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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and UL Solutions Inc. (ULS). 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 $340.0M, roughly 2.3× UL Solutions Inc.). On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs -12.4%). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% CAGR vs -31.8%).
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 UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
GBTG vs ULS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $340.0M |
| Net Profit | $83.0M | — |
| Gross Margin | — | — |
| Operating Margin | 3.7% | 24.4% |
| Net Margin | 10.5% | — |
| Revenue YoY | 34.0% | -12.4% |
| Net Profit YoY | 692.9% | — |
| 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.
| Q1 26 | — | $340.0M | ||
| Q4 25 | $792.0M | $789.0M | ||
| Q3 25 | $674.0M | $783.0M | ||
| Q2 25 | $631.0M | $776.0M | ||
| Q1 25 | $621.0M | $705.0M | ||
| Q4 24 | $591.0M | $739.0M | ||
| Q3 24 | $597.0M | $731.0M | ||
| Q2 24 | $625.0M | $730.0M |
| Q1 26 | — | — | ||
| Q4 25 | $83.0M | $67.0M | ||
| Q3 25 | $-62.0M | $100.0M | ||
| Q2 25 | $15.0M | $91.0M | ||
| Q1 25 | $75.0M | $67.0M | ||
| Q4 24 | $-14.0M | $81.0M | ||
| Q3 24 | $-128.0M | $88.0M | ||
| Q2 24 | $27.0M | $101.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 49.7% | ||
| Q3 25 | — | 50.3% | ||
| Q2 25 | — | 49.4% | ||
| Q1 25 | — | 48.4% | ||
| Q4 24 | — | 47.4% | ||
| Q3 24 | — | 49.0% | ||
| Q2 24 | — | 50.1% |
| Q1 26 | — | 24.4% | ||
| Q4 25 | 3.7% | 15.0% | ||
| Q3 25 | 1.8% | 19.9% | ||
| Q2 25 | 5.4% | 17.9% | ||
| Q1 25 | 8.9% | 15.5% | ||
| Q4 24 | 5.1% | 15.6% | ||
| Q3 24 | 4.5% | 17.8% | ||
| Q2 24 | 6.7% | 17.3% |
| Q1 26 | — | — | ||
| Q4 25 | 10.5% | 8.5% | ||
| Q3 25 | -9.2% | 12.8% | ||
| Q2 25 | 2.4% | 11.7% | ||
| Q1 25 | 12.1% | 9.5% | ||
| Q4 24 | -2.4% | 11.0% | ||
| Q3 24 | -21.4% | 12.0% | ||
| Q2 24 | 4.3% | 13.8% |
| Q1 26 | — | — | ||
| Q4 25 | $0.16 | $0.33 | ||
| Q3 25 | $-0.13 | $0.49 | ||
| Q2 25 | $0.03 | $0.45 | ||
| Q1 25 | $0.16 | $0.33 | ||
| Q4 24 | $-0.04 | $0.40 | ||
| Q3 24 | $-0.28 | $0.44 | ||
| Q2 24 | $0.06 | $0.50 |
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 | $295.0M | ||
| Q3 25 | $427.0M | $255.0M | ||
| Q2 25 | $601.0M | $272.0M | ||
| Q1 25 | $552.0M | $267.0M | ||
| Q4 24 | $536.0M | $298.0M | ||
| Q3 24 | $524.0M | $327.0M | ||
| Q2 24 | $515.0M | $295.0M |
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $491.0M | ||
| Q3 25 | $1.4B | $544.0M | ||
| Q2 25 | $1.4B | $608.0M | ||
| Q1 25 | $1.4B | $653.0M | ||
| Q4 24 | $1.4B | $742.0M | ||
| Q3 24 | $1.4B | $797.0M | ||
| Q2 24 | — | $810.0M |
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $1.3B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.1B | $970.0M | ||
| Q4 24 | $1.1B | $904.0M | ||
| Q3 24 | $1.1B | $872.0M | ||
| Q2 24 | $1.2B | $769.0M |
| Q1 26 | — | — | ||
| Q4 25 | $4.9B | $2.9B | ||
| Q3 25 | $4.8B | $2.9B | ||
| Q2 25 | $3.9B | $2.9B | ||
| Q1 25 | $3.8B | $2.9B | ||
| Q4 24 | $3.6B | $2.8B | ||
| Q3 24 | $3.8B | $2.9B | ||
| Q2 24 | $3.8B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 0.88× | 0.39× | ||
| Q3 25 | 0.91× | 0.46× | ||
| Q2 25 | 1.15× | 0.56× | ||
| Q1 25 | 1.23× | 0.67× | ||
| Q4 24 | 1.32× | 0.82× | ||
| Q3 24 | 1.26× | 0.91× | ||
| Q2 24 | — | 1.05× |
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 | — |
| FCF MarginFCF / Revenue | 1.6% | — |
| Capex IntensityCapex / Revenue | 4.9% | — |
| Cash ConversionOCF / Net Profit | 0.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $104.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $52.0M | $144.0M | ||
| Q3 25 | $71.0M | $155.0M | ||
| Q2 25 | $57.0M | $147.0M | ||
| Q1 25 | $53.0M | $154.0M | ||
| Q4 24 | $65.0M | $130.0M | ||
| Q3 24 | $85.0M | $150.0M | ||
| Q2 24 | $73.0M | $103.0M |
| Q1 26 | — | — | ||
| Q4 25 | $13.0M | $86.0M | ||
| Q3 25 | $38.0M | $109.0M | ||
| Q2 25 | $27.0M | $105.0M | ||
| Q1 25 | $26.0M | $103.0M | ||
| Q4 24 | $33.0M | $72.0M | ||
| Q3 24 | $59.0M | $84.0M | ||
| Q2 24 | $49.0M | $47.0M |
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | 10.9% | ||
| Q3 25 | 5.6% | 13.9% | ||
| Q2 25 | 4.3% | 13.5% | ||
| Q1 25 | 4.2% | 14.6% | ||
| Q4 24 | 5.6% | 9.7% | ||
| Q3 24 | 9.9% | 11.5% | ||
| Q2 24 | 7.8% | 6.4% |
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | 7.4% | ||
| Q3 25 | 4.9% | 5.9% | ||
| Q2 25 | 4.8% | 5.4% | ||
| Q1 25 | 4.3% | 7.2% | ||
| Q4 24 | 5.4% | 7.8% | ||
| Q3 24 | 4.4% | 9.0% | ||
| Q2 24 | 3.8% | 7.7% |
| Q1 26 | — | — | ||
| Q4 25 | 0.63× | 2.15× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | 3.80× | 1.62× | ||
| Q1 25 | 0.71× | 2.30× | ||
| Q4 24 | — | 1.60× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | 2.70× | 1.02× |
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% |
ULS
Segment breakdown not available.
