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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and StepStone Group Inc. (STEP). 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 $586.5M, roughly 1.4× StepStone Group Inc.). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs -21.0%, a 31.5% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 34.0%). StepStone Group Inc. produced more free cash flow last quarter ($26.7M vs $13.0M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% 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, ...
Rosetta Stone Inc. is an American education technology software company that develops language, literacy and brain-fitness software. Best known for its language-learning products, in 2013, the company expanded beyond language into education-technology with its acquisitions of Livemocha, Lexia Learning, Fit Brains, and Tell Me More. In 2021, it became a subsidiary of IXL Learning.
GBTG vs STEP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $586.5M |
| Net Profit | $83.0M | $-123.5M |
| Gross Margin | — | — |
| Operating Margin | 3.7% | -33.2% |
| Net Margin | 10.5% | -21.0% |
| Revenue YoY | 34.0% | 73.0% |
| Net Profit YoY | 692.9% | 35.7% |
| EPS (diluted) | $0.16 | $-1.55 |
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 | $586.5M | ||
| Q3 25 | $674.0M | $454.2M | ||
| Q2 25 | $631.0M | $364.3M | ||
| Q1 25 | $621.0M | $377.7M | ||
| Q4 24 | $591.0M | $339.0M | ||
| Q3 24 | $597.0M | $271.7M | ||
| Q2 24 | $625.0M | $186.4M | ||
| Q1 24 | $610.0M | $356.8M |
| Q4 25 | $83.0M | $-123.5M | ||
| Q3 25 | $-62.0M | $-366.1M | ||
| Q2 25 | $15.0M | $-38.4M | ||
| Q1 25 | $75.0M | $-18.5M | ||
| Q4 24 | $-14.0M | $-192.0M | ||
| Q3 24 | $-128.0M | $17.6M | ||
| Q2 24 | $27.0M | $13.3M | ||
| Q1 24 | $-19.0M | $30.8M |
| Q4 25 | 3.7% | -33.2% | ||
| Q3 25 | 1.8% | -148.8% | ||
| Q2 25 | 5.4% | -5.6% | ||
| Q1 25 | 8.9% | 2.6% | ||
| Q4 24 | 5.1% | -101.7% | ||
| Q3 24 | 4.5% | 21.3% | ||
| Q2 24 | 6.7% | 29.4% | ||
| Q1 24 | 2.6% | 26.5% |
| Q4 25 | 10.5% | -21.0% | ||
| Q3 25 | -9.2% | -80.6% | ||
| Q2 25 | 2.4% | -10.5% | ||
| Q1 25 | 12.1% | -4.9% | ||
| Q4 24 | -2.4% | -56.6% | ||
| Q3 24 | -21.4% | 6.5% | ||
| Q2 24 | 4.3% | 7.2% | ||
| Q1 24 | -3.1% | 8.6% |
| Q4 25 | $0.16 | $-1.55 | ||
| Q3 25 | $-0.13 | $-4.66 | ||
| Q2 25 | $0.03 | $-0.49 | ||
| Q1 25 | $0.16 | $-0.37 | ||
| Q4 24 | $-0.04 | $-2.61 | ||
| Q3 24 | $-0.28 | $0.26 | ||
| Q2 24 | $0.06 | $0.20 | ||
| Q1 24 | $-0.04 | $0.47 |
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 | $270.2M |
| Stockholders' EquityBook value | $1.6B | $-378.8M |
| Total Assets | $4.9B | $5.2B |
