoY | 34.0% | 12.8% |
| Net Profit YoY | 692.9% | 641.9% |
| EPS (diluted) | $0.16 | $0.34 |
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 | $403.4M | ||
| Q3 25 | $674.0M | $39.5M | ||
| Q2 25 | $631.0M | $204.0M | ||
| Q1 25 | $621.0M | $424.2M | ||
| Q4 24 | $591.0M | $357.8M | ||
| Q3 24 | $597.0M | $53.3M | ||
| Q2 24 | $625.0M | $227.3M | ||
| Q1 24 | $610.0M | $430.0M |
| Q4 25 | $83.0M | $8.2M | ||
| Q3 25 | $-62.0M | $-8.8M | ||
| Q2 25 | $15.0M | $-1.8M | ||
| Q1 25 | $75.0M | $-14.2M | ||
| Q4 24 | $-14.0M | $1.1M | ||
| Q3 24 | $-128.0M | $-7.5M | ||
| Q2 24 | $27.0M | $25.5M | ||
| Q1 24 | $-19.0M | $37.9M |
| Q4 25 | 3.7% | 5.5% | ||
| Q3 25 | 1.8% | -69.5% | ||
| Q2 25 | 5.4% | -11.1% | ||
| Q1 25 | 8.9% | 7.6% | ||
| Q4 24 | 5.1% | 3.7% | ||
| Q3 24 | 4.5% | -15.5% | ||
| Q2 24 | 6.7% | 23.0% | ||
| Q1 24 | 2.6% | 18.5% |
| Q4 25 | 10.5% | 2.0% | ||
| Q3 25 | -9.2% | -22.3% | ||
| Q2 25 | 2.4% | -0.9% | ||
| Q1 25 | 12.1% | -3.4% | ||
| Q4 24 | -2.4% | 0.3% | ||
| Q3 24 | -21.4% | -14.1% | ||
| Q2 24 | 4.3% | 11.2% | ||
| Q1 24 | -3.1% | 8.8% |
| Q4 25 | $0.16 | $0.34 | ||
| Q3 25 | $-0.13 | $-0.37 | ||
| Q2 25 | $0.03 | $-0.08 | ||
| Q1 25 | $0.16 | $-0.59 | ||
| Q4 24 | $-0.04 | $0.05 | ||
| Q3 24 | $-0.28 | $-0.31 | ||
| Q2 24 | $0.06 | $1.07 | ||
| Q1 24 | $-0.04 | $1.57 |
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 | $81.3M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $1.6B | $-282.1M |
| Total Assets | $4.9B | $1.5B |
| Debt / EquityLower = less leverage | 0.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $434.0M | $81.3M | ||
| Q3 25 | $427.0M | $48.6M | ||
| Q2 25 | $601.0M | $144.6M | ||
| Q1 25 | $552.0M | $96.5M | ||
| Q4 24 | $536.0M | $107.8M | ||
| Q3 24 | $524.0M | $52.3M | ||
| Q2 24 | $515.0M | $89.1M | ||
| Q1 24 | $475.0M | $40.0M |
| 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 | $-282.1M | ||
| Q3 25 | $1.5B | $-294.2M | ||
| Q2 25 | $1.2B | $-281.4M | ||
| Q1 25 | $1.1B | $-283.4M | ||
| Q4 24 | $1.1B | $-273.1M | ||
| Q3 24 | $1.1B | $-277.5M | ||
| Q2 24 | $1.2B | $-266.3M | ||
| Q1 24 | $1.2B | $-294.0M |
| Q4 25 | $4.9B | $1.5B | ||
| Q3 25 | $4.8B | $1.5B | ||
| Q2 25 | $3.9B | $1.5B | ||
| Q1 25 | $3.8B | $1.5B | ||
| Q4 24 | $3.6B | $1.4B | ||
| Q3 24 | $3.8B | $1.4B | ||
| Q2 24 | $3.8B | $1.3B | ||
| Q1 24 | $3.8B | $1.4B |
| 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 | $32.4M |
| Free Cash FlowOCF − Capex | $13.0M | $31.6M |
| FCF MarginFCF / Revenue | 1.6% | 7.8% |
| Capex IntensityCapex / Revenue | 4.9% | 0.2% |
| Cash ConversionOCF / Net Profit | 0.63× | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $104.0M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $52.0M | $32.4M | ||
| Q3 25 | $71.0M | $-85.0M | ||
| Q2 25 | $57.0M | $49.7M | ||
| Q1 25 | $53.0M | $6.3M | ||
| Q4 24 | $65.0M | $61.8M | ||
| Q3 24 | $85.0M | $-26.2M | ||
| Q2 24 | $73.0M | $108.4M | ||
| Q1 24 | $49.0M | $4.0M |
| Q4 25 | $13.0M | $31.6M | ||
| Q3 25 | $38.0M | $-85.3M | ||
| Q2 25 | $27.0M | $49.4M | ||
| Q1 25 | $26.0M | $3.9M | ||
| Q4 24 | $33.0M | $61.2M | ||
| Q3 24 | $59.0M | $-26.5M | ||
| Q2 24 | $49.0M | $108.0M | ||
| Q1 24 | $24.0M | $3.9M |
| Q4 25 | 1.6% | 7.8% | ||
| Q3 25 | 5.6% | -216.3% | ||
| Q2 25 | 4.3% | 24.2% | ||
| Q1 25 | 4.2% | 0.9% | ||
| Q4 24 | 5.6% | 17.1% | ||
| Q3 24 | 9.9% | -49.7% | ||
| Q2 24 | 7.8% | 47.5% | ||
| Q1 24 | 3.9% | 0.9% |
| Q4 25 | 4.9% | 0.2% | ||
| Q3 25 | 4.9% | 0.9% | ||
| Q2 25 | 4.8% | 0.2% | ||
| Q1 25 | 4.3% | 0.6% | ||
| Q4 24 | 5.4% | 0.1% | ||
| Q3 24 | 4.4% | 0.7% | ||
| Q2 24 | 3.8% | 0.2% | ||
| Q1 24 | 4.1% | 0.0% |
| Q4 25 | 0.63× | 3.94× | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.80× | — | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | — | 55.61× | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.70× | 4.25× | ||
| Q1 24 | — | 0.11× |
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% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
