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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and Teradyne (TER). Click either name above to swap in a different company.
Teradyne is the larger business by last-quarter revenue ($1.3B vs $792.0M, roughly 1.6× Global Business Travel Group, Inc.). Teradyne runs the higher net margin — 31.1% vs 10.5%, a 20.6% gap on every dollar of revenue. On growth, Teradyne posted the faster year-over-year revenue change (87.0% vs 34.0%). Over the past eight quarters, Teradyne's revenue compounded faster (32.6% 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, ...
Teradyne, Inc. is an American automatic test equipment (ATE) designer and manufacturer based in North Reading, Massachusetts. Its high-profile customers include Samsung, Qualcomm, Intel, Analog Devices, Texas Instruments and IBM.
GBTG vs TER — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $1.3B |
| Net Profit | $83.0M | $398.9M |
| Gross Margin | — | 60.9% |
| Operating Margin | 3.7% | 36.9% |
| Net Margin | 10.5% | 31.1% |
| Revenue YoY | 34.0% | 87.0% |
| Net Profit YoY | 692.9% | — |
| EPS (diluted) | $0.16 | $2.53 |
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 | — | $1.3B | ||
| Q4 25 | $792.0M | $1.1B | ||
| Q3 25 | $674.0M | $769.2M | ||
| Q2 25 | $631.0M | $651.8M | ||
| Q1 25 | $621.0M | $685.7M | ||
| Q4 24 | $591.0M | $752.9M | ||
| Q3 24 | $597.0M | $737.3M | ||
| Q2 24 | $625.0M | $729.9M |
| Q1 26 | — | $398.9M | ||
| Q4 25 | $83.0M | $257.2M | ||
| Q3 25 | $-62.0M | $119.6M | ||
| Q2 25 | $15.0M | $78.4M | ||
| Q1 25 | $75.0M | $98.9M | ||
| Q4 24 | $-14.0M | $146.3M | ||
| Q3 24 | $-128.0M | $145.6M | ||
| Q2 24 | $27.0M | $186.3M |
| Q1 26 | — | 60.9% | ||
| Q4 25 | — | 57.2% | ||
| Q3 25 | — | 58.4% | ||
| Q2 25 | — | 57.2% | ||
| Q1 25 | — | 60.6% | ||
| Q4 24 | — | 59.4% | ||
| Q3 24 | — | 59.2% | ||
| Q2 24 | — | 58.3% |
| Q1 26 | — | 36.9% | ||
| Q4 25 | 3.7% | 27.1% | ||
| Q3 25 | 1.8% | 18.9% | ||
| Q2 25 | 5.4% | 13.9% | ||
| Q1 25 | 8.9% | 17.6% | ||
| Q4 24 | 5.1% | 20.4% | ||
| Q3 24 | 4.5% | 20.6% | ||
| Q2 24 | 6.7% | 28.8% |
| Q1 26 | — | 31.1% | ||
| Q4 25 | 10.5% | 23.7% | ||
| Q3 25 | -9.2% | 15.5% | ||
| Q2 25 | 2.4% | 12.0% | ||
| Q1 25 | 12.1% | 14.4% | ||
| Q4 24 | -2.4% | 19.4% | ||
| Q3 24 | -21.4% | 19.8% | ||
| Q2 24 | 4.3% | 25.5% |
| Q1 26 | — | $2.53 | ||
| Q4 25 | $0.16 | $1.62 | ||
| Q3 25 | $-0.13 | $0.75 | ||
| Q2 25 | $0.03 | $0.49 | ||
| Q1 25 | $0.16 | $0.61 | ||
| Q4 24 | $-0.04 | $0.89 | ||
| Q3 24 | $-0.28 | $0.89 | ||
| Q2 24 | $0.06 | $1.14 |
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 | $241.9M |
| Total DebtLower is stronger | $1.4B | $0 |
| Stockholders' EquityBook value | $1.6B | — |
| Total Assets | $4.9B | $4.4B |
| Debt / EquityLower = less leverage | 0.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $241.9M | ||
| Q4 25 | $434.0M | $293.8M | ||
| Q3 25 | $427.0M | $272.7M | ||
| Q2 25 | $601.0M | $339.3M | ||
| Q1 25 | $552.0M | $475.6M | ||
| Q4 24 | $536.0M | $553.4M | ||
| Q3 24 | $524.0M | $510.0M | ||
| Q2 24 | $515.0M | $421.9M |
| Q1 26 | — | $0 | ||
| 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 | — | — | ||
| Q4 25 | $1.6B | $2.8B | ||
| Q3 25 | $1.5B | $2.7B | ||
| Q2 25 | $1.2B | $2.8B | ||
| Q1 25 | $1.1B | $2.8B | ||
| Q4 24 | $1.1B | $2.8B | ||
| Q3 24 | $1.1B | $2.9B | ||
| Q2 24 | $1.2B | $2.7B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $4.9B | $4.2B | ||
| Q3 25 | $4.8B | $4.0B | ||
| Q2 25 | $3.9B | $3.8B | ||
| Q1 25 | $3.8B | $3.7B | ||
| Q4 24 | $3.6B | $3.7B | ||
| Q3 24 | $3.8B | $3.8B | ||
| Q2 24 | $3.8B | $3.6B |
| 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 | $265.1M |
| Free Cash FlowOCF − Capex | $13.0M | — |
| FCF MarginFCF / Revenue | 1.6% | — |
| Capex IntensityCapex / Revenue | 4.9% | — |
| Cash ConversionOCF / Net Profit | 0.63× | 0.66× |
| TTM Free Cash FlowTrailing 4 quarters | $104.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $265.1M | ||
| Q4 25 | $52.0M | $281.6M | ||
| Q3 25 | $71.0M | $49.0M | ||
| Q2 25 | $57.0M | $182.1M | ||
| Q1 25 | $53.0M | $161.6M | ||
| Q4 24 | $65.0M | $282.6M | ||
| Q3 24 | $85.0M | $166.3M | ||
| Q2 24 | $73.0M | $216.1M |
| Q1 26 | — | — | ||
| Q4 25 | $13.0M | $218.8M | ||
| Q3 25 | $38.0M | $2.4M | ||
| Q2 25 | $27.0M | $131.7M | ||
| Q1 25 | $26.0M | $97.6M | ||
| Q4 24 | $33.0M | $225.2M | ||
| Q3 24 | $59.0M | $114.4M | ||
| Q2 24 | $49.0M | $171.2M |
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | 20.2% | ||
| Q3 25 | 5.6% | 0.3% | ||
| Q2 25 | 4.3% | 20.2% | ||
| Q1 25 | 4.2% | 14.2% | ||
| Q4 24 | 5.6% | 29.9% | ||
| Q3 24 | 9.9% | 15.5% | ||
| Q2 24 | 7.8% | 23.5% |
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | 5.8% | ||
| Q3 25 | 4.9% | 6.1% | ||
| Q2 25 | 4.8% | 7.7% | ||
| Q1 25 | 4.3% | 9.3% | ||
| Q4 24 | 5.4% | 7.6% | ||
| Q3 24 | 4.4% | 7.0% | ||
| Q2 24 | 3.8% | 6.1% |
| Q1 26 | — | 0.66× | ||
| Q4 25 | 0.63× | 1.09× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | 3.80× | 2.32× | ||
| Q1 25 | 0.71× | 1.63× | ||
| Q4 24 | — | 1.93× | ||
| Q3 24 | — | 1.14× | ||
| Q2 24 | 2.70× | 1.16× |
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% |
TER
Segment breakdown not available.