| Debt / EquityLower = less leverage | 0.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $434.0M | — | ||
| Q3 25 | $427.0M | — | ||
| Q2 25 | $601.0M | — | ||
| Q1 25 | $552.0M | — | ||
| Q4 24 | $536.0M | — | ||
| Q3 24 | $524.0M | — | ||
| Q2 24 | $515.0M | — | ||
| Q1 24 | $475.0M | — |
| Q4 25 | $1.4B | $270.2M | ||
| Q3 25 | $1.4B | $269.9M | ||
| Q2 25 | $1.4B | $269.6M | ||
| Q1 25 | $1.4B | $269.3M | ||
| Q4 24 | $1.4B | $168.9M | ||
| Q3 24 | $1.4B | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
| Q4 25 | $1.6B | $-378.8M | ||
| Q3 25 | $1.5B | $-233.5M | ||
| Q2 25 | $1.2B | $153.9M | ||
| Q1 25 | $1.1B | $179.4M | ||
| Q4 24 | $1.1B | $209.8M | ||
| Q3 24 | $1.1B | $397.5M | ||
| Q2 24 | $1.2B | $366.9M | ||
| Q1 24 | $1.2B | $324.5M |
| Q4 25 | $4.9B | $5.2B | ||
| Q3 25 | $4.8B | $5.3B | ||
| Q2 25 | $3.9B | $4.8B | ||
| Q1 25 | $3.8B | $4.6B | ||
| Q4 24 | $3.6B | $4.3B | ||
| Q3 24 | $3.8B | $4.0B | ||
| Q2 24 | $3.8B | $3.8B | ||
| Q1 24 | $3.8B | $3.8B |
| Q4 25 | 0.88× | — | ||
| Q3 25 | 0.91× | — | ||
| Q2 25 | 1.15× | 1.75× | ||
| Q1 25 | 1.23× | 1.50× | ||
| Q4 24 | 1.32× | 0.81× | ||
| Q3 24 | 1.26× | 0.43× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.46× |
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 | $27.2M |
| Free Cash FlowOCF − Capex | $13.0M | $26.7M |
| FCF MarginFCF / Revenue | 1.6% | 4.6% |
| Capex IntensityCapex / Revenue | 4.9% | 0.1% |
| Cash ConversionOCF / Net Profit | 0.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $104.0M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $52.0M | $27.2M | ||
| Q3 25 | $71.0M | $16.2M | ||
| Q2 25 | $57.0M | $46.3M | ||
| Q1 25 | $53.0M | $-66.5M | ||
| Q4 24 | $65.0M | $27.6M | ||
| Q3 24 | $85.0M | $53.7M | ||
| Q2 24 | $73.0M | $50.2M | ||
| Q1 24 | $49.0M | $7.6M |
| Q4 25 | $13.0M | $26.7M | ||
| Q3 25 | $38.0M | $15.9M | ||
| Q2 25 | $27.0M | $45.2M | ||
| Q1 25 | $26.0M | $-69.2M | ||
| Q4 24 | $33.0M | $27.0M | ||
| Q3 24 | $59.0M | $52.4M | ||
| Q2 24 | $49.0M | $49.6M | ||
| Q1 24 | $24.0M | $6.7M |
| Q4 25 | 1.6% | 4.6% | ||
| Q3 25 | 5.6% | 3.5% | ||
| Q2 25 | 4.3% | 12.4% | ||
| Q1 25 | 4.2% | -18.3% | ||
| Q4 24 | 5.6% | 8.0% | ||
| Q3 24 | 9.9% | 19.3% | ||
| Q2 24 | 7.8% | 26.6% | ||
| Q1 24 | 3.9% | 1.9% |
| Q4 25 | 4.9% | 0.1% | ||
| Q3 25 | 4.9% | 0.1% | ||
| Q2 25 | 4.8% | 0.3% | ||
| Q1 25 | 4.3% | 0.7% | ||
| Q4 24 | 5.4% | 0.2% | ||
| Q3 24 | 4.4% | 0.5% | ||
| Q2 24 | 3.8% | 0.3% | ||
| Q1 24 | 4.1% | 0.3% |
| Q4 25 | 0.63× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.80× | — | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.05× | ||
| Q2 24 | 2.70× | 3.76× | ||
| Q1 24 | — | 0.25× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
