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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and Trade Desk (The) (TTD). Click either name above to swap in a different company.
Trade Desk (The) is the larger business by last-quarter revenue ($846.8M vs $792.0M, roughly 1.1× Global Business Travel Group, Inc.). Trade Desk (The) runs the higher net margin — 22.1% vs 10.5%, a 11.6% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 14.3%). Trade Desk (The) produced more free cash flow last quarter ($285.3M vs $13.0M). Over the past eight quarters, Trade Desk (The)'s revenue compounded faster (31.3% 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, ...
The Trade Desk, Inc. is an American multinational technology company that specializes in real-time programmatic marketing automation technologies, products, and services, designed to personalize digital content delivery to users.
GBTG vs TTD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $846.8M |
| Net Profit | $83.0M | $186.9M |
| Gross Margin | — | 80.7% |
| Operating Margin | 3.7% | 30.3% |
| Net Margin | 10.5% | 22.1% |
| Revenue YoY | 34.0% | 14.3% |
| Net Profit YoY | 692.9% | 2.6% |
| EPS (diluted) | $0.16 | $0.39 |
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 | $846.8M | ||
| Q3 25 | $674.0M | $739.4M | ||
| Q2 25 | $631.0M | $694.0M | ||
| Q1 25 | $621.0M | $616.0M | ||
| Q4 24 | $591.0M | $741.0M | ||
| Q3 24 | $597.0M | $628.0M | ||
| Q2 24 | $625.0M | $584.5M | ||
| Q1 24 | $610.0M | $491.3M |
| Q4 25 | $83.0M | $186.9M | ||
| Q3 25 | $-62.0M | $115.5M | ||
| Q2 25 | $15.0M | $90.1M | ||
| Q1 25 | $75.0M | $50.7M | ||
| Q4 24 | $-14.0M | $182.2M | ||
| Q3 24 | $-128.0M | $94.2M | ||
| Q2 24 | $27.0M | $85.0M | ||
| Q1 24 | $-19.0M | $31.7M |
| Q4 25 | — | 80.7% | ||
| Q3 25 | — | 78.1% | ||
| Q2 25 | — | 78.2% | ||
| Q1 25 | — | 76.8% | ||
| Q4 24 | — | 81.7% | ||
| Q3 24 | — | 80.5% | ||
| Q2 24 | — | 81.1% | ||
| Q1 24 | — | 78.9% |
| Q4 25 | 3.7% | 30.3% | ||
| Q3 25 | 1.8% | 21.8% | ||
| Q2 25 | 5.4% | 16.8% | ||
| Q1 25 | 8.9% | 8.8% | ||
| Q4 24 | 5.1% | 26.4% | ||
| Q3 24 | 4.5% | 17.3% | ||
| Q2 24 | 6.7% | 16.2% | ||
| Q1 24 | 2.6% | 5.8% |
| Q4 25 | 10.5% | 22.1% | ||
| Q3 25 | -9.2% | 15.6% | ||
| Q2 25 | 2.4% | 13.0% | ||
| Q1 25 | 12.1% | 8.2% | ||
| Q4 24 | -2.4% | 24.6% | ||
| Q3 24 | -21.4% | 15.0% | ||
| Q2 24 | 4.3% | 14.5% | ||
| Q1 24 | -3.1% | 6.4% |
| Q4 25 | $0.16 | $0.39 | ||
| Q3 25 | $-0.13 | $0.23 | ||
| Q2 25 | $0.03 | $0.18 | ||
| Q1 25 | $0.16 | $0.10 | ||
| Q4 24 | $-0.04 | $0.36 | ||
| Q3 24 | $-0.28 | $0.19 | ||
| Q2 24 | $0.06 | $0.17 | ||
| Q1 24 | $-0.04 | $0.06 |
