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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and Cloudflare, Inc. (NET). 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 $614.5M, roughly 1.3× Cloudflare, Inc.). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs -2.0%, a 12.4% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 33.6%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $13.0M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% 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, ...
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
GBTG vs NET — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $614.5M |
| Net Profit | $83.0M | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | 3.7% | -8.0% |
| Net Margin | 10.5% | -2.0% |
| Revenue YoY | 34.0% | 33.6% |
| Net Profit YoY | 692.9% | 6.0% |
| EPS (diluted) | $0.16 | $-0.03 |
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 | $614.5M | ||
| Q3 25 | $674.0M | $562.0M | ||
| Q2 25 | $631.0M | $512.3M | ||
| Q1 25 | $621.0M | $479.1M | ||
| Q4 24 | $591.0M | $459.9M | ||
| Q3 24 | $597.0M | $430.1M | ||
| Q2 24 | $625.0M | $401.0M | ||
| Q1 24 | $610.0M | $378.6M |
| Q4 25 | $83.0M | $-12.1M | ||
| Q3 25 | $-62.0M | $-1.3M | ||
| Q2 25 | $15.0M | $-50.4M | ||
| Q1 25 | $75.0M | $-38.5M | ||
| Q4 24 | $-14.0M | $-12.8M | ||
| Q3 24 | $-128.0M | $-15.3M | ||
| Q2 24 | $27.0M | $-15.1M | ||
| Q1 24 | $-19.0M | $-35.5M |
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
| Q4 25 | 3.7% | -8.0% | ||
| Q3 25 | 1.8% | -6.7% | ||
| Q2 25 | 5.4% | -13.1% | ||
| Q1 25 | 8.9% | -11.1% | ||
| Q4 24 | 5.1% | -7.5% | ||
| Q3 24 | 4.5% | -7.2% | ||
| Q2 24 | 6.7% | -8.7% | ||
| Q1 24 | 2.6% | -14.4% |
| Q4 25 | 10.5% | -2.0% | ||
| Q3 25 | -9.2% | -0.2% | ||
| Q2 25 | 2.4% | -9.8% | ||
| Q1 25 | 12.1% | -8.0% | ||
| Q4 24 | -2.4% | -2.8% | ||
| Q3 24 | -21.4% | -3.6% | ||
| Q2 24 | 4.3% | -3.8% | ||
| Q1 24 | -3.1% | -9.4% |
| Q4 25 | $0.16 | $-0.03 | ||
| Q3 25 | $-0.13 | $0.00 | ||
| Q2 25 | $0.03 | $-0.15 | ||
| Q1 25 | $0.16 | $-0.11 | ||
| Q4 24 | $-0.04 | $-0.05 | ||
| Q3 24 | $-0.28 | $-0.04 | ||
| Q2 24 | $0.06 | $-0.04 | ||
| Q1 24 | $-0.04 | $-0.10 |
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 | $943.5M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $1.6B | $1.5B |
| Total Assets | $4.9B | $6.0B |
| Debt / EquityLower = less leverage | 0.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $434.0M | $943.5M | ||
| Q3 25 | $427.0M | $1.1B | ||
| Q2 25 | $601.0M | $1.5B | ||
| Q1 25 | $552.0M | $204.5M | ||
| Q4 24 | $536.0M | $147.7M | ||
| Q3 24 | $524.0M | $182.9M | ||
| Q2 24 | $515.0M | $157.0M | ||
| Q1 24 | $475.0M | $254.4M |
| 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 | $1.5B | ||
| Q3 25 | $1.5B | $1.3B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $1.1B | $973.1M | ||
| Q2 24 | $1.2B | $881.5M | ||
| Q1 24 | $1.2B | $797.2M |
| Q4 25 | $4.9B | $6.0B | ||
| Q3 25 | $4.8B | $5.8B | ||
| Q2 25 | $3.9B | $5.6B | ||
| Q1 25 | $3.8B | $3.7B | ||
| Q4 24 | $3.6B | $3.3B | ||
| Q3 24 | $3.8B | $3.1B | ||
| Q2 24 | $3.8B | $2.9B | ||
| Q1 24 | $3.8B | $2.8B |
| 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 | $190.4M |
| Free Cash FlowOCF − Capex | $13.0M | $105.2M |
| FCF MarginFCF / Revenue | 1.6% | 17.1% |
| Capex IntensityCapex / Revenue | 4.9% | 13.9% |
| Cash ConversionOCF / Net Profit | 0.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $104.0M | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $52.0M | $190.4M | ||
| Q3 25 | $71.0M | $167.1M | ||
| Q2 25 | $57.0M | $99.8M | ||
| Q1 25 | $53.0M | $145.8M | ||
| Q4 24 | $65.0M | $127.3M | ||
| Q3 24 | $85.0M | $104.7M | ||
| Q2 24 | $73.0M | $74.8M | ||
| Q1 24 | $49.0M | $73.6M |
| Q4 25 | $13.0M | $105.2M | ||
| Q3 25 | $38.0M | $82.5M | ||
| Q2 25 | $27.0M | $39.9M | ||
| Q1 25 | $26.0M | $59.9M | ||
| Q4 24 | $33.0M | $54.2M | ||
| Q3 24 | $59.0M | $54.5M | ||
| Q2 24 | $49.0M | $45.2M | ||
| Q1 24 | $24.0M | $41.5M |
| Q4 25 | 1.6% | 17.1% | ||
| Q3 25 | 5.6% | 14.7% | ||
| Q2 25 | 4.3% | 7.8% | ||
| Q1 25 | 4.2% | 12.5% | ||
| Q4 24 | 5.6% | 11.8% | ||
| Q3 24 | 9.9% | 12.7% | ||
| Q2 24 | 7.8% | 11.3% | ||
| Q1 24 | 3.9% | 11.0% |
| Q4 25 | 4.9% | 13.9% | ||
| Q3 25 | 4.9% | 15.1% | ||
| Q2 25 | 4.8% | 11.7% | ||
| Q1 25 | 4.3% | 17.9% | ||
| Q4 24 | 5.4% | 15.9% | ||
| Q3 24 | 4.4% | 11.7% | ||
| Q2 24 | 3.8% | 7.4% | ||
| Q1 24 | 4.1% | 8.5% |
| 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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
