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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and PEGASYSTEMS INC (PEGA). 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 $430.0M, roughly 1.8× PEGASYSTEMS INC). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs 7.6%, a 2.9% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs -9.6%). PEGASYSTEMS INC produced more free cash flow last quarter ($206.5M vs $13.0M). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% CAGR vs 10.7%).
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, ...
Pegasystems Inc. (Pega) is a global software company based in Waltham, Massachusetts, in the United States, and founded in 1983. The company has been publicly traded since 1996 as PEGA (NASDAQ). Pega is a low-code platform for workflow automation and generative AI-powered decision-making for businesses.
GBTG vs PEGA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $430.0M |
| Net Profit | $83.0M | $32.8M |
| Gross Margin | — | 75.2% |
| Operating Margin | 3.7% | 8.6% |
| Net Margin | 10.5% | 7.6% |
| Revenue YoY | 34.0% | -9.6% |
| Net Profit YoY | 692.9% | — |
| EPS (diluted) | $0.16 | $0.18 |
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 | — | $430.0M | ||
| Q4 25 | $792.0M | $504.3M | ||
| Q3 25 | $674.0M | $381.4M | ||
| Q2 25 | $631.0M | $384.5M | ||
| Q1 25 | $621.0M | $475.6M | ||
| Q4 24 | $591.0M | $490.8M | ||
| Q3 24 | $597.0M | $325.1M | ||
| Q2 24 | $625.0M | $351.2M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $83.0M | $234.6M | ||
| Q3 25 | $-62.0M | $43.4M | ||
| Q2 25 | $15.0M | $30.1M | ||
| Q1 25 | $75.0M | $85.4M | ||
| Q4 24 | $-14.0M | $119.1M | ||
| Q3 24 | $-128.0M | $-14.4M | ||
| Q2 24 | $27.0M | $6.6M |
| Q1 26 | — | 75.2% | ||
| Q4 25 | — | 79.5% | ||
| Q3 25 | — | 72.2% | ||
| Q2 25 | — | 71.5% | ||
| Q1 25 | — | 78.5% | ||
| Q4 24 | — | 79.1% | ||
| Q3 24 | — | 70.2% | ||
| Q2 24 | — | 72.4% |
| Q1 26 | — | 8.6% | ||
| Q4 25 | 3.7% | 20.7% | ||
| Q3 25 | 1.8% | 3.8% | ||
| Q2 25 | 5.4% | 4.5% | ||
| Q1 25 | 8.9% | 26.7% | ||
| Q4 24 | 5.1% | 29.1% | ||
| Q3 24 | 4.5% | -3.6% | ||
| Q2 24 | 6.7% | 3.7% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | 10.5% | 46.5% | ||
| Q3 25 | -9.2% | 11.4% | ||
| Q2 25 | 2.4% | 7.8% | ||
| Q1 25 | 12.1% | 18.0% | ||
| Q4 24 | -2.4% | 24.3% | ||
| Q3 24 | -21.4% | -4.4% | ||
| Q2 24 | 4.3% | 1.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | $0.16 | $0.81 | ||
| Q3 25 | $-0.13 | $0.24 | ||
| Q2 25 | $0.03 | $0.17 | ||
| Q1 25 | $0.16 | $0.91 | ||
| Q4 24 | $-0.04 | $1.35 | ||
| Q3 24 | $-0.28 | $-0.17 | ||
| Q2 24 | $0.06 | $0.07 |
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 | $270.0M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $1.6B | $705.9M |
| Total Assets | $4.9B | $1.6B |
| Debt / EquityLower = less leverage | 0.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $270.0M | ||
| Q4 25 | $434.0M | $425.8M | ||
| Q3 25 | $427.0M | $351.4M | ||
| Q2 25 | $601.0M | $411.6M | ||
| Q1 25 | $552.0M | $371.7M | ||
| Q4 24 | $536.0M | $740.0M | ||
| Q3 24 | $524.0M | $703.0M | ||
| Q2 24 | $515.0M | $665.1M |
| Q1 26 | — | — | ||
| 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 26 | — | $705.9M | ||
| Q4 25 | $1.6B | $787.4M | ||
| Q3 25 | $1.5B | $596.8M | ||
| Q2 25 | $1.2B | $624.5M | ||
| Q1 25 | $1.1B | $611.3M | ||
| Q4 24 | $1.1B | $585.5M | ||
| Q3 24 | $1.1B | $473.0M | ||
| Q2 24 | $1.2B | $435.4M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $4.9B | $1.6B | ||
| Q3 25 | $4.8B | $1.3B | ||
| Q2 25 | $3.9B | $1.3B | ||
| Q1 25 | $3.8B | $1.3B | ||
| Q4 24 | $3.6B | $1.8B | ||
| Q3 24 | $3.8B | $1.6B | ||
| Q2 24 | $3.8B | $1.5B |
| Q1 26 | — | — | ||
| 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 | — | — |
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 | — |
| Free Cash FlowOCF − Capex | $13.0M | $206.5M |
| FCF MarginFCF / Revenue | 1.6% | 48.0% |
| Capex IntensityCapex / Revenue | 4.9% | — |
| Cash ConversionOCF / Net Profit | 0.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $104.0M | $494.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $52.0M | $158.4M | ||
| Q3 25 | $71.0M | $56.3M | ||
| Q2 25 | $57.0M | $86.3M | ||
| Q1 25 | $53.0M | $204.2M | ||
| Q4 24 | $65.0M | $95.2M | ||
| Q3 24 | $85.0M | $30.5M | ||
| Q2 24 | $73.0M | $40.1M |
| Q1 26 | — | $206.5M | ||
| Q4 25 | $13.0M | $152.4M | ||
| Q3 25 | $38.0M | $51.8M | ||
| Q2 25 | $27.0M | $84.1M | ||
| Q1 25 | $26.0M | $202.3M | ||
| Q4 24 | $33.0M | $92.4M | ||
| Q3 24 | $59.0M | $27.4M | ||
| Q2 24 | $49.0M | $38.8M |
| Q1 26 | — | 48.0% | ||
| Q4 25 | 1.6% | 30.2% | ||
| Q3 25 | 5.6% | 13.6% | ||
| Q2 25 | 4.3% | 21.9% | ||
| Q1 25 | 4.2% | 42.5% | ||
| Q4 24 | 5.6% | 18.8% | ||
| Q3 24 | 9.9% | 8.4% | ||
| Q2 24 | 7.8% | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | 1.2% | ||
| Q3 25 | 4.9% | 1.2% | ||
| Q2 25 | 4.8% | 0.6% | ||
| Q1 25 | 4.3% | 0.4% | ||
| Q4 24 | 5.4% | 0.6% | ||
| Q3 24 | 4.4% | 0.9% | ||
| Q2 24 | 3.8% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.63× | 0.68× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | 3.80× | 2.87× | ||
| Q1 25 | 0.71× | 2.39× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.70× | 6.06× |
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% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