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 | $1.3B |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $1.6B | $2.5B |
| Total Assets | $4.9B | $6.2B |
| Debt / EquityLower = less leverage | 0.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $434.0M | $1.3B | ||
| Q3 25 | $427.0M | $1.4B | ||
| Q2 25 | $601.0M | $1.7B | ||
| Q1 25 | $552.0M | $1.7B | ||
| Q4 24 | $536.0M | $1.9B | ||
| Q3 24 | $524.0M | $1.7B | ||
| Q2 24 | $515.0M | $1.5B | ||
| Q1 24 | $475.0M | $1.4B |
| 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 | $2.5B | ||
| Q3 25 | $1.5B | $2.6B | ||
| Q2 25 | $1.2B | $2.7B | ||
| Q1 25 | $1.1B | $2.7B | ||
| Q4 24 | $1.1B | $2.9B | ||
| Q3 24 | $1.1B | $2.6B | ||
| Q2 24 | $1.2B | $2.4B | ||
| Q1 24 | $1.2B | $2.2B |
| Q4 25 | $4.9B | $6.2B | ||
| Q3 25 | $4.8B | $5.9B | ||
| Q2 25 | $3.9B | $6.0B | ||
| Q1 25 | $3.8B | $5.7B | ||
| Q4 24 | $3.6B | $6.1B | ||
| Q3 24 | $3.8B | $5.5B | ||
| Q2 24 | $3.8B | $5.2B | ||
| Q1 24 | $3.8B | $4.7B |
| 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 | $311.6M |
| Free Cash FlowOCF − Capex | $13.0M | $285.3M |
| FCF MarginFCF / Revenue | 1.6% | 33.7% |
| Capex IntensityCapex / Revenue | 4.9% | 3.1% |
| Cash ConversionOCF / Net Profit | 0.63× | 1.67× |
| TTM Free Cash FlowTrailing 4 quarters | $104.0M | $795.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $52.0M | $311.6M | ||
| Q3 25 | $71.0M | $224.7M | ||
| Q2 25 | $57.0M | $165.0M | ||
| Q1 25 | $53.0M | $291.4M | ||
| Q4 24 | $65.0M | $199.4M | ||
| Q3 24 | $85.0M | $273.3M | ||
| Q2 24 | $73.0M | $81.3M | ||
| Q1 24 | $49.0M | $185.5M |
| Q4 25 | $13.0M | $285.3M | ||
| Q3 25 | $38.0M | $158.3M | ||
| Q2 25 | $27.0M | $119.8M | ||
| Q1 25 | $26.0M | $232.3M | ||
| Q4 24 | $33.0M | $179.2M | ||
| Q3 24 | $59.0M | $224.6M | ||
| Q2 24 | $49.0M | $59.1M | ||
| Q1 24 | $24.0M | $178.2M |
| Q4 25 | 1.6% | 33.7% | ||
| Q3 25 | 5.6% | 21.4% | ||
| Q2 25 | 4.3% | 17.3% | ||
| Q1 25 | 4.2% | 37.7% | ||
| Q4 24 | 5.6% | 24.2% | ||
| Q3 24 | 9.9% | 35.8% | ||
| Q2 24 | 7.8% | 10.1% | ||
| Q1 24 | 3.9% | 36.3% |
| Q4 25 | 4.9% | 3.1% | ||
| Q3 25 | 4.9% | 9.0% | ||
| Q2 25 | 4.8% | 6.5% | ||
| Q1 25 | 4.3% | 9.6% | ||
| Q4 24 | 5.4% | 2.7% | ||
| Q3 24 | 4.4% | 7.8% | ||
| Q2 24 | 3.8% | 3.8% | ||
| Q1 24 | 4.1% | 1.5% |
| Q4 25 | 0.63× | 1.67× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | 3.80× | 1.83× | ||
| Q1 25 | 0.71× | 5.75× | ||
| Q4 24 | — | 1.09× | ||
| Q3 24 | — | 2.90× | ||
| Q2 24 | 2.70× | 0.96× | ||
| Q1 24 | — | 5.86× |
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% |
TTD
| Other | $427.2M | 50% |
| Non Us | $419.6M | 50% |
