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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and Tradeweb Markets Inc. (TW). 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 $617.8M, roughly 1.3× Tradeweb Markets Inc.). Tradeweb Markets Inc. runs the higher net margin — 37.7% vs 10.5%, a 27.3% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 21.2%). Global Business Travel Group, Inc. produced more free cash flow last quarter ($13.0M vs $2.0M). Over the past eight quarters, Tradeweb Markets Inc.'s revenue compounded faster (23.5% 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, ...
Tradeweb Markets Inc., headquartered in New York City, operates electronic trading platforms primarily used by institutional investors to trade fixed income products, ETFs, and derivatives. It has over 3,000 customers including banks, asset managers, central banks, pension funds, and insurance companies. In 2024, 83% of the company's revenue was from transaction fees and commissions and 17% was from subscription fees. In 2024, 52% of revenue came from products related to rates, 27% of revenue...
GBTG vs TW — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $617.8M |
| Net Profit | $83.0M | $233.2M |
| Gross Margin | — | — |
| Operating Margin | 3.7% | 46.5% |
| Net Margin | 10.5% | 37.7% |
| Revenue YoY | 34.0% | 21.2% |
| Net Profit YoY | 692.9% | 38.5% |
| EPS (diluted) | $0.16 | $0.96 |
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 | — | $617.8M | ||
| Q4 25 | $792.0M | $521.2M | ||
| Q3 25 | $674.0M | $508.6M | ||
| Q2 25 | $631.0M | $513.0M | ||
| Q1 25 | $621.0M | $509.7M | ||
| Q4 24 | $591.0M | $463.3M | ||
| Q3 24 | $597.0M | $448.9M | ||
| Q2 24 | $625.0M | $405.0M |
| Q1 26 | — | $233.2M | ||
| Q4 25 | $83.0M | $325.0M | ||
| Q3 25 | $-62.0M | $185.6M | ||
| Q2 25 | $15.0M | $153.8M | ||
| Q1 25 | $75.0M | $148.4M | ||
| Q4 24 | $-14.0M | $142.2M | ||
| Q3 24 | $-128.0M | $113.9M | ||
| Q2 24 | $27.0M | $119.2M |
| Q1 26 | — | 46.5% | ||
| Q4 25 | 3.7% | 42.4% | ||
| Q3 25 | 1.8% | 41.4% | ||
| Q2 25 | 5.4% | 39.0% | ||
| Q1 25 | 8.9% | 40.0% | ||
| Q4 24 | 5.1% | 40.7% | ||
| Q3 24 | 4.5% | 35.5% | ||
| Q2 24 | 6.7% | 40.1% |
| Q1 26 | — | 37.7% | ||
| Q4 25 | 10.5% | 62.4% | ||
| Q3 25 | -9.2% | 36.5% | ||
| Q2 25 | 2.4% | 30.0% | ||
| Q1 25 | 12.1% | 29.1% | ||
| Q4 24 | -2.4% | 30.7% | ||
| Q3 24 | -21.4% | 25.4% | ||
| Q2 24 | 4.3% | 29.4% |
| Q1 26 | — | $0.96 | ||
| Q4 25 | $0.16 | $1.52 | ||
| Q3 25 | $-0.13 | $0.86 | ||
| Q2 25 | $0.03 | $0.71 | ||
| Q1 25 | $0.16 | $0.69 | ||
| Q4 24 | $-0.04 | $0.66 | ||
| Q3 24 | $-0.28 | $0.53 | ||
| Q2 24 | $0.06 | $0.55 |
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 | — |
| Stockholders' EquityBook value | $1.6B | — |
| Total Assets | $4.9B | — |
| Debt / EquityLower = less leverage | 0.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $434.0M | $2.1B | ||
| Q3 25 | $427.0M | $1.9B | ||
| Q2 25 | $601.0M | $1.6B | ||
| Q1 25 | $552.0M | $1.3B | ||
| Q4 24 | $536.0M | $1.3B | ||
| Q3 24 | $524.0M | $1.2B | ||
| Q2 24 | $515.0M | $1.7B |
| 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 | — | — | ||
| Q4 25 | $1.6B | $6.5B | ||
| Q3 25 | $1.5B | $6.3B | ||
| Q2 25 | $1.2B | $6.1B | ||
| Q1 25 | $1.1B | $5.9B | ||
| Q4 24 | $1.1B | $5.8B | ||
| Q3 24 | $1.1B | $5.7B | ||
| Q2 24 | $1.2B | $5.6B |
| Q1 26 | — | — | ||
| Q4 25 | $4.9B | $8.2B | ||
| Q3 25 | $4.8B | $8.0B | ||
| Q2 25 | $3.9B | $8.1B | ||
| Q1 25 | $3.8B | $7.4B | ||
| Q4 24 | $3.6B | $7.3B | ||
| Q3 24 | $3.8B | $7.3B | ||
| Q2 24 | $3.8B | $7.3B |
| 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 | $2.0M |
| FCF MarginFCF / Revenue | 1.6% | 0.3% |
| Capex IntensityCapex / Revenue | 4.9% | — |
| Cash ConversionOCF / Net Profit | 0.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $104.0M | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $52.0M | $355.9M | ||
| Q3 25 | $71.0M | $342.3M | ||
| Q2 25 | $57.0M | $409.2M | ||
| Q1 25 | $53.0M | $60.2M | ||
| Q4 24 | $65.0M | $282.0M | ||
| Q3 24 | $85.0M | $292.1M | ||
| Q2 24 | $73.0M | $285.7M |
| Q1 26 | — | $2.0M | ||
| Q4 25 | $13.0M | $336.5M | ||
| Q3 25 | $38.0M | $328.3M | ||
| Q2 25 | $27.0M | $403.7M | ||
| Q1 25 | $26.0M | $58.6M | ||
| Q4 24 | $33.0M | $256.8M | ||
| Q3 24 | $59.0M | $287.8M | ||
| Q2 24 | $49.0M | $280.8M |
| Q1 26 | — | 0.3% | ||
| Q4 25 | 1.6% | 64.6% | ||
| Q3 25 | 5.6% | 64.5% | ||
| Q2 25 | 4.3% | 78.7% | ||
| Q1 25 | 4.2% | 11.5% | ||
| Q4 24 | 5.6% | 55.4% | ||
| Q3 24 | 9.9% | 64.1% | ||
| Q2 24 | 7.8% | 69.4% |
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | 3.7% | ||
| Q3 25 | 4.9% | 2.8% | ||
| Q2 25 | 4.8% | 1.1% | ||
| Q1 25 | 4.3% | 0.3% | ||
| Q4 24 | 5.4% | 5.4% | ||
| Q3 24 | 4.4% | 1.0% | ||
| Q2 24 | 3.8% | 1.2% |
| Q1 26 | — | — | ||
| Q4 25 | 0.63× | 1.10× | ||
| Q3 25 | — | 1.84× | ||
| Q2 25 | 3.80× | 2.66× | ||
| Q1 25 | 0.71× | 0.41× | ||
| Q4 24 | — | 1.98× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | 2.70× | 2.40× |
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% |
TW
| Transaction fees and commissions | $523.8M | 85% |
| Subscription fees | $60.3M | 10% |
| LSEG market data fees | $26.7M | 4% |
