vs
Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and Virtu Financial, Inc. (VIRT). Click either name above to swap in a different company.
Virtu Financial, Inc. is the larger business by last-quarter revenue ($1.1B vs $792.0M, roughly 1.4× Global Business Travel Group, Inc.). Virtu Financial, Inc. runs the higher net margin — 31.6% vs 10.5%, a 21.2% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 30.7%). Over the past eight quarters, Virtu Financial, Inc.'s revenue compounded faster (25.7% 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, ...
Virtu Financial, Inc. is an American high-frequency trading company. The company went public on the Nasdaq in 2015.
GBTG vs VIRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $1.1B |
| Net Profit | $83.0M | $346.6M |
| Gross Margin | — | — |
| Operating Margin | 3.7% | 37.4% |
| Net Margin | 10.5% | 31.6% |
| Revenue YoY | 34.0% | 30.7% |
| Net Profit YoY | 692.9% | 82.8% |
| EPS (diluted) | $0.16 | $1.99 |
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 | — | $1.1B | ||
| Q4 25 | $792.0M | $969.9M | ||
| Q3 25 | $674.0M | $824.8M | ||
| Q2 25 | $631.0M | $999.6M | ||
| Q1 25 | $621.0M | $837.9M | ||
| Q4 24 | $591.0M | $834.3M | ||
| Q3 24 | $597.0M | $706.8M | ||
| Q2 24 | $625.0M | $693.0M |
| Q1 26 | — | $346.6M | ||
| Q4 25 | $83.0M | $139.9M | ||
| Q3 25 | $-62.0M | $77.6M | ||
| Q2 25 | $15.0M | $151.2M | ||
| Q1 25 | $75.0M | $99.7M | ||
| Q4 24 | $-14.0M | $94.1M | ||
| Q3 24 | $-128.0M | $60.0M | ||
| Q2 24 | $27.0M | $66.6M |
| Q1 26 | — | 37.4% | ||
| Q4 25 | 3.7% | 35.4% | ||
| Q3 25 | 1.8% | 21.8% | ||
| Q2 25 | 5.4% | 34.7% | ||
| Q1 25 | 8.9% | 26.7% | ||
| Q4 24 | 5.1% | 24.3% | ||
| Q3 24 | 4.5% | 20.8% | ||
| Q2 24 | 6.7% | 22.4% |
| Q1 26 | — | 31.6% | ||
| Q4 25 | 10.5% | 14.4% | ||
| Q3 25 | -9.2% | 9.4% | ||
| Q2 25 | 2.4% | 15.1% | ||
| Q1 25 | 12.1% | 11.9% | ||
| Q4 24 | -2.4% | 11.3% | ||
| Q3 24 | -21.4% | 8.5% | ||
| Q2 24 | 4.3% | 9.6% |
| Q1 26 | — | $1.99 | ||
| Q4 25 | $0.16 | $1.54 | ||
| Q3 25 | $-0.13 | $0.86 | ||
| Q2 25 | $0.03 | $1.65 | ||
| Q1 25 | $0.16 | $1.08 | ||
| Q4 24 | $-0.04 | $1.03 | ||
| Q3 24 | $-0.28 | $0.64 | ||
| Q2 24 | $0.06 | $0.71 |
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 | $973.2M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $1.6B | $2.2B |
| Total Assets | $4.9B | $25.1B |
| Debt / EquityLower = less leverage | 0.88× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $973.2M | ||
| Q4 25 | $434.0M | $1.1B | ||
| Q3 25 | $427.0M | $707.9M | ||
| Q2 25 | $601.0M | $752.1M | ||
| Q1 25 | $552.0M | $723.6M | ||
| Q4 24 | $536.0M | $872.5M | ||
| Q3 24 | $524.0M | $701.4M | ||
| Q2 24 | $515.0M | $684.8M |
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $2.0B | ||
| Q3 25 | $1.4B | $2.0B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.4B | $1.7B | ||
| Q4 24 | $1.4B | $1.7B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | — | $1.7B |
| Q1 26 | — | $2.2B | ||
| Q4 25 | $1.6B | $1.6B | ||
| Q3 25 | $1.5B | $1.5B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.1B | $1.2B | ||
| Q2 24 | $1.2B | $1.2B |
| Q1 26 | — | $25.1B | ||
| Q4 25 | $4.9B | $20.2B | ||
| Q3 25 | $4.8B | $21.3B | ||
| Q2 25 | $3.9B | $19.3B | ||
| Q1 25 | $3.8B | $17.5B | ||
| Q4 24 | $3.6B | $15.4B | ||
| Q3 24 | $3.8B | $14.4B | ||
| Q2 24 | $3.8B | $13.9B |
| Q1 26 | — | — | ||
| Q4 25 | 0.88× | 1.29× | ||
| Q3 25 | 0.91× | 1.40× | ||
| Q2 25 | 1.15× | 1.24× | ||
| Q1 25 | 1.23× | 1.33× | ||
| Q4 24 | 1.32× | 1.39× | ||
| Q3 24 | 1.26× | 1.41× | ||
| Q2 24 | — | 1.41× |
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 | $518.4M | ||
| Q3 25 | $71.0M | $-68.7M | ||
| Q2 25 | $57.0M | $62.8M | ||
| Q1 25 | $53.0M | $15.0M | ||
| Q4 24 | $65.0M | $599.0M | ||
| Q3 24 | $85.0M | $112.1M | ||
| Q2 24 | $73.0M | $490.8M |
| Q1 26 | — | — | ||
| Q4 25 | $13.0M | $495.6M | ||
| Q3 25 | $38.0M | $-76.7M | ||
| Q2 25 | $27.0M | $57.6M | ||
| Q1 25 | $26.0M | $9.2M | ||
| Q4 24 | $33.0M | $586.6M | ||
| Q3 24 | $59.0M | $106.2M | ||
| Q2 24 | $49.0M | $486.9M |
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | 51.1% | ||
| Q3 25 | 5.6% | -9.3% | ||
| Q2 25 | 4.3% | 5.8% | ||
| Q1 25 | 4.2% | 1.1% | ||
| Q4 24 | 5.6% | 70.3% | ||
| Q3 24 | 9.9% | 15.0% | ||
| Q2 24 | 7.8% | 70.3% |
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | 2.4% | ||
| Q3 25 | 4.9% | 1.0% | ||
| Q2 25 | 4.8% | 0.5% | ||
| Q1 25 | 4.3% | 0.7% | ||
| Q4 24 | 5.4% | 1.5% | ||
| Q3 24 | 4.4% | 0.8% | ||
| Q2 24 | 3.8% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 0.63× | 3.71× | ||
| Q3 25 | — | -0.89× | ||
| Q2 25 | 3.80× | 0.42× | ||
| Q1 25 | 0.71× | 0.15× | ||
| Q4 24 | — | 6.37× | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | 2.70× | 7.37× |
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% |
VIRT
| Trading income, net | $789.1M | 72% |
| Commissions, net and technology services | $186.6M | 17% |
| Other | $119.6M | 11% |
