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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and PJT Partners Inc. (PJT). 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 $531.4M, roughly 1.5× PJT Partners Inc.). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs 10.0%, a 0.4% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 12.9%). PJT Partners Inc. produced more free cash flow last quarter ($138.6M vs $13.0M). Over the past eight quarters, PJT Partners Inc.'s revenue compounded faster (27.5% 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, ...
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
GBTG vs PJT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $531.4M |
| Net Profit | $83.0M | $53.4M |
| Gross Margin | — | — |
| Operating Margin | 3.7% | 23.1% |
| Net Margin | 10.5% | 10.0% |
| Revenue YoY | 34.0% | 12.9% |
| Net Profit YoY | 692.9% | 4.0% |
| EPS (diluted) | $0.16 | — |
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 | $531.4M | ||
| Q3 25 | $674.0M | $442.3M | ||
| Q2 25 | $631.0M | $401.1M | ||
| Q1 25 | $621.0M | $321.9M | ||
| Q4 24 | $591.0M | $470.5M | ||
| Q3 24 | $597.0M | $320.3M | ||
| Q2 24 | $625.0M | $358.1M | ||
| Q1 24 | $610.0M | $327.1M |
| Q4 25 | $83.0M | $53.4M | ||
| Q3 25 | $-62.0M | $39.8M | ||
| Q2 25 | $15.0M | $32.9M | ||
| Q1 25 | $75.0M | $54.0M | ||
| Q4 24 | $-14.0M | $51.3M | ||
| Q3 24 | $-128.0M | $22.1M | ||
| Q2 24 | $27.0M | $28.3M | ||
| Q1 24 | $-19.0M | $32.6M |
| Q4 25 | 3.7% | 23.1% | ||
| Q3 25 | 1.8% | 20.6% | ||
| Q2 25 | 5.4% | 19.1% | ||
| Q1 25 | 8.9% | 16.3% | ||
| Q4 24 | 5.1% | 21.9% | ||
| Q3 24 | 4.5% | 15.4% | ||
| Q2 24 | 6.7% | 18.0% | ||
| Q1 24 | 2.6% | 16.5% |
| Q4 25 | 10.5% | 10.0% | ||
| Q3 25 | -9.2% | 9.0% | ||
| Q2 25 | 2.4% | 8.2% | ||
| Q1 25 | 12.1% | 16.8% | ||
| Q4 24 | -2.4% | 10.9% | ||
| Q3 24 | -21.4% | 6.9% | ||
| Q2 24 | 4.3% | 7.9% | ||
| Q1 24 | -3.1% | 10.0% |
| Q4 25 | $0.16 | — | ||
| Q3 25 | $-0.13 | — | ||
| Q2 25 | $0.03 | — | ||
| Q1 25 | $0.16 | — | ||
| Q4 24 | $-0.04 | — | ||
| Q3 24 | $-0.28 | — | ||
| Q2 24 | $0.06 | — | ||
| Q1 24 | $-0.04 | — |
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 | $538.9M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $1.6B | $308.2M |
| Total Assets | $4.9B | $1.8B |
| Debt / EquityLower = less leverage | 0.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $434.0M | $538.9M | ||
| Q3 25 | $427.0M | $400.5M | ||
| Q2 25 | $601.0M | $214.6M | ||
| Q1 25 | $552.0M | $194.3M | ||
| Q4 24 | $536.0M | $483.9M | ||
| Q3 24 | $524.0M | $148.8M | ||
| Q2 24 | $515.0M | $164.2M | ||
| Q1 24 | $475.0M | $215.5M |
| 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 | $308.2M | ||
| Q3 25 | $1.5B | $228.6M | ||
| Q2 25 | $1.2B | $167.4M | ||
| Q1 25 | $1.1B | $148.8M | ||
| Q4 24 | $1.1B | $187.0M | ||
| Q3 24 | $1.1B | $159.1M | ||
| Q2 24 | $1.2B | $133.8M | ||
| Q1 24 | $1.2B | $174.6M |
| Q4 25 | $4.9B | $1.8B | ||
| Q3 25 | $4.8B | $1.7B | ||
| Q2 25 | $3.9B | $1.5B | ||
| Q1 25 | $3.8B | $1.4B | ||
| Q4 24 | $3.6B | $1.6B | ||
| Q3 24 | $3.8B | $1.6B | ||
| Q2 24 | $3.8B | $1.4B | ||
| Q1 24 | $3.8B | $1.3B |
| 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 | $155.7M |
| Free Cash FlowOCF − Capex | $13.0M | $138.6M |
| FCF MarginFCF / Revenue | 1.6% | 26.1% |
| Capex IntensityCapex / Revenue | 4.9% | 3.2% |
| Cash ConversionOCF / Net Profit | 0.63× | 2.92× |
| TTM Free Cash FlowTrailing 4 quarters | $104.0M | $480.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $52.0M | $155.7M | ||
| Q3 25 | $71.0M | $256.1M | ||
| Q2 25 | $57.0M | $190.4M | ||
| Q1 25 | $53.0M | $-75.9M | ||
| Q4 24 | $65.0M | $195.7M | ||
| Q3 24 | $85.0M | $180.5M | ||
| Q2 24 | $73.0M | $193.6M | ||
| Q1 24 | $49.0M | $-38.8M |
| Q4 25 | $13.0M | $138.6M | ||
| Q3 25 | $38.0M | $240.9M | ||
| Q2 25 | $27.0M | $178.9M | ||
| Q1 25 | $26.0M | $-77.9M | ||
| Q4 24 | $33.0M | $195.3M | ||
| Q3 24 | $59.0M | $178.5M | ||
| Q2 24 | $49.0M | $193.0M | ||
| Q1 24 | $24.0M | $-39.2M |
| Q4 25 | 1.6% | 26.1% | ||
| Q3 25 | 5.6% | 54.5% | ||
| Q2 25 | 4.3% | 44.6% | ||
| Q1 25 | 4.2% | -24.2% | ||
| Q4 24 | 5.6% | 41.5% | ||
| Q3 24 | 9.9% | 55.7% | ||
| Q2 24 | 7.8% | 53.9% | ||
| Q1 24 | 3.9% | -12.0% |
| Q4 25 | 4.9% | 3.2% | ||
| Q3 25 | 4.9% | 3.4% | ||
| Q2 25 | 4.8% | 2.9% | ||
| Q1 25 | 4.3% | 0.6% | ||
| Q4 24 | 5.4% | 0.1% | ||
| Q3 24 | 4.4% | 0.6% | ||
| Q2 24 | 3.8% | 0.1% | ||
| Q1 24 | 4.1% | 0.1% |
| Q4 25 | 0.63× | 2.92× | ||
| Q3 25 | — | 6.43× | ||
| Q2 25 | 3.80× | 5.79× | ||
| Q1 25 | 0.71× | -1.41× | ||
| Q4 24 | — | 3.81× | ||
| Q3 24 | — | 8.15× | ||
| Q2 24 | 2.70× | 6.84× | ||
| Q1 24 | — | -1.19× |
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% |
PJT
Segment breakdown not available.
