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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and NATIONAL FUEL GAS CO (NFG). 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 $425.9M, roughly 1.9× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 10.5%, a 25.2% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 1.7%). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% CAGR vs 12.1%).
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, ...
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
GBTG vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $425.9M |
| Net Profit | $83.0M | $152.0M |
| Gross Margin | — | — |
| Operating Margin | 3.7% | 81.5% |
| Net Margin | 10.5% | 35.7% |
| Revenue YoY | 34.0% | 1.7% |
| Net Profit YoY | 692.9% | — |
| EPS (diluted) | $0.16 | $1.59 |
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.
| Q1 26 | — | $425.9M | ||
| Q4 25 | $792.0M | $637.9M | ||
| Q3 25 | $674.0M | $443.1M | ||
| Q2 25 | $631.0M | $527.4M | ||
| Q1 25 | $621.0M | $734.8M | ||
| Q4 24 | $591.0M | $513.8M | ||
| Q3 24 | $597.0M | $310.0M | ||
| Q2 24 | $625.0M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $83.0M | $181.6M | ||
| Q3 25 | $-62.0M | $107.3M | ||
| Q2 25 | $15.0M | $149.8M | ||
| Q1 25 | $75.0M | $216.4M | ||
| Q4 24 | $-14.0M | $45.0M | ||
| Q3 24 | $-128.0M | $-167.6M | ||
| Q2 24 | $27.0M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 86.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 3.7% | 43.3% | ||
| Q3 25 | 1.8% | 40.6% | ||
| Q2 25 | 5.4% | 43.7% | ||
| Q1 25 | 8.9% | 43.2% | ||
| Q4 24 | 5.1% | 16.8% | ||
| Q3 24 | 4.5% | -63.4% | ||
| Q2 24 | 6.7% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | 10.5% | 28.5% | ||
| Q3 25 | -9.2% | 24.2% | ||
| Q2 25 | 2.4% | 28.4% | ||
| Q1 25 | 12.1% | 29.4% | ||
| Q4 24 | -2.4% | 8.8% | ||
| Q3 24 | -21.4% | -54.1% | ||
| Q2 24 | 4.3% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $0.16 | $1.98 | ||
| Q3 25 | $-0.13 | $1.18 | ||
| Q2 25 | $0.03 | $1.64 | ||
| Q1 25 | $0.16 | $2.37 | ||
| Q4 24 | $-0.04 | $0.49 | ||
| Q3 24 | $-0.28 | $-1.81 | ||
| Q2 24 | $0.06 | $-0.59 |
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 | $300.0M |
| Stockholders' EquityBook value | $1.6B | — |
| Total Assets | $4.9B | $9.1B |
| Debt / EquityLower = less leverage | 0.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $434.0M | $271.4M | ||
| Q3 25 | $427.0M | $43.2M | ||
| Q2 25 | $601.0M | $39.3M | ||
| Q1 25 | $552.0M | $40.0M | ||
| Q4 24 | $536.0M | $48.7M | ||
| Q3 24 | $524.0M | $38.2M | ||
| Q2 24 | $515.0M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | $1.4B | $2.7B | ||
| Q3 25 | $1.4B | $2.7B | ||
| Q2 25 | $1.4B | $2.7B | ||
| Q1 25 | $1.4B | $2.7B | ||
| Q4 24 | $1.4B | $2.7B | ||
| Q3 24 | $1.4B | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $3.6B | ||
| Q3 25 | $1.5B | $3.1B | ||
| Q2 25 | $1.2B | $3.0B | ||
| Q1 25 | $1.1B | $2.8B | ||
| Q4 24 | $1.1B | $-76.2M | ||
| Q3 24 | $1.1B | $-15.5M | ||
| Q2 24 | $1.2B | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $4.9B | $9.2B | ||
| Q3 25 | $4.8B | $8.7B | ||
| Q2 25 | $3.9B | $8.4B | ||
| Q1 25 | $3.8B | $8.5B | ||
| Q4 24 | $3.6B | $8.3B | ||
| Q3 24 | $3.8B | $8.3B | ||
| Q2 24 | $3.8B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.88× | 0.75× | ||
| Q3 25 | 0.91× | 0.87× | ||
| Q2 25 | 1.15× | 0.90× | ||
| Q1 25 | 1.23× | 0.99× | ||
| Q4 24 | 1.32× | — | ||
| Q3 24 | 1.26× | — | ||
| Q2 24 | — | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | $13.0M | — |
| FCF MarginFCF / Revenue | 1.6% | — |
| Capex IntensityCapex / Revenue | 4.9% | 117.0% |
| Cash ConversionOCF / Net Profit | 0.63× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $104.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $52.0M | $274.9M | ||
| Q3 25 | $71.0M | $237.8M | ||
| Q2 25 | $57.0M | $388.4M | ||
| Q1 25 | $53.0M | $253.8M | ||
| Q4 24 | $65.0M | $220.1M | ||
| Q3 24 | $85.0M | $197.9M | ||
| Q2 24 | $73.0M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $13.0M | $-2.7M | ||
| Q3 25 | $38.0M | $-47.8M | ||
| Q2 25 | $27.0M | $195.3M | ||
| Q1 25 | $26.0M | $59.9M | ||
| Q4 24 | $33.0M | $-20.3M | ||
| Q3 24 | $59.0M | $-49.1M | ||
| Q2 24 | $49.0M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | -0.4% | ||
| Q3 25 | 5.6% | -10.8% | ||
| Q2 25 | 4.3% | 37.0% | ||
| Q1 25 | 4.2% | 8.2% | ||
| Q4 24 | 5.6% | -4.0% | ||
| Q3 24 | 9.9% | -15.8% | ||
| Q2 24 | 7.8% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 4.9% | 43.5% | ||
| Q3 25 | 4.9% | 64.4% | ||
| Q2 25 | 4.8% | 36.6% | ||
| Q1 25 | 4.3% | 26.4% | ||
| Q4 24 | 5.4% | 46.8% | ||
| Q3 24 | 4.4% | 79.7% | ||
| Q2 24 | 3.8% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 0.63× | 1.51× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | 3.80× | 2.59× | ||
| Q1 25 | 0.71× | 1.17× | ||
| Q4 24 | — | 4.89× | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.70× | — |
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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
